# EDGAR Filing Document

**Accession Number:** 0001286681
**File Stem:** 0001193125-25-198332
**Filing Date:** 2025-9
**Character Count:** 2927230
**Document Hash:** 4d5d683c0b760b287e3bb6724659dbea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-198332.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001193125-25-198332

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250905

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DOMINOS PIZZA INC
- **CENTRAL INDEX KEY:** 0001286681
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-GROCERIES & RELATED PRODUCTS [5140]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 382511577
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0102

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32242
- **FILM NUMBER:** 251300095

**BUSINESS ADDRESS:**
- **STREET 1:** 30 FRANK LLOYD WRIGHT DRIVE
- **CITY:** ANN ARBOR
- **STATE:** MI
- **ZIP:** 48105
- **BUSINESS PHONE:** (734) 930-3030

**MAIL ADDRESS:**
- **STREET 1:** 30 FRANK LLOYD WRIGHT DRIVE
- **CITY:** ANN ARBOR
- **STATE:** MI
- **ZIP:** 48105

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, DC 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported) September 5, 2025

## Domino's Pizza, Inc.

#### (Exact name of registrant as specified in its charter)

#### Delaware

#### (State or other jurisdiction of incorporation)

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| | |
|:---|:---|
| **001-32242** | **38-2511577** |
| **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |

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| | |
|:---|:---|
| **30 Frank Lloyd Wright Drive**<br> **Ann Arbor, Michigan** | **48105** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

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#### Registrant's telephone number, including area code (734) 930-3030
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading<br>Symbol** | **Name of Each Exchange**<br> **on Which Registered** |
| Domino's Pizza, Inc. Common Stock, $0.01 par value | DPZ | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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This Current Report on Form 8-K (this "Form 8-K") is neither an offer to sell nor a solicitation of an offer to buy any securities of Domino's Pizza, Inc. (the "Company") or any subsidiary of the Company.

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| | |
|:---|:---|
| **Item 1.01.** | **Entry into a Material Definitive Agreement.**  |

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#### General
On September 5, 2025 (the "Closing Date"), Domino's Pizza Master Issuer LLC, Domino's SPV Canadian Holding Company Inc., Domino's Pizza Distribution LLC, Domino's Progressive Foods Distribution LLC and Domino's IP Holder LLC, each of which is a limited-purpose, bankruptcy remote, wholly-owned indirect subsidiary of the Company (collectively, the "Co-Issuers"), completed a previously announced refinancing transaction by issuing $500.0 million in aggregate principal amount of new Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A-2-I, with an anticipated term of 5 years (the "2025-1 Class A-2-I Notes") and $500.0 million in aggregate principal amount of new Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A-2-II, with an anticipated term of 7 years (the "2025-1 Class A-2-II Notes" and together with the 2025-1 Class A-2-I Notes, the "2025-1 Class A-2 Notes") in an offering exempt from registration under the Securities Act of 1933, as amended. The Co-Issuers also entered into a revolving financing facility on the Closing Date, which allows for the issuance of up to $320.0 million of Series 2025-1 Variable Funding Senior Secured Notes, Class A-1 (the "2025-1 Class A-1 Notes") and certain other credit instruments, including letters of credit. The 2025-1 Class A-1 Notes and the 2025-1 Class A-2 Notes are referred to collectively as the "2025-1 Notes."

The 2025-1 Notes were issued pursuant to (i) the Amended and Restated Base Indenture, dated March 15, 2012 (the "Amended and Restated Base Indenture"), as amended by the First Supplement thereto, dated September 16, 2013 ("the First Supplement"), the Second Supplement thereto, dated October 21, 2015 (the "Second Supplement"), the Third Supplement thereto, dated October 21, 2015 (the "Third Supplement"), the Fourth Supplement thereto, dated July 24, 2017 (the "Fourth Supplement"), the Fifth Supplement thereto, dated November 21, 2018 (the "Fifth Supplement"), the Sixth Supplement thereto, dated April 16, 2021 (the "Sixth Supplement"), the Seventh Supplement thereto, dated December 30, 2021 (the "Seventh Supplement"), the Eighth Supplement thereto, dated July 23, 2024 (the "Eighth Supplement") and the Ninth Supplement thereto, dated September 5, 2025 (the "Ninth Supplement"), the form of which is attached to this Form 8-K as Exhibit 4.1 (the Amended and Restated Base Indenture as amended by the First Supplement, the Second Supplement, the Third Supplement, the Fourth Supplement, the Fifth Supplement, the Sixth Supplement, the Seventh Supplement, the Eighth Supplement and the Ninth Supplement being referred to herein collectively as the "Base Indenture") and (ii) the Series 2025-1 Supplement thereto, dated September 5, 2025 (the "Series 2025-1 Supplement"), in each case entered into by and among the Co-Issuers and Citibank, N.A., as the trustee (the "Trustee") and the securities intermediary thereunder. The Base Indenture allows the Co-Issuers to issue additional series of notes subject to certain conditions set forth therein, and the Base Indenture, together with the Series 2025-1 Supplement and any other supplemental indenture to the Base Indenture, is referred to herein as the "Indenture."

The 2025-1 Notes are part of a securitization transaction initiated with the issuance and sale of certain senior secured notes by the Co-Issuers in 2012, pursuant to which substantially all of the Company's revenue-generating assets, consisting principally of franchise-related agreements, product distribution agreements and related assets, its intellectual property and license agreements for the use of its intellectual property, were contributed to the Co-Issuers and certain other limited-purpose, bankruptcy remote, wholly-owned indirect subsidiaries of the Company that act as guarantors of the notes issued by the Co-Issuers. The Co-Issuers and the Guarantors referred to below under "Guarantees and Collateral" have pledged substantially all of their assets to secure the notes issued pursuant to the Indenture.

#### 2025-1 Class A-2 Notes
While the 2025-1 Class A-2 Notes are outstanding, scheduled payments of principal and interest are required to be made on the 2025-1 Class A-2 Notes on a quarterly basis. The payment of principal of the 2025-1 Class A-2 Notes may be suspended if the leverage ratio for the Company and its subsidiaries, including the Securitization Entities (defined below), is less than or equal to 5.5x.

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The legal final maturity date of the 2025-1 Class A-2 Notes is in July of 2055. If the Co-Issuers have not repaid or refinanced the 2025-1 Class A-2-I Notes prior to July of 2030 or the 2025-1 Class A-2-II Notes prior to July of 2032, additional interest will accrue thereon in an amount equal to the greater of (i) 5.00% per annum and (ii) a per annum interest rate equal to the excess, if any, by which (i) the sum of the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the applicable Series 2025-1 Class A-2 anticipated repayment date of the United States Treasury security having a term closest to 10 years plus 6.15%, in the case of the 2025-1 Class A-2-I Notes and 6.25%, in the case of the 2025-1 Class A-2-II Notes, exceeds (ii) the original interest rate.

The 2025-1 Class A-2 Notes are secured by the collateral described below under "Guarantees and Collateral."

#### 2025-1 Class A-1 Notes
The 2025-1 Class A-1 Notes were issued pursuant to the Base Indenture and the Series 2025-1 Supplement thereto referred to above and allow for drawings on a revolving basis. The 2025-1 Class A-1 Notes will be governed, in part, by the 2025-1 Class A-1 Note Purchase Agreement dated September 5, 2025 (the "2025-1 Class A-1 Note Purchase Agreement"), among the Co-Issuers, the Guarantors, Domino's Pizza LLC, as manager, certain conduit investors, certain financial institutions and certain funding agents, and Coöperatieve Rabobank U.A., New York Branch, as provider of letters of credit, as swingline lender and as administrative agent, and by certain generally applicable terms contained in the Base Indenture and the Series 2025-1 Supplement thereto. Interest on the 2025-1 Class A-1 Notes will be payable at a per annum rate based on the cost of funds plus a margin of 150 basis points. The Co-Issuers have approximately $56.4 million in undrawn letters of credit issued under the 2025-1 Class A-1 Notes. There is a commitment fee on the unused portion of the 2025-1 Class A-1 Notes facility of 50 basis points. It is anticipated that the principal and interest on the 2025-1 Class A-1 Notes will be repaid in full on or prior to July 2030, subject to two additional one-year extensions at the option of Domino's Pizza LLC, a wholly-owned subsidiary of the Company, which acts as the manager (as described below). Following the anticipated repayment date (and any extensions thereof), additional interest will accrue on the 2025-1 Class A-1 Notes equal to 5.00% per annum. In connection with the issuance of the 2025-1 Class A-1 Notes and entry into the 2025-1 Class A-1 Note Purchase Agreement, the Co-Issuers permanently reduced to zero the commitment to fund the existing $200.0 million Series 2021-1 Variable Funding Notes, Class A-1 (the "Series 2021-1 Class A-1 Notes") and the Series 2021-1 Class A-1 Notes were cancelled and the 2021-1 Class A-1 Note Purchase Agreement, dated April 16, 2021, among Domino's Pizza Master Issuer LLC, Domino's SPV Canadian Holding Company Inc., Domino's Pizza Distribution LLC and Domino's IP Holder LLC (the "2021 Co-Issuers"), the Guarantors, Domino's Pizza LLC, as manager, certain conduit investors, certain financial institutions and certain funding agents, and Coöperatieve Rabobank U.A., New York Branch, as provider of letters of credit, as swingline lender and as administrative agent (the "2021-1 Class A-1 Note Purchase Agreement") terminated. In addition, in connection with the issuance of the 2025-1 Class A-1 Notes and entry into the 2025-1 Class A-1 Note Purchase Agreement, the Co-Issuers permanently reduced to zero the commitment to fund the existing $120.0 million Series 2022-1 Variable Funding Notes, Class A-1 (the "Series 2022-1 Class A-1 Notes") and the Series 2022-1 Class A-1 Notes were cancelled and the 2022-1 Class A-1 Note Purchase Agreement, dated September 16, 2022, among the 2021 Co-Issuers, the Guarantors, Domino's Pizza LLC, as manager, certain conduit investors, certain financial institutions and certain funding agents, and Barclays Bank PLC, as provider of letters of credit, as swingline lender and as administrative agent (the "2022-1 Class A-1 Note Purchase Agreement") terminated. The 2025-1 Class A-1 Notes and other credit instruments issued under the 2025-1 Class A-1 Note Purchase Agreement are secured by the collateral described below under "Guarantees and Collateral."

#### Guarantees and Collateral
Pursuant to the Amended and Restated Guarantee and Collateral Agreement, dated March 15, 2012 (the "Guarantee and Collateral Agreement"), among Domino's SPV Guarantor LLC, Domino's Pizza Franchising LLC, Domino's Pizza International Franchising Inc., Domino's Pizza Canadian Distribution ULC, Domino's RE LLC, Domino's EQ LLC and Domino's Pizza International Franchising of Michigan LLC, each as a guarantor of the 2025-1 Notes (collectively, the "Guarantors"), in favor of the Trustee, the Guarantors guarantee the obligations of the Co-Issuers under the Indenture and related documents and secure the guarantee by granting a security interest in substantially all of their assets.

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The 2025-1 Notes are secured by a security interest in substantially all of the assets of the Co-Issuers and the Guarantors (such assets, the "Securitized Assets" and the Co-Issuers and Guarantors collectively, the "Securitization Entities"). The 2025-1 Notes are obligations only of the Co-Issuers pursuant to the Indenture and are unconditionally and irrevocably guaranteed by the Guarantors pursuant to the Guarantee and Collateral Agreement. Except as described below, neither the Company nor any subsidiary of the Company, other than the Securitization Entities, will guarantee or in any way be liable for the obligations of the Co-Issuers under the Indenture or the 2025-1 Notes.

#### Management of the Securitized Assets
None of the Securitization Entities has employees. Each of the applicable Securitization Entities entered into an amended and restated management agreement dated March 15, 2012 (the "Amended and Restated Management Agreement"), as amended by Amendment No. 1 dated as of October 21, 2015 to the Amended and Restated Management Agreement ("Amendment No. 1 to the Management Agreement"), by Amendment No. 2 dated as of July 24, 2017 to the Amended and Restated Management Agreement ("Amendment No. 2 to the Management Agreement"), by Amendment No. 3 to the Amended and Restated Management Agreement dated as of April 16, 2021 ("Amendment No. 3 to the Management Agreement"), by Amendment No. 4 to the Amended and Restated Management Agreement dated as of December 30, 2021 ("Amendment No. 4 to the Management Agreement"), by Amendment No. 5 to the Amended and Restated Management Agreement dated as of September 16, 2022 ("Amendment No. 5 to the Management Agreement") and by the Omnibus Amendment and Reaffirmation Agreement dated as of September 5, 2025, the form of which is attached to this Form 8-K as Exhibit 10.2 ("Omnibus Amendment" and, together with the Amended and Restated Management Agreement as amended by Amendment No. 1 to the Management Agreement, Amendment No. 2 to the Management Agreement, Amendment No. 3 to the Management Agreement, Amendment No. 4 to the Management Agreement and Amendment No. 5 to the Management Agreement, the "Management Agreement"), by and among the Securitization Entities, Domino's Pizza NS Co., Domino's Pizza LLC, as manager and in its individual capacity, and the Trustee (and, solely with respect to the Omnibus Amendment, certain other parties thereto, as set forth in Exhibit 10.2). Domino's Pizza LLC acts as the manager with respect to the Securitized Assets. The primary responsibilities of the manager are to perform certain franchising, distribution, intellectual property and operational functions on behalf of the Securitization Entities with respect to the Securitized Assets pursuant to the Management Agreement. Domino's Pizza NS Co. performs all services for Domino's Pizza Canadian Distribution ULC, which conducts the distribution business in Canada.

#### Covenants and Restrictions
The 2025-1 Notes are subject to a series of covenants and restrictions customary for transactions of this type, including as set forth in the Parent Company Support Agreement dated as of March 15, 2012 (the "Original Parent Company Support Agreement"), as amended by Amendment No. 1 dated as of October 21, 2015 to the Original Parent Company Support Agreement ("Amendment No. 1 to the Parent Company Support Agreement"), as amended by Amendment No. 2 dated as of April 16, 2021 to the Original Parent Company Support Agreement ("Amendment No. 2 to the Parent Company Support Agreement") and as amended by the Omnibus Amendment, in each case entered into by and among the Company and the Trustee (and, solely with respect to the Omnibus Amendment, certain other parties thereto, as set forth in Exhibit 10.2).

These covenants and restrictions include (i) that the Co-Issuers maintain specified reserve accounts to be used to make required payments in respect of the 2025-1 Notes, (ii) provisions relating to optional and mandatory prepayments, including mandatory prepayments in the event of a change of control (as defined in the Series 2025-1 Supplement) and the related payment of specified amounts, including specified make-whole payments in the case of the 2025-1 Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the 2025-1 Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The 2025-1 Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain stated debt service coverage ratios, the sum of global retail sales for all stores being below certain levels on certain measurement dates, certain manager termination events, an event of default and the failure to repay

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or refinance the 2025-1 Notes on the scheduled maturity date. Rapid amortization events may be cured in certain circumstances, upon which cure, regular amortization will resume. The 2025-1 Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the 2025-1 Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective and certain judgments.

#### Use of Proceeds
The net proceeds of the offering of the 2025-1 Class A-2 Notes will be used, together with cash on hand, (i) to make a deposit with Citibank, N.A., as trustee in trust for the benefit of the holders of the Series 2015-1 4.474% Fixed Rate Senior Secured Notes, Class A-2-II (the "Series 2015-1 Class A-2-II Notes"), to prepay in full $742.0 million in aggregate principal amount of Series 2015-1 Class A-2-II Notes at par, after which the Series 2015-1 Class A-2-II Notes will be cancelled (ii) to make a deposit with Citibank, N.A., as trustee in trust for the benefit of the holders of the 2018-1 4.116% Fixed Rate Senior Secured Notes, Class A-2-I (the "Series 2018-1 Class A-2-I Notes"), to prepay in full $402.7 million in aggregate principal amount of Series 2018-1 Class A-2-I Notes at par, after which the Series 2018-1 Class A-2-I Notes will be cancelled, (iii) to make a deposit with Citibank, N.A., as trustee in trust for the benefit of the holders of the Series 2021-1 Class A-1 Notes to prepay in full any outstanding principal amount of Series 2021-1 Class A-1 Notes at par, after which the Series 2021-1 Class A-1 Notes will be cancelled and (iv) to make a deposit with Citibank, N.A., as trustee in trust for the benefit of the holders of the Series 2022-1 Class A-1 Notes to prepay in full any outstanding principal amount of Series 2022-1 Class A-1 Notes at par, after which the Series 2022-1 Class A-1 Notes will be cancelled.

These repayments are expected to occur on September 5, 2025. The Co-Issuers may also use the net proceeds of the offering to pre-fund a portion of the amortizing principal and interest payable on the 2025-1 Class A-2 Notes and/or deposit funds into the Senior Notes Interest Reserve Account (as defined in the Indenture) (to the extent that such funds are not already deposited therein).

Following the refinancing transaction, there will be (i) approximately $940.0 million in aggregate principal amount of Series 2017-1 4.118% Fixed Rate Senior Secured Notes, Class A-2-III(FX) outstanding under the Base Indenture, (ii) approximately $379.0 million in aggregate principal amount of Series 2018-1 4.328% Fixed Rate Senior Secured Notes, Class A-2-II outstanding under the Base Indenture, (iii) approximately $648.0 million in aggregate principal amount of Series 2019-1 3.668% Fixed Rate Senior Secured Notes, Class A-2 outstanding under the Base Indenture, (iv) approximately $1,799.1 million in aggregate principal amount of (a) Series 2021-1 2.662% Fixed Rate Senior Secured Notes, Class A-2-I and (b) Series 2021-1 3.151% Fixed Rate Senior Secured Notes, Class A-2-II outstanding under the Base Indenture, (v) approximately $1,000.0 million in aggregate principal amount of 2025-1 Class A-2 Notes outstanding under the Base Indenture and (vi) approximately $78.9 million in outstanding finance lease obligations of the Company. In addition, the Co-Issuers have access to $320.0 million under the 2025-1 Class A-1 Notes issued under the Base Indenture, under which approximately $56.4 million in undrawn letters of credit are currently outstanding.

The foregoing summaries do not purport to be complete and are subject to, and qualified in their entirety by reference to, the complete copies of the Ninth Supplement, the Omnibus Amendment, Amendment No. 6 to Amended and Restated Management Agreement dated as of September 5, 2025 and Amendment No. 3 to Parent Company Support Agreement dated as of September 5, 2025, which are filed as Exhibits 4.1, 10.2, 10.3 and 10.4 hereto, respectively, the Amended and Restated Base Indenture, dated March 15, 2012, the form of which is attached as Exhibit 4.1 to the Current Report on Form 8-K filed by the Company on March 19, 2012, the First Supplement, the form of which is attached as Exhibit 4.1 to the Current Report on Form 8-K filed by the Company on October 22, 2015, the Second Supplement, the form of which is attached as Exhibit 4.2 to the Current Report on Form 8-K filed by the Company on October 22, 2015, the Third Supplement, the form of which is attached as Exhibit 4.3 to the Current Report on Form 8-K filed by the Company on October 22, 2015, the Fourth Supplement, the form of which is attached as Exhibit 4.1 to the Current Report on Form 8-K filed by the Company on July 25, 2017, the Fifth Supplement, the form of which is attached as Exhibit 10.49 to the Annual Report on Form 10-K filed by the Company on February 20, 2020, the Sixth Supplement, the form of which is attached as Exhibit 4.1 to the Current Report on Form 8-K filed by the Company on April 20, 2021, the Seventh Supplement, the form of which is attached as Exhibit 10.62 to the Annual Report on Form 10-K filed by the Company on March 1, 2022, the Eighth Supplement, the form of which is attached as Exhibit 10.1 to the Quarterly Report on Form 10-Q filed by the

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Company on October 10, 2024, the Guarantee and Collateral Agreement, the form of which is attached as Exhibit 10.2, to the Current Report on Form 8-K filed by the Company on March 19, 2012, the Amended and Restated Management Agreement, the form of which is attached as Exhibit 10.3 to the Current Report on Form 8-K filed by the Company on March 19, 2012, Amendment No. 1 to the Management Agreement, the form of which is attached as Exhibit 10.3 to the Current Report on Form 8-K filed by the Company on October 22, 2015, Amendment No. 2 to the Management Agreement, the form of which is attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on July 25, 2017, Amendment No. 3 to the Management Agreement, the form of which is attached as Exhibit 10.2 to the Current Report on Form 8-K filed by the Company on April 20, 2021, Amendment No. 4 to the Management Agreement, the form of which is attached as Exhibit 10.79 to the Annual Report on Form 10-K filed by the Company on March 1, 2022, Amendment No. 5 to the Management Agreement, the form of which is attached as Exhibit 10.2 to the Current Report on Form 8-K filed by the Company on September 16, 2022, the Original Parent Company Support Agreement, the form of which is attached as Exhibit 10.4 to the Current Report on Form 8-K filed by the Company on October 22, 2015, Amendment No. 1 to the Parent Company Support Agreement, the form of which is attached as Exhibit 10.5 to the Current Report on Form 8-K filed by the Company on October 22, 2015, Amendment No. 2 to the Parent Company Support Agreement, the form of which is attached as Exhibit 10.3 to the Current Report on Form 8-K filed by the Company on April 20, 2021, the 2021-1 Class A-1 Note Purchase Agreement, the form of which is attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on April 20, 2021, the 2022-1 Class A-1 Note Purchase Agreement, the form of which is attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on September 16, 2022, the 2025-1 Class A-1 Note Purchase Agreement, the form of which is attached as Exhibit 10.1 hereto and the Series 2025-1 Supplement, the form of which is attached as Exhibit 4.2 hereto, and each of which are hereby incorporated herein by reference. Interested persons should read the documents in their entirety.

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| **Item 1.02** | **Termination of a Material Definitive Agreement.**  |

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The descriptions in Item 1.01 are incorporated herein by reference.

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|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**  |

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The descriptions in Item 1.01 are incorporated herein by reference.

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| **Item 7.01** | **Regulation FD Disclosure.**  |

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Exhibit 99.1 hereto includes certain historical and pro forma financial information of the Company related to the securitization transaction that was included in the final offering memorandum, dated August 12, 2025, relating to the 2025-1 Class A-2 Notes.

As provided in General Instruction B.2 of Form 8-K, the information contained in this Item 7.01 of this Form 8-K, including the information contained in Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

#### "Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995
This Form 8-K contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the "safe harbor" provisions of the Act. You can identify forward-looking statements by the use of words such as "anticipates," "believes," "could," "should," "estimates," "expects," "intends," "may," "will," "plans," "predicts," "projects," "seeks," "approximately," "potential," "outlook" and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including the terms of the Company's refinancing transactions. While we believe these statements are based on reasonable assumptions,

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such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our filings with the Securities and Exchange Commission, including under the section headed "Risk Factors" in our Annual Report on Form 10-K. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including but not limited to our substantially increased indebtedness as a result of our refinancing transactions and our ability to incur additional indebtedness or refinance or renegotiate key terms of that indebtedness in the future, our future financial performance and our ability to pay principal and interest on our indebtedness. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Form 8-K might not occur. All forward-looking statements speak only as of the date of this Form 8-K and should be evaluated with an understanding of their inherent uncertainty. Except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, or other applicable law, we do not undertake, and specifically disclaim, any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances arising after the date of this Form 8-K, whether as a result of new information, future events or otherwise. You are cautioned not to place considerable reliance on the forward-looking statements included in this Form 8-K or that may be made elsewhere from time to time by, or on behalf of, us. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

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| **Item 9.01** | **Financial Statements and Exhibits.**  |

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|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 4.1 | [Ninth Supplement to the Amended and Restated Base Indenture, dated as of September 5, 2025, by and among Domino's Pizza Master Issuer LLC, Domino's SPV Canadian Holding Company Inc., Domino's Pizza Distribution LLC, Domino's Progressive Foods Distribution LLC and Domino's IP Holder LLC, each as Co-Issuer, and Citibank, N.A., as Trustee and Securities Intermediary.](d946118dex41.htm) |
| 4.2 | [Series 2025-1 Supplement to the Amended and Restated Base Indenture, dated September 5, 2025, among Domino's Pizza Master Issuer LLC, Domino's SPV Canadian Holding Company Inc., Domino's Pizza Distribution LLC, Domino's Progressive Foods Distribution LLC and Domino's IP Holder LLC, each as Co-Issuer of Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A-2-I and Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A-2-II, and Citibank, N.A., as Trustee and Securities Intermediary.](d946118dex42.htm) |
| 10.1 | [Class A-1 Note Purchase Agreement, dated September 5, 2025, among Domino's Pizza Master Issuer LLC, Domino's SPV Canadian Holding Company Inc., Domino's Pizza Distribution LLC, Domino's Progressive Foods Distribution LLC and Domino's IP Holder LLC, each as Co-Issuer, Domino's SPV Guarantor LLC, Domino's Pizza Franchising LLC, Domino's Pizza International Franchising Inc., Domino's Pizza Canadian Distribution ULC, Domino's RE LLC, Domino's EQ LLC and Domino's Pizza International Franchising of Michigan LLC, each as Guarantor, Domino's Pizza LLC, as manager, certain conduit investors, financial institutions and funding agents, and Coöperatieve Rabobank U.A., New York Branch, as provider of letters of credit, as swingline lender and as administrative agent.](d946118dex101.htm) |
| 10.2 | [Omnibus Amendment and Reaffirmation Agreement, dated as of September 5, 2025, among Domino's Pizza Master Issuer LLC, certain subsidiaries of Domino's Pizza Master Issuer LLC party thereto, Domino's SPV Guarantor LLC, Domino's Pizza LLC, as manager and in its individual capacity, Domino's Pizza NS Co., Progressive Food Solutions LLC, Domino's Pizza, Inc., Barclays Capital Inc., as Initial Purchaser Representative, Midland Loan Services, a division of PNC Bank, National Association, as Servicer and Control Party, FTI Consulting, Inc., a Maryland corporation, as Back-Up Manager, and Citibank, N.A., as Trustee.](d946118dex102.htm) |
| 10.3 | [Form of Amendment No. 6 to Amended and Restated Management Agreement, dated as of September 5, 2025, among Domino's Pizza Master Issuer LLC, certain subsidiaries of Domino's Pizza Master Issuer LLC party thereto, Domino's SPV Guarantor LLC, Domino's Pizza LLC, as manager and in its individual capacity, Domino's Pizza NS Co., and Citibank, N.A., as Trustee.](d946118dex103.htm) |
| 10.4 | [Form of Amendment No. 3 to Parent Company Support Agreement dated September 5, 2025 made by Domino's Pizza, Inc. in favor of Citibank, N.A., as Trustee.](d946118dex104.htm) |
| 99.1 | [Certain Historical and Pro Forma Financial Information of the Company.](d946118dex991.htm) |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101). |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| DOMINO'S PIZZA, INC.<br> (Registrant) | DOMINO'S PIZZA, INC.<br> (Registrant) |
| By: | /s/ Ryan K. Mulally |
| Name: | Ryan K. Mulally |
| Title: | Executive Vice President, General Counsel and Corporate Secretary |

---

Date: September 8, 2025

## Exhibit 4.1

**Exhibit 4.1** 

***Execution Version***

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S IP HOLDER LLC,

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, and

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.

each as a Co-Issuer

and

CITIBANK, N.A.,

as Trustee and Securities Intermediary

**NINTH SUPPLEMENT** 

Dated as of September 5, 2025

to the

**AMENDED AND RESTATED BASE INDENTURE** 

Dated as of March 15, 2012

Asset Backed Notes

(Issuable in Series)

------

NINTH SUPPLEMENT TO AMENDED AND RESTATED BASE INDENTURE

NINTH SUPPLEMENT, dated as of September 5, 2025 (this "<u>Ninth Supplement</u>"), to the Amended and Restated Base Indenture, dated as of March 15, 2012, is by and among DOMINO'S PIZZA MASTER ISSUER LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), DOMINO'S PIZZA DISTRIBUTION LLC, a Delaware limited liability company (the "<u>Domestic Distributor</u>"), DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a Delaware limited liability company (the "<u>PFS Domestic Supply Chain Holder</u>"), DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a Delaware corporation (the "<u>SPV Canadian Holdco</u>"), DOMINO'S IP HOLDER LLC, a Delaware limited liability company (the "<u>IP Holder</u>" and together with the Master Issuer, the Domestic Distributor, PFS Domestic Supply Chain Holder and the SPV Canadian Holdco, collectively, the "<u>Co-Issuers</u>" and each, a "<u>Co-Issuer</u>"), and CITIBANK, N.A., a national banking association, as trustee (in such capacity, the "<u>Trustee</u>"), and as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>").

<u>PRELIMINARY STATEMENT</u> 

WHEREAS, the Co-Issuers and the Trustee entered into the Amended and Restated Base Indenture (as amended by the First Supplement to Amended and Restated Base Indenture, dated as of September 16, 2013, the Second Supplement to Amended and Restated Base Indenture, dated as of October 21, 2015, the Third Supplement to Amended and Restated Base Indenture, dated as of October 21, 2015, the Fourth Supplement to Amended and Restated Base Indenture, dated as of July 24, 2017, the Fifth Supplement to Amended and Restated Base Indenture, dated as of November 21, 2018, the Sixth Supplement to Amended and Restated Base Indenture, dated as of April 16, 202,1 the Seventh Supplement to Amended and Restated Base Indenture, dated as of December 30, 2021, and the Eighth Supplement to Amended and Restated Base Indenture, dated as of July 23, 2024, and as further amended, modified or supplemented prior to the date hereof, the "<u>Base Indenture</u>");

WHEREAS, <u>Section 13.1(a)</u> of the Base Indenture provides, among other things, that the Co-Issuers and the Trustee, may, at any time, and from time to time, make certain amendments, waivers and other modifications to the Base Indenture without the consent of any Noteholder, the Control Party, the Controlling Class Representative or any other Secured Party, in a form satisfactory to the Trustee, certain of which are of the type set forth in this Ninth Supplement;

WHEREAS, <u>Section 13.2(a)</u> of the Base Indenture provides, among other things, that certain amendments to the Base Indenture may be made with the consent of the Control Party (at the direction of the Controlling Class Representative, if applicable), certain of which are of the type set forth in this Ninth Supplement;

WHEREAS, the Co-Issuers have duly authorized the execution and delivery of this Ninth Supplement;

WHEREAS, there is currently no Controlling Class Representative, and the Control Party is willing to provide its written consent (in accordance with the terms and conditions of the Base Indenture) to the execution of this Ninth Supplement and;

------

WHEREAS, the Co-Issuers and the Trustee wish to amend the Base Indenture as set forth herein.

NOW, THEREFORE, in consideration of the provisions, covenants and the mutual agreements herein contained, the parties hereto agree as follows:

**ARTICLE I** 

**DEFINITIONS** 

Unless otherwise defined herein, all capitalized terms used herein (including in the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Base Indenture Definitions List attached to the Base Indenture as Annex A thereto (the "<u>Base Indenture Definitions List</u>").

**ARTICLE II** 

**AMENDMENTS** 

Section 2.1. <u>Amendments</u>. The Base Indenture is hereby amended by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) deleting the stricken text in red (indicated textually in the same manner as the following example: stricken text) and (ii) inserting the double-underlined text in blue (indicated textually in the same manner as the following example: <u>double-underlined text</u>), in each case, in the amended Base Indenture attached as <u>Annex A</u> to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amending and restating Exhibits A, B-1, B-2 and F thereto in their entirety as set forth in Exhibits A, B-1, B-2 and F hereto, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) amending Exhibit C thereto by re-naming it as "Exhibit C-1" and adding Exhibit C-2 hereto as Exhibit C-2 thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) effective on and after the Series 2025-1 Springing Amendments Implementation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amending and restating Section 11.1 thereof in its entirety as set forth in <u>Annex B</u> hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deleting Exhibits G, H, I, J and K thereto in their entirety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) inserting Exhibits P, Q, R, S, T and U hereto as exhibits thereto.

ARTICLE III GENERAL

Section 3.1. <u>Conditions to Effectiveness</u>. The provisions of this Ninth Supplement shall be effective upon the date (the "<u>Effective Date</u>") that the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this instrument has been executed and delivered by the parties hereto, with the consent of the Control Party; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Co-Issuers have delivered to the Trustee and the Control Party the Opinion of Counsel and Officer's Certificate described in <u>Sections 13.3, 13.6</u>, <u>14.3</u> and <u>14.4</u> of the Base Indenture.

Section 3.2. <u>Effect on Base Indenture</u>. Subject to the satisfaction of the conditions precedent set forth in Section 3.1, upon the date hereof (i) the Base Indenture shall be amended in accordance herewith, (ii) this Ninth Supplement shall form part of the Base Indenture for all purposes and (iii) the parties and each Noteholder shall be bound by the Base Indenture, as so amended. Except as expressly set forth or contemplated in this Ninth Supplement, the terms and conditions of the Base Indenture shall remain in place and shall not be altered, amended or changed in any manner whatsoever, except by any further amendment to the Base Indenture made in accordance with the terms of the Base Indenture, as amended by this Ninth Supplement.

Section 3.3. <u>Binding Effect</u>. This Ninth Supplement shall inure to the benefit of and be binding on the respective successors and assigns of the parties hereto, each Noteholder and each other Secured Party.

Section 3.4. <u>Counterparts</u>. This Ninth 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 3.5. <u>Governing Law</u>. **THIS EIGHTH SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK**.

Section 3.6. <u>Electronic Signatures and Transmission</u>. For purposes of this Supplement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission. "Electronic Transmission" means any form of communication not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process. The Trustee is authorized to accept written instructions, directions, reports, notices or other communications delivered by Electronic Transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission, and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties (except to the extent such action results from gross negligence, willful misconduct or fraud by the Trustee). Any requirement in the Indenture that a document is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit signature to be by facsimile or electronic signature and

------

shall not be deemed to prohibit delivery thereof by Electronic Transmission. Notwithstanding anything to the contrary in this Supplement, any and all communications (both text and attachments) by or from the Trustee that the Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic Transmission will be encrypted. The recipient of the Electronic Transmission will be required to complete a one-time registration process.

Section 3.7. <u>Amendments</u>. This Ninth Supplement may not be modified or amended except in accordance with the terms of the Base Indenture.

Section 3.8. <u>Trustee and Securities Intermediary</u>. The Trustee and the Securities Intermediary assume no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Master Issuer and neither the Trustee nor the Securities Intermediary shall be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Ninth Supplement and makes no representation with respect thereto. In entering into this Ninth Supplement, the Trustee and the Securities Intermediary shall be entitled to the benefit of every provision of the Base Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee or the Securities Intermediary.

**ARTICLE IV** 

**REPRESENTATIONS AND WARRANTIES** 

Each party hereto represents and warrants to each other party that this Ninth Supplement has been duly and validly executed and delivered by such party and constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms.

[Remainder of Page Intentionally Left Blank]

------

IN WITNESS WHEREOF, each of the Co-Issuers and the Trustee have caused this Ninth Supplement to be executed and delivered by its respective duly authorized officer as of the day and year first written above.

---

| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PIZZA DISTRIBUTION LLC, as Co- Issuer | DOMINO'S PIZZA DISTRIBUTION LLC, as Co- Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S IP HOLDER LLC, as Co-Issuer | DOMINO'S IP HOLDER LLC, as Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

---

*[Signature Page to Ninth Supplement]* 

------

---

| | |
|:---|:---|
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

---

*[Signature Page to Ninth Supplement]* 

------

---

| | |
|:---|:---|
| CITIBANK, N.A., in its capacity as Trustee and Securities Intermediary | CITIBANK, N.A., in its capacity as Trustee and Securities Intermediary |
| By: | /s/ Anthony Bausa |
|  | Name: Anthony Bausa |
|  | Title: Senior Trust Officer |

---

*[Signature Page to Ninth Supplement]* 

------

---

| | |
|:---|:---|
| CONSENT OF CONTROL PARTY: | CONSENT OF CONTROL PARTY: |
| In accordance with Section 2.4 of the Servicing Agreement, Midland Loan Services, a division of PNC Bank, National Association, as Control Party, hereby consents to the execution and delivery by the Co-Issuers and the Trustee of this Ninth Supplement to the Amended and Restated Base Indenture. | In accordance with Section 2.4 of the Servicing Agreement, Midland Loan Services, a division of PNC Bank, National Association, as Control Party, hereby consents to the execution and delivery by the Co-Issuers and the Trustee of this Ninth Supplement to the Amended and Restated Base Indenture. |
| MIDLAND LOAN SERVICES, | MIDLAND LOAN SERVICES, |
| A DIVISION OF PNC BANK, NATIONAL ASSOCIATION | A DIVISION OF PNC BANK, NATIONAL ASSOCIATION |
| By: | /s/ David A. Eckels |
|  | Name: David A. Eckels |
|  | Title: Senior Vice President |

---

*[Signature Page to Ninth Supplement]* 

------

**<u>Annex A</u>**

CONFORMED AMENDED AND RESTATED BASE INDENTURE

*[Attached]* 

------

CONFORMED VERSION

THROUGH EIGHTH<u>NINTH</u> SUPPLEMENT<u>, DATED AS OF SEPTEMBER 5, 2025</u>

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S IP HOLDER LLC and <u>,</u>

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.<u>, and</u>

<u>DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC,</u> each as Co-Issuer

and

CITIBANK, N.A.,

as Trustee and Securities Intermediary

**AMENDED AND RESTATED BASE INDENTURE** 

Dated as of March 15, 2012

Asset Backed Notes

(Issuable in Series)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  Article I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2 Cross-References | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.3 Accounting and Financial Determinations; No Duplication | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 1.4 Uncertificated Notes</u> | <u>2</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.4<u>1.5</u> Rules of Construction | 3 |
|  Article II THE NOTES | 2<u>3</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 Designation and Terms of Notes | 2<u>3</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2 Notes Issuable in Series | 3<u>4</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.3 Series Supplement for Each Series | 8<u>13</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.4 Execution and Authentication | 9<u>14</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.5 Registrar and Paving Agent | 10<u>15</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.6 Paying Agent to Hold Money in Trust | 11<u>16</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.7 Noteholder List | 12<u>17</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.8 Transfer and Exchange | 12<u>17</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.9 Persons Deemed Owners | 14<u>19</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.10 Replacement Notes | 14<u>19</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.11 Treasury Notes | 15<u>20</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.12 Book-Entry Notes | 15<u>20</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.13 Definitive Notes | 17<u>22</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.14 Cancellation | 17<u>23</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.15 Principal and Interest | 18<u>23</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.16 Tax Treatment | 18<u>24</u> |
|  Article III SECURITY | 19<u>24</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 Grant of Security Interest | 19<u>24</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 Certain Rights and Obligations of the Co-Issuers Unaffected | 23<u>29</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 Performance of Collateral Documents | 24<u>30</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 Stamp, Other Similar Taxes and Filing Fees | 25<u>30</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5 Authorization to File Financing Statements | 25<u>30</u> |
|  Article IV REPORTS | 26<u>31</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 Reports and Instructions to Trustee | 26<u>31</u> |

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-i-

------

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 Annual Noteholders' Tax Statement | 28<u>3</u><u>4</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3 Rule 144A Information | 28<u>34</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4 Reports, Financial Statements and Other Information to Noteholders | 29<u>35</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5 Manager | 30<u>36</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.6 No Constructive Notice | 30<u>36</u> |
|  Article V ALLOCATION AND APPLICATION OF COLLECTIONS | 30<u>37</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 Concentration Accounts, Lock-Boxes and Additional Accounts | 30<u>37</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 Senior Notes Interest Reserve Account | 32<u>39</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3 Senior Subordinated Notes Interest Reserve Account | 33<u>40</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4 Cash Trap Reserve Account | 33<u>41</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.5 Collection Account | 34<u>42</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.6 Collection Account Administrative Accounts | 35<u>42</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.7 Hedge Payment Account | 36<u>44</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.8 Trustee as Securities Intermediary | 37<u>45</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.9 Establishment of Series Accounts: Legacy Accounts | 38<u>47</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10 Collections and Investment Income | 39<u>47</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.11 Application of Weekly Collections on Weekly Allocation Dates | 44<u>54</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.12 Quarterly Payment Date Applications | 49<u>59</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.13 Determination of Quarterly Interest | 60<u>72</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.14 Determination of Quarterly Principal | 60<u>72</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.15 Prepayment of Principal | 60<u>72</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.16 Retained Collections Contributions | 61<u>72</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.17 Interest Reserve Letters of Credit | 61<u>73</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.18 Replacement of Ineligible Accounts | 62<u>74</u> |
|  Article VI DISTRIBUTIONS | 63<u>75</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 Distributions in General | 63<u>75</u> |
|  Article VII REPRESENTATIONS AND WARRANTIES | 63<u>76</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 Existence and Power | 64<u>76</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2 Company and Governmental Authorization | 64<u>76</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3 No Consent | 64<u>76</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4 Binding Effect | 64<u>77</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.5 Litigation | 65<u>77</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.6 No ERISA Plan | 65<u>77</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.7 Tax Filings and Expenses | 65<u>77</u> |

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-ii-

------

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.8 Disclosure | 65<u>78</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.9 Investment Company Act | 66<u>78</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.10 Regulations T, U and X | 66<u>78</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.11 Solvency | 66<u>78</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.12 Ownership of Equity Interests: Subsidiaries | 66<u>78</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.13 Security Interests | 67<u>80</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.14 Related Documents | 68<u>81</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.15 Non-Existence of Other Agreements | 68<u>81</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.16 Compliance with Contractual Obligations and Laws | 69<u>81</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.17 Other Representations | 69<u>81</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.18 No Employees | 69<u>81</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.19 Insurance | 69<u>81</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.20 Environmental Matters: Real Property | 69<u>82</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.21 Intellectual Property | 69<u>82</u> |
|  Article VIII COVENANTS | 70<u>83</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1 Payment of Notes | 70<u>83</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2 Maintenance of Office or Agency | 71<u>83</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.3 Payment and Performance of Obligations | 71<u>84</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.4 Maintenance of Existence | 71<u>84</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.5 Compliance with Laws | 72<u>84</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.6 Inspection of Property: Books and Records | 72<u>84</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.7 Actions under the Collateral Documents and Related Documents | 72<u>85</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.8 Notice of Defaults and Other Events | 73<u>86</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.9 Notice of Material Proceedings | 74<u>86</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.10 Further Requests | 74<u>87</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.11 Further Assurances | 74<u>87</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.12 Liens | 76<u>88</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.13 Other Indebtedness | 76<u>88</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.14 No ERISA Plan | 76<u>89</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.15 Mergers | 76<u>89</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.16 Asset Dispositions | 76<u>89</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.17 Acquisition of Assets | 77<u>92</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.18 Dividends, Officers' Compensation, etc | 77<u>92</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.19 Legal Name, Location Under Section 9-301 or 9-307 | 78<u>92</u> |

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-iii-

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.20 Charter Documents | 78<u>93</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.21 Investments | 78<u>93</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.22 No Other Agreements | 79<u>93</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.23 Other Business | 79<u>94</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.24 Maintenance of Separate Existence | 79<u>94</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.25 Covenants Regarding the Domino's IP | 80<u>95</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.26[Reserved] | 83<u>98</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.27 Real Property | 83<u>98</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.28 No Employees | 83<u>98</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.29 Insurance | 83<u>98</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.30 Litigation | 83<u>98</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.31 Environmental | 84<u>98</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.32 Enhancements | 84<u>99</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.33 Series Hedge Agreements: Derivatives Generally | 84<u>99</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.34 Additional Securitization Entity | 84<u>99</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.35 Subordinated Debt Repayments | 86<u>100</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.36 Tax Lien Reserve Amount | 86<u>101</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.37 Mortgages | 86<u>101</u> |
|  Article IX REMEDIES | 87<u>102</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1 Rapid Amortization Events | 87<u>102</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2 Events of Default | 87<u>103</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3 Rights of the Control Party and Trustee upon Event of Default | 91<u>107</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.4 Waiver of Appraisal, Valuation, Stay and Right to Marshaling | 93<u>110</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.5 Limited Recourse | 94<u>111</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.6 Optional Preservation of the Collateral | 94<u>111</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.7 Waiver of Past Events | 94<u>111</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.8 Control by the Control Party | 95<u>112</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.9 Limitation on Suits | 95<u>112</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.10 Unconditional Rights of Noteholders to Receive Payment | 96<u>113</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.11 The Trustee May File Proofs of Claim | 96<u>113</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.12 Undertaking for Costs | 96<u>113</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.13 Restoration of Rights and Remedies | 97<u>113</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.14 Rights and Remedies Cumulative | 97<u>114</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.15 Delay or Omission Not Waiver | 97<u>114</u> |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.16 Waiver of Stay or Extension Laws | 97<u>114</u> |
|  Article X THE TRUSTEE | 97<u>114</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 Duties of the Trustee | 97<u>114</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 Rights of the Trustee | 101<u>118</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.3 Individual Rights of the Trustee | 102<u>119</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.4 Notice of Events of Default and Defaults | 103<u>120</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.5 Compensation and Indemnity | 103<u>120</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.6 Replacement of the Trustee | 104<u>121</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.7 Successor Trustee by Merger, etc | 105<u>122</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.8 Eligibility Disqualification | 105<u>122</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.9 Appointment of Co-Trustee or Separate Trustee | 105<u>122</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.10 Representations and Warranties of Trustee | 107<u>124</u> |
|  Article XI CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY | 107<u>124</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.1 Controlling Class Representative | 107<u>124</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.2 Resignation or Removal of the Controlling Class Representative | 110<u>127</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.3 Expenses and Liabilities of the Controlling Class Representative | 110<u>127</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.4 Control Party | 111<u>128</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.5 Note Owner List | 112<u>130</u> |
|  Article XII DISCHARGE OF INDENTURE | 113<u>130</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.1 Termination of the Co-Issuers' and Guarantors' Obligations | 113<u>130</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.2 Application of Trust Money | 117<u>134</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.3 Repayment to the Co-Issuers | 117<u>135</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.4 Reinstatement | 117<u>135</u> |
|  Article XIII AMENDMENTS | 118<u>135</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.1 Without Consent of the Controlling Class Representative or the Noteholders | 118<u>135</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.2 With Consent of the Controlling Class Representative or the Noteholders | 119<u>138</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.3 Supplements | 121<u>139</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.4 Revocation and Effect of Consents | 121<u>139</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.5 Notation on or Exchange of Notes | 121<u>140</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.6 The Trustee to Sign Amendments, etc | 121<u>140</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.7 Amendments and Fees | 122<u>140</u> |
|  Article XIV MISCELLANEOUS | 122<u>140</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.1 Notices | 122<u>140</u> |

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-v-

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.2 Communication by Noteholders With Other Noteholders | 126<u>145</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.3 Officer's Certificate as to Conditions Precedent | 126<u>145</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.4 Statements Required in Certificate | 127<u>145</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.5 Rules by the Trustee | 127<u>145</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.6 Benefits of Indenture | 127<u>145</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.7 Payment on Business Day | 127<u>146</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.8 Governing Law | 127<u>146</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.9 Successors | 127<u>146</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.10 Severability | 128<u>146</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.11 Counterpart Originals | 128<u>146</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.12 **Table of Contents**, Headings, etc | 128<u>146</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.13 No Bankruptcy Petition Against the Securitization Entities | 128<u>146</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.14 Recording of Indenture | 128<u>147</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.15 Waiver of Jury Trial | 128<u>147</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.16 Submission to Jurisdiction: Waivers | 129<u>147</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.17 Permitted Asset Dispositions; Release of Collateral | 129<u>148</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.18 Administration of the DNAF Account | 129<u>148</u> |

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**<u>ANNEXES</u>**

Annex A Base Indenture Definitions List**<u> </u>**

**<u>EXHIBITS</u>** 

---

| | |
|:---|:---|
| Exhibit A | Weekly Manager's Certificate<u><sup>1</sup></u> |
| Exhibit B-l | Quarterly Manager's Certificate<sup><u>2</u></sup> |
| Exhibit B-2 | Quarterly Noteholders' Statement |
| Exhibit C<u>-1</u> | Monthly Distributor<u>Supply Chain</u> Chain Profit Certificate |
| <u>Exhibit C-2</u> | <u>Monthly Supply Chain Profit Certificate (Canadian Distributor)</u> |
| Exhibit D-l | Form of Grant of Security Interest in Trademarks |
| Exhibit D-2 | Form of Grant of Security Interest in Patents |
| Exhibit D-3 | Form of Grant of Security Interest in Copyrights |
| Exhibit E-l | Form of Supplemental Grant of Security Interest in Trademarks |
| Exhibit E-2 | Form of Supplemental Grant of Security Interest in Patents |
| Exhibit E-3 | Form of Supplemental Grant of Security Interest in Copyrights |

---

<sup><u>1</u></sup> <u>Form to be updated consistent with updates to form of Quarterly Noteholders' Statement.</u>

<sup><u>2</u></sup> <u>Form to be updated to reflect the following changes: (i) removal of reporting on Product Purchase Payments, (ii) separate lines for Series Non-Amortization Test (one for each Series), and (iii) Modified Gross Profit vs. Consolidated EBITDA.</u> 

-vi-

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| | |
|:---|:---|
| Exhibit F | Form of Investor Request<u>Permitted Recipient</u> Certification |
| Exhibit G | Notice Requesting Contact Information of Initial Note Owners |
| Exhibit H | CCR Election Notice |
| Exhibit I | CCR Nomination |
| Exhibit J | CCR Ballot |
| Exhibit K | CCR Acceptance Letter |
| Exhibit L | Form of Mortgage |
| Exhibit M | Form of Supplement for Additional Co-Issuers |
| Exhibit N | Form of Investor Certification |
| Exhibit O | Form of Note Owner Certificate |
| Schedule 7.3 | Consents |
| Schedule 7.6 | Plans |
| Schedule 7.7 | Proposed Tax Assessments |
| Schedule 7.13(a) | Non-Perfected Liens |
| Schedule 7.19 | Insurance |
| Schedule 7.21 | Pending Actions or Proceedings Relating to the Domino's IP |
| Schedule 8.11 | Liens |

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-vii-

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AMENDED AND RESTATED BASE INDENTURE, dated as of March 15, 2012, by and among DOMINO'S PIZZA MASTER ISSUER LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), DOMINO'S PIZZA DISTRIBUTION LLC, a Delaware limited liability company (the "<u>Domestic</u> <u>Distributor"</u><u>Supply Chain Holder"), DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a Delaware limited liability company (the "PFS Domestic Supply Chain Holder"</u>), DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a Delaware corporation (the "<u>SPV Canadian Holdco</u>"), DOMINO'S IP HOLDER LLC, a Delaware limited liability company (the "<u>IP Holder</u>" and together with the Master Issuer, the Domestic Distributor<u>Supply Chain Holder, the PFS Domestic Supply Chain Holder</u> and the SPV Canadian Holdco, collectively, the "<u>Co-Issuers</u>" and each, a "Co-Issuer"), each as a Co-Issuer, and CITIBANK, N.A., a national banking association, as trustee (in such capacity, the "Trustee"), and as securities intermediary.

W I T N E S S E T H :

WHEREAS, the Co-Issuers and the Trustee entered into the Base Indenture, dated as of April 16, 2007, as amended by the First Supplement, dated as of March 6, 2009, the Second Supplement, dated as of March 13, 2009, and the Third Supplement, dated as of December 14, 2011 (collectively, the "<u>2007 Base Indenture</u>"):

WHEREAS, the Co-Issuers desire to amend and restate the 2007 Base Indenture in its entirety as hereinafter provided and have satisfied the conditions precedent thereto set forth in Section 12.2 thereof;

WHEREAS, each of the Co-Issuers has duly authorized the execution and delivery of this Base Indenture to provide for the issuance from time to time of one or more series of asset backed notes (the "<u>Notes</u>"), as provided in this Base Indenture and in supplements to this Base Indenture; and

WHEREAS, all things necessary to make this Base Indenture a legal, valid and binding agreement of the Co-Issuers, in accordance with its terms, have been done, and the Co- Issuers propose to do all the things necessary to make the Notes, when executed by the Co- Issuers and authenticated and delivered <u>(or registered, in the case of Uncertificated Notes)</u> by the Trustee hereunder and duly issued by the Co- Issuers, the legal, valid and binding obligations of the Co-Issuers as hereinafter provided;

NOW, THEREFORE, for and in consideration of the premises and the receipt of the Notes by the Noteholders, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Noteholders (in accordance with the priorities set forth herein and in any Series Supplement), as follows:

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**ARTICLE I** 

**DEFINITIONS AND INCORPORATION BY REFERENCE** 

Section 1.1 <u>Definitions</u>. Capitalized terms used herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Definitions List attached hereto as Annex A (the "<u>Base Indenture Definitions List</u>"), as such Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the provisions hereof.

Section 1.2 <u>Cross-References</u>. Unless otherwise specified, references in the Indenture and in each other Related Document to any Article or Section are references to such Article or Section of the Indenture or such other Related Document, as the case may be, and, unless otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such Article, Section or definition.

Section 1.3 <u>Accounting and Financial Determinations; No Duplication</u>. Where the character or amount of any asset or liability or item of income or expense is required to be determined, or any accounting computation is required to be made, for the purpose of the Indenture or any other Related Document, such determination or calculation shall be made, to the extent applicable and except as otherwise specified in the Indenture or such other Related Document, in accordance with GAAP. When used herein, the term "financial statement" shall include the notes and schedules thereto. All accounting determinations and computations hereunder or under any other Related Documents shall be made without duplication.

<u>Section 1.4 Uncertificated Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) Uncertificated Notes registered in the name of a Person shall be considered "held" by such Person for all purposes under this Base Indenture.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) With respect to any Uncertificated Note, (i) references herein to authentication and delivery of a Note shall be deemed to refer to creation of an entry for such Uncertificated Note in the Note Register and registration of such Uncertificated Note in the name of the owner, (ii) references herein to cancellation of a Note shall be deemed to refer to</u> <u>de-registration of such Uncertificated Note, and (iii) references herein to the date of authentication of a Note shall refer to the date of registration of such Uncertificated Note in the Note Register in the name of the owner thereof.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c) References to execution of Notes by the Co-Issuers, to surrender of Notes and to presentment of Notes shall be deemed not to refer to Uncertificated Notes; provided, that the provisions of Section 2.14 relating to surrender of Notes shall apply equally to de-registration of Uncertificated Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d) The Note Register shall be conclusive evidence of the ownership of an Uncertificated Note.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e) The Registrar shall be entitled to receive ownership information and other reasonably requested information form any Holder of Uncertificated Notes (or any transferees thereof) in connection with maintaining the Note Register and reflecting transfers therein.</u>

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<u>Section 1.5</u>Section 1.4 <u>Rules of Construction</u>. In the Indenture and the other Related Documents, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are permitted by the Indenture and the other applicable Related Documents, as the case may be, and reference to any Person in a particular capacity only refers to such Person in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the determination of any period of time, except as otherwise specified, "from" means "from and including" and "to" means "to but excluding".<u>; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> <u>On and after the Series 2021-1 Springing Amendments Implementation Date, each reference herein or in any other Related Document to the term "Quarterly DSCR" shall be deemed to refer to the term "DSCR" as defined herein.</u>

**ARTICLE II** 

**THE NOTES** 

Section 2.1 <u>Designation and Terms of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Series of Notes shall be substantially in the form specified in the applicable Series Supplement and shall bear, upon its face, the designation for such Series to which it belongs as selected by the Co-Issuers, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted hereby or by the applicable Series Supplement and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined to be appropriate by the Authorized Officers of the Co-Issuers executing such Notes, as evidenced by execution of such Notes by such Authorized Officers. All Notes of any Series shall, except as specified in the applicable Series Supplement, be equally and ratably entitled as provided herein to the benefits hereof without preference, priority or distinction on account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Base Indenture and any applicable Series Supplement. The aggregate principal amount of Notes which may be authenticated and delivered <u>(or registered, in the case of Uncertificated Notes)</u> under this Base Indenture is unlimited. The Notes of each Series shall be issued in the denominations set forth in the applicable Series Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Variable Funding Note Purchase Agreement entered into by the Co-Issuers in connection with the issuance of any Class A-1 Senior Notes, whether or not any of the following shall have been specifically provided for in the applicable provision of the Indenture Documents, the following shall be true (except to the extent that the Series Supplement or Variable Funding Note Purchase Agreement with respect to such Class of Notes provides otherwise):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for purposes of any provision of any Indenture Document relating to any vote, consent, direction, waiver or the like to be given by such Class on any date, with respect to each Series of Class A-1 Senior Notes Outstanding, the relevant principal amount of each such Series of Notes to be used in tabulating the percentage of such Series voting, directing, consenting or waiving or the like (the "<u>Class A-1 Senior Notes Voting Amount</u>") will be deemed to be the greater of (1) the Class A-1 Senior Notes Maximum Principal Amount for such Series (after giving effect to any cancelled commitments) and (2) the Outstanding Principal Amount of Class A-1 Senior Notes for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for purposes of any provisions of any Indenture Document relating to termination, discharge or the like, such Class shall continue to be deemed Outstanding unless and until all commitments to extend credit under such Variable Funding Note Purchase Agreement have been terminated thereunder and the Outstanding Principal Amount of such Class shall have been reduced to zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notwithstanding the foregoing, and for the avoidance of doubt, a Series Supplement or a Variable Funding Note Purchase Agreement may provide for different treatment of commitments of a Noteholder of a Class A-1 Senior Note subject to such Series Supplement or Variable Funding Note Purchase Agreement that has failed to make a payment required to be made by it under the terms of the Variable Funding Note Purchase Agreement, that has provided written notification that it does not intend to make a payment required to be made by it thereunder when due or that has become the subject of an Event of Bankruptcy.

Section 2.2 <u>Notes Issuable in Series</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) So long as each of the certifications described in <u>clause (vi)</u> below are true and correct as of the applicable Series Closing Date, <u>Additional Notes (other than Additional Class A-1 Senior</u> Notes of a new Series<u>, which shall be subject to Section 2.2(e))</u> may from time to time be executed by the Co-Issuers and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered by the<u>(or registered, in the case of Uncertificated Notes) by the</u> Trustee upon the receipt by the Trustee of a Company Request at least five (5) Business Days (except in the case of the issuance of the Series of Notes on the Closing Date) in advance of the related Series Closing Date (which Company request will be revocable by the Co-Issuers upon notice to the Trustee no later than 5:00 p.m. (New York City time) two Business Days prior to the related Series Closing Date) and upon performance or delivery by the Co-Issuers to the Trustee and the Control Party, and receipt by the Trustee and the Control Party, of the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Company Order authorizing and directing the authentication and delivery of the<u>(or with respect to Uncertificated Notes, registration) of the Additional</u> Notes of such new Series by the Trustee and specifying the designation of such new Series<u>Additional Notes</u>, the Initial Principal Amount (or the method for calculating the Initial Principal Amount) of such new Series<u>Additional Notes</u> to be authenticated <u>(or with respect to Uncertificated Notes, registration)</u> and the Note Rate with respect to such new Series<u>Additional Notes</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Series Supplement <u>for a new Series of Notes or a Supplement to the related Series Supplement for Additional Notes issued under an existing Series, Class, Subclass or Tranche of Notes, as applicable,</u> satisfying the criteria set forth in <u>Section 2.3</u> executed by the Co-Issuers and the Trustee and specifying the Principal Terms of such new Series<u>Additional Notes</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if there is one or more Series of Notes Outstanding (other than a Series of Notes Outstanding that will be repaid in full from the proceeds of issuance of the new Series of<u>Additional</u> Notes or otherwise on the applicable Series Closing Date), written confirmation from either the Manager or the Master Issuer that the Rating Agency Condition with respect to each Series of Notes Outstanding has been satisfied with respect to such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any related Enhancement Agreement entered into in connection with such issuance and executed by each of the parties thereto in compliance with <u>Section 8.32;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any related Series Hedge Agreement entered into in connection with such issuance and executed by each of the parties thereto in compliance with <u>Section 8.33;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) one or more Officer's Certificates, each executed by an Authorized Officer of each Co-Issuer, dated as of the applicable Series Closing Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Senior ABS Leverage Ratio as of the applicable Series Closing Date is less than or equal to 6.5x (or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, 7.0x) after giving effect to the issuance of the new Series of<u>Additional</u> Notes (assuming all available amounts have been drawn under the Variable Funding Note Purchase Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>(1)</u> the Holdco Leverage Ratio is less than or equal to 7.0x (or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, 7.5x) after giving effect to the issuance of the new Series of<u>Additional</u> Notes (assuming all available amounts have been drawn under the Variable Funding Note Purchase Agreement); <u>and/or (2) on and after the Series 2025-1 Springing Amendments Implementation Date, to the extent that the Holdco Leverage Ratio is greater than 7.5x</u> <u>after giving effect to the issuance of such Additional Notes (or any applicable portion thereof), such Additional Notes (or the applicable portion thereof) constitute Permitted Refinancing Indebtedness;</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing or will occur as a result of the issuance of the new Series of<u>Additional</u> Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all representations and warranties of the Co-Issuers in the Base Indenture and the other Related Documents are true and correct, and will continue to be true and correct after giving effect to such issuance on the Series Closing Date, in all material respects (other than any representation or warranty that, by its terms, is made only as of an earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) no Cash Trapping Period is in effect or will commence as a result of the issuance of the new Series of<u>Additional</u> Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the New Series Pro Forma Quarterly DSCR <u>for such series of Additional Notes</u> or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the New Series Pro Forma DSCR <u>for such series of Additional Notes</u>, is greater than or equal to 2.0x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) no Manager Termination Event or Potential Manager Termination Event has occurred and is continuing or will occur as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) the proposed issuance does not alter or change the terms of any Series of Notes Outstanding or the Series Supplement relating thereto without such consents as are required under this Base Indenture or the applicable Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) all costs, fees and expenses with respect to the issuance of the new Series of<u>Additional</u> Notes or relating to the actions taken in connection with such issuance that are required to be paid on the applicable Series Closing Date have been paid or will be paid from the proceeds of issuance of the new Series of<u>Additional</u> Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) all conditions precedent with respect to the authentication and delivery of such new Series of<u>Additional</u> Notes provided in this Base Indenture, the related Series Supplement and, if applicable, the related Variable Funding Note Purchase Agreement and any other related note purchase agreement executed in connection with the issuance of such new Series of<u>Additional</u> Notes have been satisfied or waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) the Global G&C Agreement is in full force and effect as to such new Series of<u>Additional</u> Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) if such new Series of<u>Additional</u> Notes includes Subordinated Debt, the terms of any such new Series of<u>Additional</u> Notes include the Subordinated Debt Provisions to the extent applicable; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) each of the parties to the Related Documents with respect to such new Series of<u>Additional</u> Notes has covenanted and agreed in the Related Documents that, prior to the date which is one year and one day after the payment in full of the latest maturing Note, it will not 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;

<u>provided</u>, that none of the foregoing conditions shall apply and no Officer's Certificates shall be required under this <u>clause (vi)</u> if there are no Series of Notes Outstanding (apart from the new Series of Notes) on the applicable Series Closing Date, or if all Series of Notes Outstanding (apart from the new Series of Notes) will be repaid in full from the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a Tax Opinion dated the applicable Series Closing Date; <u>provided</u>, <u>however</u>, that, if there are no Notes Outstanding or if all Series of Notes Outstanding will be repaid in full from the proceeds of issuance of the new Series of<u>Additional</u> Notes or otherwise on the applicable Series Closing Date, only the opinions set forth in <u>clauses (b)</u> and (c) of the definition of Tax Opinion are required to be given in connection with the issuance of such new Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) one or more Opinions of Counsel, subject to the assumptions and qualifications stated therein, and in a form reasonably acceptable to the Control Party, dated the applicable Series Closing Date, substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all of the instruments described in this <u>Section 2.2(b)</u> furnished to the Trustee and the Control Party conform to the requirements of this Base Indenture and the related Series Supplement and the new Series of Notes <u>(or Supplement to the related Series Supplement and the Additional Notes, with respect to Additional Notes issued under an existing Series, Class, Subclass or Tranche of Notes, as applicable)</u> is permitted to be authenticated <u>(or registered, with respect to Uncertificated Notes)</u> by the Trustee pursuant to the terms of this Base Indenture and the related Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the related Series Supplement has been duly authorized, executed and delivered by the Co-Issuers and constitutes a legal, valid and binding agreement of each of the Co-Issuers, enforceable against each of the Co-Issuers in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) such new Series of<u>Additional</u> Notes have been duly authorized <u>(or registered, in the case of Uncertificated Notes)</u> by the Co-Issuers, and, when such Notes have been duly authenticated and delivered <u>(or registered, in the case of</u> <u>Uncertificated Notes)</u> by the Trustee, such Notes will be legal, valid and binding obligations of each of the Co-Issuers, enforceable against each of the Co-Issuers in accordance with their terms;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) none of the Securitization Entities is required to be registered under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) based on a reasoned analysis, the assets of a Securitization Entity as a debtor in bankruptcy would not be substantively consolidated with the assets and liabilities of Holdco or the Manager in a manner prejudicial to Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) neither the execution and delivery by the Co-Issuers of such Notes and the Series Supplement nor the performance by the Co-Issuers of its obligations under each of the Notes and the Series Supplement: (i) conflicts with the Charter Documents of the Co-Issuers, (ii) constitutes a violation of, or a default under, any material agreement to which any of the Co- Issuers is a party (as set forth in a schedule to such opinion), or (iii) contravenes any order or decree that is applicable to any of the Co- Issuers (as set forth in a schedule to such opinion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) neither the execution and delivery by the Co-Issuers of such Notes and the Series Supplement nor the performance by the Co-Issuers of their payment obligations under each of such Notes and the Series Supplement: (i) violates any law, rule or regulation of any relevant jurisdiction, or (ii) requires the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of any relevant jurisdiction except for those consents, approvals, licenses and authorizations already obtained and those filings, recordings and registrations already made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) there is no action, proceeding, or investigation pending or threatened against Holdco or any of its Subsidiaries before any court or administrative agency that may reasonably be expected to have a material adverse effect on the business or assets of the Securitization Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) unless such Notes are being offered pursuant to a registration statement that has been declared effective under the Securities Act, it is not necessary in connection with the offer and sale of such Notes by the Co-Issuers to the initial purchaser<u>Initial Purchaser</u> thereof or by the initial purchaser<u>Initial Purchaser</u> to the initial investors in such Notes to register such Notes under the Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) all conditions precedent to such issuance have been satisfied and that the related <u>Series</u> Supplement <u>(or Supplement to the related Series Supplement for Additional Notes issued under an existing Series, Class, Subclass or Tranche of Notes, as applicable)</u> is authorized or permitted pursuant to the terms and conditions of the Indenture; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) such other documents, instruments, certifications, agreements or other items as the Trustee may reasonably require.;

<u>provided, that (i) the issuance of any Additional Class A-1 Senior Notes in connection with an increase in the Class A-1 Senior Notes Maximum Principal Amount of an existing Series shall be subject only to the provisions of Section 2.2(e) below and not the limitations set forth above, and (ii) any increase to any subfacility under a Variable Funding Note Purchase Agreement shall be subject only to the provisions of such Variable Funding Note Purchase Agreement and the related Series Supplement (if applicable) and not subject to the limitations set forth above.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon satisfaction, or waiver by the Control Party (as directed by the Controlling Class Representative) (which waiver shall be in writing), of the conditions set forth in <u>Section 2.2(b)</u>, the Trustee shall authenticate and deliver <u>(or register, in the case of Uncertificated Notes)</u>, as provided above, such Series of Notes upon execution thereof by the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With regard to any new Series of<u>Additional</u> Notes issued pursuant to this <u>Section 2.2</u> that constitutes Senior Debt, Senior Subordinated Debt or Subordinated Debt, the proceeds from such issuance may be used at any time prior to the Series Anticipated Repayment Date for such Series of Notes to repay either Senior Debt, Senior Subordinated Debt or Subordinated Debt; <u>provided, however</u>, that at any time on or after the Series Anticipated Repayment Date for any Series of Notes, the proceeds from such issuance may only be used to repay (i) Senior Subordinated Debt and Subordinated Debt if all Senior Debt has been repaid and (ii) Subordinated Debt if all Senior Debt and Senior Subordinated Debt has been repaid; <u>provided</u>, <u>further</u>, that at any time on or after the Series Anticipated Repayment Date for any Series of Notes, the proceeds from the issuance of Subordinated Debt may only be used to repay Senior Debt, Senior Subordinated Debt or all Outstanding Classes of Senior Debt and Senior Subordinated Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In addition to the Class A-1 Senior Notes issued on a Series Closing Date, so long as each of the certifications described in clause (v) below are true and correct as of the applicable Additional Issuance Date, Additional Class A-1 Senior Notes of a Series may from time to time be executed by the Co-Issuers and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered <u>(or registered, in the case of Uncertificated Notes)</u> by the Trustee upon the receipt by the Trustee of a Company Request at least five (5) Business Days in advance of the related Additional Issuance Date (which Company request will be revocable by the Co-Issuers upon notice to the Trustee no later than 5:00 p.m. (New York City time) two Business Days prior to the related Additional Issuance Date) <u>(in each case, other than with respect to Uncertificated Notes, which may from time to time be registered in accordance with this Base Indenture and the related Series Supplement)</u> and upon performance or delivery by the Co-Issuers to the Trustee and the Control Party, and receipt by the Trustee and the Control Party, of the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Company Order Authorizing and directing the authentication and delivery of the Additional Class A-1 Senior Notes, and the initial Principal Amount of Such Additional Class A-1 Senior Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> (ii) written confirmation from either the Manager or the Master Issuer that the Rating Agency Condition with respect to each Series of Notes Outstanding has been satisfied with respect to such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> (iii) any related Enhancement Agreement entered into in connection with such issuance and executed by each of the parties thereto in compliance with Section 8.32;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> (iv) any related Series Hedge Agreement entered into in connection with such issuance and executed by each of the parties thereto in compliance with Section 8.33;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> (v) one or more Officer's Certificates, each executed by an Authorized Officer of each Co-Issuer, dated as of the applicable Additional Issuance Date to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Senior ABS Leverage Ratio as of the applicable Additional Issuance Date is less than or equal to 6.5x after giving effect to the issuance of the Additional Class A-1 Senior Notes (assuming all available amounts have been drawn under the Variable Funding Note Purchase Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Holdco Leverage Ratio is less than or equal to 7.0x after giving effect to the issuance of the Additional Class A-1 Senior Notes (assuming all available amounts have been drawn under the Variable Funding Note Purchase Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing or will occur as a result of the issuance of the Additional Class A-1 Senior Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all representations and warranties of the Co-Issuers in the Base Indenture and the other Related Documents are true and correct, and will continue to be true and correct after giving effect to such issuance on the Additional Issuance Date, in all material respects (other than any representation or warranty that, by its terms, is made only as of an earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) no Cash Trapping Period is in effect or will commence as a result of the issuance of the Additional Class A-1 Senior Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the New Series Pro Forma Quarterly DSCR or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the New Series Pro Forma DSCR, is greater than or equal to 2.0x;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) no Manager Termination Event or Potential Manager Termination Event has occurred and is continuing or will occur as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) the proposed issuance does not alter or change the terms of any Series of Notes Outstanding or the Series Supplement relating thereto without such consents as are required under this Base Indenture, the applicable Series Supplement or the applicable Variable Funding Note Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) all costs, fees and expenses with respect to the issuance of the Additional Class A-1 Senior Notes or relating to the actions taken in connection with such issuance that are required to be paid on the applicable Additional Issuance Date have been paid or will be paid from the proceeds of issuance of the Additional Class A-1 Senior Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) all conditions precedent with respect to the authentication and delivery <u>(or registration, in the case of Uncertificated Notes)</u> of such Additional Class A-1 Senior Notes provided in this Base Indenture, the related Series Supplement and the related Variable Funding Note Purchase Agreement and any other related note purchase agreement executed in connection with the issuance of such Additional Class A-1 Senior Notes have been satisfied or waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) the Global G&C Agreement is in full force and effect as to such Additional Class A-1 Senior Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) each of the parties to the Related Documents with respect to the Additional Class A-1 Senior Notes has covenanted and agreed in the Related Documents that, prior to the date which is one year and one day after the payment in full of the latest maturing Note, it will not 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> (vi) a Tax Opinion dated the applicable Additional Issuance Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> (vii) one or more Opinions of Counsel, subject to the assumptions and qualifications stated therein, and in a form reasonably acceptable to the Control Party, dated the applicable Additional Issuance Date, substantially to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all of the instruments described in this Section 2.2(e) furnished to the Trustee and the Control Party conform to the requirements of this Base Indenture, the related Series Supplement and the related Variable Funding Note Purchase Agreement, and the Additional Class A-1 Senior Notes are permitted to be authenticated by the Trustee pursuant to the terms of this Base Indenture and the related Series Supplement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> (B) unless such Additional Class A-1 Senior Notes are Uncertificated Notes, such Additional Class A-1 Senior Notes have been duly authorized by the Co-Issuers, and, when such Notes have been duly authenticated and delivered <u>(or registered, in the case of Uncertificated Notes)</u> by the Trustee, such Notes will be legal, valid and binding obligations of each of the Co-Issuers, enforceable against each of the Co-Issuers in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> (C) none of the Securitization Entities is required to be registered under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> (D) neither the execution and delivery by the Co-Issuers of such Additional Class A-1 Senior Notes nor the performance by the Co-Issuers of their obligations under each of the Additional Class A-1 Senior Notes: (i) conflicts with the Charter Documents of the Co-Issuers, (ii) constitutes a violation of, or a default under, any material agreement to which any of the Co- Issuers is a party (as set forth in a schedule to such opinion), or (iii) contravenes any order or decree that is applicable to any of the Co- Issuers (as set forth in a schedule to such opinion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> (E) neither the execution and delivery by the Co-Issuers of such Additional Class A-1 Senior Notes nor the performance by the Co-Issuers of their payment obligations under each of such Additional Class A-1 Senior Notes: (i) violates any law, rule or regulation of any relevant jurisdiction, or (ii) requires the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of any relevant jurisdiction except for those consents, approvals, licenses and authorizations already obtained and those filings, recordings and registrations already made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(E)</u> (F) there is no action, proceeding, or investigation pending or threatened against Holdco or any of its Subsidiaries before any court or administrative agency that may reasonably be expected to have a material adverse effect on the business or assets of the Securitization Entities; <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) unless such Additional Class A-1 Senior Notes are being offered pursuant to a registration statement that has been declared effective under the Securities Act, it is not necessary in connection with the offer and sale of such Additional Class A-1 Senior Notes by the Co-Issuers to the initial purchaser thereof or by the initial purchaser to the initial investors in such Notes to register such Notes under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) all conditions precedent to such issuance have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vii)</u> (viii) an amended or modified Variable Funding Note Purchase Agreement or, if applicable, any joinder thereto evidencing the Commitment and Commitment Amounts; and<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) such other documents, instruments, certifications, agreements or other items as the Class A-1 Administrative Agent or the Trustee may reasonably require.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon satisfaction, or waiver by the Control Party (as directed by the Controlling Class Representative) (which waiver shall be in writing), of the conditions set forth in <u>Section 2.2(e)</u>, the Trustee shall authenticate and deliver <u>(or register, in the case of Uncertificated Notes)</u>, as provided above, such Additional Class A-1 Senior Notes upon execution thereof <u>(other than in the case of Uncertificated Notes)</u> by the Co-Issuers.

Section 2.3 <u>Series Supplement for Each Series</u>. In conjunction with the issuance of a new Series <u>or Additional Notes of an existing Series, Class, subclass or Tranche of Notes</u>, the parties hereto shall execute a Series Supplement <u>or a Supplement to the Series Supplement for such existing Series, Class, Subclass or Tranche of Notes, as applicable</u>, which shall specify the relevant terms with respect to such new Series of Notes, which may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its name or designation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Initial Principal Amount with respect to such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Note Rate with respect to such Series or each Class of such Series and the applicable Default Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Series Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Series Anticipated Repayment Date, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Series Legal Final Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the principal amortization schedule with respect to such Series, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each Rating Agency rating such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name of the Clearing Agency, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the names of the Series Distribution Accounts and any other Series Accounts to be used with respect to such Series and the terms governing the operation of any such account and the use of moneys therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the method of allocating amounts deposited into any Series Distribution Account with respect to such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) whether the Notes of such Series will be issued in multiple Classes or Subclasses and the rights and priorities of each such Class or Subclass;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any deposit of funds to be made in any Base Indenture Account or any Series Account on the Series Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) whether the Notes of such Series may be issued in bearer form and any limitations imposed thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) whether the Notes of such Series include Senior Notes, Senior Subordinated Notes and/or Subordinated Notes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) whether the Notes of such Series include Class A-1 Senior Notes or subfacilities of Class A-1 Senior Notes issued pursuant to a Variable Funding Note Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the terms of any related Enhancement and the Enhancement Provider thereof, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the terms of any related Series Hedge Agreement and the applicable Hedge Counterparty, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any other relevant terms of such Series of Notes (all such terms, the "<u>Principal Terms</u>" of such Series).

Section 2.4 <u>Execution and Authentication</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Notes <u>(other than Uncertificated Notes)</u> shall, upon issuance pursuant to <u>Section 2.2</u>, be executed on behalf of the Co-Issuers by an Authorized Officer of each Co-Issuer and delivered by the Co- Issuers to the Trustee for authentication and redelivery as provided herein. The signature of each such Authorized Officer on the Notes may be manual or facsimile. If an Authorized Officer of any Co-Issuer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note shall nevertheless be valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time and from time to time after the execution and delivery of this Base Indenture, the Co-Issuers may deliver Notes <u>(other than Uncertificated Notes)</u> of any particular Series (issued pursuant to <u>Section 2.21</u>) executed by the Co-Issuers to the Trustee for authentication, together with one or more Company Orders for the authentication and delivery of such Notes <u>(or registration, in the case of Uncertificated Notes)</u>, and the Trustee, in accordance with such Company Order and this Base Indenture, shall authenticate and deliver such Notes <u>(or register, in the case of Uncertificated Notes)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Note <u>(other than Uncertificated Notes)</u> shall be entitled to any benefit under the Indenture or be valid for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for below, duly executed by the Trustee by the manual signature of a Trust Officer (and the Luxembourg agent (the "<u>Luxembourg Agent</u>"), if the Notes of the Series to which such Note belongs are listed on the Luxembourg Stock Exchange). Such signatures on such certificate shall be conclusive evidence, and the only evidence, that the Note has been duly authenticated under this Base Indenture. The Trustee may appoint an authenticating agent acceptable to the Co-Issuers to authenticate Notes. Unless limited by the term of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Base Indenture to authentication by the Trustee includes authentication by such authenticating agent. The Trustee's certificate of authentication shall be in substantially the following form:

This is one of the Notes of a Series issued under the within mentioned Indenture.

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| | |
|:---|:---|
| Citibank, N.A., as Trustee | Citibank, N.A., as Trustee |
| By: |  |
|  | Authorized Signatory |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Note <u>(other than Uncertificated Notes)</u> shall be dated and issued as of the date of its authentication by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Co-Issuers, and the Co-Issuers shall deliver such Note to the Trustee for cancellation as provided in <u>Section 2.14</u> together with a written statement to the Trustee and the Servicer (which need not comply with <u>Section 14.3)</u> stating that such Note has never been issued and sold by the Co-Issuers, for all purposes of the Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and shall not be entitled to the benefits of the Indenture.

Section 2.5 <u>Registrar and Paving Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall (i) maintain an office or agency where Notes may be presented for registration of transfer or for exchange (<u>or de-registration, in the case of Uncertificated Notes) (</u>the "<u>Registrar</u>") and (ii) appoint a paying agent (which shall satisfy the eligibility criteria set forth in <u>Section 10.8(a)</u>) (the "<u>Paying Agent</u>") at whose office or agency Notes <u>(or evidence of ownership of Uncertificated Notes)</u> may be presented for payment. The Registrar shall keep a register of the Notes (including the name and address of each such Noteholder) and of their transfer and exchange. The Trustee shall indicate in its books and records the commitment of each Noteholder and the principal amount owing to each Noteholder from time to time. The Co-Issuers may appoint one or more co-registrars and one or more additional paying agents. The term "Paying Agent" shall include any additional paying agent and the term "Registrar" shall include any co-registrars. The Co-Issuers may change the Paying Agent or the Registrar without prior notice to any Noteholder. The Co-Issuers shall notify the Trustee in writing of the name and address of any Agent not a party to this Base Indenture. The Trustee is hereby initially appointed as the Registrar and the Paying Agent and shall send copies of all notices and demands received by the Trustee (other than those sent by the Co-Issuers to the Trustee and those addressed to the Co-Issuers) in connection with the Notes to the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers shall enter into an appropriate agency agreement with any Agent not a party to this Base Indenture. Such agency agreement shall implement the provisions of this Base Indenture that relate to such Agent. If the Co-Issuers fail to maintain a Registrar or Paying Agent, the Trustee hereby agrees to act as such, and shall be entitled to appropriate compensation in accordance with this Base Indenture until the Co-Issuers shall appoint a replacement Registrar or Paying Agent, as applicable.

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Section 2.6 <u>Paying Agent to Hold Money in Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers will cause the Paying Agent (if the Paying Agent is not the Trustee) to execute and deliver to the Trustee an instrument in which the Paying Agent shall agree with the Trustee (and if the Trustee is the Paying Agent, it hereby so agrees), subject to the provisions of this <u>Section 2.6</u>, that the Paying Agent will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) give the Trustee notice of any default by any Co- Issuer of which it has Actual Knowledge in the making of any payment required to be made with respect to the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by the Paying Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) immediately resign as the Paying Agent and forthwith pay to the Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Trustee hereunder at the time of its appointment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) comply with all requirements of the Code and other applicable tax law with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, by Company Order direct the Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent, such sums to be held by the Trustee in trust upon the same terms as those upon which the sums were held in trust by the Paying Agent. Upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to applicable laws with respect to escheat of funds, any money held by the Trustee or the Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Co-Issuers upon delivery of a Company Request. The Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Co-Issuers for payment thereof (but only to the extent of the amounts so paid to the Co-Issuers), and all liability of the Trustee or the Paying Agent with respect to such trust money paid to the Co-Issuers shall thereupon cease; <u>provided</u>, <u>however</u>, that the Trustee or the Paying Agent, before being required to make any such repayment, may, at the expense of the Co- Issuers, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York City, and in a newspaper customarily published on each Business Day and of general circulation in London and Luxembourg (if the related Series of Notes has been listed on the Luxembourg Stock Exchange), if applicable, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Co-Issuers. The Trustee may also adopt and employ, at the expense of the Co-Issuers, any other commercially reasonable means of notification of such repayment.

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Section 2.7 <u>Noteholder List</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee will furnish or cause to be furnished by the Registrar to the Co-Issuers, the Manager, the Back-Up Manager, the Control Party, the Controlling Class Representative or the Paying Agent or any Class A-1 Administrative Agent, within five (5) Business Days after receipt by the Trustee of a request therefor from the Co-Issuers, the Manager, the Back-Up Manager, the Control Party, the Controlling Class Representative or the Paying Agent or such Class A-1 Administrative Agent, respectively, in writing, the names and addresses of the Noteholders of each Series as of the most recent Record Date for payments to such Noteholders. Unless otherwise provided in the applicable Series Supplement, holders of Notes of any Series having an aggregate Outstanding Principal Amount of not less than 10% of the aggregate Outstanding Principal Amount of such Series (the "<u>Applicants</u>") may apply in writing to the Trustee, and if such application states that the Applicants desire to communicate with other Noteholders of such Series or any other Series with respect to their rights under the Indenture or under the Notes and is accompanied by a copy of the communication which such Applicants propose to transmit, then the Trustee, after having been adequately indemnified by such Applicants for its costs and expenses, shall afford or shall cause the Registrar to afford such Applicants access during normal business hours to the most recent list of Noteholders held by the Trustee and shall give the Co-Issuers notice that such request has been made, within five (5) Business Days after the receipt of such application. Such list shall be as of a date no more than forty-five (45) days prior to the date of receipt of such Applicants' request. Every Noteholder, by receiving and holding a Note, agrees with the Trustee that neither the Trustee, the Registrar nor any of their respective agents shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Noteholders hereunder, regardless of the source from which such information was obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Noteholders of each Series of Notes. If the Trustee is not the Registrar, the Co-Issuers shall furnish to the Trustee at least seven (7) Business Days before each Quarterly Payment Date and at such other time as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Noteholders of each Series of Notes.

Section 2.8 <u>Transfer and Exchange</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon surrender for registration of transfer of any Note <u>(or as set forth in any Series Supplement with respect to the transfer and registration, or de-registration, of any Uncertificated Notes)</u> at the office or agency of the Registrar, if the requirements of <u>Section 2.8(f)</u> and Section 8-401(a) of the New York UCC are met, the Co-Issuers shall <u>(except in the case of Uncertificated Notes)</u> execute and, after the Co-Issuers have executed, the Trustee shall authenticate and deliver to the Noteholder, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Series and

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Class (and, if applicable, Subclass) and a like original aggregate principal amount of the Notes so transferred. At the option of any Noteholder, Notes may be exchanged for other Notes <u>(or in the case of an exchange of Uncertificated Notes, registered)</u> of the same Series and Class in authorized denominations of like original aggregate principal amount of the Notes so exchanged, upon surrender of the Notes to be exchanged at any office or agency of the Registrar maintained for such purpose. Whenever Notes of any Series are so surrendered for exchange, if the requirements of <u>Section 2.8(f)</u> and Section 8-401(a) of the New York UCC are met, the Co-Issuers shall execute <u>(or register, in the case of Uncertificated Notes)</u>, and after the Co-Issuers have executed, the Trustee upon receipt of a Company Order shall authenticate and deliver to the Noteholder, the Notes which the Noteholder making the exchange is entitled to receive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every Note <u>(other than Uncertificated Notes)</u> presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder thereof or such Holder's attorney duly authorized in writing with a medallion signature guarantee and (ii) accompanied by such other documents as the Trustee may require. The Co-Issuers shall execute and deliver to the Trustee or the Registrar, as applicable, Notes in such amounts and at such times as are necessary to enable the Trustee to fulfill its responsibilities under the Indenture and the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Notes issued <u>(or registered, in the case of Uncertificated Notes)</u> upon any registration of transfer or exchange of the Notes <u>(including any transfer of Uncertificated Notes)</u> shall be the valid obligations of the Co-Issuers, evidencing the same indebtedness, and entitled to the same benefits under the Indenture, as the Notes surrendered upon such registration of transfer or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The preceding provisions of this <u>Section 2.8</u> notwithstanding, (i) the Trustee or the Registrar, as the case may be, shall not be required to register the transfer or exchange of any Note of any Series for a period of fifteen (15) days preceding the due date for payment in full of the Notes of such Series and (ii) no assignment or transfer of a Note or any commitment in respect thereof shall be effective until such assignment or transfer shall have been recorded in the Note Register and in the books and records of the Trustee, as applicable, pursuant to <u>Section 2.5(a</u>) <u>or as otherwise set forth in a Series Supplement with respect to Uncertificated Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless otherwise provided in the applicable Series Supplement, no service charge shall be payable for any registration of transfer or exchange of Notes, but the Co- Issuers or the Registrar may require payment by the Noteholder of a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise provided in the applicable Series Supplement, registration of transfer of Notes containing a legend relating to the restrictions on transfer of such Notes (which legend shall be set forth in the applicable Series Supplement) shall be effected only if the conditions set forth in such applicable Series Supplement are satisfied. Notwithstanding any other provision of this <u>Section 2.8</u> and except as otherwise provided in <u>Section 2.13</u>, the

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typewritten Note or Notes representing Book-Entry Notes for any Series may be transferred, in whole but not in part, only to another nominee of the Clearing Agency for such Series, or to a successor Clearing Agency for such Series selected or approved by the Co-Issuers or to a nominee of such successor Clearing Agency, only if in accordance with this <u>Section 2.8</u> and <u>Section 2.12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Notes of any Series are listed on the Luxembourg Stock Exchange, the Trustee or the Luxembourg Agent, as the case may be, shall send to the Co- Issuers upon any transfer or exchange of any such Note information reflected in the copy of the register for the Notes maintained by the Registrar or the Luxembourg Agent, as the case may be.

Section 2.9 <u>Persons Deemed Owners</u>. Prior to due presentment for registration of transfer of any Note <u>(or any other transfer and de-registration of Uncertificated Notes)</u>, the Trustee, the Servicer, <u>the Back-Up Manager,</u> the Controlling Class Representative, any Agent and the Co-Issuers may deem and treat the Person in whose name any Note is registered (as of the day of determination) as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever (other than purposes in which the vote or consent of a Note Owner is expressly required pursuant to this Base Indenture or the applicable Series Supplement), whether or not such Note is overdue, and none of the Trustee, the Servicer, the <u>Back-Up Manager, the</u> Controlling Class Representative, any Agent nor any Co-Issuer shall be affected by notice to the contrary.

Section 2.10 <u>Replacement Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If (i) any mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Co-Issuers and the Trustee such security or indemnity as may be required by them to hold the Co-Issuers and the Trustee harmless then, <u>provided</u> that the requirements of <u>Section 2.8(f)</u> and Section 8-405 of the New York UCC are met, the Co-Issuers shall <u>(other than with respect to Uncertificated Notes)</u> execute and upon their request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; <u>provided</u>, <u>however</u>, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become, or within seven (7) days shall be, due and payable, instead of issuing a replacement Note, the Co-Issuers may pay such destroyed, lost or stolen Note when so due or payable without surrender thereof; <u>provided</u>, <u>further</u>, that (x) if any Class A-1 Noteholder shall provide an affidavit of destruction, loss or theft of such Class A-1 Noteholder's Class A-1 Senior Note, including an indemnity to hold the Co-Issuers and the Trustee harmless, and such affidavit and indemnity are satisfactory in all respects to the Co-Issuers and the Trustee, then the Co-Issuers and the Trustee shall not require any security from such Class A-1 Noteholder pursuant to this <u>Section 2.10(a)</u>, and (y) the Class A-1 Noteholder delivering the affidavit and indemnity or other evidence of destruction, loss or theft referenced in this <u>Section 2.10(a)</u> may extend the seven-day period set forth above by specifying in the affidavit a longer period or a date occurring after the end of the seven-day period. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the preceding sentence, a protected purchaser (within the meaning of Section 8- 303 of the New York UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Co-Issuers and the Trustee shall be entitled to recover such

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replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Co-Issuers or the Trustee in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the issuance of any replacement Note <u>(or registration of Uncertificated Notes)</u> under this <u>Section 2.10</u>, the Co-Issuers may require the payment by the Holder of such Note of a sum sufficient to cover any Tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee and the Registrar) connected therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Every replacement Note issued <u>(or registered, in the case of Uncertificated Notes)</u> pursuant to this <u>Section 2.10</u> in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Co-Issuers and such replacement Note shall be entitled to all the benefits of the Indenture equally and proportionately with any and all other Notes duly issued under the Indenture (in accordance with the priorities and other terms set forth herein and in each applicable Series Supplement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this <u>Section 2.10</u> are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

Section 2.11 <u>Treasury Notes</u>. In determining whether the Noteholders of the required Aggregate Outstanding Principal Amount of Notes or the required Outstanding Principal Amount of any Series or any Class of any Series of Notes, as the case may be, have concurred in any direction, waiver or consent, Notes owned, legally or beneficially, by any Co-Issuer or any Affiliate of any Co-Issuer shall be considered as though they are not Outstanding, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes of which a Trust Officer has received written notice of such ownership shall be so disregarded. Absent written notice to a Trust Officer of such ownership, the Trustee shall not be deemed to have knowledge of the identity of the individual Note Owners.

Section 2.12 <u>Book-Entry Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise provided in any applicable Series Supplement <u>(including with respect to Uncertificated Notes)</u>, the Notes of each Class of each Series, upon original issuance, shall be issued in the form of typewritten Notes representing Book-Entry Notes and delivered to the depository (or its custodian) specified in such Series Supplement (the "<u>Depository</u>") which shall be the Clearing Agency on behalf of such Series or such Class. The Notes of each Class of each Series shall, unless otherwise provided in the applicable Series Supplement <u>(including with respect to Uncertificated Notes)</u>, initially be registered on the Note Register in the name of the Clearing Agency or the nominee of the Clearing Agency. No Note Owner will receive a definitive note representing such Note Owner's interest in the related Series of Notes, except as provided in <u>Section 2.13</u>. Unless and until definitive, fully registered Notes of any Series or any Class of any Series ("<u>Definitive Notes</u>") have been issued to Note Owners pursuant to <u>Section 2.13</u>:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the provisions of this <u>Section 2.12</u> shall be in full force and effect with respect to each such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Co-Issuers, the Paying Agent, the Registrar, the Trustee, the Servicer and the Controlling Class Representative may deal with the Clearing Agency and the applicable Clearing Agency Participants for all purposes (including the payment of principal of, premium, if any, and interest on the Notes and the giving of instructions or directions hereunder or under the applicable Series Supplement) as the sole Holder of the Notes, and shall have no obligation to the Note Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent that the provisions of this <u>Section 2.12</u> conflict with any other provisions of the Indenture, the provisions of this <u>Section 2.12</u> shall control with respect to each such Class or Series of the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) subject to the rights of the Servicer and the Controlling Class Representative under the Indenture, and except for the Initial CCR Election and the rights granted pursuant to <u>Section 11.5</u>, the rights of Note Owners of each such Class or Series of Notes shall be exercised only through the Clearing Agency and the applicable Clearing Agency Participants and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants, and all references in the Indenture to actions by the Noteholders shall refer to actions taken by the Clearing Agency upon instructions from the Clearing Agency Participants, and all references in the Indenture to distributions, notices, reports and statements to the Noteholders shall refer to distributions, notices, reports and statements to the Clearing Agency, as registered holder of the Notes of such Series for distribution to the Note Owners in accordance with the procedures of the Clearing Agency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) subject to the rights of the Servicer and the Controlling Class Representative under the Indenture, and except for the Initial CCR Election and the rights granted pursuant to <u>Section 11.5</u>, whenever the Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified percentage of the Aggregate Outstanding Principal Amount of Notes or the Outstanding Principal Amount of a Series or Class of a Series of Notes, the applicable Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or their related Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Outstanding Notes or such Series or such Class of such Series of Notes Outstanding, as the case may be, and has delivered such instructions in writing to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to the Depository Agreement applicable to a Series, unless and until Definitive Notes of such Series are issued pursuant to <u>Section 2.13</u> <u>(or as otherwise set forth in any applicable Series Supplement with respect to Uncertificated Notes)</u>, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal, premium, if any, and interest on the Notes to such Clearing Agency Participants.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except with respect to the Initial CCR Election, whenever notice or other communication to the Noteholders is required under the Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to <u>Section 2.13</u>, the Trustee and the Co-Issuers shall give all such notices and communications specified herein to be given to Noteholders to the applicable Clearing Agency for distribution to the Note Owners.

Section 2.13 <u>Definitive Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Notes of any Series or Class of any Series, to the extent provided in the related Series Supplement, upon original issuance, may be issued in the form of Definitive Notes. All Class A-1 Senior Notes of any Series shall be issued in the form of Definitive Notes <u>or Uncertificated Notes</u>. The applicable Series Supplement shall set forth the legend relating to the restrictions on transfer of such Definitive Notes <u>(or transfer and de-registration with respect to Uncertificated Notes)</u> and such other restrictions as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to the Notes of any Series or Class of any Series issued in the form of typewritten Notes representing Book-Entry Notes, if (i) (A) the Co-Issuers advise the Trustee in writing that the Clearing Agency with respect to any such Series of Notes is no longer willing or able to discharge properly its responsibilities under the applicable Depository Agreement and (B) the Trustee or the Co-Issuers are unable to locate a qualified successor, (ii) the Co-Issuers, at their option, advise the Trustee in writing that they elect to terminate the book-entry system through the Clearing Agency with respect to any Series or Class of any Series of Notes Outstanding issued in the form of Book-Entry Notes or (iii) after the occurrence of a Rapid Amortization Event, with respect to any Series of Notes Outstanding, Note Owners holding a beneficial interest in excess of 50% of the aggregate Outstanding Principal Amount of such Series of Notes advise the Trustee and the applicable Clearing Agency through the applicable Clearing Agency Participants in writing that the continuation of a book-entry system through the applicable Clearing Agency is no longer in the best interests of such Note Owners, the Trustee shall notify all Note Owners of such Series, through the applicable Clearing Agency Participants, of the occurrence of any such event and of the availability of Definitive Notes <u>(or Uncertificated Notes)</u> to Note Owners of such Series. Upon surrender to the Trustee of the Notes of such Series by the applicable Clearing Agency, accompanied by registration instructions from the applicable Clearing Agency for registration, the Co-Issuers shall execute <u>(other than with respect to Uncertificated Notes)</u> and the Trustee shall authenticate, upon receipt of a Company Order, and deliver an equal aggregate principal amount of Definitive Notes in accordance with the instructions of the Clearing Agency. Neither the Co-Issuers nor the Trustee shall be liable for any delay in delivery of such instructions and may each conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes of such Series or Class of such Series of Notes all references herein to obligations imposed upon or to be performed by the applicable Clearing Agency shall be deemed to be imposed upon and performed by the Trustee, to the extent applicable with respect to such Definitive Notes, and the Trustee shall recognize the Holders of the Definitive Notes of such Series or Class of such Series as Noteholders of such Series or Class of such Series hereunder and under the applicable Series Supplement.

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Section 2.14 <u>Cancellation</u>. The Co-Issuers may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered <u>(or registered, in the case of Uncertificated Notes)</u> hereunder which the Co-Issuers may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee. Immediately upon the delivery of any Notes by the Co-Issuers to the Trustee for cancellation pursuant to this <u>Section 2.14</u>, the security interest of the Secured Parties in such Notes shall automatically be deemed to be released by the Trustee, and the Trustee shall execute and deliver to the Co-Issuers any and all documentation reasonably requested and prepared by the Co-Issuers at their expense to evidence such automatic release. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment <u>(or</u> <u>de-registration of Uncertificated Notes)</u>. The Trustee shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. Except as provided in any Variable Funding Note Purchase Agreement executed and delivered in connection with the issuance of any Series or any Class of any Series of Notes, the Co-Issuers may not issue new Notes to replace Notes that they have redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with the Trustee's standard disposition procedures unless the Co-Issuers shall direct that cancelled Notes be returned to them for destruction pursuant to a Company Order. No cancelled Notes may be reissued. No provision of this Base Indenture or any Supplement that relates to prepayment procedures, penalties, fees, make-whole payments or any other related matters shall be applicable to any Notes cancelled pursuant to and in accordance with this <u>Section 2.14</u>.

Section 2.15 <u>Principal and Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal of and premium, if any, on each Series of Notes shall be due and payable at the times and in the amounts set forth in the applicable Series Supplement and in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Series of Notes shall accrue interest as provided in the applicable Series Supplement and such interest shall be due and payable for such Series on each Quarterly Payment Date in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided in the following sentence, the Person in whose name any Note is registered at the close of business on any Record Date with respect to a Quarterly Payment Date for such Note shall be entitled to receive the principal, premium, if any, and interest payable on such Quarterly Payment Date notwithstanding the cancellation of such Note upon any registration of transfer, exchange or substitution of such Note subsequent to such Record Date. Any interest payable at maturity shall be paid to the Person to whom the principal of such Note is payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant to the authority of the Paying Agent under <u>Section 2.6(a)(v)</u>, except as otherwise provided pursuant to a Variable Funding Note Purchase Agreement to the extent that the Paying Agent has been notified in writing of such exception by the Co-Issuers or the applicable Class A-1 Administrative Agent, the Paying Agent shall make all payments of interest on the Notes net of any applicable withholding taxes and Noteholders shall be treated as having received as payments of interest any amounts withheld with respect to such withholding taxes.

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Section 2.16 <u>Tax Treatment</u>. The Co-Issuers have structured the Base Indenture and the Notes have been (or will be) issued with the intention that the Notes will qualify under applicable tax law as indebtedness of the Co-Issuers or, if any of the Co-Issuers is treated as a division of another entity, such other entity and any entity acquiring any direct or indirect interest in any Note by acceptance of its Notes (or, in the case of a Note Owner, by virtue of such Note Owner's acquisition of a beneficial interest therein) <u>(or registration of an Uncertificated Note)</u> agrees to treat the Notes (or beneficial interests therein) for all purposes of federal, state, local and foreign income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co- Issuer is treated as a division of another entity, such other entity.

**ARTICLE III** 

**SECURITY** 

Section 3.1 <u>Grant of Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To secure the Obligations, each Co-Issuer hereby pledges, assigns, conveys, delivers, transfers and sets over to the Trustee, for the benefit of the Secured Parties, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in, each Co-Issuer's right, title and interest in, to and under all of the following property to the extent now owned or at any time hereafter acquired by such Co-Issuer (collectively, the "<u>Indenture Collateral</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) the Collateral Franchise Documents including, without limitation, all monies due and to become due to such Co-Issuer under or in connection with the Collateral Franchise Documents, whether payable as fees, rent, expenses, costs, indemnities, dividends, distributions, insurance recoveries, damages for the breach of any of the Collateral Franchise Documents or otherwise, but excluding Excluded Amounts, and all security and supporting obligations for such amounts payable thereunder and (B) all rights, remedies, powers, privileges and claims of such Co-Issuer against any other party under or with respect to the Collateral Franchise Documents (whether arising pursuant to the terms of the Collateral Franchise Documents or otherwise available to such Co-Issuer at law or in equity), including the right to enforce any of the Collateral Franchise Documents and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect to the Collateral Franchise Documents or the obligations of any party thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Collateral Transaction Documents, including, without limitation, all monies due and to become due to such Co-Issuer under or in connection with the Collateral Transaction Documents, whether payable as fees, rent, expenses, costs, indemnities, insurance recoveries, damages for the breach of any of the Collateral Transaction Documents or otherwise, all security and supporting obligations for amounts

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payable hereunder and thereunder and performance of all obligations hereunder and thereunder, including, without limitation, (A) all rights of such Co-Issuer to the Domino's IP (except to the extent such Domino's IP is excluded from the pledge, assignment, conveyance, delivery, transfer, setting over and grant of a security interest pursuant to <u>clause (iv)</u> below) under each IP License Agreement to which such Co-Issuer is a party (subject to the terms thereof) and (B) all rights of such Co-Issuer under the Management Agreement and in and to all records, reports and documents in which they have any interest thereunder, and all rights, remedies, powers, privileges and claims of such Co-Issuer against any other party under or with respect to the Collateral Transaction Documents (whether arising pursuant to the terms of the Collateral Transaction Documents or otherwise available to such Co-Issuer at law or in equity), including the right to enforce any of the Collateral Transaction Documents and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect to the Collateral Transaction Documents or the obligations of any party thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Equity Interests of any Person owned by any Co-Issuer including, without limitation, the Domestic Distributor<u>Supply Chain Holder, the PFS Domestic Supply Chain Holder</u>, the International Franchisor, the <u>International Franchisor (Michigan), the</u> SPV Canadian Holdco, the Canadian Distributor, the IP Holder, the Domestic Franchisor and the Domestic Distribution<u>Supply Chain</u> Equipment Holder, and all rights as a member or shareholder of each such Person under the Charter Documents of each such Person, including, without limitation, all moneys and other property distributable thereunder to any such Co-Issuer and all rights, remedies, powers, privileges and claims of such Co-Issuer against any other party under or with respect to each such Charter Document (whether arising pursuant to the terms of such Charter Document or otherwise available to such Co-Issuer at law or in equity), including the right to enforce each such Charter Document and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect to each such Charter Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Domino's IP, including all Proceeds and products of the foregoing, including all goodwill symbolized by or associated with the Trademarks included in the Domino's IP; <u>provided</u> that the pledge, assignment, conveyance, delivery, transfer, setting over and grant of security interest hereunder shall not include any application for a Trademark that would be deemed invalidated, cancelled or abandoned due to the grant and/or enforcement of such security interest, including, without limitation, all such PTO and foreign applications that are based on an intent-to-use, unless and until such time that the grant and/or enforcement of the security interest will not cause such Trademark to be deemed invalidated, cancelled or abandoned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Domestic Distribution<u>Supply Chain</u> Assets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Domestic Royalties Concentration Account, the Domestic Distribution<u>Supply Chain</u> Concentration Account, the PULSE and Technology Fees<u>PFS Domestic Supply Chain</u> Concentration Account, the IP Holder Concentration Account, the Lease Concentration Account, the Lock-Boxes related to such Concentration Accounts, any Additional Concentration Account owned by a Co-Issuer, the Cash Trap Reserve Account and the Collection Account, each Account Agreement related thereto and all monies and other property (including Investment Property and Financial Assets) on deposit or credited from time to time in each such account and all Proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Senior Notes Interest Reserve Account, any Account Agreement related thereto and all monies and other property (including Investment Property and Financial Assets) on deposit or credited from time to time in each such account and all Proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Senior Subordinated Notes Interest Reserve Account, any Account Agreement related thereto and all monies and other property (including Investment Property and Financial Assets) on deposit or credited from time to time in such account and all Proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Interest Reserve Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) each other Base Indenture Account and each Series Account, each Account Agreement related thereto and all monies and other property (including Investment Property and Financial Assets) on deposit or credited from time to time in such account and all Proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all other assets of the Co-Issuers now owned or at any time hereafter acquired by such Co-Issuer, including, without limitation, all of the following (each as defined in the New York UCC): all accounts, chattel paper, deposit accounts, documents, general intangibles, goods, instruments, securities accounts and other investment property, commercial tort claims, letter-of-credit rights, letters of credit and money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all additional property that may from time to time hereafter (pursuant to the terms of any Series Supplement or otherwise) be subjected to the grant and pledge hereof by such Co-Issuer or by anyone on its behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all collateral security and guarantees and other supporting obligations given by any Person with respect to any of the foregoing;

<u>provided</u>, <u>however</u>, that the Co-Issuers will not be required to pledge more than 65% of the Equity Interests (and any rights associated with such Equity Interests) of any foreign Subsidiary of any of the Co-Issuers that is a corporation for United States federal income tax purposes (including, without limitation, the Canadian Distributor); provided, further, that (A) the security interest set forth in <u>clause (</u>Vii<u>vii</u>) above, shall only be for the benefit of the Senior Noteholders and the Trustee, solely in its capacity as trustee for the Senior Noteholders and (B) the security interest set forth in <u>clause (</u>Viii<u>viii</u>) above, shall only be for the benefit of the Senior Subordinated Noteholders and the Trustee, solely in its capacity as trustee for the Senior Subordinated Noteholders. The Indenture Collateral will not include any Excluded Amounts or Excluded Property and the Trustee, on behalf of the Secured Parties, further acknowledges that it shall have no security interest in any Excluded Amounts or Excluded Property. For the

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avoidance of doubt, (i) although the assets (other than any Excluded Amounts or Excluded Property) related to the thin crust manufacturing center and the vegetable processing center will constitute Indenture Collateral, the profit generated from the supply of processed vegetables and thin crust pizza dough to the Domestic Distributor pursuant to the Product Purchase and Distribution Agreement will not constitute Indenture Collateral and (ii) any cash collateral deposited by Holdco with the Master Issuer to secure Holdco's obligations under the Holdco Letter of Credit Agreement will not constitute Indenture Collateral until such time (if any) as the Master Issuer is entitled to withdraw such funds from the applicable bank account pursuant to the terms of the Holdco Letter of Credit Agreement to reimburse the Master Issuer for any amounts due by Holdco to the Master Issuer pursuant to Section 4 or Section 5 of the Holdco Letter of Credit Agreement that Holdco has not paid to the Master Issuer in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing grant is made in trust to secure the Obligations and to secure compliance with the provisions of this Base Indenture and any Series Supplements, all as provided in this Base Indenture. The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Base Indenture in accordance with the provisions of this Base Indenture and agrees to perform its duties required in this Base Indenture. The Indenture Collateral shall secure the Obligations equally and ratably without prejudice, priority or distinction (except, with respect to any Series of Notes, as otherwise stated in the applicable Series Supplement or in the applicable provisions of this Base Indenture).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, pursuant to and within the time periods specified in <u>Section 8.37</u>, the Domestic Distribution<u>Supply Chain</u> Real Estate Holder shall execute and deliver to the Trustee, for the benefit of the Secured Parties, a Mortgage with respect to each owned Domestic Manufacturing and Distribution<u>Supply Chain</u> Center existing as of the Closing Date or acquired thereafter, which shall be delivered to the Trustee or its agent to be held in escrow; provided that upon the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class Representative), the Trustee shall (i) engage a third-party service provider (which shall be reasonably acceptable to the Control Party) and shall deliver to such third-party service provider for recordation promptly within five (5) Business Days of the occurrence of such Mortgage Recordation Event all such Mortgages with each applicable Governmental Authority with respect to each such Mortgage and (ii) pay all Mortgage Recordation Fees in connection with such recordation, unless such requirement to record any such Mortgages is waived by the Control Party (acting at the direction of the Controlling Class Representative). The Trustee shall be reimbursed by the Co-Issuers for any and all costs and expenses incurred in connection with such recordation, including all Mortgage Recordation Fees, pursuant to and in accordance with the Priority of Payments. Neither the Trustee nor any custodian on behalf of the Trustee shall be under any duty or obligation to inspect, review or examine any such Mortgages or to determine that the same are valid, binding, legally effective, properly endorsed, genuine, enforceable or appropriate for the represented purpose or that they are in recordable form. Neither the Trustee nor any agent on its behalf shall in any way be liable for any delays in the recordation of any Mortgage, for the rejection of a Mortgage by any recording office or for the failure of any Mortgage to create in favor of the Trustee, for the benefit of the Secured Parties, legal, valid and enforceable first priority Liens on, and security interests in, the Co-Issuers' right, title and interest in and to each owned Domestic Manufacturing and Distribution Center, and the Proceeds thereof.<u>.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties hereto agree and acknowledge that each certificated Equity Interest and each Mortgage constituting Indenture Collateral may be held by a custodian on behalf of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any provisions to the contrary contained in this Base Indenture, or any other document or agreement among all or some of the parties hereto, the SPV Canadian Holdco is the sole registered and beneficial owner of all Equity Interests in the Canadian Distributor, which are shares in a Nova Scotia unlimited company, and will remain sole and registered beneficial owner thereof until such time as such shares are effectively transferred into the name of the Trustee, any Secured Party or any other Person on the books and records of the Canadian Distributor. Accordingly, the SPV Canadian Holdco shall be entitled to receive and retain for its own account any dividend or other distribution, if any, in respect of such Equity Interests (except insofar as the SPV Canadian Holdco has granted a security interest in such dividend on or other distribution, and any share certificates representing such Equity Interests shall be delivered to the Trustee to hold as part of the Collateral hereunder) and shall have the right to vote such Equity Interests and to control the direction, management and policies of the Canadian Distributor to the same extent as the SPV Canadian Holdco would if such Equity Interests were not pledged to the Trustee (for its own benefit and for the benefit of the Secured Parties) pursuant hereto, without, however, derogating from the grant of such security interest. The preceding sentence is without prejudice to the Trustee's and such Secured Party's rights in respect of any and all other Collateral. Nothing in this Base Indenture or any other document or agreement among all or some of the parties hereto is intended to, and nothing in this Base Indenture or any other document or agreement among all or some of the parties hereto shall, constitute the Trustee, any of the Secured Parties or any person other than the SPV Canadian Holdco, as a shareholder of the Canadian Distributor for the purposes of the Companies Act (Nova Scotia) until such time as notice is given to the SPV Canadian Holdco and further steps are taken pursuant hereto or thereto so as to register the Trustee or such other Person as holder of the Equity Interests in the Canadian Distributor. To the extent any provision hereof would have the effect of constituting the Trustee or any of the Secured Parties as a shareholder of the Canadian Distributor prior to such time, such provision shall be severed herefrom and shall be ineffective with respect to the pledged Equity Interests in the Canadian Distributor without otherwise invalidating or rendering unenforceable this Base Indenture or invalidating or rendering unenforceable such provision insofar as it relates to any other Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except upon the exercise of rights to sell, transfer or otherwise dispose of the Equity Interests of the Canadian Distributor following the occurrence of an Event of Default and exercise of remedies in respect thereof, the SPV Canadian Holdco shall not cause or permit, or enable the Canadian Distributor to cause or permit, the Trustee or other Secured Parties to: (a) be registered as shareholders of the Canadian Distributor, (b) accept or request stock powers of attorney in respect of such Person, (c) have any notation entered in their favor in the share register of the Canadian Distributor except such notation as is compatible with its status as pledgee and not as owner of the Equity Interest, (d) be held out as shareholders of the Canadian Distributor, (e) receive, directly or indirectly, any dividends, property or other distributions from the Canadian Distributor by reason of the Trustee or the Secured Parties holding a security

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interest in the Equity Interests of the Canadian Distributor <u>(provided</u> that such dividends, property or other distributions are nonetheless Collateral hereunder and receipt thereof by the Trustee or such Secured Parties shall be deemed delivery thereof by the SPV Canadian Holdco to the Trustee or such Secured Parties immediately and without necessity of further act, pursuant to the SPV Canadian Holdco's pledge of substantially all its property as Collateral hereunder) or (f) to act as a shareholder of the Canadian Distributor, or exercise any rights of a shareholder including the right to attend a meeting of, or to vote the shares of, the Canadian Distributor.

Section 3.2 <u>Certain Rights and Obligations of the Co-Issuers Unaffected</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the grant of the security interest in the Indenture Collateral hereunder to the Trustee, on behalf of the Secured Parties, the Co-Issuers acknowledge that the Manager, on behalf of the Securitization Entities, including, without limitation, the IP Holder, shall, subject to the terms and conditions of the Management Agreement, nevertheless have the right, subject to the Trustee's right to revoke such right, in whole or in part, in the event of the occurrence of an Event of Default, (i) to give, in accordance with the Management Standard, all consents, requests, notices, directions, approvals, extensions or waivers, if any, which are required or permitted to be given by any Co-Issuer under the Collateral Documents, and to enforce all rights, remedies, powers, privileges and claims of each Co-Issuer under the Collateral Documents, (ii) to give, in accordance with the Management Standard, all consents, requests, notices, directions and approvals, if any, which are required or permitted to be given by any Co-Issuer under any IP License Agreement to which such Co-Issuer is a party and (iii) to take any other actions required or permitted under the terms of the Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The grant of the security interest by the Co-Issuers in the Indenture Collateral to the Trustee on behalf of the Secured Parties shall not (i) relieve any Co-Issuer from the performance of any term, covenant, condition or agreement on such Co-Issuer's part to be performed or observed under or in connection with any of the Collateral Documents or (ii) impose any obligation on the Trustee or any of the Secured Parties to perform or observe any such term, covenant, condition or agreement on such Co-Issuer's part to be so performed or observed or impose any liability on the Trustee or any of the Secured Parties for any act or omission on the part of such Co-Issuer or from any breach of any representation or warranty on the part of such Co-Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Co-Issuer hereby jointly and severally agrees to indemnify and hold harmless the Trustee and each Secured Party (including its directors, officers, employees and agents) from and against any and all losses, liabilities (including liabilities for penalties), claims, demands, actions, suits, judgments, reasonable out-of-pocket costs and expenses arising out of or resulting from the security interest granted hereby, whether arising by virtue of any act or omission on the part of such Co-Issuer or otherwise, including, without limitation, the reasonable out-of-pocket costs, expenses and disbursements (including reasonable attorneys' fees and expenses) incurred by the Trustee or any Secured Party in enforcing the Indenture or any other Related Document or preserving any of its rights to, or realizing upon, any of the Collateral; <u>provided</u>, <u>however</u>, that the foregoing indemnification shall not extend to any action by the Trustee or any Secured Party which constitutes gross negligence, bad faith or willful misconduct by the Trustee or any Secured Party or any other indemnified person hereunder. The indemnification provided for in this <u>Section 3.2</u> shall survive the removal of, or a resignation by, such Person as Trustee as well as the termination of this Base Indenture or any Series Supplement.

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Section 3.3 <u>Performance of Collateral Documents</u>. Upon the occurrence of a default or breach (after giving effect to any applicable grace or cure periods) by any Person party to (a) a Collateral Transaction Document or (b) a Collateral Franchise Document (only if a Manager Termination Event or an Event of Default has occurred and is continuing), promptly following a request from the Trustee to do so and at the Co-Issuers' expense, the Co-Issuers agree to take all such lawful action as permitted under this Base Indenture as the Trustee (acting at the direction of the Servicer) may reasonably request to compel or secure the performance and observance by such Person of its obligations to the Co- Issuers, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Co-Issuers to the extent and in the manner directed by the Trustee (acting at the direction of the Servicer), including, without limitation, the transmission of notices of default and the institution of legal or administrative actions or proceedings to compel or secure performance by such Person of its obligations thereunder. If (i) the Co-Issuers shall have failed, within fifteen (15) days of receiving the direction of the Trustee to take action to accomplish such directions of the Trustee, (ii) the Co-Issuers refuse to take any such action, as reasonably determined by the Trustee in good faith, or (iii) the Servicer reasonably determines that such action must be taken immediately, in any such case the Control Party may, but shall not be obligated to, take, and the Trustee shall take (if so directed by the Servicer), at the expense of the Co-Issuers, such previously directed action and any related action permitted under this Base Indenture which the Servicer thereafter determines is appropriate (without the need under this provision or any other provision under this Base Indenture to direct the Co-Issuers to take such action), on behalf of the Co-Issuers and the Secured Parties.

Section 3.4 <u>Stamp, Other Similar Taxes and Filing Fees</u>. The Co-Issuers shall jointly and severally indemnify and hold harmless the Trustee and each Secured Party from any present or future claim for liability for any stamp, documentary or other similar tax and any penalties or interest and expenses with respect thereto, that may be assessed, levied or collected by any jurisdiction in connection with the Indenture, any other Related Document or any Indenture Collateral. The Co-Issuers shall pay, and jointly and severally indemnify and hold harmless each Secured Party against, any and all amounts in respect of, all search, filing, recording and registration fees, taxes, excise taxes and other similar imposts that may be payable or determined to be payable in respect of the execution, delivery, performance and/or enforcement of the Indenture or any other Related Document.

Section 3.5 <u>Authorization to File Financing Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers hereby irrevocably authorize the Servicer on behalf of the Secured Parties at any time and from time to time to file or record in any filing office in any applicable jurisdiction financing statements and other filing or recording documents or instruments (or, with respect to the Mortgages, upon the occurrence of a Mortgage Recordation Event) with respect to the Indenture Collateral, including, without limitation, any and all Domino's IP (to the extent set forth in <u>Section 8.25(c)</u> and <u>Section 8.25(d)</u>), to perfect the security interests of the Trustee for the benefit of the Secured Parties under this Base Indenture. Each Co-Issuer authorizes the filing of any such financing statement naming the Trustee as secured party and indicating that the Indenture Collateral includes (a) "all assets" or words of

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similar effect or import regardless of whether any particular assets comprised in the Indenture Collateral fall within the scope of Article 9 of the UCC, including, without limitation, any and all Domino's IP (other than applications for Trademarks as described in <u>Section 3.1(a)(iv)</u> above), or (b) as being of an equal or lesser scope or with greater detail. The Co-Issuers agree to furnish any information necessary to accomplish the foregoing promptly upon the Trustee's request. The Co-Issuers also hereby ratify and authorize the filing on behalf of the Secured Parties of any financing statement with respect to the Indenture Collateral made prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Co-Issuer acknowledges that the Indenture Collateral includes certain rights of the Co-Issuers as secured parties under the Related Documents. Each Co-Issuer hereby irrevocably appoints the Trustee as its representative with respect to all financing statements filed to perfect such security interests and authorizes the Servicer on behalf of the Secured Parties to make such filings it deems necessary to reflect the Trustee as secured party of record with respect to such financing statements.

**ARTICLE IV** 

**REPORTS** 

Section 4.1 <u>Reports and Instructions to Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Weekly Manager's Certificate</u>. By 4:30 p.m. (New York City time) on the Business Day prior to each Weekly Allocation Date, the Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee, the Back-Up Manager and the Servicer a certificate substantially in the form of <u>Exhibit A</u> specifying the allocation of Collections on the following Weekly Allocation Date (each a "<u>Weekly Manager's Certificate</u>"): <u>provided</u> that such Weekly Manager's Certificate shall be considered material non-public information by such recipients and shall not be disclosed to the Noteholders, Note Owners or any other Person without the prior written consent of the Master Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Manager's Certificate</u>. On or before the third Business Day prior to each Quarterly Payment Date, the Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee, the Back-Up Manager, the Servicer and the Paying Agent a certificate substantially in the form of <u>Exhibit B-l</u> specifying the amounts to be paid or distributed on the following Quarterly Payment Date (each a "<u>Quarterly Manager's Certificate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Quarterly Noteholders' Statement</u>. On or before the third Business Day prior to each Quarterly Payment Date, the Master Issuer shall furnish, or cause the Manager to furnish, a statement substantially in the form of <u>Exhibit B-2</u> with respect to each Series of Notes (each, a "<u>Quarterly Noteholders' Statement</u>") to the Trustee and to the Rating Agencies with a copy to each of the Servicer, the Manager and the Back-Up Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Quarterly Compliance Certificates</u>. On or before the third Business Day prior to each Quarterly Payment Date, the Master Issuer shall deliver, or cause the Manager to deliver, to the Trustee and the Rating Agencies (with a copy to each of the Servicer, the Manager and the Back-Up Manager) an Officer's Certificate (each, a "<u>Quarterly Compliance Certificate</u>") to the effect that, except as provided in a notice delivered pursuant to <u>Section 8.8</u>, no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred or is continuing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Scheduled Principal Payments Deficiency Notices</u>. On the Accounting Date with respect to any Quarterly Collection Period, the Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee and the Rating Agencies (with a copy to each of the Servicer, the Manager and the Back-Up Manager) written notice of any Scheduled Principal Payments Deficiency Event with respect to any Class or Series of Notes that occurred with respect to such Quarterly Collection Period (any such notice, a "<u>Scheduled Principal Prepayments Deficiency Notice</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Annual Accountants' Reports</u>. Within ninety<u>one hundred and twenty</u> (90<u>120</u>) days after the end of each fiscal year (or, if the one hundred and twentieth (120th) day <u>after the end of such fiscal year is not a Business Day, on or prior to the immediately following Business Day)</u>, the Master Issuer shall furnish, or cause to be furnished, to the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies the reports of the Independent Accountants or the Back-Up Manager required to be delivered to the Master Issuer by the Manager pursuant to Section 3.3 of the Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Master Issuer and Domestic Franchisor Financial Statements</u>. The Manager on behalf of the Master Issuer shall provide to the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies with respect to each Series of Notes Outstanding the following financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as available and in any event within forty- five<u>sixty</u> (45<u>60</u>) days <u>(or, if the last day of such sixty (60) day period is not a Business Day, on or prior to the immediately following Business Day)</u> after the end of each of the first three quarters of each fiscal year, unaudited consolidated balance sheets of the Master Issuer as of the end of such quarter and unaudited consolidated statements of income, changes in member's equity and cash flows of the Master Issuer for such quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such quarter<u>, and</u> <u>changes in member's equity and cash flows of the Master Issuer</u> <u>for the period commencing at the end of the previous fiscal year and ending with the end of such quarter</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as available and in any event within ninety (90) days<u>one hundred and twenty (120) days (or, if the last day of such one hundred and twenty (120) day period is not a Business Day, on or prior to the first Business Day following such time period)</u> after the end of each fiscal year, audited consolidated balance sheets of each of the Master Issuer and the Domestic Franchisor as of the end of such fiscal year and audited consolidated statements of income, changes in member's equity and cash flows of each of the Master Issuer and the Domestic Franchisor for such fiscal year, setting forth in comparative form the figures for the previous fiscal year prepared in accordance with GAAP and accompanied by an opinion thereon of the Independent Accountants stating that such audited financial statements present fairly, in all material respects, the financial position of the companies being reported on and their results of operations and have been prepared in accordance with GAAP.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Holdco Financial Statements</u>. The Manager on behalf of the Master Issuer shall provide to the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies with respect to each Series of Notes Outstanding the following financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as available and in any event no later than the date Holdco is required to file its financial statements with the SEC pursuant to the Exchange Act with respect to each of the first three quarters of each fiscal year, an unaudited consolidated balance sheet of Holdco as of the end of each of the first three quarters of each fiscal year and unaudited consolidated statements of income, changes in shareholders' equity and cash flows of Holdco for such quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as available and in any event no later than the date Holdco is required to file its financial statements with the SEC pursuant to the Exchange Act with respect to the end of its fiscal year, an audited consolidated balance sheet of Holdco as of the end of each fiscal year and audited consolidated statements of income, changes in shareholders' equity and cash flows of Holdco for such fiscal year, setting forth in comparative form the figures for the previous fiscal year, prepared in accordance with GAAP and accompanied by an opinion thereon of independent public accountants of recognized national standing stating such audited consolidated financial statements present fairly, in all material respects, the financial position of the companies being reported on and their results of operations and have been prepared in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Additional Information</u>. The Master Issuer will furnish, or cause to be furnished, from time to time such additional information regarding the financial position, results of operations or business of Holdco, DPL, any Domino's Entity or any Securitization Entity as the Trustee, the Servicer, the Manager or the Back-Up Manager may reasonably request, subject to Requirements of Law and to the confidentiality provisions of the Related Documents to which such recipient is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Instructions as to Withdrawals and Payments</u>. The Master Issuer will furnish, or cause to be furnished, to the Trustee or the Paying Agent, as applicable (with a copy to each of the Servicer, the Manager and the Back-Up Manager), written instructions to make withdrawals and payments from the Collection Account and any other Base Indenture Account or Series Account and to make drawings under any Enhancement, as contemplated herein and in any Series Supplement; provided that such written instructions (other than those contained in Quarterly Noteholders' Statements) shall be considered material non-public information by such recipients and shall not be disclosed to any other Person without the prior written consent of the Master Issuer; and provided further that such written instructions shall be subject in all respects to the confidentiality provisions of any Related Documents to which such recipient is a party. The Trustee and the Paying Agent shall promptly follow any such written instructions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Monthly</u> <u>Distributor</u><u>Supply Chain</u> <u>Profit Certificate</u>. On or before the fifteenth Business Day after the end of each Monthly Distributor<u>Supply Chain</u> Profit Period, the Master Issuer will furnish, or cause to be furnished, to the Trustee, the Servicer, the Manager, the Back-Up Manager, the Rating Agencies and the Paying Agent a certificate substantially in the form of <u>Exhibit C</u><u>-1; provided, that from the Closing Date until the disposition of the Canadian Distributor in accordance with this Base Indenture, the Master Issuer may furnish such certificate with respect to the Canadian Distributor in a separate certificate in the form of Exhibit C-2</u> (each a "<u>Monthly</u> <u>Distributor</u><u>Supply Chain</u> <u>Profit Certificate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Copies to Rating Agencies</u>. The Master Issuer shall deliver, or shall cause the Manager to deliver, a copy of each report, certificate or instruction, as applicable, described in this <u>Section 4.1</u> to each Rating Agency and any Class A-1 Administrative Agent at its address as listed in or otherwise designated pursuant to <u>Section 14.1</u> or in the applicable Series Supplement, including any e-mail address; provided, however, that the Master Issuer shall not have any obligation to deliver to any Class A-1 Administrative Agent copies of any Quarterly Noteholders' Statements or Quarterly Manager's Certificates that relate solely to a Series of Notes other than the Series of Notes with respect to which such Person acts as Class A-1 Administrative Agent.

Section 4.2 <u>Annual Noteholders' Tax Statement</u>. Unless<u>Prior to the Series 2025-1 Springing Amendment Implementation Date, with respect to any Senior Notes with respect to which no Tax Opinion set forth in clause (c) of the definition thereof has been delivered, unless</u> otherwise specified in the applicable Series Supplement, on or before January 31 of each calendar yearsixty (60) days after the end of each fiscal year (or, if such sixtieth (60th) day is not <u>a Business Day, on or prior to the immediately following Business Day)</u>, the Paying Agent shall furnish to each Person who both (x) at any time during the preceding calendar year was a Noteholder with respect to the Series 2015-1 Senior Notes, the Series 2017-1 Senior Notes, the Series 2018-1 Senior Notes or the Series 2019-1 Senior Notes and (y) requests such a statement, a statement prepared by the Manager on behalf of the Master Issuer containing such information as the Master Issuer deems necessary or desirable to enable such Noteholder to prepare its tax returns (each such statement, an "<u>Annual Noteholders' Tax Statement</u>"). <u>On and after the 2025-1 Springing Amendment Implementation Date, there shall be no obligation to provide the Annual Noteholders' Tax Statement.</u> Such obligations of the Master Issuer to prepare and the Paying Agent to distribute the Annual Noteholders' Tax Statement shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Paying Agent pursuant to any requirements of the Code or other applicable tax law as from time to time in effect.

Section 4.3 <u>Rule 144A Information</u>. For so long as any of the Notes are "restricted securities" within the meaning of Rule 144(a)(3) under the Securities Act, the Co-Issuers agree to provide to any Noteholder or Note Owner and to any prospective purchaser of Notes designated by such Noteholder or Note Owner upon the request of such Noteholder or Note Owner or prospective purchaser, any information required to be provided to such holder, owner or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the Securities Act.

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Section 4.4 R<u>eports, Financial Statements and Other Information to Noteholders</u>. The Trustee will make the<u>This Indenture, the other Related Documents, each offering memorandum, each</u> Quarterly Noteholders' Statements<u>Statement</u>, the Quarterly Compliance Certificates, the Quarterly Manager's Certificates, the financial statements referenced in <u>Section 4.1(g)</u> and <u>Section 4.1(h)</u> and the reports referenced in <u>Section 4.1(f)</u> <u>shall be made</u> available to (a) each Rating Agency pursuant to <u>Section 4.1(</u>1<u>l</u>) above and (b) the Noteholders, the Servicer, the Manager, the Back-Up Manager and the Rating Agencies via<u>Permitted Recipients in a password-protected area of</u> the Trustee's internet website at www.sf.citidirect.com <u>(or such other address as the Trustee may specify from time to time). The Master Issuer may also make such information available via a third-party investor information platform or at the election of the Master Issuer, such other address as the Master Issuer may specify from time to time (it being agreed that in the event there is any discrepancy between any documentation or information posted on any such website hosted by the Master Issuer and the Trustee's website, the Trustee's website shall control)</u>. Assistance in using such<u>the Trustee's</u> website can be obtained by calling<u>emailing</u> the Trustee's customer service desk at (800) 422-2066. <u>CST@citi.com or calling the Trustee's service desk at 1-(888)-855-9695 or such other email or telephone number as the Trustee may specify from time to time.</u>

Section 4.4 The Quarterly Noteholders' Statement will only be accessible in a password-protected area of the internet website and the Trustee will require each party (other than the Servicer, the Manager, the Back-Up Manager and the Rating Agencies) accessing such password-protected area to register as a Noteholder and to make the applicable representations and warranties described below in an Investor Request Certification in the form of Exhibit F<u>Trustee and any such third-party platform may disclaim responsibility for any information distributed by it for which the Trustee or such third-party platform, as the case may be, was not the original source</u>. Each time a Noteholder<u>Permitted Recipient</u> accesses the internet website, it will be deemed to have confirmed such representations and warranties <u>contained in the Permitted Recipient Certification</u> as of the date thereof. The Trustee will<u>or any such third-party platform shall</u> provide the Servicer<u>, any Controlling Class Representative, the Back-Up Manager</u> and the Manager with copies of such Investor Request<u>Permitted Recipient</u> Certifications, including the identity, address, contact information, email<u>e-mail</u> address and telephone number of such Noteholder<u>the Permitted Recipients,</u> upon request<u>, but shall have no responsibility for any of the information contained therein</u>. The Trustee shall have the right to change the way such statements are electronically distributed<u>any such information is made available</u> in order to make such distribution more convenient and/or more accessible to the above parties, and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes.

The Trustee will (or will request that the Manager) make available, upon reasonable advance notice and at the expense of the requesting party, copies of the Quarterly Noteholders' Statements, the Quarterly Compliance Certificates, the Quarterly Manager's Certificates, the financial statements referenced in <u>Section 4.1(g)</u> and <u>Section 4.1(h)</u> and the reports referenced in <u>Section 4.1(f)</u> to any Noteholder and to any prospective investor that provides the Trustee with an Investor Request Certification in the form of <u>Exhibit F</u><u>Permitted Recipient Certification shall include representations</u> to the effect that such party (i) is a Noteholder or prospective investor, as applicable<u>Permitted Recipient</u>, (ii) understands that the items<u>materials contain confidential information, and may</u> contain material nonpublic<u>non-public</u> information, (iii) is requesting the information solely for use in evaluating such party's investment or potential investment, as

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applicable, in the Notes <u>(or is otherwise a Permitted Recipient)</u> and will keep such information strictly confidential (<u>provided</u><u>except (x) to the extent such materials have been filed or furnished with the SEC or are otherwise publicly available and (y)</u> that such party may disclose such information only (A) to (1) those personnel employed by it who need to know such information <u>and have agreed to keep such information confidential and to treat the information as confidential information</u>, (2) its attorneys and outside auditors which have agreed to keep such information confidential and to treat the information as material nonpublic<u>confidential</u> information, or (3) a regulatory or self- regulatory<u>self-regulatory</u> authority pursuant to applicable law or regulation or<u>Requirements of Law or</u> (B) by judicial process), and (iv) is not a Competitor. Notwithstanding the foregoing, a recipient of such items<u>materials</u> may disclose to any and all persons<u>Persons</u>, without limitation of any kind, the tax treatment and tax structure of the transactions and any related tax strategies to the extent necessary to prevent the transaction from being described as a "confidential transaction" under U.S. Treasury Regulations<u>regulation</u> Section 1.6011- 4<u>1.6011-4</u>(b)(3).

A Noteholder or a prospective investor that completes an Investor Certification substantially in the form of <u>Exhibit N</u> may access the Quarterly Noteholders' Statements on the Trustee's internet website or obtain the Quarterly Noteholders' Statements directly from the Trustee without having to make the representations and warranties described above after Holdco has electronically delivered such statements to the Trustee and certified that it has filed its financial statements with the SEC pursuant to the Exchange Act with respect to the fiscal quarter in which the Interest Period described in such Quarterly Noteholders' Certificate ended. In addition to the information described above, the Quarterly Noteholders' Statement furnished to the SEC will also contain Same Store Sales Comparison Information for the related Quarterly Collection Period. After furnishing this information to the SEC, the Co-Issuers will provide the Trustee with a revised Quarterly Noteholders' Statement which includes this Same Store Sales Comparison Information and the Trustee will make this revised Quarterly Noteholders' Statement available to Noteholders and prospective investors as described in this paragraph.

Section 4.5 <u>Manager</u>. Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices, instructions and other services on behalf of the Master Issuer and the other Co-Issuers. The Noteholders by their acceptance of the Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Master Issuer or any other Co-Issuer. Any such reports and notices that are required to be delivered to the Noteholders hereunder shall be delivered by the Trustee. The Trustee shall have no obligation whatsoever to verify, reconfirm or recalculate any information or material contained in any of the reports, financial statements or other information delivered to it pursuant to this <u>Article IV</u> or the Management Agreement. All distributions, allocations, remittances and payments to be made by the Trustee or the Paying Agent hereunder or under any Supplement or Variable Funding Note Purchase Agreement shall be made based solely upon the most recently delivered written reports and instructions provided to the Trustee or Paying Agent, as the case may be, by the Manager.

Section 4.6 <u>No Constructive Notice.</u> Delivery of reports, information, Officer's Certificates and documents to the Trustee is for informational purposes only and the Trustee's receipt of such reports, information, Officer's Certificates and documents shall not constitute constructive notice to the Trustee of any information contained therein or determinable from information contained therein, including any Securitization Entity's, the Manager's or any other Person's compliance with any of its covenants under the Indenture, the Notes or any other Related Document (as to which the Trustee is entitled to rely exclusively on the most recent Quarterly Compliance Certificate described above).

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**ARTICLE V** 

**ALLOCATION AND APPLICATION OF COLLECTIONS** 

Section 5.1 <u>Concentration Accounts, Lock-Boxes and Additional Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of the Concentration Accounts and Lock-Boxes</u>. As of the Closing Date, the Domestic Royalties Concentration Account, the related Lock-Box and the Lease Concentration Account are owned by the Master Issuer. The Domestic Distribution<u>Supply Chain</u> Concentration Account and two related Lock-Boxes and the PULSE and Technology Fees Concentration Account and the related Lock-Box are owned by the Domestic Distributor. <u>Supply Chain Holder. The PFS Domestic Supply Chain Concentration Account and any related</u> <u>Lock-Boxes are owned by PFS Domestic Supply Chain Holder.</u> The International Royalties Concentration Account, the related Lock-Box, the Venezuelan Royalties Concentration Account and the Cayman Islands Royalties Concentration Account are owned by the International Franchisor. The Canadian Distribution Concentration Account and the Canadian Distribution U.S. Dollar Concentration Account are owned by the Canadian Distributor. The Domestic Franchising Concentration Account is owned by the Domestic Franchisor. The Domestic Distribution<u>Supply Chain</u> Real Estate Holder owns the Real Estate Holder Concentration Account. The Domestic Distribution<u>Supply Chain</u> Equipment Holder owns the Equipment Holder Concentration Account. The IP Holder owns the IP Holder Concentration Account. <u>Each Franchisor Capital Account (if any) is owned by the Domestic Franchisor, the International Franchisor or the International Franchisor (Michigan), as applicable.</u> Such accounts and lock-boxes, as of the Closing Date and at all times thereafter, shall be (A) pledged to the Trustee for the benefit of the Secured Parties pursuant to <u>Section 3.1</u> or the Global G&C Agreement and (B) if not established with the Trustee, subject to an Account Control Agreement; <u>provided</u>, that <u>on and after the Series 2025-1 Springing Amendments Implementation Date, the foregoing shall not apply to any Franchisor Capital Account, excluding any Franchisor Capital Account serving as the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account; provided, further, that</u> only the Qualified Institution holding any such Lock-Box shall have access to the items deposited therein; <u>provided</u>, <u>further</u>, that each of the Venezuelan Royalties Concentration Account and the Cayman Islands Royalties Concentration Account is not subject to an Account Control Agreement as of the Closing Date and shall not be subject to an Account Control Agreement until such time, if any, that such account no longer qualifies as an "Eligible<u>Excepted Foreign Law Concentration</u> Account" pursuant to <u>clause (c)</u> of the definition thereof. Each Concentration Account shall be an Eligible Account and, in addition, from time to time, the Master Issuer or any other Securitization Entity (other than the SPV Guarantor) may establish concentration accounts for the purpose of depositing Collections or Residual Amounts therein (each such account and any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u>, an "<u>Additional Concentration Account</u>"): <u>provided</u> that each such Additional Concentration Account is (A) an Eligible Account, (B) pledged by the Master Issuer or such other Securitization Entity to the Trustee for the benefit of the Secured Parties pursuant to <u>Section 3.1</u> or the Global G&C

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Agreement, (C) if not established with the Trustee, subject to an Additional Concentration Account Control Agreement (except that no Additional<u>Excepted Foreign Law</u> Concentration Account located in a country outside of the United States shall be required to be subject to an Additional Concentration Account Control Agreement if such agreement would not be enforceable under the applicable laws of such country (as evidenced by a written notice from an Authorized Officer of the applicable Securitization Entity to the Control Party setting forth the rationale for such conclusion) or such Additional Concentration Account qualifies as an "Eligible Account" pursuant to clause (c) of the definition thereof) and (D) designated by the Master Issuer as a Distribution<u>Supply Chain</u> Concentration Account or a Royalties Concentration Account for purposes of the Related Documents. <u>The</u> <u>Trustee shall have no duty or responsibility to monitor whether</u> <u>any Additional Concentration Account qualifies as an Excepted Foreign Law Concentration Account.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration of the Concentration Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> All amounts held in the Concentration Accounts shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Securitization Entity which owns such Concentration Account and such amounts may be transferred by such Securitization Entity into an investment account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by such Securitization Entity to the Trustee for the benefit of the Secured Parties pursuant to <u>Section 3.1</u> or the Global G&C Agreement and (C) if not established with the Trustee, subject to an Account Control Agreement, unless such investment account qualifies as an "Eligible<u>Excepted Foreign Law Concentration</u> Account" pursuant to clause (c) of the definition thereof; <u>provided</u>, <u>however</u>, that any such investment in any Concentration Account (or in any such investment account) shall mature not later than the date on which such amount is required to be transferred to the Collection Account as set forth in <u>Section 5.10</u>. In the absence of written investment instructions hereunder, funds on deposit in the Concentration Accounts shall be invested as fully as practicable in one or more Permitted Investments of the type described in <u>clause (b)</u> of the definition thereof. Neither the Master Issuer nor any other Co-Issuer shall direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) Notwithstanding anything herein to the contrary, each of the</u> <u>Lease Concentration Account, the Equipment Holder Concentration Account and the Real Estate Holder Concentration Account</u> <u>may be terminated at any time if the Master Issuer elects, in its sole discretion, to use the Domestic Supply Chain Concentration Account and/or the PFS Domestic Supply Chain Concentration Account for all purposes previously served by such account; provided, that any amounts on deposit in such terminated account shall be transferred to, and all payments and transfers previously directed to such terminated account shall be redirected to, the Domestic Supply Chain Concentration Account or the PFS Domestic Supply Chain Concentration Account, as applicable, prior to such termination. In addition, one or more Royalties Concentration Accounts may be terminated at any time if the Master Issuer elects, in its sole discretion, to use the Domestic Franchising Concentration Account for all purposes previously served by such account; provided, that any amounts on deposit in such terminated account shall be transferred to, and all payments and transfers previously directed to such terminated account(s) shall be directed to, the Domestic Franchising Concentration Account prior to such termination.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) On and after the Series 2025-1 Springing Amendments Implementation Date, to the extent that any amounts become payable by the Trustee to an account bank or securities intermediary under an Account Control Agreement with respect to any Concentration Accounts, the Trustee may withdraw such amounts from the Collection Account and pay such amounts to such account bank or securities intermediary so long as the Trustee provides written notice of such withdrawal to the Manager (with a copy to the Back-Up Manager and the Servicer).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> (c)<u>Earnings from the Concentration Accounts</u>. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Concentration Accounts shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with <u>Section 5.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> (d)<u>No Duty to Monitor</u>. The Trustee shall have no duty or responsibility to monitor the amounts of deposits into or withdrawals from the Venezuelan Royalties Concentration Account, the Cayman Islands Royalties Concentration Account or any other Concentration Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> (e)<u>Voluntary Deposits to the Residual Amounts Account</u>. From time to time, the Master Issuer may direct that all or any portion of the Residual Amounts available to it pursuant to <u>priority (xxxviii)</u> of the Priority of Payments be deposited in the Residual Amounts Account. Any funds held in the Residual Amounts Account may be withdrawn at such times as the Master Issuer may elect and applied at the direction of the Master Issuer, including (i) to fund distributions, subject to <u>Section 8.18</u>, (ii) to make deposits to one or more of the Collection Account Administrative Accounts in accordance with <u>Section 5.6(d)</u> or (iii) for working capital purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> <u>Franchisor Capital Accounts. On and after the Series 2025-1 Springing Amendments Implementation Date, the Domestic Franchisor, the International Franchisor, the International Franchisor (Michigan) and any Additional Securitization Entity that from time to time acts as the "franchisor" with respect to Post-Securitization Domestic Franchise Arrangements and Post-Securitization International Franchise Arrangements may (i) deposit to a Franchisor Capital Account the proceeds of capital contributions thereto directly to be made to such account necessary to meet large-franchisor exemptions or similar exemptions under applicable franchise laws therein and (ii) disburse funds from the Franchisor Capital Accounts to fund any loan or advance made in accordance with Section 8.21.</u>

Section 5.2 <u>Senior Notes Interest Reserve Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of the Senior Notes Interest Reserve Account</u>. The Master Issuer <u>or, on and after the Series 2025-1 Springing Amendments Implementation Date, at the election of the Master Issuer (or the Manager on its behalf), the Domestic Franchisor, the International Franchisor or the International Franchisor (Michigan),</u> has established with the

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Trustee an account in the name of the Trustee for the benefit of the Senior Noteholders and the Trustee, solely in its capacity as trustee for the Senior Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the foregoing Secured Parties (the "<u>Senior Notes Interest Reserve Account</u>")<u>; provided, that on and after the Series 2025-1 Springing Amendments Implementation Date, at the election of the Manager, the Senior Notes Interest Reserve Account may also serve as a Franchisor Capital Account</u>. The Senior Notes Interest Reserve Account shall be an Eligible Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration of the Senior Notes Interest Reserve Account</u>. All amounts held in the Senior Notes Interest Reserve Account shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to <u>Section 3.1</u> and (C) if not established with the Trustee, subject to an Account Control Agreement; <u>provided</u>, <u>however</u>, that any such investment in the Senior Notes Interest Reserve Account shall mature not later than the Business Day prior to the next succeeding Quarterly Payment Date. In the absence of written investment instructions hereunder, funds on deposit in the Senior Notes Interest Reserve Account shall be invested as fully <u>and as soon</u> as practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof<u>the Standby Investment, or shall be held in cash if such investment is unavailable</u>. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Earnings from the Senior Notes Interest Reserve Account</u>. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Senior Notes Interest Reserve Account shall be deemed to be Investment Income on deposit for application to amounts required to be on deposit in the Senior Notes Interest Reserve Account or for distribution to the Collection Account in accordance with <u>Section 5.10</u>.

Section 5.3 <u>Senior Subordinated Notes Interest Reserve Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of the Senior Subordinated Notes Interest Reserve Account</u>. On or prior to the Closing Date, the Master Issuer <u>or, on and after the Series 2025-1 Springing Amendments Implementation Date, at the election of the Master Issuer (or the Manager on its behalf), the Domestic Franchisor, the International Franchisor or the International Franchisor (Michigan),</u> shall establish and maintain with the Trustee the Senior Subordinated Notes Interest Reserve Account in the name of the Trustee for the benefit of the Senior Subordinated Noteholders and the Trustee, solely in its capacity as trustee for the Senior Subordinated Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the foregoing Secured Parties<u>; provided, that on and after the Series 2025-1 Springing Amendments Implementation Date, at the election of the Manager, the Senior Subordinated Notes Interest Reserve Account may also serve as a Franchisor Capital Account</u>. The Senior Subordinated Notes Interest Reserve Account shall be an Eligible Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration of the Senior Subordinated Notes Interest Reserve Account</u>. All amounts held in the Senior Subordinated Notes Interest Reserve Account shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to <u>Section 3.1</u> and (C) if not established with the Trustee, subject to an Account Control Agreement; <u>provided</u>, <u>however</u>, that any such investment in the Senior Subordinated Notes Interest Reserve Account shall mature not later than the Business Day prior to the next succeeding Quarterly Payment Date. In the absence of written investment instructions hereunder, funds on deposit in the Senior Subordinated Notes Interest Reserve Account shall be invested as fully <u>and as soon</u> as practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof<u>the Standby Investment, or shall be held in cash if such investment is unavailable</u>. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Earnings from the Senior Subordinated Notes Interest Reserve Account</u>. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Senior Subordinated Notes Interest Reserve Account shall be deemed to be Investment Income on deposit for application to amounts required to be on deposit in the Senior Subordinated Notes Interest Reserve Account or for distribution to the Collection Account in accordance with <u>Section 5.10</u>.

Section 5.4 <u>Cash Trap Reserve Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of the Cash Trap Reserve Account</u>. The Master Issuer has established the Cash Trap Reserve Account in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties. The Cash Trap Reserve Account shall be an Eligible Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration of the Cash Trap Reserve Account</u>. All amounts held in the Cash Trap Reserve Account shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to <u>Section 3.1</u> and (C) if not established with the Trustee, subject to an Account Control Agreement; <u>provided</u>, <u>however</u>, that any such investment in the Cash Trap Reserve Account shall mature not later than the Business Day prior to the next succeeding Quarterly Payment Date. In the absence of written investment instructions hereunder, funds on deposit in the Cash Trap Reserve Account shall be invested as fully <u>and as soon</u> as practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof<u>the Standby Investment, or shall be held in cash if such investment is unavailable</u>. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Earnings from the Cash Trap Reserve Account</u>. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Cash Trap Reserve Account shall be deemed to be Investment Income on deposit for application to amounts required to be on deposit in the Cash Trap Reserve Account or for distribution to the Collection Account in accordance with <u>Section 5.10</u>.

Section 5.5 <u>Collection Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Collection Account</u>. The Master Issuer has established with the Trustee the Collection Account in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties. The Collection Account shall be an Eligible Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration of the Collection Account</u>. All amounts held in the Collection Account shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to <u>Section 3.1</u> and (C) if not established with the Trustee, subject to an Account Control Agreement; <u>provided</u>, <u>however</u>, that any such investment in the Collection Account shall mature not later than the Business Day prior to the next succeeding Weekly Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Collection Account shall be invested as fully <u>and as soon</u> as practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof<u>the Standby Investment, or shall be held in cash if such investment is unavailable</u>. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Earnings from Collection Account</u>. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Collection Account shall be deemed to be Investment Income on deposit for distribution in accordance with <u>Section 5.11</u>.

Section 5.6 <u>Collection Account Administrative Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Collection Account Administrative Accounts</u>. On the Closing Date, ten administrative accounts associated with the Collection Account, each of which shall be an Eligible Account, shall be assigned to the Trustee for the benefit of the Secured Parties bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties (collectively, the "<u>Collection Account Administrative Accounts</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an account for the deposit of Senior Notes Quarterly Interest (the "<u>Senior Notes Interest Account</u>"):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an account for the deposit of Senior Subordinated Notes Quarterly Interest (the "<u>Senior Subordinated Notes Interest Account</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an account for the deposit of Subordinated Notes Quarterly Interest (the "<u>Subordinated Notes Interest Account</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an account for the deposit of Class A-1 Senior Notes Accrued Quarterly Commitment Fees (the "<u>Class A-1 Senior Notes Commitment Fees Account</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an account for the deposit of any Indemnification Payments, any Real Estate Disposition Proceeds, any Senior Notes Scheduled Principal Payments or any other principal payments with respect to the Senior Notes (the "<u>Senior Notes Principal Payments Account</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an account for the deposit of any Indemnification Payments, any Real Estate Disposition Proceeds, any Senior Subordinated Notes Scheduled Principal Payments or any other principal payments with respect to the Senior Subordinated Notes (the "<u>Senior Subordinated Notes Principal Payments Account</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) an account for the deposit of any Indemnification Payments, any Real Estate Disposition Proceeds, any Subordinated Notes Scheduled Principal Payments or any other principal payments with respect to the Subordinated Notes (the "<u>Subordinated Notes Principal Payments Account</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an account for the deposit of Senior Notes Quarterly Post-ARD Contingent Interest (the "<u>Senior Notes Post-ARD Contingent Interest Account</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) an account for the deposit of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest (the "<u>Senior Subordinated Notes Post-ARD Contingent Interest Account</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) an account for the deposit of Subordinated Notes Quarterly Post-ARD Contingent Interest (the "<u>Subordinated Notes Post-ARD Contingent Interest Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration of the Collection Account Administrative Accounts</u>. All amounts held in the Collection Account Administrative Accounts shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to <u>Section 3.1</u> and (C) if not established with the Trustee, subject to an Account Control Agreement; <u>provided</u>, <u>however</u>, that any such investment in the Collection Account Administrative Accounts shall mature not later than the Business Day prior to the next succeeding Quarterly Payment Date. In the absence of written investment instructions hereunder, funds on deposit in the Collection Account Administrative Accounts shall be invested as fully <u>and as soon</u> as practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof<u>the Standby Investment, or shall be held in cash if such</u>

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<u>investment is unavailable</u>. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Earnings from the Collection Account Administrative Accounts</u>. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Collection Account Administrative Accounts shall be deposited therein and shall be deemed to be Investment Income on deposit for distribution in accordance with <u>Section 5.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Voluntary Deposits to the Collection Account Administrative Accounts</u>. From time to time, the Master Issuer may direct that all or any portion of the Residual Amounts available to it pursuant to <u>priority (xxxviii)</u> of the Priority of Payments including any amounts previously deposited to the Residual Amounts Account pursuant to Section 5.1(e)<u>to</u> be deposited in one or more of the Collection Account Administrative Accounts. Any such amounts deposited in a Collection Account Administrative Account shall be disbursed in accordance with the applicable provisions of <u>Section 5.12</u>. In addition, if on any Weekly Allocation Date, there is a Collection Account Administrative Account Surplus with respect to any Collection Account Administrative Account, the Master Issuer (or the Manager on its behalf), as indicated in the applicable Weekly Manager's Certificate, may request that the Trustee release from such Collection Account Administrative Account an amount not to exceed the lesser of (I) the Collection Account Administrative Account Surplus with respect to such account and (II) the aggregate amount that was deposited into such account prior to such date pursuant to this <u>Section 5.6(d)</u>; provided that, if the Master Issuer elects to include the Senior Principal and Interest Account Excess Amount in calculating the Senior ABS Leverage Ratio, pursuant to clause (i)(b)(y) of the definition thereof, the Master Issuer may not elect to release any funds from the Senior Notes Principal Payment Account until such time (if any) as the Master Issuer has a Senior ABS Leverage Ratio of less than 6.5x (or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, 7.0x) without including the Senior Principal and Interest Account Excess Amount in the calculation thereof (which ratio will be calculated as if the date of such calculation is the date of issuance of an additional Series of Notes). Any amounts so released from the Collection Account Administrative Accounts shall be applied at the direction of the Master Issuer (or the Manager on its behalf), which may include (i) the making of a distribution, subject to <u>Section 8.18</u>, (ii) to deposit such amount in the Residual Amounts Account or (iii) for working capital purposes.

Section 5.7 <u>Hedge Payment Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of the Hedge Payment Account</u>. On or prior to the Series Closing Date of the first Series of Notes issued pursuant to this Indenture providing for a Series Hedge Agreement, the Master Issuer, or the Manager on behalf of the Master Issuer, shall establish and maintain with the Trustee an account in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties (the "<u>Hedge Payment Account</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration of the Hedge Payment Account</u>. All amounts held in the Hedge Payment Account shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to <u>Section 3.1</u> and (C) if not established with the Trustee, subject to an Account Control Agreement; <u>provided</u>, <u>however</u>, that any such investment in the Hedge Payment Account shall mature not later than the Business Day prior to the next succeeding Quarterly Payment Date. In the absence of written investment instructions hereunder, funds on deposit in the Hedge Payment Account shall be invested as fully <u>and as soon</u> as practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof<u>the Standby Investment, or shall be held in cash if such investment is unavailable</u>. The Master Issuer shall not shall direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Earnings from the Hedge Payment Account</u>. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Hedge Payment Account shall be deemed to be Investment Income on deposit for application to amounts required to be on deposit in the Hedge Payment Account or for distribution to the Collection Account in accordance with <u>Section 5.12</u>.

Section 5.8 <u>Trustee as Securities Intermediary</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee or other Person holding any Base Indenture Account held in the name of the Trustee for the benefit of the Secured Parties (collectively the "<u>Trustee Accounts</u>") shall be the "<u>Securities Intermediary</u>". If the Securities Intermediary in respect of any Trustee Account is not the Trustee, the Master Issuer shall obtain the express agreement of such other Person to the obligations of the Securities Intermediary set forth in this <u>Section 5.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee Accounts are accounts to which "financial assets" within the meaning of Section 8-102(a)(9) ("<u>Financial Assets</u>") of the UCC in effect in the State of New York (the "<u>New York UCC</u>") will or may be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee Accounts are "securities accounts" within the meaning of Section 8-501 of the New York UCC and the Securities Intermediary qualifies as a "securities intermediary" under Section 8-102(a) of the New York UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all securities or other property (other than cash) underlying any Financial Assets credited to any Trustee Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Trustee Account be registered in the name of the Master Issuer, payable to the order of the Master Issuer or specially indorsed to the Master Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all property delivered to the Securities Intermediary pursuant to this Base Indenture will be promptly credited to the appropriate Trustee Account;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) each item of property (whether investment property, security, instrument or cash) credited to a Trustee Account shall be treated as a Financial Asset under Article 8 of the New York UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if at any time the Securities Intermediary shall receive any entitlement order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Trustee Accounts, the Securities Intermediary shall comply with such entitlement order without further consent by the Master Issuer or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Trustee Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of all applicable UCCs, New York shall be deemed to be the Securities Intermediary's jurisdiction and the Trustee Accounts (as well as the "securities entitlements" (as defined in Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Securities Intermediary has not entered into, and until termination of this Base Indenture, will not enter into, any agreement with any other Person relating to the Trustee Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Base Indenture will not enter into, any agreement with the Master Issuer purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in <u>Section 5.8(b)(vi)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) except for the claims and interest of the Trustee, the Secured Parties, the Master Issuer and the other Securitization Entities in the Trustee Accounts, neither the Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to, or interest, in the Trustee Accounts or in any Financial Asset credited thereto. If the Securities Intermediary or, in the case of the Trustee, a Trust Officer has actual knowledge of the assertion by any other person of any Lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Trustee Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Servicer, the Manager, the Back-Up Manager and the Master Issuer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time after the occurrence and during the continuation of an Event of Default, the Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trustee Accounts and in all Proceeds thereof, and (acting at the direction of the Controlling Class Representative) shall be the only Person authorized to originate entitlement orders in respect of the Trustee Accounts; <u>provided</u>, <u>however</u>, that at all other times the Master Issuer shall, subject to the terms of the Indenture and the other Related Documents, be authorized to instruct the Trustee to originate entitlement orders in respect of the Trustee Accounts.

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Section 5.9 <u>Establishment of Series Accounts: Legacy Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series Accounts</u>. To the extent specified in the Series Supplement with respect to any Series of Notes, the Trustee may establish and maintain one or more Series Accounts and/or administrative accounts of any such Series Account in accordance with the terms of such Series Supplement. In addition, the Trustee shall continue to maintain the Insurer Premiums Account for the purpose of disbursing any amounts deposited therein on or prior to the Closing Date, and shall disburse such amounts to any of the Insurers or to their counsel pursuant to instructions delivered by the Co-Issuers to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Legacy Accounts</u>. On the Closing Date, any amounts held in any Series 2007-1 Legacy Account with respect to a particular class of the Series 2007-1 Notes shall be transferred to the applicable distribution account established pursuant to the Series 2007-1 Series Supplement, for application toward the prepayment of such class of the Series 2007-1 Notes. In the case of any mandatory or optional redemption in full of any Class or Series of Notes issued pursuant to this Base Indenture, on the Notes Discharge Date with respect to such Class or Series of Notes, the Master Issuer may (but is not required to) elect to have all or any portion of the funds held in any Other Legacy Account with respect to such Class or Series of Notes transferred to the applicable distribution account for such Class or Series of Notes, for application toward the prepayment of such Class or Series of Notes. If the Master Issuer does not elect to have such funds so transferred, or if the Master Issuer elects to have only a portion of such funds so transferred, any funds remaining in the applicable Other Legacy Account after the applicable Notes Discharge Date shall be deposited into the Collection Account for application in accordance with the Priority of Payments. When the balance of any Series 2007-1 Legacy Account, any Other Legacy Account or the Insurer Premiums Account has been reduced to zero, the Trustee may close such account. The Trustee shall make the distributions and transfers and shall close any accounts as contemplated by this <u>Section 5.9</u> pursuant to instructions delivered by the Co-Issuers to the Trustee.

Section 5.10 <u>Collections and Investment Income</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Collections in General</u>. Until the Indenture is terminated pursuant to <u>Section 12.1</u>, the Master Issuer shall cause all Collections due and to become due to the Master Issuer, any other Securitization Entity or the Trustee, as the case may be, to be deposited and, to the extent applicable, withdrawn in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all amounts, including, without limitation, any Initial Franchise Fees, any Continuing Franchise Fees or any Other Franchise Fees due under or in connection with the Franchise Arrangements, which are paid by the Franchisee party thereto by electronic funds transfer from a bank account of such Franchisee, shall be paid directly into a Royalties Concentration Account, as determined by the Manager, from the bank account of such Franchisee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Product Purchase Payments which are paid by any Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person who has purchased Products from any Distributor<u>Supply Chain Holder</u> by electronic funds transfer from a bank account of such Person, shall be paid directly into a Distribution<u>Supply Chain</u> Concentration Account, as determined by the Manager, from the bank account of such Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all PULSE License Fees, Technology Fees and PULSE Maintenance Fees which are paid by any Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person who has licensed the PULSE Assets or the Technology Assets from any Distributor by electronic funds transfer from a bank account of such Person, shall be paid by such Person directly into the PULSE and Technology Fees Concentration Account from the bank account of such Person;<u>[reserved];</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Third-Party License Fees which are paid by any Third-Party Licensee by electronic funds transfer from a bank account of such Third-Party Licensee, shall be paid by such Third Party Licensee directly into a Royalties Concentration Account or a Distribution<u>Supply Chain</u> Concentration Account, as determined by the Manager, from the bank account of such Third-Party Licensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all amounts, including, without limitation, any Initial Franchise Fees, any Continuing Franchise Fees or any Other Franchise Fees, due under or in connection with the Franchise Arrangements, which are not paid by the Franchisee party thereto by electronic funds transfer from a bank account of such Franchisee, shall be sent to a Lock-Box related to a Royalties Concentration Account, as determined by the Manager, and deposited into the related Royalties Concentration Account within two<u>three</u> (2<u>3</u>) Business Days of the receipt thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all Product Purchase Payments which are not paid by any Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person by electronic funds transfer from a bank account of such Person, shall be sent to a Lock-Box related to a Distribution<u>Supply Chain</u> Concentration Account, as determined by the Manager, and deposited into the related Distribution<u>Supply Chain</u> Concentration Account within two<u>three</u> (2<u>3</u>) Business Days of the receipt thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all PULSE License Fees, Technology Fees and PULSE Maintenance Fees which are not paid by any Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person by electronic funds transfer from a bank account of such Person, shall be sent to the Lock-Box related to the PULSE and Technology Fees Concentration Account, as determined by the Manager, and deposited by the Manager into the PULSE and Technology Fees Concentration Account within two (2) Business Days of the receipt thereof;<u>[reserved];</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all Third-Party License Fees which are not paid by any Third-Party Licensee by electronic funds transfer from a bank account of such Third-Party Licensee shall be sent to a Lock-Box related to a Royalties Concentration Account, as determined by the Manager, and deposited by the Manager into the related Royalties Concentration Account within two<u>three</u> (2<u>3</u>) Business Days of the receipt thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all Company-Owned Stores License Fees shall be deposited directly by the Manager into the IP Holder Concentration Account in accordance with the Management Agreement when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all Company-Owned Stores Advertising Fees shall be deposited directly by the Manager into the DNAF Account in accordance with the Management Agreement when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all Asset Disposition Proceeds (other than Asset Disposition Proceeds arising from Real Estate Dispositions) required to be deposited into a Concentration Account or the Collection Account shall be deposited directly by the Manager into a Concentration Account or the Collection Account, as determined by the Manager in accordance with the Management Agreement, when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all Asset Disposition Proceeds arising from Real Estate Dispositions shall be deposited directly by the Manager into the Real Estate Holder Concentration Account <u>or a Supply Chain Concentration Account</u> promptly after receipt thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) an amount equal to the <u>PFS</u> Domestic <u>Supply Chain</u> Product Purchase <u>and Supply Chain</u> Agreement Payments shall be withdrawn by the Manager from the Domestic Distribution<u>Supply Chain</u> Concentration Account and deposited in the Lease<u>PFS Domestic Supply Chain</u> Concentration Account, the Real Estate Holder Concentration Account and the Equipment Holder Concentration Account in such proportions as are set forth in the Product Purchase and Distribution Agreement, and an amount equal to the Canadian Manufacturer Product Purchase Agreement Payment<u>Payments</u> shall be withdrawn by the Manager from the Canadian Distribution Concentration Account and paid to the Canadian Manufacturer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) an amount equal to the Product Supply Payment shall be withdrawn by the Manager from the Lease Concentration Account, the Real Estate Holder Concentration Account and the Equipment Holder Concentration Account in such proportions as are set forth in the Management Agreement and paid to DPL;<u>[reserved];</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) an amount equal to the sum of any lease payments due and payable with respect to leases held by the Master Issuer and any other expenses due and payable with respect to such leases shall be withdrawn from the <u>Domestic Supply Chain Concentration Account, the PFS Domestic Supply Chain Concentration Account or the</u> Lease Concentration Account at any time at the discretion of the Manager in accordance with the Management Agreement and applied by the Manager to make payments to the applicable landlord or other recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) an amount equal to the sum of any property taxes on equipment due and payable with respect to property owned by the Domestic Distribution<u>Supply Chain</u> Equipment Holder and any other expenses due and payable with respect to such property shall be withdrawn from <u>the Domestic Supply Chain Concentration Account, the PFS Domestic Supply Chain Concentration Account or</u> the Equipment Holder Concentration Account at any time at the discretion of the Manager in accordance with the Management Agreement and applied by the Manager to make payments to the applicable governmental authority or other recipient;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) an amount equal to the sum of any real estate taxes due and payable with respect to property owned by the Domestic Distribution<u>Supply Chain</u> Real Estate Holder and any other expenses due and payable with respect to such property shall be withdrawn from <u>t</u><u>he Domestic Supply Chain Concentration Account, the PFS Domestic Supply Chain Concentration Account or</u> the Real Estate Holder Concentration Account at any time at the discretion of the Manager in accordance with the Management Agreement and applied by the Manager to make payments to the applicable governmental authority or other recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) an amount equal to any reinvestments in real property<u>or reimbursements</u> from Asset Disposition Proceeds arising from Real Estate Dispositions <u>in accordance with Section 8.16</u> shall be withdrawn from the Real Estate Holder Concentration Account <u>or the Supply Chain Concentration Account to which it was deposited, as applicable,</u> at any time at the discretion of the Manager in accordance with the Management Agreement and applied by the Manager towards such reinvestment <u>or reimbursement, as applicable,</u> and any Real Estate Disposition Proceeds shall be withdrawn by the Manager in accordance with the Management Agreement no later than the Business Day prior to each Weekly Allocation Date and deposited into the Collection Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) all amounts deposited into any Royalties Concentration Account pursuant to any of <u>clauses (i)</u>, <u>(iv)</u>, <u>(v)</u> or <u>(viii)</u> above that constitute Retained Collections shall be withdrawn by the Manager in accordance with the Management Agreement no later than the Business Day prior to each Weekly Allocation Date and deposited into the Collection Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) amounts deposited into any Distribution<u>Supply Chain</u> Concentration Account pursuant to either of <u>clauses (ii)</u> or <u>(vi)</u> above, in an amount not to exceed the amount of Distributor<u>Supply Chain</u> Costs of Goods Sold, Distribution<u>Supply Chain</u> Operating Expenses, Distribution<u>Supply Chain</u> Center Expenses and Distributor<u>Supply Chain</u> Franchisee Rebates, may be withdrawn at any time at the discretion of the Manager in accordance with the Management Agreement and applied to reimburse the Manager, the Canadian Manufacturer or the applicable Distributor<u>Supply Chain Holder</u>, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) amounts deposited into any Distribution<u>Supply Chain</u> Concentration Account, in an amount not to exceed the amount of Canadian Taxes and Distribution<u>Supply</u> Chain Center Expenses, may be withdrawn at any time at the discretion of the Manager in accordance with the Management Agreement and applied to the payment of (A) Canadian sales tax and Canadian income tax owed by the Canadian Distributor and (B) real estate<u>property taxes and other</u> taxes, lease payments and other expenses with respect to Distribution<u>Supply Chain</u> Assets owned or leased by the Master Issuer or any other Securitization Entity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) amounts deposited into any Concentration Account pursuant to any of <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u>, <u>(iv)</u>, <u>(v)</u>, <u>(vi)</u>, <u>(vii)</u> or <u>(viii)</u> above, in an amount not to exceed the amount of Third-Party Matching Expenses, may be withdrawn at any time at the discretion of the Manager in accordance with the Management Agreement and applied to make payments to the applicable third party to whom such funds are due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) amounts deposited into the IP Holder Concentration Account, in an amount not to exceed the amount of IP Registration and Enforcement Fees, may be withdrawn at any time at the discretion of the Manager in accordance with the Management Agreement and applied to the payment of fees and expenses incurred by or on behalf of the IP Holder in connection with registering, maintaining and enforcing the Domino's IP, and no later than the Business Day prior to each Weekly Allocation Date all amounts remaining on deposit in the IP Holder Concentration Account shall be withdrawn by the Manager in accordance with the Management Agreement and deposited into the Collection Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) an amount equal to the <u>Aggregate</u> Weekly Distributor<u>Supply Chain</u> Profit Amount shall be withdrawn from the Distribution<u>Supply Chain</u> Concentration Accounts by the Manager in accordance with the Management Agreement no later than the Business Day prior to each Weekly Allocation Date and deposited into the Collection Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) all amounts deposited into any Royalties Concentration Account that constitute Advertising Fees shall be withdrawn in an amount equal to the applicable Weekly Advertising Fee Amount and transferred by the Manager into the DNAF Account in accordance with the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) all Other Collections <u>and International Restaurant Royalty Payment Amounts</u> shall be deposited into a Concentration Account, as determined by the Manager, and thereafter shall be withdrawn and transferred by the Manager in accordance with the Management Agreement and deposited into the Collection Account or otherwise, as the case may be; <u>provided, that no International Restaurant Royalty Payment Amounts shall be required to be deposited into a Concentration Account or otherwise paid by the applicable Non-Securitization International Franchisor to any Securitization Entity at any time to the extent that (i)(A) as of the Quarterly Payment Date immediately preceding the applicable date when such amounts would otherwise be required to be deposited in a Concentration Account, the Quarterly DSCR was equal to or greater than 2.00x and (B) as of the applicable date when such amounts would otherwise be required to be deposited into a Concentration Account, no Rapid Amortization Period is continuing, and (ii) such International Restaurant Royalty Payment Amounts are less than or equal to the amount that the Manager reasonably estimates would be distributed as a Residual Amount on the next Quarterly Payment Date if such International Restaurant Royalty Payment Amounts were deposited into a Concentration Account.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) all distributions, including any Free Cash Flow, to the Master Issuer from any Securitization Entity shall be deposited by the Master Issuer into the Collection Account within three (3) Business Days of receipt thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) all Retained Collections from any other source, including Retained Collections Contributions, shall be deposited into the Collection Account within three (3) Business Days of receipt thereof by the Master Issuer or the Manager, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) all amounts withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, upon the occurrence of an Interest Reserve Release Event shall be deposited directly into the Collection Account by the Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) the Manager may withdraw available amounts on deposit in any Concentration Account at any time, in accordance with the Management Standard, in order to reimburse any working capital advances previously made from the Residual Amounts Account;

<u>provided</u>, <u>however</u>, that (A) for a period of six (6) months following the Closing Date, any Initial Franchise Fees, Continuing Franchise Fees or Other Franchise Fees received by the Overseas Franchisor shall not be required to be paid or deposited into a Concentration Account or the Collection Account, as applicable, until five (5) Business Days after receipt thereof by the Overseas Franchisor and (B) with respect to any Initial Franchise Fees or any Other Franchise Fees received by any other Domino's Entity (in an account other than a Concentration Account or the Collection Account) during any Fiscal Period of the Securitization Entities, such Initial Franchise Fees and Other Franchise Fees shall not be required to be paid or deposited into a Concentration Account or the Collection Account, as applicable, until ten (10) Business Days after the end of such Fiscal Period; <u>provided</u>, <u>further</u>, that amounts shall be withdrawn from the Venezuelan Royalties Concentration Account and the Cayman Islands Royalties<u>any Excepted Foreign Law</u> Concentration Account only as permitted by applicable local law and at commercially reasonable intervals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Investment Income</u>. On the Business Day immediately prior to each Weekly Allocation Date, the Master Issuer, in its sole discretion, shall, or shall cause the Manager to, <u>transfer any Investment Income on deposit in any Concentration Account, and</u> instruct the Trustee to transfer any Investment Income on deposit in the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Cash Trap Reserve Account, any Concentration Account or the Collection Account Administrative Accounts to the Collection Account; <u>provided</u>, that <u>the Master Issuer shall not be required to (or to cause the Manager to) transfer any Investment Income, or to instruct the Trustee to transfer any Investment Income, as applicable, on deposit in any account to the Collection Account pursuant to the foregoing, unless the amount of Investment Income in such account exceeds $1,000; provided, further, that</u> Investment Income shall be withdrawn from the Venezuelan Royalties<u>any Excepted Foreign Law</u> Concentration Account and the Cayman Islands Royalties Concentration Account<u>Accounts</u> only as permitted by applicable local law and at commercially reasonable intervals.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment Instructions</u>. In accordance with and subject to the terms of the Management Agreement, the Master Issuer shall cause the Manager to instruct (i) each Franchisee obligated at any time to make any payment pursuant to any Domestic Franchise Arrangement or any International Franchise Arrangement to make such payment to a Royalties Concentration Account or its related Lock-Box, (ii) each Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person obligated at any time to make any payment pursuant to any Distribution<u>Supply Chain</u> Agreement to make such payment to a Distribution<u>Supply Chain</u> Concentration Account or its related Lock-Box, (iii) DPL, as the owner of Company-Owned Stores, obligated at any time to make (A) any payment of Continuing Franchise Fees pursuant to the Company- Owned<u>Company-Owned</u> Stores Master License Agreement to make such payment to the Collection Account, (B) any payment of Company-Owned Stores License Fees pursuant to the Company-Owned Stores Master License Agreement to make such payment to the IP Holder Concentration Account and (C) any payment of Company-Owned Store Advertising Fees pursuant to the Company-Owned Stores Master License Agreement to make such payment to the DNAF Account and (iv) each Third-Party Licensee obligated at any time to make any payment pursuant to any Third-Party License Agreement to make such payment to a Royalties Concentration Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Misdirected Collections</u>. The Co-Issuers agree that if any Collections shall be received by any Co-Issuer or any other Securitization Entity in an account other than a Concentration Account or the Collection Account or in any other manner, such monies, instruments, cash and other proceeds will not be commingled by such Co-Issuer or such other Securitization Entity with any of their other funds or property, if any, but will be held separate and apart therefrom and shall be held in trust by such Co-Issuer or such other Securitization Entity for, and, within one (1) Business Day of the identification of such payment, paid over to, the Trustee, with any necessary endorsement. The Trustee shall withdraw from the Collection Account any monies on deposit therein that the Manager certifies to it and the Servicer are not Retained Collections and pay such amounts to or at the direction of the Manager. All monies, instruments, cash and other proceeds received by the Trustee pursuant to the Indenture shall be immediately deposited in the Collection Account and shall be applied as provided in this <u>Article V</u>; <u>provided</u>, <u>however</u>, that (A) for a period of six (6) months following the Closing Date, any Initial Franchise Fees, Continuing Franchise Fees or Other Franchise Fees received by the Overseas Franchisor shall not be required to be paid or deposited into a Concentration Account or the Collection Account, as applicable, until five (5) Business Days after receipt thereof by the Overseas Franchisor and (B) with respect to any Initial Franchise Fees or any Other Franchise Fees received by any other Domino's Entity (in an account other than a Concentration Account or the Collection Account) during any Fiscal Period of the Securitization Entities, such Initial Franchise Fees and Other Franchise Fees shall not be required to be paid or deposited into a Concentration Account or the Collection Account, as applicable, until ten (10) Business Days after the end of such Fiscal Period.

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Section 5.11 <u>Application of Weekly Collections on Weekly Allocation Dates</u>. On each Weekly Allocation Date (unless the Master Issuer shall have failed to deliver on such Weekly Allocation Date the Weekly Manager's Certificate relating to such Weekly Allocation Date, in which case the application of Weekly Collections relating to such Weekly Allocation Date shall occur on the Business Day subsequent to the day on which such Weekly Manager's Certificate is delivered), the amount on deposit in the Collection Account on such Weekly Allocation Date will be applied or allocated<u>shall be withdrawn</u> by the Trustee, based solely on the information provided to it by the Manager (or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, if delivered in accordance with the terms of the Related Documents, based solely on the information contained in the Omitted Payable Sums Certification to the extent of the information contained therein), in the following order of priority (the "<u>Priority of Payments</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first</u> solely with respect to any funds on deposit in the Collection Account on such Weekly Allocation Date consisting of **Indemnification Payments** or **Real Estate Disposition Proceeds,** to allocate Indemnification and Real Estate Proceeds Payment Amounts in the manner and order set forth in the definition thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>second</u>, (A) to reimburse the Trustee, and <u>then</u>, the Servicer, for any unreimbursed **Advances** (and accrued interest thereon at the Advance Interest Rate), <u>then</u> (B) to reimburse the Manager for any unreimbursed **Manager Advances** (and accrued interest thereon at the Advance Interest Rate), and <u>then</u> (C) to pay the Servicer all **Servicing Fees, Liquidation Fees** and **Workout Fees** for such Weekly Allocation Date <u>(and, on and after the Series 2025-1 Springing Amendments Implementation Date, any prior Weekly Allocation Date as to which such sums remain outstanding)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>third</u>, to pay Successor Manager Transition Expenses, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>fourth</u>, to pay to the Manager an amount equal to the **Weekly Management Fee** for such Weekly Allocation Date, <u>plus</u> the amount of **PULSE Maintenance Fees** and **Technology Fees** deposited into the Collection Account during the Weekly Collection Period preceding such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>fifth</u>, to pay (or retain to the extent payable to the Trustee) (A) to the Master Issuer for payment of the **Capped Securitization Operating Expenses Amount** for such Weekly Allocation Date, to be disbursed *pro rata* based on the amount of each type of Securitization Operating Expenses payable on such Weekly Allocation Date pursuant to this <u>priority (v)</u> and (B) <u>prior to the Series 2025-1 Springing Amendments Implementation Date</u><u>,</u> so long as an Event of Default has occurred and is continuing, to the Trustee for payment of the **Post-Default Capped Trustee Expenses Amount** for such Weekly Allocation Date; <u>provided, that on and after the Series 2025-1 Springing Amendments Implementation Date, the payment of any such fees, expenses and indemnities payable to the Trustee (in any of its capacities), the Servicer or the</u> <u>Back-Up Manager (including in its capacity as Interim Successor Manager) shall not be subject to the Capped Securitization Operating Expenses Amount if an Event of Default has occurred and is continuing; provided, further, that the payment of any such fees, expenses and indemnities payable to the Trustee (in each of its capacities) and the</u> <u>Back-Up Manager (including in its capacity as Interim Successor Manager) that were incurred during any period while an Event of Default has occurred and is continuing will</u> <u>not be subject to the Capped Securitization Operating Expense Amount regardless of whether or not an Event of Default exists at the time of such payment;</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>sixth</u>, to allocate *pro rata*: (A) to the Senior Notes Interest Account, an amount equal to the **Senior Notes Accrued Quarterly Interest Amount** for such Weekly Allocation Date, if any; and (B) to the Hedge Payment Account, the applicable amount of the accrued and unpaid **Series Hedge Payment Amount,** if any, payable on or before the next Quarterly Payment Date to a Hedge Counterparty; <u>provided,</u> that the deposit to the Hedge Payment Account pursuant to this <u>subclause (B)</u> will exclude any termination payment payable on or before the next Quarterly Payment Date to a Hedge Counterparty, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>seventh</u>, to allocate to the Class A-1 Senior Notes Commitment Fees Account, the **Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount** for such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>eighth</u>, to pay to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase Agreement for payment of **the Capped Class A-1 Senior Notes Administrative Expenses Amount** due under such Variable Funding Note Purchase Agreement for such Weekly Allocation Date *pro rata* based on the amounts owed under each such Variable Funding Note Purchase Agreement on such Weekly Allocation Date pursuant to this <u>priority (viii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>ninth</u>, to allocate to the Senior Subordinated Notes Interest Account, an amount equal to the **Senior Subordinated Notes Accrued Quarterly Interest Amount** for such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>tenth</u>, to deposit into the Senior Notes Interest Reserve Account, an amount equal to the **Senior Notes Interest Reserve Account Deficit Amount** on such Weekly Allocation Date with respect to each Class of Senior Notes in accordance with the applicable Series Supplement; <u>provided</u>, <u>however</u>, that no amounts, with respect to any Series of Notes, will be deposited into the Senior Notes Interest Reserve Account pursuant to this <u>priority</u> £x) on any Weekly Allocation Date that occurs during the Quarterly Collection Period immediately preceding the Series Legal Final Maturity Date relating to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) <u>eleventh</u>, to deposit into the Senior Subordinated Notes Interest Reserve Account, an amount equal to the **Senior Subordinated Notes Interest Reserve Account Deficit Amount** on such Weekly Allocation Date with respect to each Class of Senior Subordinated Notes in accordance with the applicable Series Supplement; <u>provided</u>, <u>however</u>, that no amounts, with respect to any Series of Notes, will be deposited into the Senior Subordinated Notes Interest Reserve Account pursuant to this <u>priority (xi)</u> on any Weekly Allocation Date that occurs during the Quarterly Collection Period immediately preceding the Series Legal Final Maturity Date relating to such Series of Notes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) <u>twelfth</u>, to allocate to the Senior Notes Principal Payments Account, an amount equal to the sum of (A) the **Senior Notes Accrued Scheduled Principal Payments Amount** for such Weekly Allocation Date and (B) the **Senior Notes Scheduled Principal Payments Deficiency Amount** for such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) <u>thirteenth</u>, to allocate to the Senior Notes Principal Payments Account an amount, if any, equal to the lesser of (A) 25% of amounts available after application of <u>clauses (i)</u> through <u>(xii)</u> above on such Weekly Allocation Date and **(B)** the **Senior Notes Scheduled Principal Catch-Up Amount** outstanding on such Weekly Allocation Date; <u>provided</u>, that after the commencement of a Rapid Amortization Period, amounts shall be payable pursuant to this <u>clause (xiii)</u> only (A) if the Quarterly Payment Date on which such Senior Notes Scheduled Principal Catch-Up Amount became payable occurred on or prior to the commencement of such Rapid Amortization Period and **(B)** to the extent of the Senior Notes Scheduled Principal Catch-Up Amount that was outstanding at the commencement of such Rapid Amortization Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xiii)</u> <u>thirteenth, [reserved];</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) <u>fourteenth</u>, to pay *pro rata* (A) to the Manager, an amount equal to the **Supplemental Management Fee,** if any, for such Weekly Allocation Date and (B) to the Manager an amount equal to the **Weekly Distribution<u>Supply Chain</u> Services Reimbursement Amount,** if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) <u>fifteenth</u>, so long as no Rapid Amortization Period is continuing, if a Class A-1 Senior Notes Amortization Event is continuing, to allocate to the Senior Notes Principal Payments Account **all remaining funds on deposit in the Collection Account** on such Weekly Allocation Date until no principal amounts with respect to the **Class A-1 Senior Notes** are Outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) <u>sixteenth</u>, so long as no Rapid Amortization Period is continuing, and such Weekly Allocation Date occurs during a Cash Trapping Period, to deposit into the Cash Trap Reserve Account, an amount equal to the **Cash Trapping Amount,** if any, on such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) <u>seventeenth</u>, if such Weekly Allocation Date occurs during a Rapid Amortization Period, to allocate to the Senior Notes Principal Payments Account **all remaining funds on deposit in the Collection Account** on such Weekly Allocation Date until no principal amounts with respect to the **Senior Notes** are Outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) <u>eighteenth</u>, to allocate to the Senior Subordinated Notes Principal Payments Account an amount equal to the sum of (A) the **Senior Subordinated Notes Accrued Scheduled Principal Payments Amount** for such Weekly Allocation Date and (B) the **Senior Subordinated Notes Scheduled Principal Payments Deficiency Amount** for such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) <u>nineteenth</u>, to allocate to the Senior Subordinated Notes Principal Payments Account an amount equal to any Senior Subordinated Notes Scheduled **Principal Catch-Up Amount** outstanding on such Weekly Allocation Date, as specified in the applicable Series Supplement;<u>[reserved];</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>twentieth</u>, if such Weekly Allocation Date occurs during a Rapid Amortization Period, to allocate to the Senior Subordinated Notes Principal Payments Account, **all remaining funds on deposit in the Collection Account** on such Weekly Allocation Date until no principal amounts with respect to the **Senior Subordinated Notes** are Outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) <u>twenty-first</u>, to pay (or retain to the extent payable to the Trustee) to the Master Issuer for payment of the **Excess Securitization Operating Expenses Amount** for such Weekly Allocation Date to be retained or disbursed *pro rata* based on the amount of each type of Securitization Operating Expenses payable on such Weekly Allocation Date pursuant to this <u>priority (xxi)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) <u>twenty-second</u>, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase Agreement for payment of the **Excess Class A-1 Senior Notes Administrative Expenses Amounts** due under each Variable Funding Note Purchase Agreement for such Weekly Allocation Date *pro rata* based on amounts due under each such Variable Funding Note Purchase Agreement on such Weekly Allocation Date pursuant to this <u>priority (xxii)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) <u>twenty-third</u>, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase Agreement for payment of **Class A-1 Senior Notes Other Amounts** due under such Variable Funding Note Purchase Agreement for such Weekly Allocation Date *pro rata* based on amounts due under each such Variable Funding Note Purchase Agreement on such Weekly Allocation Date pursuant to this <u>priority (xxiii)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) <u>twenty-fourth</u>, to allocate to the Subordinated Notes Interest Account, the **Subordinated Notes Accrued Quarterly Interest Amount** for such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) <u>twenty-fifth</u>, to allocate to the Subordinated Notes Principal Payments Account, the **Subordinated Notes Accrued Scheduled Principal Payments Amount,** if any, for such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) <u>twenty-sixth</u>, to allocate to the Subordinated Notes Principal Payments Account an amount equal to any **Subordinated Notes**<u>[reserved];</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) <u>twenty-seventh</u>, if such Weekly Allocation Date occurs during a Rapid Amortization Period, to allocate to the Subordinated Notes Principal Payments Account, **all remaining funds on deposit in the Collection Account** on such Weekly Allocation Date until no principal amounts with respect to the **Subordinated Notes** are Outstanding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) <u>twenty-eighth</u>, to allocate to the Senior Notes Post- ARD Contingent Interest Account, the **Senior Notes Accrued Quarterly Post- ARD Contingent Interest Amount** for such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) <u>twenty-ninth</u>, to allocate to the Senior Subordinated Notes Post-ARD Contingent Interest Account, the Senior Subordinated Notes Accrued **Quarterly Post-ARD Contingent Interest Amount** for such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) <u>thirtieth</u>, to allocate to the Subordinated Notes Post- ARD Contingent Interest Account, the **Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount** for such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) <u>thirty-first</u>, to deposit to the Hedge Payment Account, (A) any accrued and unpaid **Series Hedge Payment Amount** that constitutes a termination payment payable to a Hedge Counterparty, if any, and (B) **any other amount payable to a Hedge Counterparty,** if any, pursuant to the related Series Hedge Agreement, in each case *pro rata* to each Hedge Counterparty according to the amount due and payable to each of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) <u>thirty-second</u>, to pay, as directed by the Manager in accordance with the **Management Agreement,** the **Environmental Remediation Expenses Amount,** if any, for such Weekly Allocation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) <u>thirty-third</u>, to allocate to the Senior Notes Principal Payments Account, an amount equal to any **unpaid premiums and make-whole prepayment premiums** with respect to **Senior Notes;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) <u>thirty-fourth</u>, to allocate to the Senior Subordinated Notes Principal Payments Account, an amount equal to any **unpaid premiums and make-whole prepayment premiums** with respect to Senior **Subordinated Notes;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) <u>thirty-fifth</u>, to allocate to the Subordinated Notes Principal Payments Account, an amount equal to any **unpaid premiums and make-whole prepayment premiums** with respect to **Subordinated Notes;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) <u>thirty-sixth</u>, to pay to the Manager an amount equal to the **Weekly Equipment Purchasing Reimbursement Amount**<u>[reserved]</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) <u>thirty-seventh</u>, at the direction of the Manager acting on behalf of the Master Issuer, to deposit to the Lease Concentration Account, the Equipment Holder Concentration Account and the Real Estate Holder Concentration Account, the amounts, if any, required to cause the amount on deposit in such accounts to equal **the Lease Concentration Account Minimum Balance, the Equipment Holder Concentration Account Minimum Balance and the Real Estate Holder Concentration Account Minimum Balance,** respectively, *pro rata* according to the amounts required to achieve such account balances; and<u>[reserved]; and</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) <u>thirty-eighth</u>, to pay to, or at the written direction of, the Master Issuer, the **Residual Amount** for such Weekly Allocation Date. The recipient of the Residual Amount may use such funds in its sole discretion.

Section 5.12 <u>Quarterly Payment Date Applications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Senior Notes Interest Account and Hedge Payment Account</u>. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Notes Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (or, to the extent necessary to cover any Class A-1 Senior Notes Interest Adjustment Amount, the then-current Quarterly Collection Period) to be paid to the Senior Notes from the Collection Account, up to the amount of Senior Notes Quarterly Interest accrued and unpaid with respect to the Senior Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class of Senior Notes of the same alphanumerical designation based upon the amount of Senior Notes Quarterly Interest payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts, (ii) the funds allocated to the Hedge Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to the Hedge Counterparties (excluding any termination payments), up to the amount needed to pay the aggregate amount of Series Hedge Payment Amounts, if any, due and payable on or before such Quarterly Payment Date to the Hedge Counterparties, *pro rata* among each Hedge Counterparty based upon the Series Hedge Payment Amounts payable with respect to each such Hedge Counterparty, and (iii) if the amount of funds allocated to the Senior Notes Interest Account pursuant to the immediately preceding <u>clause (i)</u> is less than the Senior Notes Aggregate Quarterly Interest for the Interest Period with respect to each Class of Senior Notes ending most recently prior to such Quarterly Payment Date, or if the amount of funds allocated to the Hedge Payment Account pursuant to the immediately preceding <u>clause (ii)</u> is less than the aggregate Series Hedge Payment Amount due and payable on or before such Quarterly Payment Date, an amount equal to the lesser of (A) such insufficiencies and (B) the sum of the Senior Notes Available Reserve Account Amount <u>plus</u> the amount in the Hedge Payment Account <u>plus</u> the Available Administrative Account Amount from <u>first</u>, the Subordinated Notes Post-ARD Contingent Interest Account, <u>second</u>, the Senior Subordinated Notes Post-ARD Contingent Interest Account, <u>third</u>, the Senior Notes Post-ARD Contingent Interest Account, <u>fourth</u>, the Subordinated Notes Principal Payments Account, <u>fifth</u>, the Subordinated Notes Interest Account, <u>sixth</u>, the Senior Subordinated Notes Principal Payments Account, <u>seventh</u>, the Cash Trap Reserve Account, <u>eighth</u>, the Senior Notes Principal Payments Account, <u>ninth</u>, the Senior Notes Interest Reserve Account, <u>tenth</u>, the Senior Subordinated Notes Interest Account, and <u>eleventh</u>, the Class A-1 Senior Notes Commitment Fees Account, to be paid *pro rata*, based on the amount of Senior Notes Quarterly Interest payable on the Senior Notes and the aggregate Series Hedge Payment Amount (excluding termination payments) due and payable on or before such Quarterly Payment Date, to (1) the Senior Notes up to the amount of Senior Notes Quarterly Interest accrued and unpaid with respect to the Senior Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class of Senior Notes of the same alphanumerical designation based upon the amount of Senior Notes Quarterly Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts, and (2) each applicable Hedge Counterparty based upon the amount of the Series Hedge Payment Amounts (excluding termination payments) due and payable to each such Hedge Counterparty.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Senior Notes Interest Shortfall Amount</u>. On each Accounting Date, the Master Issuer shall determine the excess, if any (the "<u>Senior Notes Interest Shortfall Amount</u>"), of (i) Senior Notes Aggregate Quarterly Interest for the Interest Period for each Class of Senior Notes ending most recently prior to the next succeeding Quarterly Payment Date <u>over</u> (ii) the amount that will be available to make payments of interest on the Senior Notes in accordance with <u>Section 5.12(a)</u> on such Quarterly Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Debt Service Advances</u>. If the Senior Notes Interest Shortfall Amount, as determined on any Accounting Date pursuant to <u>Section 5.12(b)</u> is greater than zero, in accordance with the terms and conditions of the Servicing Agreement, by 3:00 p.m. (New York City time) on the Business Day preceding such Quarterly Payment Date, the Servicer shall make a Debt Service Advance in such amount unless the Servicer notifies the Master Issuer, the Manager, the Back-Up Manager and the Trustee by such time that it has determined in accordance with the Servicing Standard that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance (or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, an Advance Suspension Period is in effect). If the Servicer fails to make such Debt Service Advance (unless the Servicer has determined in accordance with the Servicing Standard that such Debt Service Advance (and interest thereon) would be a Nonrecoverable Advance (or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, an Advance Suspension Period is in effect)), pursuant to <u>Section 10.1(1)</u>, the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance (or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, an Advance Suspension Period is in effect). In determining whether any Debt Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer<u>, which may be updated from time to time</u>. All Debt Service Advances shall be deposited into the Senior Notes Interest Account. If, after giving effect to all Debt Service Advances made with respect to any Quarterly Payment Date, the Senior Notes Interest Shortfall Amount with respect to such Quarterly Payment Date remains greater than zero, the payment of the Senior Notes Aggregate Quarterly Interest as reduced by such Senior Notes Interest Shortfall Amount to be distributed on such Quarterly Payment Date to the Senior Notes shall be paid to the Senior Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class<u>Tranche</u> of Senior Notes of the same alphanumerical designation based upon the amount of Senior Notes Quarterly Interest payable with respect to each such Class<u>Tranche</u>; <u>provided</u> that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Senior Notes Interest Shortfall Amount. An additional amount of interest ("<u>Additional Senior Notes Interest Shortfall Interest</u>") shall accrue on the Senior Notes Interest Shortfall Amount for each subsequent Interest Period at the applicable Note Rate until the Senior Notes Interest Shortfall Amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class A-1 Senior Notes Commitment Fees Account</u>. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Class A-1 Senior Notes Commitment Fees Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly

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Collection Period (or, to the extent necessary to cover any Class A-1 Senior Notes Commitment Fee Adjustment Amount, the then-current Quarterly Collection Period) to be paid to the Class A-1 Senior Notes from the Collection Account, up to the amount of the Class A-1 Senior Notes Quarterly Commitment Fees accrued and unpaid with respect to the Class A-1 Senior Notes, *pro rata* among each Class<u>Tranche</u> of Class A-1 Senior Notes based upon the amount of Class A-1 Senior Notes Quarterly Commitment Fees payable with respect to each such Class<u>Tranche</u>, and deposit such funds into the applicable Series Distribution Accounts and (ii) if the amount of funds allocated to the Class A-1 Senior Notes Commitment Fees Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than Class A-1 Senior Notes Aggregate Quarterly Commitment Fees for the Interest Period ending most recently prior to such Quarterly Payment Date, an amount equal to the lesser of (A) such insufficiency and (B) the Senior Notes Available Reserve Account Amount <u>plus</u> the Available Administrative Account Amount (in each case, after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account, the Senior Notes Interest Reserve Account and/or the Cash Trap Reserve Account pursuant to <u>Section 5.12(a)(iii)</u>) from <u>first</u>, the Subordinated Notes Post-ARD Contingent Interest Account, <u>second</u>, the Senior Subordinated Notes Post-ARD Contingent Interest Account, <u>third</u>, the Senior Notes Post-ARD Contingent Interest Account, <u>fourth</u>, the Subordinated Notes Principal Payments Account, <u>fifth</u>, the Subordinated Notes Interest Account, <u>sixth</u>, the Senior Subordinated Notes Principal Payments Account, <u>seventh</u>, the Cash Trap Reserve Account, <u>eighth</u>, the Senior Notes Principal Payments Account, <u>ninth</u>, the Senior Notes Interest Reserve Account, and <u>tenth</u>, the Senior Subordinated Notes Interest Account, to be paid to the Class A-1 Senior Notes up to the amount of Class A-1 Senior Notes Quarterly Commitment Fees accrued and unpaid with respect to the Class A-1 Senior Notes, *pro rata* among each Class<u>Tranche</u> of Class A-1 Senior Notes based upon the amount of Class A-1 Senior Notes Quarterly Commitment Fees payable with respect to each such Class<u>Tranche</u>, and deposit such funds into the applicable Series Distribution Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Class A-1 Senior Notes Commitment Fees Shortfall Amount</u>. On each Accounting Date, the Master Issuer shall determine the excess, if any (the "<u>Class A-1 Senior Notes Commitment Fees Shortfall Amount</u>"), of (i) Class A-1 Senior Notes Aggregate Quarterly Commitment Fees for the Interest Period ending most recently prior to the next succeeding Quarterly Payment Date <u>over</u> (ii) the amount that shall be available to make payments on the Class A-1 Senior Notes in accordance with <u>Section 5.12(d)</u> on such Quarterly Payment Date. If the Class A-1 Senior Notes Commitment Fees Shortfall Amount with respect to any Quarterly Payment Date is greater than zero, the payment of the Class A-1 Senior Notes Aggregate Quarterly Commitment Fees as reduced by the Class A-1 Senior Notes Commitment Fees Shortfall Amount to be distributed on such Quarterly Payment Date to the Class A-1 Senior Notes shall be paid to the Class A-1 Senior Notes, *pro rata* among each Class<u>Tranche</u> of Class A-1 Senior Notes based upon the amount of Class A-1 Senior Notes Quarterly Commitment Fees payable with respect to each such Class<u>Tranche</u>; <u>provided</u> that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Class A-1 Senior Notes Commitment Fees Shortfall Amount. An additional amount of interest ("<u>Additional Class A-1 Senior Notes Commitment Fees Shortfall Interest</u>") shall accrue on the Class A-1 Senior Notes Commitment Fees Shortfall Amount for each subsequent Interest Period at the applicable Note Rate until the Class A-1 Senior Notes Commitment Fees Shortfall Amount is paid in full.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Senior Subordinated Notes Interest Account</u>. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Subordinated Notes Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to each Class of Senior Subordinated Notes from the Collection Account, up to the amount of Senior Subordinated Notes Quarterly Interest accrued and unpaid with respect to each such Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of Senior Subordinated Notes Quarterly Interest payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts, and (ii) if the amount of funds allocated to the Senior Subordinated Notes Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to the immediately preceding <u>clause (i)</u> is less than the Senior Subordinated Notes Aggregate Quarterly Interest for the Interest Period with respect to each Class of Senior Subordinated Notes ending most recently prior to such Quarterly Payment Date and no Senior Notes are Outstanding, an amount equal to the lesser of (A) such insufficiency and (B) the sum of the Senior Subordinated Notes Available Reserve Account Amount <u>plus</u> the Available Administrative Account Amount (in each case, after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account, the Senior Subordinated Notes Interest Reserve Account and the Cash Trap Reserve Account pursuant to <u>Section 5.12(a)(iii)</u> and <u>Section 5.12(d)(ii))</u> from <u>first</u>, the Subordinated Notes Post-ARD Contingent Interest Account, <u>second</u>, the Senior Subordinated Notes Post-ARD Contingent Interest Account, <u>third</u>, the Senior Notes Post-ARD Contingent Interest Account, <u>fourth,</u> the Subordinated Notes Principal Payments Account, <u>fifth</u>, the Subordinated Notes Interest Account, <u>sixth</u>, the Senior Subordinated Notes Principal Payments Account, <u>seventh</u>, the Cash Trap Reserve Account, <u>eighth</u>, the Senior Notes Principal Payments Account, and <u>ninth</u>, the Senior Subordinated Notes Interest Reserve Account, to be paid to each Class of Senior Subordinated Notes up to the amount of Senior Subordinated Notes Quarterly Interest accrued and unpaid with respect to each such Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of Senior Subordinated Notes Quarterly Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Senior Notes Principal Payments Account</u>. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (A) to be paid to each applicable Class of Senior Notes from the Collection Account up to the aggregate amount of the Senior Notes Aggregate Scheduled Principal Payments and amounts distributed to such administrative account pursuant to <u>clauses (xiii)</u>, <u>(xv)</u>, <u>(xvii)</u> and <u>(xxxiii)</u> of the Priority of Payments owed to each such Class of Senior Notes, sequentially in order of alphanumerical designation and *pro rata* among each such Class of Senior Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Notes of such Class; <u>provided</u> that no Senior Notes Scheduled Principal Payments shall be made in respect of any Series of Senior Notes subsequent to the occurrence of any Rapid Amortization Event set forth in clause (e) of the definition of Rapid Amortization Event, (B) to be paid to each

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applicable Class of Senior Notes from the Collection Account up to the aggregate amount of Indemnification Payments and Real Estate Disposition Proceeds owed to each such Class of Senior Notes in the following order: <u>first</u>, if a Class A-1 Senior Notes Amortization Period is in effect, to prepay and permanently reduce the Commitments under all Class A-1 Senior Notes on a pro rata basis; <u>second</u>, to prepay the Outstanding Principal Amount of all Senior Notes of all Series other than Class A-1 Senior Notes sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Notes of the same alphanumerical designation based on the Outstanding Principal Amount of the Senior Notes of such Class; and third, provided clause <u>first</u> does not apply, to prepay and permanently reduce the Commitments under all Class A-1 Senior Notes of all Series on a pro rata basis based on Commitment Amounts and deposit such funds into the applicable Series Distribution Accounts; and (C) if any funds were allocated to the Senior Notes Principal Payments Account on any Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, but are not due and payable on the Quarterly Payment Date following such Accounting Date because the applicable Series Non-Amortization Test is satisfied as of the applicable date of determination, and to the extent such funds are available after application of funds pursuant to subclause (A) and after giving effect to any payment of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii) and 5.12(f)(ii), to be re-allocated in accordance with clauses (xiii) through (xxxviii) of the Priority of Payments, in each case, as though such Accounting Date was a Weekly Allocation Date and such funds were on deposit in the Collection Account, in the priorities set forth in such clauses and to the extent of amounts due and payable pursuant to such clauses on the following Quarterly Payment Date after giving effect to other funds already allocated therefor; (ii) if the aggregate amount of funds allocated to the Senior Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Senior Notes Aggregate Scheduled Principal Payments owed to each applicable Class of Senior Notes on such Quarterly Payment Date and/or the amount of funds allocated to the Senior Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Indemnification Payments and Real Estate Disposition Proceeds due on such Quarterly Payment Date with respect to each applicable Class of Senior Notes, an amount equal to the lesser of (A) any such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to <u>Sections 5.12(a)(iii)</u>, <u>5.12(d)(ii)</u> or <u>5.12(f)(ii)</u>) from <u>first</u>, the Subordinated Notes Post-ARD Contingent Interest Account, <u>second</u>, the Senior Subordinated Notes Post-ARD Contingent Interest Account, <u>third</u>, the Senior Notes Post-ARD Contingent Interest Account, <u>fourth</u>, the Subordinated Notes Principal Payments Account, <u>fifth</u>, the Subordinated Notes Interest Account, and <u>sixth</u>, the Senior Subordinated Notes Principal Payments Account, to be paid to each applicable Class of Senior Notes up to the amount of unpaid Senior Notes Scheduled Principal Payments, Indemnification Payments and/or Real Estate Disposition Proceeds, as the case may be, in the applicable order set forth in <u>clause (i)</u> above, and deposit such funds into the applicable Series Distribution Accounts; (iii) if a Rapid Amortization Event has occurred and is continuing or shall occur on such Quarterly Payment Date and any amounts are on deposit in the Subordinated Notes Post-ARD Contingent Interest Account, Senior Subordinated Notes Post-ARD Contingent Interest Account, Senior Notes Post-ARD Contingent Interest Account, the Subordinated Notes Principal Payments Account,

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the Subordinated Notes Interest Account or the Senior Subordinated Notes Principal Payments Account on such Accounting Date, an amount equal to all amounts on deposit in such Collection Account Administrative Accounts (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to this <u>Section 5.12)</u> to be paid to each Class of Senior Notes, in the applicable order set forth in <u>clause (i)</u> above, and deposit such funds into the applicable Series Distribution Accounts; and (iv) so long as no Rapid Amortization Period is continuing, if a Class A-1 Senior Notes Amortization Event is continuing, after giving effect to the payments described in <u>clauses (i)</u> through <u>(iii)</u> above, amounts on deposit in the Cash Trap Reserve Account to the extent necessary to pay the principal amounts of the Class A-1 Senior Notes until no principal amounts with respect to the Class A-1 Senior Notes are Outstanding, to be deposited to the Senior Notes Principal Payments Account and paid to the holders of the Class A-1 Senior Notes, *pro rata* according to principal amounts Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Senior Subordinated Notes Interest Shortfall Amount</u>. On each Accounting Date, the Master Issuer shall determine the excess, if any (the "<u>Senior Subordinated Notes Interest Shortfall Amount</u>"), of (i) Senior Subordinated Notes Aggregate Quarterly Interest for the Interest Period for each Class of Senior Subordinated Notes ending most recently prior to the next succeeding Quarterly Payment Date over (ii) the amount that shall be available to make payments on the Senior Subordinated Notes on such Quarterly Payment Date in accordance with <u>Section 5.12(f)</u> above. If the Senior Subordinated Notes Interest Shortfall Amount with respect to any Quarterly Payment Date is greater than zero, payments of Senior Subordinated Notes Aggregate Quarterly Interest as reduced by the Senior Subordinated Notes Interest Shortfall Amount to be distributed on such Quarterly Payment Date to the Senior Subordinated Notes shall be paid to each Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of Senior Subordinated Notes Quarterly Interest payable with respect to each such Class; <u>provided</u>, that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Senior Subordinated Notes Interest Shortfall Amount. An additional amount of interest ("<u>Additional Senior Subordinated Notes Interest Shortfall Interest</u>") shall accrue on the Senior Subordinated Notes Interest Shortfall Amount for each subsequent Interest Period at the applicable Note Rate until the Senior Subordinated Notes Interest Shortfall Amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Senior Subordinated Notes Principal Payments Account</u>. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (A) to be paid to each applicable Class of Senior Subordinated Notes from the Collection Account up to the amount of the Senior Subordinated Notes Scheduled Principal Payments and amounts distributed to such administrative account pursuant to <u>clauses (xix)</u>, <u>(xx)</u> and <u>(xxxiv)</u> of the Priority of Payments owed to each such Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each such Class of Senior Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Subordinated Notes of such Class; <u>provided</u> that no Senior Subordinated Notes Scheduled Principal Payments shall be made in respect of any Series of Senior Subordinated Notes subsequent to the occurrence of any Rapid

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Amortization Event set forth in clause (e) of the definition of Rapid Amortization Event, (B) to be paid (so long as no Senior Notes are Outstanding) to each applicable Class of Senior Subordinated Notes from the Collection Account up to the aggregate amount of Indemnification Payments and Real Estate Disposition Proceeds owed to each such Class of Senior Subordinated Notes, sequentially in order of alphabetical designation and *pro rata* among each Class of Senior Subordinated Notes of the same alphabetical designation based upon the Outstanding Principal Amount of each such Class, and deposit such funds into the applicable Series Distribution Accounts, and (C) if any funds were allocated to the Senior Subordinated Notes Principal Payments Account on any Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, but are not due and payable on the Quarterly Payment Date following such Accounting Date because the applicable Series Non-Amortization Test is satisfied as of the applicable date of determination, and to the extent such funds are available after application of funds pursuant to subclause (A) and after giving effect to any payment of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to <u>Sections 5.12(a)(iii)</u>, <u>5.12(d)(ii)</u> <u>5.12(f)(ii)</u>, and <u>5.12(g)(ii)</u> to be re-allocated in accordance with <u>clauses (xix)</u> through (<u>xxxviii</u>) of the Priority of Payments, in each case, as though such Accounting Date was a Weekly Allocation Date and such funds were on deposit in the Collection Account, in the priorities set forth in such clauses and to the extent of amounts due and payable pursuant to such clauses on the following Quarterly Payment Date after giving effect to other funds already allocated therefor (including amounts re-allocated pursuant to <u>Section 5.12(g)(1)(C)</u><u>)</u>; (ii) if the aggregate amount of funds allocated to the Senior Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Senior Subordinated Notes Aggregate Scheduled Principal Payments owed to each applicable Class of Senior Subordinated Notes on such Quarterly Payment Date and/or the amount of funds allocated to the Senior Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Indemnification Payments and Real Estate Disposition Proceeds due on such Quarterly Payment Date with respect to each applicable Class of Senior Subordinated Notes, an amount equal to the lesser of (A) any such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to <u>Sections 5.12(a)(iii)</u>, <u>5.12(d)(ii)</u>, <u>5.12(f)(ii)</u> or <u>5.12(g)(ii)</u>) from <u>first</u> the Subordinated Notes Post-ARD Contingent Interest Account, <u>second</u>, the Senior Subordinated Notes Post-ARD Contingent Interest Account, <u>third</u>, the Senior Notes Post-ARD Contingent Interest Account, <u>fourth</u>, the Subordinated Notes Principal Payments Account, and <u>fifth,</u> the Subordinated Notes Interest Account, to be paid to each applicable Class of Senior Subordinated Notes up to the amount of unpaid Senior Subordinated Notes Scheduled Principal Payments and/or Indemnification Payments and/or Real Estate Disposition Proceeds, as the case may be, in the applicable order set forth in <u>clause (i)</u> above, and deposit such funds into the applicable Series Distribution Accounts, and (iii) if a Rapid Amortization Event has occurred and is continuing or shall occur on such Quarterly Payment Date and any amounts are on deposit in the Subordinated Notes Post-ARD Contingent Interest Account, Senior Subordinated Notes Post-ARD Contingent Interest Account, Senior Notes Post-ARD Contingent Interest Account, the Subordinated Notes Principal Payments Account or the Subordinated Notes Interest Account on such Accounting Date, an amount equal to all amounts on deposit in such Collection Account Administrative Accounts (after giving

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effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to this <u>Section 5.12</u>) to be paid to each Class of Senior Subordinated Notes, in the applicable order set forth in <u>clause (i)</u> above, and deposit such funds into the applicable Series Distribution Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Subordinated Notes Interest Account</u>. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Subordinated Notes Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to each Class of Subordinated Notes from the Collection Account, up to the amount of Subordinated Notes Quarterly Interest accrued and unpaid with respect to each such Class of Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of Subordinated Notes Quarterly Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts and (ii) if the amount of funds allocated to the Subordinated Notes Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to the immediately preceding <u>clause</u> (i) is less than Subordinated Notes Aggregate Quarterly Interest for the Interest Period ending most recently prior to such Quarterly Payment Date and no Senior Notes or Senior Subordinated Notes are Outstanding, an amount equal to the lesser of (A) such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to <u>Sections 5.12(a)(iii)</u>, <u>5.12(d)(ii)</u>, <u>5.12(f)(ii)</u>, <u>5.12(g)(ii)</u> or <u>5.12(i)(ii)</u><u>)</u> from <u>first</u> the Subordinated Notes Post-ARD Contingent Interest Account, <u>second</u>, the Senior Subordinated Notes Post-ARD Contingent Interest Account, <u>third</u>, the Senior Notes Post-ARD Contingent Interest Account, and <u>fourth</u>, the Subordinated Notes Principal Payments Account, to be paid to each Class of Subordinated Notes up to the amount of Subordinated Notes Quarterly Interest accrued and unpaid with respect to each such Class of Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of Subordinated Notes Quarterly Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Subordinated Notes Interest Shortfall Amount</u>. On each Accounting Date, the Master Issuer shall determine the excess, if any (the "<u>Subordinated Notes Interest Shortfall Amount</u>"), of (i) Subordinated Notes Aggregate Quarterly Interest for the Interest Period ending most recently prior to the next succeeding Quarterly Payment Date <u>over</u> (ii) the amount that shall be available to make payments on the Subordinated Notes in accordance with <u>Section 5.12(j)</u> on such Quarterly Payment Date. If the Subordinated Notes Interest Shortfall Amount with respect to any Quarterly Payment Date is greater than zero, payments of Subordinated Notes Aggregate Quarterly Interest as reduced by the Subordinated Notes Interest Shortfall Amount to be distributed on such Quarterly Payment Date to the Subordinated Notes shall be paid to each Class of Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of Subordinated Notes Quarterly Interest payable with respect to each such Class. An additional amount of interest ("<u>Additional Subordinated Notes Interest Shortfall Interest</u>") shall accrue on the Subordinated Notes Interest Shortfall Amount for each subsequent Interest Period at the applicable Note Rate until the Subordinated Notes Interest Shortfall Amount is paid in full.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Subordinated Notes Principal Payments Account</u>. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (A) to be paid to each applicable Class of Subordinated Notes from the Collection Account up to the amount of Subordinated Notes Scheduled Principal Payments and amounts distributed to such administrative account pursuant to <u>clauses (xxvi)</u>, <u>(xxvii)</u> and (<u>xxxv)</u> of the Priority of Payments owed to each such Class of Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each such Class of Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of such Class; <u>provided</u>, that no Subordinated Notes Scheduled Principal Payments shall be made in respect of any Series of Subordinated Notes subsequent to the occurrence of any Rapid Amortization Event set forth in clause (e) of the definition thereof; (B) to be paid (so long as no Senior Notes or Senior Subordinated Notes are Outstanding) to each applicable Class of Subordinated Notes from the Collection Account up to the aggregate amount of Indemnification Payments and Real Estate Disposition Proceeds owed to each such Class of Subordinated Notes, sequentially in order of alphabetical designation and *pro rata* among each Class of Subordinated Notes of the same alphabetical designation based upon the Outstanding Principal Amount of each such Class, and (C) if any funds were allocated to the Subordinated Notes Principal Payments Account on any Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, but are not due and payable on the Quarterly Payment Date following such Accounting Date because the applicable Series Non-Amortization Test is satisfied as of the applicable date of determination, and to the extent such funds are available after application of funds pursuant to subclause (A) and after giving effect to any payment of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to <u>Sections 5.12(a)(iii)</u>, <u>5.12(d)(ii)</u> <u>5.12(f)(ii)</u>, <u>5.12(g)(ii)</u>, <u>5.12(i)(ii)</u>, and <u>5.12(j)(ii)</u> to be re-allocated in accordance with <u>clauses (xvi) t</u>hrough (<u>xxxviii</u>) of the Priority of Payments, in each case, as though such Accounting Date was a Weekly Allocation Date and such funds were on deposit in the Collection Account, in the priorities set forth in such clauses and to the extent of amounts due and payable pursuant to such clauses on the following Quarterly Payment Date after giving effect to other funds already allocated therefor (including amounts re-allocated pursuant to <u>Section 5.12(g)(1)(C)</u> and <u>Section 5.12(i)(1)(C)</u><u>)</u>; (ii) if the aggregate amount of funds allocated to the Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Subordinated Notes Scheduled Principal Payments owed for the Interest Period ending most recently prior to such Quarterly Payment Date and/or the amount of funds allocated to the Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Indemnification Payments and Real Estate Disposition Proceeds due on such Quarterly Payment Date with respect to the Subordinated Notes, an amount equal to the lesser of (A) any such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to <u>Sections 5.12(a)(iii)</u>, <u>5.12(d(ii)</u>, <u>5.12(f)(ii)</u>, <u>5.12(g)(ii)</u>, <u>5.12(i)(ii)</u> or <u>5.12(j)(ii)</u><u>)</u> from <u>first</u>, the Subordinated Notes Post-ARD Contingent Interest Account, <u>second</u>,

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the Senior Subordinated Notes Post-ARD Contingent Interest Account, and <u>third</u>, the Senior Notes Post-ARD Contingent Interest Account, to be paid to each applicable Class of Subordinated Notes up to the amount of unpaid Subordinated Notes Scheduled Principal Payments and/or Indemnification Payments and/or Real Estate Disposition Proceeds, as the case may be, in the applicable order set forth in <u>clause (i)</u> above, and deposit such funds into the applicable Series Distribution Accounts, and (iii) if a Rapid Amortization Event has occurred and is continuing or shall occur on such Quarterly Payment Date and any amounts are on deposit in the Senior Notes Post-ARD Contingent Interest Account, the Senior Subordinated Notes Post-ARD Contingent Interest Account or the Subordinated Notes Post-ARD Contingent Interest Account on such Accounting Date, an amount equal to all amounts on deposit in such Collection Account Administrative Accounts (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to this <u>Section 5.12</u>) to be paid to each Class of Subordinated Notes, in the applicable order set forth in <u>clause (i)</u> above, and deposit such funds into the applicable Series Distribution Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Senior Notes Post-ARD Contingent Interest Account</u>. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to each applicable Class of Senior Notes from the Collection Account up to the amount of Senior Notes Quarterly Post-ARD Contingent Interest distributed to such administrative account owed to each such Class of Senior Notes, sequentially in order of alphanumerical designation and *pro rata* among each such Class of Senior Notes of the same alphanumerical designation based upon the amount of Senior Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts and (ii) if the amount of funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to the immediately preceding <u>clause (i)</u> is less than the amount of Senior Notes Quarterly Post-ARD Contingent Interest owed to each such Class of Senior Notes for the Interest Period ending most recently prior to such Quarterly Payment Date, an amount equal to the lesser of (A) such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to <u>Sections 5.12(a)(iii)</u>, <u>5.12(d)(ii)</u>, <u>5.12(f)(ii)</u>, <u>5.12(g)(ii)</u>, <u>5.12(i)(ii)</u>, <u>5.12(j)(ii)</u> or <u>5.12(l)(ii)</u> from <u>first</u> the Subordinated Notes Post-ARD Contingent Interest Account and <u>second,</u> the Senior Subordinated Notes Post-ARD Contingent Interest Account, to be paid to each Class of Senior Notes up to the amount of Senior Notes Quarterly Post-ARD Contingent Interest accrued and unpaid with respect to each applicable Class of Senior Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class of Senior Notes of the same alphanumerical designation based upon the amount of Senior Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Senior Subordinated Notes Post-ARD Contingent Interest Account</u>. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to each applicable Class of Senior Subordinated Notes from the Collection Account up to the amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest distributed to such administrative account owed to each such Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each such Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts and (ii) if the amount of funds allocated to the Senior Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to the immediately preceding <u>clause (i)</u> is less than the amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest owed to each such Class of Senior Subordinated Notes for the Interest Period ending most recently prior to such Quarterly Payment Date, an amount equal to the lesser of (A) such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to <u>Sections 5.12(a)(iii)</u>, <u>5.12(d)(ii)</u>, <u>5.12(f)(ii)</u>, <u>5.12(g)(ii)</u>, <u>5.12(i)(ii)</u>, <u>5.12(j)(ii)</u>, <u>5.12(l)(ii)</u> or <u>5.12(m)(ii)</u>) from the Subordinated Notes Post- ARD Contingent Interest Account, to be paid to each Class of Senior Subordinated Notes up to the amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest accrued and unpaid with respect to each applicable Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Subordinated Notes Post-ARD Contingent Interest Account</u>. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date the funds allocated to the Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to each applicable Class of Subordinated Notes from the Collection Account up to the amount of Subordinated Notes Quarterly Post-ARD Contingent Interest distributed to such administrative account owed to each such Class of Subordinated Notes, sequentially in order of alphanumerical designation and *pro rata* among each such Class of Subordinated Notes of the same alphanumerical designation based upon the amount of Subordinated Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Amounts on Deposit in the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account and the Cash Trap Reserve Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On the Accounting Date (A) preceding any Quarterly Payment Date that is a Cash Trapping Release Date, the Master Issuer shall instruct the Trustee in writing to withdraw on such Quarterly Payment Date from funds then on deposit in the Cash Trap Reserve Account an amount equal to the applicable Cash Trapping Release Amount and (B) preceding the first Quarterly Payment Date following the commencement of the Rapid Amortization Period (including a Rapid Amortization

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Period due to an Event of Default), the Master Issuer shall instruct the Trustee in writing to withdraw on such Quarterly Payment Date funds then on deposit in the Cash Trap Reserve Account and deposit such funds into the Collection Account for distribution in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) So long as no Rapid Amortization Period or Event of Default is continuing, on each Accounting Date, the Master Issuer shall instruct the Trustee writing to withdraw funds on deposit in the Cash Trap Reserve Account and apply such funds on the following Quarterly Payment Date to the extent necessary to pay Senior Notes Accrued Quarterly Interest Amounts, Class A-1 Senior Notes Aggregate Quarterly Commitment Fees, Senior Subordinated Notes Aggregate Quarterly Interest, Senior Notes Aggregate Scheduled Principal Payments, unreimbursed Advances (with interest thereon), unreimbursed Manager Advances (with interest thereon) and Series Hedge Payment Amounts, in each case, after giving effect to other amounts available for payment thereof as described in this <u>Section 5.12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) So long as no Rapid Amortization Period or Event of Default is continuing, on the Accounting Date preceding the first Quarterly Payment Date following the commencement of a Class A-1 Senior Notes Amortization Event, the Master Issuer shall instruct the Trustee in writing to withdraw funds on deposit in the Cash Trap Reserve Account to the extent necessary, after giving effect to other amounts available for payment thereof as described in this <u>Section 5.12</u> to pay principal on the Class A-1 Senior Notes Outstanding, and to deposit such funds into the Senior Notes Principal Payments Account for distribution to the holders of the Class A-1 Senior Notes, *pro rata*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the Master Issuer determines in its sole discretion to apply funds in the Cash Trap Reserve Account to make optional prepayments of principal of Senior Notes and/or Senior Subordinated Notes, which optional payments shall be made in accordance with the CTOP Payment Priority, the Master Issuer shall instruct the Trustee thereof in writing, and the Trustee shall, in accordance with such written instructions, withdraw funds on deposit in the Cash Trap Reserve Account in the amount instructed by the Master Issuer and deposit such funds into the Senior Notes Principal Payment Account and/or the Subordinated Notes Principal Payment Account, as applicable, and thereafter shall, in accordance with the written instructions of the Master Issuer, withdraw funds from the Senior Notes Principal Payment Account and/or the Subordinated Notes Principal Payments Account, as applicable, and deposit such funds into the applicable Series Distribution Accounts; provided that any such optional prepayments will be accompanied by the payment of any Prepayment Premiums related thereto, to the extent such Prepayment Premiums are otherwise payable in connection with the optional prepayment of such Notes in accordance with the applicable Series Supplement; and provided further, that any amounts remaining on deposit in the Cash Trap Reserve Account after such optional prepayments will remain deposited therein until the Quarterly Payment Date following the Quarterly Payment Date on which the Cash Trapping Period is no longer in effect, unless otherwise provided in this <u>Section 5.12</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If the Master Issuer determines, with respect to any Series of Senior Notes, that the amount to be deposited in any Series Distribution Account in accordance with this <u>Section 5.12</u> on any Series Legal Final Maturity Date related to such Series of Senior Notes is less than the Outstanding Principal Amount of such Series of Senior Notes, on the Accounting Date immediately preceding such Series Legal Final Maturity Date, the Master Issuer shall instruct the Trustee thereof in writing, and the Trustee shall, in accordance with such instruction on such Series Legal Final Maturity Date, withdraw from the Senior Notes Interest Reserve Account or the Master Issuer shall make a draw on the applicable Interest Reserve Letter of Credit and deposit, sequentially in order of alphanumeric designation and *pro rata* based upon the Outstanding Principal Amount of the Senior Notes, into the applicable Series Distribution Accounts, an amount equal to the lesser of such insufficiency and the sum of (a) the Available Senior Notes Interest Reserve Account Amount (after giving effect to any payments made from the Senior Notes Interest Reserve Account pursuant to <u>Sections 5.12(b)(ii)</u> and <u>5.12(d)(ii)</u>) on such Series Legal Final Maturity Date) and (b) any amounts available to be drawn on the applicable Interest Reserve Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If the Master Issuer determines, with respect to any Series of Senior Subordinated Notes, that the amount to be deposited in any Series Distribution Account in accordance with this <u>Section 5.12</u> on any Series Legal Final Maturity Date related to such Series of Senior Subordinated Notes is less than the Outstanding Principal Amount of such Series of Senior Subordinated Notes, on the Accounting Date immediately preceding such Series Legal Final Maturity Date, the Master Issuer shall instruct the Trustee thereof in writing, and the Trustee shall, in accordance with such instruction on such Series Legal Final Maturity Date, withdraw from the Senior Subordinated Notes Interest Reserve Account or the Master Issuer shall make a draw on the applicable Interest Reserve Letter of Credit and deposit, sequentially in order of alphanumeric designation and *pro rata* based upon the Outstanding Principal Amount of the Senior Subordinated Notes, into the applicable Series Distribution Accounts, an amount equal to the lesser of such insufficiency and the sum of (a) the Available Senior Subordinated Notes Interest Reserve Account Amount (after giving effect to any payments made from the Senior Subordinated Notes Interest Reserve Account pursuant to <u>Section 5.12(f)(ii)</u> on such Series Legal Final Maturity Date) and (b) any amounts available to be drawn on the applicable Interest Reserve Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) On any date on which no Senior Notes are Outstanding, the Master Issuer shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Notes Interest Reserve Account and to deposit all remaining funds into the Collection Account and the Master Issuer shall terminate any outstanding Interest Reserve Letter of Credit maintained with respect to the Senior Notes Interest Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) On any date on which no Senior Subordinated Notes are Outstanding, the Master Issuer shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Subordinated Notes Interest Reserve Account and to deposit all remaining funds into the Collection Account and the Master Issuer shall terminate any outstanding Interest Reserve Letter of Credit maintained with respect to the Senior Subordinated Notes Interest Reserve Account.

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Section 5.13 <u>Determination of Quarterly Interest</u>. Quarterly payments of interest and fees on each Series of Notes shall be determined, allocated and distributed in accordance with the procedures set forth in the applicable Series Supplement.

Section 5.14 <u>Determination of Quarterly Principal</u>. Quarterly payments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance with the procedures set forth in the applicable Series Supplement.

Section 5.15 <u>Prepayment of Principal</u>. Mandatory prepayments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance with the procedures set forth in the applicable Series Supplement, if not otherwise described herein.

Section 5.16 <u>Retained Collections Contributions</u>. At any time after the Closing Date, the Master Issuer may (but is not required to) designate Retained Collections Contributions to be included in Net Cash Flow for purposes of calculating the Quarterly DSCR, or, on and after the Springing Amendments Implementation Date, the DSCR, but not more than $7,500,000<u>(x)</u> in any Quarterly Collection Period or more than $15,000,000<u>, the greater of (i) 5% of Net Cash Flow over the four (4) Quarterly Collection Periods immediately preceding the relevant date of determination and (ii) $55,000,000, (y) for all Retained Collections Contributions made</u> during any period of four (4) consecutive Quarterly Collection Periods or more than $30,000,000<u>, the greater of (i) 15% of Net Cash Flow over the four (4) Quarterly Collection Periods immediately preceding the relevant date of determination and (ii) $165,000,000 and (z) for all Retained Collections Contributions made</u> from the Closing Date to the Final Series Legal Final Maturity Date; <u>provided</u><u>, the greater of (i) 25% of Net Cash Flow over the four (4) Quarterly Collection Periods immediately preceding the relevant date of determination and (ii) $275,000,000; provided, that any Retained Collections Contributions made to the Master Issuer following a Quarterly Collection Period, but on or before the related Accounting Date, may, at the Master Issuer's discretion as designated in the next Weekly Manager's Certificate, Quarterly Manager's Certificate or Quarterly Noteholders' Statement, as applicable, be included in Net Cash Flow for such Quarterly Collection Period; provided, further</u>, that any Retained Collections Contributions shall be excluded from the amount of Net Cash Flow for purposes of calculations undertaken in the following circumstances: (a) to determine whether the Co-Issuers may draw under any Class A-1 Senior Notes or request letters of credit to be issued under any Class A-1 Subfacility, (b) to determine whether the Co-Issuers may extend the Class A-1 Senior Notes Renewal Date, (c) to determine compliance with any Series Non-Amortization Test, (d) to determine the New Series Pro Forma Quarterly DSCR, or, on and after the Springing Amendments Implementation Date, the New Series Pro Forma DSCR, and (e) to determine the Securitization Leverage Ratio and the Senior ABS Leverage Ratio. The amount of any Retained Collections Contribution shall be held by the Master Issuer (or any other Securitization Entity other than the SPV Guarantor) for at least one full fiscal quarter after which time that amount may be distributed by the Master Issuer to the SPV Guarantor on any Weekly Allocation Date; <u>provided</u>, that (i) the most recent Quarterly DSCR or, on and after the Springing Amendments Implementation Date, the DSCR, was at least equal to the Cash Trapping DSCR Threshold without giving effect to the inclusion of such Retained Collections Contribution and (ii) such Retained Collections Contribution is not

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required to pay any shortfall in the amounts payable under <u>clauses (ii)</u> through <u>(xxxvii)</u> of the Priority of Payments, to the extent of any shortfall on such Weekly Allocation Date. Prior to the Springing Amendments Implementation Date, the Master Issuer may not designate equity contributions as<u>In addition, Deemed</u> Retained Collections Contributions to the extent such equity contributions were funded by the proceeds of a draw under any Class A-1 Senior Notes.<u>shall constitute Retained Collections Contributions for the purposes and under the circumstances set forth in the proviso to the definition of "Retained Collections".</u>

Section 5.17 <u>Interest Reserve Letters of Credit</u>. The Co-Issuers may, in lieu of funding (or as partial replacement for funding) the Senior Notes Interest Reserve Account and/or the Senior Subordinated Notes Interest Reserve Account in the amounts required hereunder, maintain one or more Interest Reserve Letters of Credit issued under a Variable Funding Note Purchase Agreement for the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable, each in a face amount equal to the amounts required to be funded in respect of such account(s) had such Interest Reserve Letter of Credit not been issued.

Each such Interest Reserve Letter of Credit (a) shall name the Trustee, for the benefit of the Senior Noteholders or the Senior Subordinated Noteholders, as applicable, as the beneficiary thereof; (b) shall allow the Trustee (or the Control Party on its behalf) to submit a notice of drawing in respect of such Interest Reserve Letter of Credit whenever amounts would otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to <u>Section 5.12</u>: (c) shall have an expiration date of no later than ten (10) Business Days prior to the Class A-1 Senior Notes Renewal Date specified in the related Variable Funding Note Purchase Agreement pursuant to which such Interest Reserve Letter of Credit was issued; and (d) shall indicate by its terms that the proceeds in respect of drawings under such Interest Reserve Letter of Credit shall be paid directly into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable.

If, on the date that is five (5) Business Days prior to the expiration of any such Interest Reserve Letter of Credit, such Interest Reserve Letter of Credit has not been replaced or renewed and the Co-Issuers have not otherwise deposited funds into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in the amounts that would otherwise be required had such Interest Reserve Letter of Credit not been issued, the Master Issuer<u>Control Party</u> shall submit a notice of drawing under such Interest Reserve Letter of Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior Notes Interest Reserve Account Deficit Amount or the Senior Subordinated Notes Interest Reserve Account Deficit Amount on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been issued.

If, on any day, (i) the short-term debt credit rating of any entity which has issued an Interest Reserve Letter of Credit (an "<u>L/C Provider</u>") is withdrawn by Standard & Poor's or downgraded below "A-1" or is withdrawn by Moody's or downgraded below "P-l" or (ii) the long-term debt credit rating of any L/C Provider is withdrawn by Standard & Poor's or downgraded below "BBB+" or is withdrawn by Moody's or downgraded below "Baa1" (each of

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cases (i) and (ii), an "<u>L/C Downgrade Event</u>"), on the fifth (5th) Business Day after the occurrence of such L/C Downgrade Event, the Master Issuer shall submit a notice of drawing under each Interest Reserve Letter of Credit issued by such L/C Provider and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior Notes Interest Reserve Account Deficit Amount or the Senior Subordinated Notes Interest Reserve Account Deficit Amount on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been issued.

Section 5.18 <u>Replacement of Ineligible Accounts</u>. If, at any time, any Concentration Account or any of the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Cash Trap Reserve Account, the Collection Account, any Collection Account Administrative Account or the DNAF Account shall cease to be an Eligible Account (each, an "<u>Ineligible Account</u>"), the Master Issuer or any other Co-Issuer shall (i) within five (5) Business Days of obtaining knowledge thereof, notify the Control Party thereof and (ii) within sixty (60) days of obtaining knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Ineligible Account, (B) with the exception of the DNAF Account and any Concentration Account, following the establishment of such new Eligible Account, transfer, or with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing to transfer, all cash and investments from such Ineligible Account into such new Eligible Account, (C) in the case of the DNAF Account or a Concentration Account, following the establishment of such new Eligible Account, transfer or cause to be transferred to such new Eligible Account, all cash and investments from such Ineligible Account into such new Eligible Account, (D) in the case of a Concentration Account, transfer or cause to be transferred all items deposited in the Lock-Box related to such Ineligible Account to a new Lock-Box related to such new Concentration Account, and (E) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and, if such Ineligible Account is required to be subject to an Account Control Agreement in accordance with the terms of the Indenture, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party and the Trustee. In the event that any of the Collection Account, any Concentration Account, any Collection Account Administrative Account or the DNAF Account becomes an Ineligible Account, the Manager shall, promptly following the establishment of such related new Eligible Account, notify each Franchisee of a change in payment instructions, if any.

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**ARTICLE VI** 

**DISTRIBUTIONS** 

Section 6.1 <u>Distributions in General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise specified in the applicable Series Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the Noteholders of each Series of record on the preceding Record Date the amounts payable thereto (i) by wire transfer in immediately available funds released by the Paying Agent from the applicable Series Distribution Account no later than 12:30 p.m. (New York City time) if a Noteholder has provided to the Paying Agent and the Trustee wiring instructions at least five (5) Business Days prior to the applicable Quarterly Payment Date or (ii) by check mailed first-class postage prepaid to such Noteholder at the address for such Noteholder appearing in the Note Register if such Noteholder has not provided wire instructions pursuant to <u>clause (i)</u> above; <u>provided</u>, <u>however</u>, that the final principal payment due on a Note shall only be paid upon due presentment and surrender of such Note for cancellation in accordance with the provisions of the Note at the applicable Corporate Trust Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified in the applicable Series Supplement, in this Base Indenture or in any applicable Variable Funding Note Purchase Agreement, all distributions to Noteholders of all Classes within a Series of Notes shall be made from amounts allocated in accordance with the Priority of Payments among each Class of Notes in alphanumerical order (i.e., A-1, A-2, B-l, B-2 and not A-1, B-l, A-2, B-2) and *pro rata* among holders of Notes within each Class of the same alphanumerical designation; <u>provided</u>, <u>however</u>, that unless otherwise specified in the Series Supplement, in this Base Indenture or in any applicable Variable Funding Note Purchase Agreement, all distributions to Noteholders of all Classes within a Series of Notes having the same alphabetical designation shall be <u>pari passu</u> with each other with respect to the distribution of Collateral proceeds resulting from exercise of remedies upon an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise specified in the applicable Series Supplement, the Trustee shall distribute all amounts owed to the Noteholders of any Class of Notes pursuant to the instructions of the Co-Issuers whether set forth in a Quarterly Manager's Certificate, Company Order or otherwise.

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**ARTICLE VII** 

**REPRESENTATIONS AND WARRANTIES** 

The Co-Issuers hereby represent and warrant, for the benefit of the Trustee and the Noteholders, as follows as of each Series Closing Date:

Section 7.1 <u>Existence and Power</u>. Each Securitization Entity (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction (including, without limitation, in each Included Country) where the character of its property, the nature of its business or the performance of its obligations under the Related Documents make such qualification necessary, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect, and (c) has all limited liability company, corporate or other powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted and for purposes of the transactions contemplated by the Indenture and the other Related Documents.

Section 7.3 <u>No Consent</u>. Except as set forth on <u>Schedule 7.3</u>, no consent, action by or in respect of, approval or other authorization of, or registration, declaration or filing with, any Governmental Authority or other Person is required for the valid execution and delivery by each Co-Issuer of this Base Indenture and any Series Supplement and by each Co-Issuer and each other Securitization Entity of any Related Document to which it is a party or for the performance of any of the Securitization Entities' obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations, declarations or filings (a) as shall have been obtained or made by such Securitization Entity prior to the Closing Date or as are permitted to be obtained subsequent to the Closing Date in accordance with <u>Section 7.13</u>, <u>Section 8.25</u> or <u>Section 8.37</u>, or (b) relating to the performance of any Collateral Franchise Document the failure of which to obtain is not reasonably likely to have a Material Adverse Effect.

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Section 7.4 <u>Binding Effect</u>. This Base Indenture and each other Related Document to which a Securitization Entity is a party is a legal, valid and binding obligation of each such Securitization Entity enforceable against such Securitization Entity in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing).

Section 7.5 <u>Litigation</u>. There is no action, suit, proceeding or investigation pending against or, to the knowledge of any Co-Issuer, threatened against or affecting any Securitization Entity or of which any property or assets of such Securitization Entity is the subject before any court or arbitrator or any Governmental Authority that would, individually or in the aggregate, affect the validity or enforceability of this Base Indenture or any Series Supplement, materially adversely affect the performance by the Securitization Entities of their obligations hereunder or thereunder or which is reasonably likely to have a Material Adverse Effect.

Section 7.6 <u>No ERISA Plan</u>. No Securitization Entity or any corporation or any trade, business, organization or other entity (whether or not incorporated) that would be treated together with any Securitization Entity as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA has, except as provided on <u>Schedule 7.6</u>, established, maintains, contributes to, or has any liability in respect of (or has in the past six years established, maintained, contributed to, or had any liability in respect of) any Plan. Except as provided on <u>Schedule 7.6</u>, no Securitization Entity has any contingent liability with respect to any post-retirement welfare benefits under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation of coverage laws.

Section 7.7 <u>Tax Filings and Expenses</u>. Each Securitization Entity has filed, or caused to be filed, all federal, state, local and foreign Tax returns and all other Tax returns which, to the knowledge of any Co-Issuer, are required to be filed by, or with respect to the income, properties or operations of, such Securitization Entity (whether information returns or not), and has paid, or caused to be paid, all Taxes due, if any, pursuant to said returns or pursuant to any assessment received by any Securitization Entity or otherwise, except such Taxes, if any, as are being contested in good faith and by appropriate proceedings and for which adequate reserves have been set aside in accordance with GAAP. As of the Closing Date, except as set forth on <u>Schedule 7.7</u>, no Co- Issuer is aware of any proposed Tax assessments against any Domino's Entity. Except as would not reasonably be expected to have a Material Adverse Effect, no tax deficiency has been determined adversely to any Securitization Entity, nor does any Securitization Entity have any knowledge of any tax deficiencies. Each Securitization Entity has paid all fees and expenses required to be paid by it in connection with the conduct of its business, the maintenance of its existence and its qualification as a foreign entity authorized to do business in each state and each foreign country in which it is required to so qualify, except to the extent that the failure to pay such fees and expenses is not reasonably likely to result in a Material Adverse Effect.

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Section 7.8 <u>Disclosure</u>. All certificates, reports, statements, notices, documents and other information furnished to the Trustee or the Noteholders by or on behalf of the Securitization Entities pursuant to any provision of the Indenture or any other Related Document, or in connection with or pursuant to any amendment or modification of, or waiver under, the Indenture or any other Related Document, are, at the time the same are so furnished, complete and correct in all material respects (when taken together with all other information furnished by or on behalf of the Domino's Entities to the Trustee or the Noteholders, as the case may be), and give the Trustee or the Noteholders, as the case may be, true and accurate knowledge of the subject matter thereof in all material respects, and the furnishing of the same to the Trustee or the Noteholders, as the case may be, shall constitute a representation and warranty by each Co-Issuer made on the date the same are furnished to the Trustee or the Noteholders, as the case may be, to the effect specified herein.

Section 7.9 <u>Investment Company Act</u>. No Securitization Entity is, or is controlled by, an "investment company" within the meaning of the Investment Company Act.

Section 7.10 <u>Regulations T, U and X</u>. The proceeds of the Notes will not be used to purchase or carry any "margin stock" (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) in such a way that could cause the transactions contemplated by the Related Documents to fail to comply with the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof. No Securitization Entity owns or is engaged in the business of extending credit for the purpose of purchasing or carrying any margin stock.

Section 7.11 <u>Solvency</u>. Both before and after giving effect to the transactions contemplated by the Indenture and the other Related Documents, each Securitization Entity is solvent within the meaning of the Bankruptcy Code and any applicable state law and each Securitization Entity is not the subject of any voluntary or involuntary case or proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy or insolvency law and no Event of Bankruptcy has occurred with respect to any Securitization Entity.

Section 7.12 <u>Ownership of Equity Interests: Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All of the issued and outstanding limited liability company interests of the SPV Guarantor are owned by Domino's International, all of which limited liability company interests have been validly issued and are owned of record by Domino's International, free and clear of all Liens other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All of the issued and outstanding limited liability company interests of the Master Issuer are owned by the SPV Guarantor, all of which limited liability company interests have been validly issued and are owned of record by the SPV Guarantor, free and clear of all Liens other than Permitted Liens.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All of the issued and outstanding limited liability company interests of the Domestic Distributor<u>Supply Chain Holder, the PFS Domestic Supply Chain Holder</u>, the IP Holder and the Domestic Franchisor are owned by the Master Issuer, all of which limited liability company interests have been validly issued and are owned of record by the Master Issuer, free and clear of all Liens other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All of the issued and outstanding capital stock of the International Franchisor and the SPV Canadian Holdco is owned by the Master Issuer, all of which capital stock has been validly issued, is fully paid and non-assessable and are owned of record by the Master Issuer, free and clear of all Liens other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All of the issued and outstanding capital stock of the Canadian Distributor are owned by the SPV Canadian Holdco, all of which capital stock has been validly issued and are owned of record by the SPV Canadian Holdco, free and clear of all Liens other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All of the issued and outstanding limited liability company interests of the Domestic Distribution<u>Supply Chain</u> Real Estate Holder are owned by the Domestic Franchisor, all of which limited liability company interests have been validly issued and are owned of record by the Domestic Franchisor, free and clear of all Liens other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All of the issued and outstanding limited liability company interests of the Domestic Distribution<u>Supply Chain</u> Equipment Holder are owned by the Domestic Distributor<u>Supply Chain Holder</u>, all of which limited liability company interests have been validly issued and are owned of record by the Domestic Distributor<u>Supply Chain Holder</u>, free and clear of all Liens other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All of the issued and outstanding limited liability company interests of the International Franchisor (Michigan) are owned by the International Franchisor, all of which limited liability company interests have been validly issued and are owned of record by the International Franchisor, free and clear of all Liens other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Master Issuer has no subsidiaries and owns no Equity Interests in any other Person, other than the Domestic Distributor, the<u>Supply Chain Holder, the PFS Domestic Supply Chain Holder, the</u> SPV Canadian Holdco, the IP Holder, the International Franchisor, the <u>International Franchisor (Michigan), the</u> Domestic Franchisor, the Canadian Distributor, the Domestic Distribution<u>Supply Chain</u> Real Estate Holder and, the Domestic Distribution<u>Supply Chain</u> Equipment Holder and any Additional Securitization Entity. The SPV Canadian Holdco has no subsidiaries and owns no Equity Interests in any other Person other than the Canadian Distributor and any Additional Securitization Entity. The Domestic Franchisor has no subsidiaries and owns no Equity Interests in any other Person other than the Domestic Distribution<u>Supply Chain</u> Real Estate Holder and any Additional Securitization Entity. The Domestic Distributor<u>Supply Chain Holder</u> has no subsidiaries and owns no Equity Interests in any other Person other than the Domestic Distribution<u>Supply Chain</u> Equipment Holder and any Additional Securitization Entity. The Canadian Distributor, the IP Holder, the International Franchisor, the <u>International Franchisor (Michigan), the</u> Domestic Distribution<u>Supply Chain</u> Real Estate Holder and the Domestic Distribution<u>Supply Chain</u> Equipment Holder have no subsidiaries and own no Equity Interests in any other Person other than any Additional Securitization Entity.

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Section 7.13 <u>Security Interests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Co-Issuer and Guarantor owns and has good title to its Collateral, free and clear of all Liens other than Permitted Liens. The Co-Issuers' and Guarantors' rights under the Collateral Documents (except for any Franchisee Promissory Notes) constitute general intangibles under the applicable UCC. This Base Indenture and the Global G&C Agreement constitute a valid and continuing Lien on the Collateral (other than the owned Domestic Manufacturing and Distribution Centers<u>Supply Chain Center</u>) in favor of the Trustee on behalf of and for the benefit of the Secured Parties, which Lien on the Collateral has been perfected (except as described on <u>Schedule 7.13(a)</u> or as permitted under <u>Section 8.25(c)</u> or <u>Section 8.25(d)</u>) and is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from each Co-Issuer and each Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing. The Co-Issuers and the Guarantors have received all consents and approvals required by the terms of the Collateral to the pledge of the Collateral to the Trustee hereunder and under the Global G&C Agreement. The Co-Issuers and the Guarantors have caused, or shall have caused, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the first-priority security interest in the Collateral granted to the Trustee hereunder or under the Global G&C Agreement within ten (10) days of the date of this Agreement, or, in the case of Intellectual Property or the owned Domestic Manufacturing and Distribution Centers<u>Supply Chain Center</u>, shall take all action necessary to perfect such first-priority security interest consistent with the obligations and time periods set forth in <u>Section 8.25(c)</u>, <u>Section 8.25(d)</u> or <u>Section 8.37</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than the security interest granted to the Trustee hereunder, pursuant to the other Related Documents or any other Permitted Lien, none of the Co-Issuers and none of the Guarantors has pledged, assigned, sold or granted a security interest in the Collateral. All action necessary (including the filing of UCC-1 financing statements and filings with the PTO, the United States Copyright Office or any applicable foreign intellectual property office or agency) to protect and evidence the Trustee's security interest in the Collateral in the United States and in any Included Country has been, or shall be, duly and effectively taken, consistent with the obligations set forth in <u>Section 8.25(c)</u>, <u>Section 8.25(d)</u> or <u>Section 8.37</u>, except as described on <u>Schedule 7.13(a)</u>. No security agreement, financing statement, equivalent security or lien instrument or continuation statement authorized by any Co-Issuer and any Guarantor and listing such Co-Issuer or Guarantor as debtor covering all or any part of the Collateral is on file or of record in any jurisdiction in the United States or in any Included Country, except in respect of Permitted Liens or such as may have been filed, recorded or made by such Co-Issuer or such Guarantor in favor of the Trustee on behalf of the Secured Parties in connection with this Base Indenture and the Global G&C Agreement, and no Co-Issuer or Guarantor has authorized any such filing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All authorizations in this Base Indenture and the Global G&C Agreement for the Trustee to endorse checks, instruments and securities and to execute financing statements, continuation statements, security agreements and other instruments with respect to the Collateral and to take such other actions with respect to the Collateral authorized by this Base Indenture and the Global G&C Agreement are powers coupled with an interest and are irrevocable.

Section 7.14 <u>Related Documents</u>. The Indenture Documents, the Collateral Transaction Documents, the Account Agreements, the Depository Agreements, any Variable Funding Note Purchase Agreement, any Swap Contract, any Series Hedge Agreement and any Enhancement Agreement with respect to each Series of Notes are in full force and effect. There are no outstanding defaults thereunder nor have events occurred which, with the giving of notice, the passage of time or both, would constitute a default thereunder.

Section 7.15 <u>Non-Existence of Other Agreements</u>. Other than as permitted by <u>Section 8.22</u>, (a) no Securitization Entity is a party to any contract or agreement of any kind or nature and (b) no Securitization Entity is subject to any material obligations or liabilities of any kind or nature in favor of any third party, including, without limitation, Contingent Obligations. No Securitization Entity has engaged in any activities since its formation (other than those incidental to its formation, the authorization and the issue of Series of Notes, the execution of the Related Documents to which such Securitization Entity is a party and the performance of the activities referred to in or contemplated by such agreements).

Section 7.16 <u>Compliance with Contractual Obligations and Laws</u>. No Securitization Entity is in violation of (a) its Charter Documents, (b) any Requirement of Law with respect to such Securitization Entity or (c) any Contractual Obligation with respect to Securitization Entity except, solely with respect to <u>clauses (b)</u> and <u>(c)</u>, to the extent such violation could not reasonably be expected to result in a Material Adverse Effect.

Section 7.17 <u>Other Representations</u>. All representations and warranties of each Securitization Entity made in each Related Document to which it is a party are true and correct (i) if qualified as to materiality, in all respects, and (ii) if not qualified as to materiality, in all material respects (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct in all respects or in all material respects, as applicable, as of such earlier date), and are repeated herein as though fully set forth herein.

Section 7.18 <u>No Employees</u>. Notwithstanding any other provision of the Indenture or any Charter Documents of any Securitization Entity to the contrary, no Securitization Entity has any employees.

Section 7.19 <u>Insurance</u>. The Securitization Entities maintain the insurance coverages described on <u>Schedule 7.19</u> hereto, in such amounts and covering such risks as is adequate for the conduct of their respective businesses and the value of their respective properties and as is customary for companies engaged in similar businesses in similar industries. All policies of insurance of the Securitization Entities are in full force and effect and the Securitization Entities are in compliance with the terms of such policies in all material respects. None of the Securitization Entities has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar

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insurers as may be necessary to continue its business at a cost that would not reasonably be expected to have a Material Adverse Effect. All such insurance is primary coverage, all premiums therefor due on or before the date hereof have been paid in full, and the terms and conditions thereof are no less favorable to the Securitization Entities than the terms and conditions of insurance maintained by their Affiliates that are not Securitization Entities.

Section 7.20 <u>Environmental Matters: Real Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Securitization Entities are subject to any material liabilities or obligations pursuant to any Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Securitization Entities (other than the Domestic Distribution<u>Supply Chain</u> Real Estate Holder and the Master Issuer) owns, leases or operates any real property (other than in connection with any Refranchising Asset Disposition).

Section 7.21 <u>Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All of the material registrations and applications included in the Domino's IP are subsisting, unexpired and have not been abandoned in any applicable jurisdiction except where such abandonment could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Schedule 7.21</u>, (i) the use of the Domino's IP does not infringe or violate the rights of any third party in a manner that could reasonably be expected to have a Material Adverse Effect, (ii) the Domino's IP is not being infringed or violated by any third party in a manner that could reasonably be expected to have a Material Adverse Effect and (iii) there is no action or proceeding pending or, to the Co-Issuers' knowledge, threatened alleging same that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth on <u>Schedule 7.21</u>, no action or proceeding is pending or, to the Co-Issuers' knowledge, threatened that seeks to limit, cancel or question the validity of any material Domino's IP, or the use thereof, that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The IP Holder is the exclusive owner of the Domino's IP, free and clear of all Liens, set-offs, defenses and counterclaims of whatsoever kind or nature (other than licenses granted in the ordinary course of business and the rights granted under the IP License Agreements, the Third-Party License Agreements, the Franchise Arrangements and the Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Co-Issuers have not made and will not hereafter make any material assignment, pledge, mortgage, hypothecation or transfer of any of the Domino's IP (other than licenses granted in the ordinary course of business and the rights granted under the IP License Agreements, the Third-Party License Agreements, the Franchise Arrangements and the Permitted Liens).

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**ARTICLE VIII** 

**COVENANTS** 

Section 8.1 <u>Payment of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Co-Issuer shall pay or cause to be paid the principal of, and premium, if any, and interest, subject to <u>Section 2.15(d)</u>, on the Notes when due pursuant to the provisions of this Base Indenture and any applicable Series Supplement. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent holds on that date money designated for and sufficient to pay all principal, premium, if any, and interest then due. Except as otherwise provided pursuant to a Variable Funding Note Purchase Agreement or any other Related Document, amounts properly withheld under the Code or any applicable state, local or foreign law by any Person from a payment to any Noteholder of interest or principal or premium, if any, shall be considered as having been paid by the Co-Issuers to such Noteholder for all purposes of the Indenture and the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By acceptance of its Notes, each Noteholder agrees that the failure to provide the Paying Agent with appropriate tax certifications (which includes (i) an Internal Revenue Service Form W-9 for United States persons (as defined under Section 7701(a)(30) of the Code) or any applicable successor form or (ii) an applicable Internal Revenue Service Form W-8, for Persons other than United States persons, or applicable successor form) may result in amounts being withheld from payments to such Noteholder under this Base Indenture and any Series Supplement and that amounts withheld pursuant to applicable laws shall be considered as having been paid by the Co-Issuers as provided in <u>clause (a)</u> above.

Section 8.2 <u>Maintenance of Office or Agency</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers will maintain an office or agency (which may be an office of the Trustee, the Registrar or co-registrar) where Notes may be surrendered for registration of transfer or exchange, where notices and demands to or upon the Co-Issuers in respect of the Notes and the Indenture may be served, and where, at any time when the Co- Issuers are obligated to make a payment of principal of, and premium, if any, on the Notes, the Notes may be surrendered for payment. The Co-Issuers will give prompt written notice to the Trustee and the Servicer of the location, and any change in the location, of such office or agency. If at any time the Co-Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee and the Servicer with the address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office and notices and demands may be made at the address set forth in <u>Section 14.1</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Co-Issuers will give prompt written notice to the Trustee and the Servicer of any such designation or rescission and of any change in the location of any such other office or agency. The Co-Issuers hereby designate the applicable Corporate Trust Office as one such office or agency of the Co-Issuers.

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Section 8.3 <u>Payment and Performance of Obligations</u>. The Co-Issuers will, and will cause the other Securitization Entities to, pay and discharge and fully perform, at or before maturity, all of their respective material obligations and liabilities, including, without limitation, Tax liabilities and other governmental claims levied or imposed upon the Securitization Entity or upon the income, properties or operations of any Securitization Entity, judgments, settlement agreements and all obligations of each Securitization Entity under the Collateral Documents, except where the same may be contested in good faith by appropriate proceedings (and without derogation from the material obligations of the Co-Issuers hereunder and the Guarantors under the Global G&C Agreement regarding the protection of the Collateral from Liens (other than Permitted Liens)), and will maintain, in accordance with GAAP, reserves as appropriate for the accrual of any of the same.

Section 8.4 <u>Maintenance of Existence</u>. Each Co-Issuer will, and will cause each other Securitization Entity to, maintain its existence as a limited liability company, unlimited company or corporation validly existing, and in good standing under the laws of its state or province of organization and duly qualified as a foreign limited liability company, unlimited company or corporation licensed under the laws of each state and each foreign country in which the failure to so qualify would be reasonably likely to result in a Material Adverse Effect. Each Co-Issuer will, and will cause each other Securitization Entity (other than the International Franchisor, the SPV Canadian Holdco<u>, the International Franchisor (Michigan)</u> or any Additional Securitization Entity that is a corporation) to, be treated as a disregarded entity within the meaning of United States Treasury regulation section 301.7701-2(c)(2) and no Co-Issuer will, or will permit any other Securitization Entity (other than the International Franchisor, the SPV Canadian Holdco, <u>the International Franchisor (Michigan)</u> or any Additional Securitization Entity that is a corporation) to, be classified as a corporation or as an association taxable as a corporation or a publicly traded partnership taxable as a corporation for United States federal tax purposes.

Section 8.5 <u>Compliance with Laws</u>. Each Co-Issuer will, and will cause each other Securitization Entity to, comply in all respects with all Requirements of Law with respect to such Co-Issuer or such other Securitization Entity except where such noncompliance would not be reasonably likely to result in a Material Adverse Effect; <u>provided</u>, <u>however</u>, such noncompliance will not result in a Lien (other than a Permitted Lien) on any of the Collateral or any criminal liability on the part of any Securitization Entity, the Manager or the Trustee.

Section 8.6 <u>Inspection of Property: Books and Records</u>. Each Co-Issuer will, and will cause each other Securitization Entity to, keep proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions, business and activities in accordance with GAAP. Each Co-Issuer will, and will cause each other Securitization Entity to, permit each of the Servicer, the Manager, the Back-Up Manager, the Control Party, the Controlling Class Representative and the Trustee or any Person appointed by any of them to act as its agent to visit and inspect any of its properties, to examine and make abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, directors, managers, employees and independent certified public accountants at the Servicer's, the Manager's, the Back-Up Manager's, the Controlling Class Representative's, the Trustee's or such Person's expense, all at such reasonable times upon reasonable notice and as often as may reasonably be requested; <u>provided</u>, <u>however</u>, that during the continuance of a Rapid Amortization Event or an Event of Default each of the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative and the Trustee or any Person appointed by any of them to act as its agent may visit and conduct such activities at any time and all such visits and activities shall be at the Co-Issuers' expense.

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Section 8.7 <u>Actions under the Collateral Documents and Related Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in <u>Section 8.7(d)</u>, no Co-Issuer will, or will permit any Securitization Entity to, take any action which would permit any Domino's Entity or any other Person party to a Collateral Transaction Document to have the right to refuse to perform any of its respective obligations under any of the Collateral Transaction Documents or that would result in the amendment, waiver, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any Collateral Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in <u>Section 3.2(a)</u> or <u>8.7(d)</u>, no Co- Issuer will, or will permit any Securitization Entity to, take any action which would permit any other Person party to a Collateral Franchise Document to have the right to refuse to perform any of its respective obligations under such Collateral Franchise Document or that would result in the amendment, waiver, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, such Collateral Franchise Document if such action when taken on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided in <u>Section 3.2(a)</u>, each Co-Issuer agrees that it will not, and will cause each Securitization Entity not to, without the prior written consent of the Control Party, exercise any right, remedy, power or privilege available to it with respect to any obligor under a Collateral Document or under any instrument or agreement included in the Collateral, take any action to compel or secure performance or observance by any such obligor of its obligations to such Co-Issuer or such other Securitization Entity or give any consent, request, notice, direction or approval with respect to any such obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Co-Issuer agrees that it will not, and will cause each Securitization Entity not to, without the prior written consent of the Control Party, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any of the Related Documents; <u>provided</u>, <u>however</u>, that the Securitization Entities may agree to any amendment, modification, supplement or waiver of any such term of any Related Document without any such consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the covenants of any Securitization Entity for the benefit of the Secured Parties; or to add to the covenants of any Domino's Entity for the benefit of any Securitization Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to terminate any Related Document if any party thereto (other than a Securitization Entity) becomes, in the reasonable judgment of the Co-Issuers, unable to pay its debts as they become due, even if such party has not yet defaulted on its obligations under the Related Document, so long as the Co-Issuers enter into a replacement agreement with a new party within ninety (90) days of the termination of the Related Document;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to make such other provisions in regard to matters or questions arising under the Related Documents as the parties thereto may deem necessary or desirable, which are not inconsistent with the provisions thereof and which shall not materially and adversely affect the interests of any Noteholder, any Note Owner or any other Secured Party; <u>provided</u> that an Opinion of Counsel and an Officer's Certificate shall be delivered to the Trustee, the Rating Agencies and the Servicer to such effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of any Variable Funding Note Purchase Agreement, to the extent that the consent of the Control Party is not required, pursuant to the terms of such agreement, for such amendment, modification, supplement or waiver; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Servicing Agreement may be amended, waived, modified, supplemented, terminated or surrendered without the consent of the Control Party (x) to the extent that the consent of the Control Party or the Servicer to such amendment, waiver, modification, supplement, termination or surrender is not required pursuant to the terms thereof or (y) if the Servicer has resigned or has been removed or the Servicing Agreement has otherwise been terminated and amendments or modifications or a new agreement are required in order to replace the Servicer or to entice a successor servicer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the occurrence of a Manager Termination Event under the Management Agreement, (i) each Co-Issuer will not, and will cause each other Securitization Entity not to, without the prior written consent of the Control Party, terminate the Manager and appoint any Successor Manager in accordance with the Management Agreement and (ii) each Co-Issuer will, and will cause each other Securitization Entity to, terminate the Manager and appoint one or more Successor Managers in accordance with the Management Agreement if and when so directed by the Control Party.

Section 8.8 <u>Notice of Defaults and Other Events</u>. Promptly (and in any event within two (2) Business Days) upon becoming aware of (i) any Potential Rapid Amortization Event, (ii) any Rapid Amortization Event, (iii) any Potential Manager Termination Event, (iv) any Manager Termination Event,(v) any Default, (vi) any Event of Default or (vii) any default under any Collateral Transaction Document, the Co- Issuers shall give the Trustee, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative, any Class A-1 Administrative Agent and the Rating Agencies with respect to each Series of Notes Outstanding notice thereof, together with an Officer's Certificate setting forth the details thereof and any action with respect thereto taken or contemplated to be taken by the Co-Issuers. The Co-Issuers shall, at their expense, promptly provide to the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative, any Class A-1 Administrative Agent and the Trustee such additional information as the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative, any Class A-1 Administrative Agent or the Trustee may reasonably request from time to time in connection with the matters so reported, and the actions so taken or contemplated to be taken.

Section 8.9 <u>Notice of Material Proceedings</u>. Without limiting <u>Section 8.30</u>, promptly (and in any event within five (5) Business Days) upon the determination by either the chief financial officer or the chief legal officer of Holdco that the commencement or existence of any litigation, arbitration or other proceeding with respect to any Domino's Entity would be reasonably likely to have a Material Adverse Effect, the Co-Issuers shall give written notice thereof to the Trustee, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative, any Class A-1 Administrative Agent and the Rating Agencies.

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Section 8.10 <u>Further Requests</u>. Each Co-Issuer will, and will cause each other Securitization Entity to, promptly furnish to the Trustee such other information as, and in such form as, the Trustee may reasonably request in connection with the transactions contemplated hereby or by any Series Supplement.

Section 8.11 <u>Further Assurances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Co-Issuer will, and will cause each other Securitization Entity to, do such further acts and things, and execute and deliver to the Trustee and the Servicer such additional assignments, agreements, powers and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral on behalf of the Secured Parties as a perfected security interest subject to no prior Liens (other than Permitted Liens), to carry into effect the purposes of the Indenture or the other Related Documents or to better assure and confirm unto the Trustee, the Servicer, the Noteholders or the other Secured Parties their rights, powers and remedies hereunder including, without limitation, the filing of any financing or continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the liens and security interests granted hereby and by the Global G&C Agreement, except as set forth on <u>Schedule 8.11</u> or in <u>Section 8.25</u>. The Co-Issuers and the Guarantors intend the security interests granted pursuant to the Indenture and the Global G&C Agreement in favor of the Secured Parties to be prior to all other Liens (other than Permitted Liens) in respect of the Collateral, and each Co-Issuer will, and will cause each other Securitization Entity to, take all actions necessary to obtain and maintain, in favor of the Trustee for the benefit of the Secured Parties, a first lien on and a first priority perfected security interest in the Collateral (except with respect to Permitted Liens and except as set forth on <u>Schedule 8.11</u> or in <u>Section 8.25)</u>. If any Co-Issuer fails to perform any of its agreements or obligations under this <u>Section 8.11(a)</u>, the Servicer itself may perform such agreement or obligation, and the expenses of the Servicer incurred in connection therewith shall be payable by the Co-Issuers upon the Servicer's demand therefor. The Servicer is hereby authorized to execute and file any financing statements, continuation statements, amendments or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee's security interest in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and within two (2) Business Days physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions set forth in <u>clauses (a)</u> and <u>(b)</u> above, the Co-Issuers and the Guarantors shall not be required to perfect any security interest in any fixtures (other than through a central filing of a UCC financing statement), any Franchisee Promissory Notes or, except as provided in <u>Section 8.37</u>, any real property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If during any Quarterly Collection Period, any Co-Issuer or Guarantor shall obtain an interest in any commercial tort claim or claims (as such term is defined in the New York UCC) and such commercial tort claim or claims (when added to any past commercial tort claim or claims that were obtained by any Securitization Entity prior to such Quarterly Collection Period that are still outstanding) have an aggregate value equal to or greater than $5,000,000 as of the last day of such Quarterly Collection Period, such Co-Issuer or Guarantor shall notify the Servicer on or before the third Business Day prior to the next succeeding Quarterly Payment Date that it has obtained such an interest and shall sign and deliver documentation acceptable to the Servicer granting a security interest under the Base Indenture or the Global G&C Agreement, as the case may be, in and to such commercial tort claim or claims whether obtained during such Quarterly Collection Period or prior to such Quarterly Collection Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Co-Issuer will, and will cause each other Securitization Entity to, warrant and defend the Trustee's right, title and interest in and to the Collateral and the income, distributions and Proceeds thereof, for the benefit of the Trustee on behalf of the Secured Parties, against the claims and demands of all Persons whomsoever.

Section 8.12 <u>Liens</u>. No Co-Issuer will, or will permit any other Securitization Entity to, create, incur, assume or permit to exist any Lien upon any of its property (including the Collateral), other than (i) Liens in favor of the Trustee for the benefit of the Secured Parties and (ii) other Permitted Liens.

Section 8.13 <u>Other Indebtedness</u>. No Co-Issuer will, or will permit any other Securitization Entity to, create, assume, incur, suffer to exist or otherwise become or remain liable in respect of any Indebtedness other than (i) Indebtedness hereunder or under the Global G&C Agreement or (ii) any guarantee by any Securitization Entity of the obligations of any other Securitization Entity.

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Section 8.14 <u>No ERISA Plan</u>. No Securitization Entity or any corporation or any trade, business, organization or other entity (whether or not incorporated), that would be treated together with any Securitization Entity as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA shall establish, maintain, contribute to, incur any obligation to contribute to, or incur any liability in respect of, any Plan.

Section 8.15 <u>Mergers</u>. On and after the Closing Date, no Co-Issuer will, or will permit any other Securitization Entity to, merge or consolidate with or into any other Person (whether by means of single transaction or a series of related transactions) (other than <u>(i)</u> the mergers of Overseas Franchisor LLC with and into the International Franchisor and of Overseas IP Holder LLC with and into the IP Holder and other than<u>, (ii)</u> any merger or consolidation of the Canadian Distributor with a newly created entity entered into solely for the purpose of amending the Charter Documents of the Canadian Distributor to conform the definitions of any terms used therein to the corresponding definitions then in effect under the Base Indenture <u>and (iii) any merger or consolidation pursuant to clause (o) of the definition of "Permitted Asset Dispositions"</u>).

Section 8.16 <u>Asset Dispositions</u>. No Co-Issuer will, or will permit any other Securitization Entity to, sell, transfer, lease, license (other than pursuant to licenses granted in the ordinary course of business, the IP License Agreements, the Franchise Arrangements, the Third-Party License Agreements or other sublicenses permitted under the IP License Agreements), liquidate or otherwise dispose of any of its property (whether by means of a single transaction or a series of related transactions), including any Equity Interests of any other Securitization Entity, except in the case of the following (each, a "<u>Permitted Asset Disposition</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Refranchising Asset Dispositions; <u>provided</u> that all Asset Disposition Proceeds arising from any Refranchising Asset Disposition, unless the Control Party consents in writing to some other application of such proceeds (or any portion thereof) by the Master Issuer or any other Securitization Entity, shall be deposited into a Concentration Account or the Collection Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Asset Resale Disposition <u>(other than with respect to Post-Issuance Acquired Assets)</u>; <u>provided</u> that all Asset Disposition Proceeds arising from any Asset Resale Disposition, unless the Control Party consents in writing to some other application of such proceeds (or any portion thereof) by the Master Issuer or any other Securitization Entity, shall be deposited into a Concentration Account or the Collection Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other sale, lease, license, transfer or other disposition of property to which the Control Party has given the Master Issuer prior written consent; <u>provided</u> that all Asset Disposition Proceeds arising from such sale, lease, license, transfer or other disposition are deposited in accordance with the instructions provided by the Control Party in the document providing such prior written consent and that if such document does not contain deposit instructions, then such Asset Disposition Proceeds shall be deposited into a Concentration Account or the Collection Account; <u>provided</u>, <u>further</u>, that the Master Issuer shall deliver a copy of such prior written consent to the Rating Agencies and any Class A-1 Administrative Agent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Real Estate Disposition <u>(other than with respect to Post-Issuance Acquired Assets)</u>; <u>provided</u> that all Asset Disposition Proceeds received by the Domestic Distribution<u>Supply Chain</u> Real Estate Holder from any Real Estate Disposition will either (i) (x) in the case of the Specified Real Estate Disposition, be reinvested within 365 days of such disposition in assets constituting Collateral that are used or useful to the Securitization Entities in the operation of their business or their other assets, including without limitation capital expenditures, leasehold improvements and/or expansion and relocation projects, and including, for the avoidance of doubt, any such investments made during the period from and including October 26, 2023 to and including the Eighth Supplement Effective Date, and (y) in the case of any other Real Estate Disposition, be<u>shall be (1) prior to the Series 2025-1 Springing Amendments Implementation Date,</u> reinvested in real property held by the Domestic Distribution<u>Supply Chain</u> Real Estate Holder and used for production or distribution purposes or in such other assets as the Control Party may agree in writing, in each case, within 365 days of the disposition giving rise to such proceeds or (<u>2) on and after the Series 2025-1 Springing Amendments Implementation Date, (x) reinvested in Eligible Assets (including, without limitation, by crediting such Asset Disposition Proceeds against rental obligations under a real estate lease) within 365 days of the disposition giving rise to such proceeds (or, if any Securitization Entity enters into a binding commitment to reinvest such Asset Disposition Proceeds within 365 days of such disposition, within eighteen (18) calendar months following such disposition) and/or (y) utilized to pay, or to allocate funds to a Concentration Account or the Collection Account to reimburse the Securitization Entities for amounts previously paid, if applicable, for Eligible Assets made within the twelve (12) month period prior to such disposition, or (</u>ii) used to prepay the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Permitted Distribution<u>Supply Chain</u> Asset Disposition; <u>provided</u>, that all Asset Disposition Proceeds arising from such Permitted Distribution<u>Supply Chain</u> Asset Disposition, unless the Control Party consents in writing to some other application of such proceeds (or any portion thereof) by the Master Issuer or any Securitization Entity, will<u>shall (1) prior to the Series 2025-1 Springing Amendments Implementation Date,</u> be reinvested in assets of the general type disposed of, and proceeds from Permitted Distribution<u>Supply Chain</u> Asset Dispositions that are not so reinvested within 365 days of the disposition giving rise to such proceeds will <u>shall be deposited into the Collection Account and applied pursuant to the Priority of Payments, or (2) on and after the Series 2025-1 Springing Amendments Implementation Date (or, solely with respect to any Permitted Supply Chain Asset Disposition of assets acquired on or after the Closing Date, on and after the Closing Date), either (i) be reinvested in Eligible Assets or (ii) be utilized to pay, or to allocate funds to a Concentration Account or the Collection Account to reimburse the Securitization Entities for amounts previously paid, if applicable, for investments in Eligible Assets made within the twelve (12) month period prior to such disposition, and proceeds from Permitted Supply Chain Asset Dispositions that are not so reinvested or utilized</u> <u>within 365 days of the disposition giving rise to such proceeds</u> <u>(or, in the case of a reinvestment, if any Securitization Entity enters into a binding commitment to reinvest such Asset Disposition Proceeds within 365 days of such disposition, within eighteen (18) calendar months following such disposition) shall</u> be deposited into the Collection Account and applied pursuant to the Priority of Payments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any sale, lease, license, liquidation, transfer or other disposition to another Securitization Entity pursuant to one of the Distribution and Contribution Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g) on and after the Series 2025-1 Springing Amendments Implementation Date,</u> <u>dispositions of obsolete or worn out property in the ordinary course of business and dispositions of property (including Intellectual Property) no longer used or useful in the conduct of the business of the Securitization Entities;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(h) on and after the Series 2025-1 Springing Amendments Implementation Date, transfers constituting Permitted Liens;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) on and after the Series 2025-1 Springing Amendments Implementation Date, any disposition of inventory in the ordinary course of business;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(j) on and after the Series 2025-1 Springing Amendments Implementation Date, transfers of property subject to condemnation or in lieu of condemnation or casualty events;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(k) any termination, non-renewal, expiration, amendment or other modification of any Collateral Document that, when effected on behalf of any Securitization Entity by the Manager, would not constitute a breach by the Manager of the Management Agreement;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l) any non-exclusive licenses of Domino's IP (x) granted in the ordinary course of business, (y) that when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement acting in accordance with the Management Standard and (z) that would not reasonably be expected to materially and adversely impact the Domino's IP (taken as a whole);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(m) on and after the Series 2025-1 Springing Amendments Implementation Date, the disposition of equipment or real property to the extent that (x) such property is exchanged for credit against the purchase price or other payment obligations in respect of similar replacement property or other Eligible Assets (including, without limitation, credit against rental obligations under a real estate lease or an equipment lease) within 365 days of the disposition giving rise to such proceeds (or, if any Securitization Entity enters into a binding commitment to reinvest such Asset Disposition Proceeds within 365 days of such disposition, within eighteen (18) calendar months following such disposition) and/or (y) utilized to pay, or to allocate funds to a Concentration Account or the Collection Account to reimburse the Securitization Entities for amounts previously paid, if applicable, for Eligible Assets made within the twelve (12) month period prior to such disposition, or (ii) used to prepay the Notes;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(n) any sale, lease, license, liquidation, transfer or other disposition (including franchising or refranchising) of a Post-Issuance Acquired Asset; provided, that proceeds from dispositions of owned real estate constituting Post-Issuance Acquired Assets shall not be treated as Real Estate Disposition Proceeds for any purposes under the Related Documents, notwithstanding anything to the contrary herein or therein;</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(o) the disposition of the SPV Canadian Holdco and the Canadian Distributor on or after the Series 2025-1 Closing Date, together with all assets and related agreements relating solely to the Canadian supply chain business; provided, that such disposition shall be deemed to occur upon the effectiveness of the release of the SPV Canadian Holdco in its capacity as Co-Issuer and of the Canadian Distributor in its capacity as Guarantor, respectively, pursuant to the terms of the Base Indenture;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(p)</u> (g) any other sale, lease, license, liquidation, transfer or other disposition of property not directly or indirectly constituting any asset dispositions permitted by <u>clauses (a)</u> through <u>(</u><u>f</u><u>o</u> <u>)</u> above and so long as such disposition when effected on behalf of any Securitization Entity by the Manager does not constitute a breach by the Manager of the Management Agreement; it being understood that any delivery to the Trustee of any Note by any Co-Issuer or Securitization Entity, together with any cancellation thereof pursuant to <u>Section 2.14</u>, shall be deemed to be a Permitted Asset Disposition.

Section 8.17 <u>Acquisition of Assets</u>. No Co-Issuer will, or will permit any other Securitization Entity to, acquire, by long-term or operating lease or otherwise, any property if such acquisition when effected on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement.

Section 8.18 <u>Dividends, Officers' Compensation, etc</u>. The Master Issuer will not declare or pay any distributions on any of its limited liability company interests; <u>provided</u>, <u>however</u>, that so long as no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing with respect to any Series of Notes Outstanding or would result therefrom, the Master Issuer may declare and pay distributions to the extent permitted under Section 18-607 of the Delaware Limited Liability Company Act and the Master Issuer Operating Agreement. Without limiting <u>Section 8.28</u>, no Co-Issuer will, or will permit any other Securitization Entity to, pay any wages or salaries or other compensation to its officers, directors, managers or other agents except out of earnings computed in accordance with GAAP or except for the fees paid to its Independent Managers. No Co-Issuer will, or will permit any other Securitization Entity to, redeem, purchase, retire or otherwise acquire for value any Equity Interest in or issued by such Securitization Entity or set aside or otherwise segregate any amounts for any such purpose except as expressly permitted by the Indenture or as consented to by the Control Party. The Co-Issuers may draw on Commitments with respect to any Series of Class A-1 Senior Notes for general corporate purposes of the Co-Issuers, except that the funds from these draws may only be used to pay dividends on Holdco shares or to repurchase Holdco shares if at the time these dividends are paid or these shares are repurchased, at least $20,000,000 remains undrawn under the such Class A-1 Notes commitments and the conditions, if any, specified in the related Variable Funding Note Purchase Agreement are satisfied.

Section 8.19 <u>Legal Name, Location Under Section 9-301 or 9-307</u>. No Co-Issuer will, or will permit any other Securitization Entity to, change its location (within the meaning of Section 9-301 or 9-307 of the applicable UCC) or its legal name without at least thirty (30) days' prior written notice to the Trustee, the Servicer, the Manager, the Back-Up Manager, any Class A-1

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Administrative Agent and the Rating Agencies with respect to each Series of Notes Outstanding. In the event that any Co-Issuer or other Securitization Entity desires to so change its location or change its legal name, such Co-Issuer will, or will cause such other Securitization Entity to, make any required filings and prior to actually changing its location or its legal name such Co- Issuer will, or will cause such other Securitization Entity to, deliver to the Trustee and the Servicer (i) an Officer's Certificate confirming that all required filings have been made, subject to <u>Section 8.11(c)</u>, to continue the perfected interest of the Trustee on behalf of the Secured Parties in the Collateral under Article 9 of the applicable UCC in respect of the new location or new legal name of such Co-Issuer or other Securitization Entity and (ii) copies of all such required filings with the filing information duly noted thereon by the office in which such filings were made.

Section 8.20 <u>Charter Documents</u>. No Co-Issuer will, or will permit any other Securitization Entity to, amend, or consent to the amendment of any of its Charter Documents to which it is a party as a member or shareholder unless, prior to such amendment, the Control Party shall have consented thereto and the Rating Agency Condition with respect to each Series of Notes Outstanding shall have been satisfied with respect to such amendment; <u>provided</u>, <u>however</u>, the Co-Issuers and the other Securitization Entities shall be permitted to amend their Charter Documents without having to meet the Rating Agency Condition to cure any ambiguity, defect or inconsistency therein or if such amendments could not reasonably be deemed to be disadvantageous to any Noteholder in the reasonable judgment of the Control Party; <u>provided</u>, <u>further</u>, that the Canadian Distributor shall be permitted to amend its Charter Documents without having received the consent of the Control Party or having met the Rating Agency Condition to the extent necessary to conform the definitions of any terms used therein to the corresponding definitions then in effect under the Base Indenture. The Control Party may rely on an Officer's Certificate to make such determination. The Co-Issuers shall provide written notice to each Rating Agency and any Class A-1 Administrative Agent of any amendment of any Charter Document of any Securitization Entity.

Section 8.21 <u>Investments</u>. No Co-Issuer will, or will permit any other Securitization Entity to, make, incur, or suffer to exist any loan, advance, extension of credit or other investment in any Person if such investment when made on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement, other than (a) investments in the Base Indenture Accounts, the Series Accounts and the Concentration Accounts, (b) any Franchisee Promissory Notes, (c) investments in any other Securitization Entity or<u>,</u> (d) the transactions described in the proviso to <u>Section 8.24(a)(vi)</u>. <u>or (e) on and after the Series 2025-1 Springing Amendments Implementation Date, loans or advances by the Domestic Franchisor, the International Franchisor, the International Franchisor (Michigan) or any Additional Securitization Entity to any Non-Securitization Entity in accordance with the requirements of Section 8.24(a)(ii) using funds on deposit in the Franchisor Capital Account.</u>

Section 8.22 <u>No Other Agreements</u>. No Co-Issuer will, or will permit any other Securitization Entity to, enter into or be a party to any agreement or instrument other than any Related Document, any Collateral Franchise Document, any other document permitted by a Series Supplement or the Related Documents, as the same may be amended, supplemented or otherwise modified from time to time, any documents related to any Enhancement (subject to <u>Section 8.32)</u> or any Series Hedge Agreement (subject to <u>Section 8.33)</u>, any documents relating to the transactions described in the proviso to <u>Section 8.24(a)(vi)</u> or any documents or agreements incidental thereto or any other agreement if such transaction when effected on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement.

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Section 8.23 <u>Other Business</u>. No Co-Issuer will, or will permit any other Securitization Entity to, engage in any business or enterprise or enter into any transaction other than the incurrence and payment of ordinary course operating expenses, the issuing and selling of the Notes and other activities related to or incidental to any of the foregoing or any other transaction which when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement.

Section 8.24 <u>Maintenance of Separate Existence</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Co-Issuer will, and will cause each other Securitization Entity to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain their own deposit and securities account, as applicable, or accounts, separate from those of any of its Affiliates (other than the other Securitization Entities), with commercial banking institutions and ensure that the funds of the Securitization Entities will not be diverted to any Person who is not a Securitization Entity or for other than the use of the Securitization Entities, nor will such funds be commingled with the funds of any of its Affiliates (other than the other Securitization Entities) other than as provided in the Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ensure that all transactions between it and any of its Affiliates (other than the other Securitization Entities), whether currently existing or hereafter entered into, shall be only on an arm's length basis, it being understood and agreed that the transactions contemplated in the Related Documents and the transactions described in the proviso to <u>clause</u> <u>(</u><u>Vi</u><u>vi</u><u>)</u> meet the requirements of this <u>clause (ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent that it requires an office to conduct its business, conduct its business from an office at a separate address from that of any of its Affiliates (other than the other Securitization Entities); <u>provided</u> that segregated offices in the same building shall constitute separate addresses for purposes of this <u>clause (iii)</u>. To the extent that any Securitization Entity and any of its members or Affiliates (other than the other Securitization Entities) have offices in the same location, there shall be a fair and appropriate allocation of overhead costs among them, and each such entity shall bear its fair share of such expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issue separate financial statements from any of its Affiliates (other than the other Securitization Entities) prepared at least quarterly and prepared in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) conduct its affairs in its own name and in accordance with its Charter Documents and observe all necessary, appropriate and customary limited liability company or corporate formalities (as applicable), including, but not limited to, holding all regular and special meetings appropriate to authorize all its actions, keeping separate and accurate minutes of its meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and intercompany transaction accounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not assume or guarantee any of the liabilities of any of its Affiliates (other than the other Securitization Entities); <u>provided</u> that the Securitization Entities may incur obligations, pursuant to the Holdco Letter of Credit Agreement, with respect to any Holdco Letter of Credit if the Master Issuer receives a fee from each Non-Securitization Entity whose obligations are secured by such Holdco Letter of Credit in an amount equal to the cost to the Co-Issuers in connection with the issuance and maintenance of such Holdco Letter of Credit plus 25 basis points per annum, it being understood that such fee is an arms- length fair market fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) take, or refrain from taking, as the case may be, all other actions that are necessary to be taken or not to be taken in order to (x) ensure that the assumptions and factual recitations set forth in the Specified Bankruptcy Opinion Provisions remain true and correct in all material respects with respect to it and (y) comply in all material respects with those procedures described in such provisions which are applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) maintain at least two Independent Managers on its Board of Managers or its Board of Directors, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Co-Issuer, on behalf of itself and each of the other Securitization Entities, confirms that the statements relating to the Co-Issuers referenced in the opinion of Ropes & Gray LLP regarding substantive consolidation matters delivered to the Trustee on each Series Closing Date are true and correct with respect to itself and each other Securitization Entity, and that each Co-Issuer will, and will cause each other Securitization Entity to, comply with any covenants or obligations assumed to be complied with by it therein as if such covenants and obligations were set forth herein.

Section 8.25 <u>Covenants Regarding the Domino's IP</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Co-Issuer will, or will permit any other Securitization Entity to, take or omit to take any action with respect to the maintenance, enforcement and defense of the IP Holder's (or any Additional IP Holder's) rights in and to the Domino's IP that would constitute a breach by the Manager of the Management Agreement if such action were taken or omitted by the Manager on behalf of any Securitization Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers will notify the Trustee, the Back-Up Manager and the Servicer in writing within ten (10) Business Days of any Co-Issuer's first knowing or having reason to know that any application or registration relating to any material Domino's IP (now or hereafter existing) may become abandoned or dedicated to the public domain, or of any material adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the PTO, the United States Copyright Office, similar offices or agencies in any foreign countries in which the Domino's IP is located, or any court, but excluding office actions in the course of prosecution and any non-final determinations (other than in an adversarial proceeding) of the PTO or any similar office or agency in any such foreign country) regarding the validity or any Securitization Entity's ownership of any material Domino's IP, its right to register the same, or to keep and maintain the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to the Domino's IP, the IP Holder agrees to, and each other Co-Issuer agrees to cause the IP Holder (and any Additional IP Holder), to the extent it has not already done so in connection with the issuance of the Series 2007-1 Notes, to, execute, deliver and file instruments substantially in the form of <u>Exhibit D-1</u> hereto with respect to Trademarks, <u>Exhibit D-2</u> hereto with respect to Patents and <u>Exhibit D-3</u> with respect to Copyrights, or otherwise in form and substance satisfactory to the Control Party, and any other instruments or documents as may be reasonably necessary or, in Control Party's opinion, desirable under the law of any applicable jurisdiction and agreed upon by the IP Holder (and each applicable Additional IP Holder) and the Control Party, in the United States and, consistent with the obligations set forth in <u>clause (d)</u> below, any Included Country to perfect or protect the Trustee's security interest granted under this Base Indenture and the Global G&C Agreement in the Patents, Trademarks and Copyrights included in the Domino's IP; <u>provided</u> that such instruments or the filing of such instruments in any Included Country does not have an adverse effect on the validity of any Securitization Entity's ownership of such Domino's IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent it has not already done so in connection with the issuance of the Series 2007-1 Notes, within a commercially reasonable period after the Closing Date (and in any event within 365 days of the Closing Date) the IP Holder (and any Additional IP Holder) will cause (i) each of Australia, Canada, Ireland, Mexico, South Korea and the United Kingdom (such countries together with the United States, the "<u>Specified Countries</u>") to qualify as a Perfected Country and (ii) the Perfection Ratio to be at least equal to 90%. Until a Rapid Amortization Event occurs, the IP Holder (and any Additional IP Holder) will cause the Perfection Ratio, as calculated on each anniversary of the Closing Date, to be at least 90%. Upon the occurrence of a Rapid Amortization Event, within a commercially reasonable time, the IP Holder (and any Additional IP Holder) will cause the Perfection Ratio to be equal to 100%; <u>provided</u>, <u>however</u>, (A) if in any jurisdiction, the Manager, on behalf of the IP Holder (or any Additional IP Holder), is advised by counsel, that the instruments or filing of such instruments to perfect the Trustee's security interest granted under the Base Indenture and the Global G&C Agreement in the Patents, Trademarks and Copyrights included in the Domino's IP may have an adverse effect on the validity of any Securitization Entity's ownership of such Domino's IP, then such jurisdiction for purposes of this <u>clause (d)</u> shall be deemed to qualify as a Perfected Country for purposes of calculating the Perfection Ratio; (B) if in any jurisdiction, the Manager, on behalf of the Master Issuer, has delivered notice to the Control Party to the effect that there is no recording or registration system in such jurisdiction available to perfect the Trustee's security interest granted under the Base Indenture and the Global G&C Agreement in the Patents, Trademarks and Copyrights included in the Domino's IP, then such jurisdiction for purposes of this <u>clause (d)</u> shall be deemed to qualify as a Perfected Country for purposes of calculating the Perfection Ratio; and (C<u>) if any jurisdiction, at the end of any fiscal year, represents an amount of Retained Collections lower than 10% of Net Cash Flow over the four (4) Quarterly Collection Periods immediately preceding the end of such fiscal year, then such jurisdiction for purposes of this clause (d) shall be deemed to qualify as a Perfected Country for purposes of calculating the Perfection Ratio; and (D</u>) upon the request of the Manager, on behalf of the Master Issuer, the Control Party may decide to deem any jurisdiction to be a Perfected Country for purposes of

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calculating the Perfection Ratio (such request not to be unreasonably denied), if the Manager delivers a written notice to the Control Party stating that the preparation and filing of any instruments to perfect the Trustee's security interest granted under the Base Indenture and the Global G&C Agreement in the Patents, Trademarks and Copyrights included in the Domino's IP would cause the Securitization Entities to incur an unreasonable expense relative to the value of the Domino's IP in such jurisdiction and specifying such value and expense in reasonable detail; <u>provided</u> that the foregoing <u>clauses (A)</u> through (<u>C</u><u>D</u>) shall be inapplicable to any of the Specified Countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Co-Issuer or any Guarantor, either itself or through any agent, licensee or designee, shall file an application for the registration of any Patent, Trademark or Copyright with the PTO, the United States Copyright Office or any similar office or agency in any foreign country in which Domino's IP is located (only to the extent that doing so would not be reasonably expected to adversely affect the validity of any Securitization Entity's ownership of such Domino's IP), such Co-Issuer or Guarantor in a reasonable time after such filing (and in any event within ninety<u>one hundred and eighty</u> (90<u>180</u>) days) (i) shall give the Trustee and the Control Party written notice thereof and (ii) upon reasonable request of the Control Party, subject to <u>Section 3.1(a)(iv)</u>, shall execute and deliver all instruments and documents, and take all further action, that the Control Party may so request in order to continue, perfect or protect the security interest granted hereunder in the United States and, consistent with the obligations set forth in <u>clause (d)</u> above, any Included Country, including, without limitation, executing and delivering (x) the Supplemental Grant of Security Interest in Trademarks substantially in the form attached as <u>Exhibit E-1</u> hereto, (y) the Supplemental Grant of Security Interest in Patents substantially in the form attached as <u>Exhibit E-2</u> hereto and/or (z) the Supplemental Grant of Security Interest in Copyrights substantially in the form attached as <u>Exhibit E-3</u> hereto, as applicable; <u>provided</u>, <u>however</u>, that the filing of such instruments and documents, and the undertaking of any other requested action, does not have an adverse effect on the validity of any Securitization Entity's ownership of such Domino's IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that any material Domino's IP is infringed upon, misappropriated or diluted by a third party in a material manner, the IP Holder (or any Additional IP Holder) upon becoming aware of such infringement, misappropriation or dilution shall promptly notify the Trustee and the Control Party in writing. The IP Holder (or any Additional IP Holder) will take all reasonable and appropriate actions, at its expense, to protect or enforce such material Domino's IP, including, if reasonable, suing for infringement, misappropriation or dilution and seeking an injunction (including, if appropriate, temporary and/or preliminary injunctive relief) against such infringement, misappropriation or dilution, unless the failure to take such actions on behalf of the IP Holder (or any Additional IP Holder) by the Manager would not constitute a breach by the Manager of the Management Agreement; <u>provided</u> that if the IP Holder (or any Additional IP Holder) decides not to take any action with respect to a material infringement, misappropriation or dilution, the IP Holder (or the applicable Additional IP Holder) shall deliver written notice to the Trustee, the Manager, the Back-Up Manager and the Control Party setting forth in reasonable detail the basis for its decision not to act, and none of the Manager, the Trustee, the Back-Up Manager or the Control Party will be required to take any actions on their behalf to protect or enforce the Domino's IP against such infringement, misappropriation or dilution.

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Section 8.26 <u>[Reserved]</u>.

Section 8.27 <u>Real Property</u>. No Co-Issuer shall, or shall permit any other Securitization Entity to, enter into any lease of real property (other than any lease of real property entered into by the Master Issuer or in connection with any Refranchising Asset Disposition). No Co-Issuer shall, or shall permit any other Securitization Entity to, acquire any fee interest in real property (other than any fee interest in real property acquired by the Domestic Distribution<u>Supply Chain</u> Real Estate Holder).

Section 8.28 <u>No Employees</u>. The Co-Issuers and the other Securitization Entities shall have no employees.

Section 8.29 <u>Insurance</u>. The Co-Issuers shall maintain, or cause the Manager to maintain, with financially sound insurers with an S&P Credit Rating of not less than "BBB-" and with a claims-paying ability rated not less than " A-: VI" by A.M. Best's Key Rating Guide, insurance coverages customary for business operations of the type conducted in respect of the System; <u>provided</u> that the Co-Issuer will cause the Manager to list each Securitization Entity as an "additional insured" or "loss payee" on any insurance maintained by the Manager for the benefit of the Securitization Entity, which as of the Closing Date shall include every insurance policy maintained by the Domino's Entities. The terms and conditions of all such insurance shall be no less favorable to the Co-Issuers than the terms and conditions of insurance maintained by their Affiliates that are not Securitization Entities. The Co-Issuers shall annually provide to the Trustee, the Servicer and the Back-Up Manager evidence reasonably satisfactory to the Servicer (which may be by covernote) that the insurance required to be maintained by the Co-Issuers hereunder is in full force and effect, by not later than April 30 of each calendar year. Notwithstanding anything to the contrary contained herein, the Co-Issuers' obligation under this <u>Section 8.29</u> with respect to each applicable Domestic Franchise Arrangement, International Franchise Arrangement and the Company-Owned Stores Master License Agreement shall be deemed satisfied if the applicable Securitization Entity has contractually obligated the Franchisee party to such Franchise Arrangement or DPL, as party to the Company-Owned Stores Master License Agreement to maintain insurance with respect to such Franchise Arrangement or the Company-Owned Stores Master License Agreement, as the case may be, in a manner that is customary for business operations of this type.

Section 8.30 <u>Litigation</u>. If Holdco is not then subject to Section 13 or 15(d) of the Exchange Act, the Co- Issuers shall, on each Quarterly Payment Date, provide a written report to the Servicer, the Manager, the Back-Up Manager, any Class A-1 Administrative Agent and the Rating Agencies that sets forth all outstanding litigation, arbitration or other proceedings against any Domino's Entity that would have been required to be disclosed in Holdco's annual reports, quarterly reports and other public filings which Holdco would have been required to file with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Exchange Act if Holdco were subject to such Sections.

Section 8.31 <u>Environmental</u>. The Co-Issuers shall, and shall cause each other Securitization Entity to, promptly notify the Servicer, the Manager, the Back-Up Manager, the Trustee, any Class A-1 Administrative Agent and the Rating Agencies, in writing, upon receipt of any written notice of which any Securitization Entity becomes aware from any source (including but not limited to a governmental entity) relating in any way to any possible material liability of any Securitization Entity pursuant to any Environmental Law.

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Section 8.32 <u>Enhancements</u>. No Enhancement shall be provided in respect of any Series of Notes, nor will any Enhancement Provider have any rights hereunder, as third-party beneficiary or otherwise, unless the Servicer has provided its prior written consent to such Enhancement, such consent not to be unreasonably withheld.

Section 8.33 <u>Series Hedge Agreements: Derivatives Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Series Hedge Agreement shall be provided in respect of any Series of Notes, nor will any Hedge Counterparty have any rights hereunder, as third-party beneficiary or otherwise, unless the Control Party has provided its prior written consent to such Series Hedge Agreement, such consent not to be unreasonably withheld, and the Master Issuer has delivered a copy of such prior written consent to the Rating Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without the prior written consent of the Control Party, no Co-Issuer will, or will permit any other Securitization Entity to, enter into any derivative contract, swap, option, hedging contract, forward purchase contract or other similar agreement or instrument (other than forward purchase agreements entered into by the Master Issuer with third-party vendors on behalf of the System in the ordinary course of business) if any such contract, agreement or instrument requires the Co-Issuers to expend any financial resources to satisfy any payment obligations owed in connection therewith; <u>provided</u> that the Master Issuer shall deliver a copy of any such prior written consent to the Rating Agencies and any Class A-1 Administrative Agent.

Section 8.34 <u>Additional Securitization Entity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Co-Issuer in accordance with and as permitted under the Related Documents, may form or cause to be formed an Additional Securitization Entity without the consent of the Control Party; <u>provided</u> that such Additional Securitization Entity is a Delaware limited liability company or a Delaware corporation (so long as the use of such corporate form is reasonably satisfactory to the Control Party) and has adopted Charter Documents substantially similar to the Charter Documents of the Securitization Entities that are Delaware limited liability companies or Delaware corporations, as applicable, as in existence on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Co-Issuer desires to create, incorporate, form or otherwise organize an Additional Securitization Entity that does not comply with the proviso set forth in <u>clause (a)</u> above, such Co-Issuer shall first obtain the prior written consent of the Control Party, such consent not to be unreasonably withheld; <u>provided</u> that the Master Issuer shall deliver a copy of any such prior written consent to the Rating Agencies and any Class A-1 Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the organization of any Additional Securitization Entity in conjunction with <u>clause (a)</u> or (b) above, the Co-Issuers shall request and implement the direction of the Control Party at such time of formation as to whether the Co-Issuers shall designate such Additional Securitization Entity as (i) an Additional Co-Issuer or (ii) an Additional Subsidiary Guarantor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with the organization of any Additional Securitization Entity in conjunction with <u>clause (a)</u> or (b) above, the Co-Issuers shall, if applicable, designate such Additional Securitization Entity as (i) an Additional Franchisor; <u>provided</u> that such Additional Securitization Entity acts as a "franchisor," (ii) an Additional IP Holder; <u>provided</u> that such Additional Securitization Entity owns Domino's IP, <u>and/or</u> (iii) an Additional Distributor<u>Supply Chain Holder</u>; <u>provided</u> that such Additional Securitization Entity operates a distribution business, and/or (iv) an Additional Asset Holder, <u>provided</u> that such Securitization Entity owns or leases either equipment, real estate or both equipment and real estate<u>supply chain business</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If such Additional Securitization Entity is designated to be an Additional Co-Issuer, the Co-Issuers shall cause such Additional Securitization Entity to promptly execute a Supplement to the Indenture in the form of <u>Exhibit M</u> pursuant to which such Additional Securitization Entity shall become jointly and severally obligated under the Indenture with the other Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If such Additional Securitization Entity is designated to be an Additional Subsidiary Guarantor, the Co-Issuer shall cause such Additional Securitization Entity to promptly execute an Assumption Agreement in form set forth as Exhibit A to the Global G&C Agreement shall become jointly and severally obligated under the Global G&C Agreement with the other Guarantors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon the execution and delivery of a Supplement as required by <u>clause (e)</u> above, any Additional Securitization Entity party thereto will become a party to the Indenture with the same force and effect as if originally named therein as a Co-Issuer and, without limiting the generality of the Indenture, will assume all Obligations and liabilities of a Co-Issuer thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Upon the execution and delivery of an Assumption Agreement as required in <u>clause (f)</u> above, any Additional Securitization Entity party thereto will become a party to the Global G&C Agreement with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the Global G&C Agreement, will assume all Obligations and liabilities of a Guarantor thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Control Party will have the right to direct that Future Brand Assets be held by one or more newly formed Additional IP Holders if the Control Party reasonably believes that such Future Brand Assets could impair the Collateral if it were held by the IP Holder and that separating the ownership of such Future Brand Assets from the rest of the Domino's IP will not impair the enforceability of the Domino's IP. In making any determination with respect to Future Brand Assets, the Control Party will have the right to consult with the Back-Up Manager or other third-party experts.

Section 8.35 <u>Subordinated Debt Repayments</u>. No Co-Issuer shall repay any Subordinated Debt or Senior Subordinated Debt after the Series Anticipated Repayment Date with amounts obtained by the Master Issuer from the SPV Guarantor, Domino's International or any other direct or indirect owner of Equity Interests of the Master Issuer in the form of any capital contributions or any portion of any Residual Amounts distributed to the Master Issuer pursuant to the Priority of Payments unless and until all Senior Notes Outstanding have been paid in full and are no longer Outstanding.

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Section 8.36 <u>Tax Lien Reserve Amount</u>. Upon receipt of any Tax Lien Reserve Amount, the Master Issuer will remit such amount to a collateral deposit account established with and controlled by the Trustee in which the Trustee shall have a security interest; <u>provided</u> that the Trustee will not release such Tax Lien Reserve Amount from such account unless: (a) the Servicer instructs the Trustee in writing to withdraw and pay all of such Tax Lien Reserve Amount in accordance with the written instructions of the Master Issuer upon receipt by the Trustee, the Servicer, the Manager, the Back-Up Manager and the Controlling Class Representative of reasonably satisfactory evidence that the Lien for which such Tax Lien Reserve Amount was established has been released by the Internal Revenue Service; (b) the Master Issuer, or the Manager on behalf of the Master Issuer, delivers written instructions to the Trustee to withdraw and pay all or a portion of such Tax Lien Reserve Amount to the Internal Revenue Service on behalf of the Domino's Entities; <u>provided</u> that the Master Issuer shall deliver, or cause to be delivered, prior written notice of any such written instruction to the Servicer; or (c) the Control Party instructs the Trustee in writing to withdraw and pay all or a portion of such Tax Lien Reserve Amount to the Internal Revenue Service (i) upon the occurrence and during the continuation of an Event of Default or (ii) upon receipt of written notice from any Securitization Entity stating that the Internal Revenue Service intends to execute on the Lien for which such Tax Lien Reserve Amount was established in respect of any assets of any Securitization Entity; <u>provided</u> that the Control Party shall deliver a copy of any such written instruction to DPL.

<u>Section 8.37 Mortgages.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> Section 8.37 <u>Mortgages</u>. The Domestic Distribution<u>S</u>upply Chain Real Estate Holder shall have, within ninety (90) days of the Closing Date with respect to each owned Domestic Manufacturing and Distribution<u>Supply Chain</u> Center existing as of the Closing Date and within ninety (90) days of the acquisition of any owned Domestic Manufacturing and Distribution<u>Supply Chain</u> Center acquired on or after the Closing Date, executed and delivered to the Trustee <u>or its agent</u>, for the benefit of the Secured Parties, a Mortgage in substantially the form attached as <u>Exhibit L</u> hereto and suitable for recordation under applicable law with respect to each such owned Domestic Manufacturing and Distribution<u>Supply Chain</u> Center to be held in escrow by the Trustee or its agent and recorded by the Trustee or its agent solely upon the occurrence of a Mortgage Recordation Event (subject to <u>Section 3.1(c)</u> hereof). For the avoidance of doubt, the Domestic Distribution<u>Supply Chain</u> Real Estate Holder shall not be required to, and the Trustee may not, record or cause to be recorded any Manufacturing and Distribution<u>Supply Chain</u> Center Mortgage until the occurrence of a Mortgage Recordation Event. Upon the request of the Domestic Distribution<u>Supply Chain</u> Real Estate Holder, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any owned Domestic Manufacturing and Distribution<u>Supply Chain</u> Center; <u>provided</u> that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) Upon the occurrence of a Mortgage Recordation Event, the Trustee or a third-party service provider engaged by the Trustee shall promptly deliver, within five (5) Business Days of such Mortgage Recordation Event, all such Supply Chain Center Mortgages to be recorded in the relevant jurisdictions and pay all Mortgage Recordation Fees and Mortgage Trustee Fees in connection with such recordation (which shall be reimbursed to the Trustee in accordance with the Priority of Payments), unless such requirement to record such Supply Chain Center</u> <u>Mortgages is waived by the Control Party (acting at the direction of the Controlling Class Representative)</u><u>; provided, that the Trustee's agent shall have no obligation to record any Mortgage until it has received a properly prepared, delivered and executed Mortgage and it has received written notice that a Mortgage Recordation Event has occurred.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c) The Trustee may engage a third-party service provider (which is reasonably acceptable to the Control Party) to assist in delivering such Mortgages to the applicable Governmental Authority and all Mortgage Trustee Fees and Mortgage Recordation Fees in connection with such recordation shall be paid in accordance with the Priority of Payments; provided, however, that if the Trustee or the Servicer in good faith determines that the payment of such amounts would not be ultimately recoverable from subsequent payments or collections from any funds on deposit in the Collection Account or funds reasonably expected to be deposited in the Collection Account following such date of determination, giving due consideration to allocations and disbursements of funds in such accounts and the limited assets of the Securitization Entities, then such Mortgage Trustee Fees and Mortgage Recordation Fees will not be incurred.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d) If a Mortgage Recordation Event occurs, the Trustee shall have no obligation to prepare any Mortgages in the event that the Domestic Supply Chain Real Estate Holder (or the Manager on its behalf) fails to do so</u><u>. Neither the Trustee nor any custodian on behalf of the Trustee shall be under any duty or obligation to inspect, review or examine any such Mortgages to determine that the same are valid, binding, legally effective, properly endorsed, genuine, enforceable or appropriate for the represented purpose or that they are in recordable form. Neither the Trustee nor any agent on its behalf</u> <u>will</u> <u>in any way be liable for any delays in the recordation of any</u> <u>Mortgages</u><u>, for the rejection of a Mortgage by any recording office or for the failure of any Mortgage to create in favor of the Trustee, for the benefit of the Secured Parties, legal, valid and enforceable first priority Liens on, and security interests in, the</u> <u>Domestic Supply Chain Real Estate Holder's right, title and interest in and to each Domestic Supply Chain Center, and the Proceeds thereof.</u>

**ARTICLE IX** 

**REMEDIES** 

Section 9.1 <u>Rapid Amortization Events</u>. Upon the occurrence, as and when declared by the Control Party (at the direction of the Controlling Class Representative) by written notice to the Trustee and the Co-Issuers <u>(with a copy to the Back-Up Manager)</u>, of any one of the following events <u>(with a copy to the Back-Up Manager)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Quarterly DSCR or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the DSCR, with respect to any Quarterly Payment Date is less than the Rapid Amortization DSCR Threshold;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on any Quarterly Payment Date, the sum of Global Retail Sales for all Stores for the thirteen (13) Fiscal Periods ended on the last day of the immediately preceding Fiscal Period is less than $4,150,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Manager Termination Event shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Event of Default shall have occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Co-Issuers have not repaid or refinanced any Series of Notes (or Class or Subclass thereof) in full on or prior to its respective Series Anticipated Repayment Date,

a "<u>Rapid Amortization Event</u>" shall be deemed to have occurred without the giving of further notice or any other action on the part of the Trustee or any Noteholder; <u>provided</u>, <u>however</u>, that upon the occurrence of the event set forth in <u>clause (e)</u> above, a Rapid Amortization Event shall automatically occur without any declaration thereof by the Control Party (at the direction of the Controlling Class Representative) unless the Control Party (at the direction of the Controlling Class Representative) and each affected Noteholder has agreed to waive such event<u>has waived such event with the written consent of 100% of the Noteholders of the applicable Notes that have not been repaid or refinanced in full on or prior to the applicable Series Anticipated Repayment Date</u> in accordance with <u>Section 13.2</u>; and provided further that if a Rapid Amortization Event occurs pursuant to clause (e) above and (i) the Quarterly DSCR or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the DSCR, as of the applicable Series Anticipated Repayment Date is greater than 2.0x and (ii) the applicable Series of Notes (or Class or Subclass thereof) is repaid or refinanced within one calendar year of such Series Anticipated Repayment Date; then such Rapid Amortization Event shall no longer be in effect and the Rapid Amortization Period relating to such Rapid Amortization Event shall end. For the avoidance of doubt, any Scheduled Principal Payments set forth in any Series Supplement shall continue to be made when due and payable subsequent to the occurrence of a Rapid Amortization Event, except that no Scheduled Principal Payments with respect to any Series of Notes shall be due and payable subsequent to the occurrence of a Rapid Amortization Event set forth in <u>clause (e)</u> above. Upon the occurrence of a Rapid Amortization Event, the Trustee, at the direction of the Control Party, will deliver, for recordation, the Manufacturing and Distribution Center Mortgages granted by the Domestic Distribution Real Estate Holder and held in escrow by the Trustee for the benefit of the Secured Parties, unless such requirement to record is waived by the Control Party, acting at the direction of the Controlling Class Representative.

Section 9.2 <u>Events of Default</u>. If any one of the following events shall occur (each an "<u>Event of Default</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Co-Issuer defaults in the payment of interest on, or other amount payable (other than amounts referred to in <u>clause (b)</u> below) in respect of, any Series of Notes Outstanding when the same becomes due and payable (in each case without giving effect to payments of any interest on, or other amount payable in respect of, any Series of Notes made by any financial guarantor that has insured or guaranteed payment of interest on, or other amounts payable in respect of, such Series of Notes) and such default continues for two Business Days; <u>provided</u> that if the failure to pay such interest or other amount when the same becomes due and payable resulted solely from an administrative error or omission by the Trustee, such default

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continues for a period of two Business Days after the Trustee receives written notice or an Authorized Officer of the Trustee has Actual Knowledge of such administrative error or omission); and <u>provided</u> that the failure to pay any Prepayment Premium on any prepayment of principal made during any Rapid Amortization Period occurring prior to the related Series Anticipated Repayment Date will not be an Event of Default; and <u>provided</u>, <u>further</u>, that failure to pay any contingent interest on any Series of Notes in excess of amounts available therefor in accordance with the Priority of Payments will not be an Event of Default, including any such failure on the Series Legal Final Maturity Date for such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Co-Issuer defaults in the payment of any principal of any Series of Notes Outstanding when the same becomes due and payable (whether on any Series Legal Final Maturity Date, any redemption date, any prepayment date or any maturity date or otherwise with respect to such Series and without giving effect to payments of any principal of any Series of Notes made by any financial guarantor that has insured or guaranteed payment of principal of such Series of Notes); provided that if the failure to pay such principal when due resulted solely from an administrative error or omission by the Trustee, such default continues for a period of two Business Days after the Trustee receives written notice or an Authorized Officer of the Trustee has Actual Knowledge of such administrative error or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Quarterly DSCR, or, on and after the Springing Amendments Implementation Date, the DSCR, with respect to any Quarterly Payment Date, is less than 1.1<u>1.10x</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) except as otherwise provided in this clause (d), any Securitization Entity fails to comply with any of its other agreements or covenants in, or other provisions of, the Indenture or any other Related Document (other than with respect to any provision of the Charter Documents covered by <u>clause (i)</u> below) to which it is a party and the failure continues unremedied for a period of thirty (30) days, (ii) in the case of a failure to comply with any of the agreements, covenants or provisions of any IP License Agreement, such longer cure period, not to exceed 90 days, as may be permitted under such IP License Agreement, or (iii) solely with respect to a failure to comply with (1) any obligation to deliver a notice, report or other communication within the specified time frame set forth in the applicable Related Document, such failure continues for a period of five Business Days after the specified time frame for delivery has elapsed or (2) Sections 8.7, 8.12, 8.13, 8.14, 8.15, 8.17, 8.18, 8.19, 8.20, 8.21, 8.22, 8.23, 8.24, 8.25, 8.27 and 8.28, such failure continues for a period of ten Business Days, in each case, after the earlier of (x) the date on which any Securitization Entity obtains knowledge thereof or (y) the date on which written notice of such failure, requiring the same to be remedied, is given to any Securitization Entity by the Trustee or to each Securitization Entity and the Trustee by the Control Party (at the direction of the Controlling Class Representative);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any representation made by any Securitization Entity in the Indenture or any other Related Document is false in any material respect when made and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which any Securitization Entity obtains knowledge thereof or (ii) the date that written notice thereof is given to any Securitization Entity by the Trustee or to each Securitization Entity and the Trustee by the Control Party (at the direction of the Controlling Class Representative); <u>provided</u>, <u>however</u>, that no Event of Default shall occur pursuant to this <u>clause (e)</u> if, with respect to any

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such representation deemed to have been false in any material respect when made, (i)<u>(x)</u> Domino's International, the Canadian Manufacturer, DPL, PMC LLC, PFS, the Overseas Franchisor or the Overseas IP Holder, as the case may be, has made an Indemnification Payment to the SPV Guarantor, the IP Holder, the International Franchisor, the Canadian Distributor or the Domestic Distribution<u>Supply Chain</u> Equipment Holder, as the case may be, pursuant to Section 7.1 of the Domino's International Contribution and Sale Agreement, the IP Assets Contribution Agreement, the DPL Contribution and Sale Agreement, the Canadian Distribution Assets Sale Agreement, any of the Overseas Contribution Agreements or any of the Domestic Distribution Contribution Agreements, as the case may be, and the SPV Guarantor, if applicable, has made a contribution equal to such Indemnification Payment to the Master Issuer in accordance with Section 2 of the SPV Guarantor Contribution Agreement or Section 7.1 of the SPV Guarantor Domestic Distribution and Overseas IP Holder Contribution Agreement, as applicable, with respect to such representation or the Manager has made an indemnification payment to the Master Issuer pursuant to Section 2.8 of the Management Agreement<u>, or (y) on and after the Series 2025-1 Springing Amendments Implementation Date, Domino's International has made an Indemnification Payment to the SPV Guarantor pursuant to the Omnibus Transfer Agreement (2025) and the SPV Guarantor has made a contribution equal to such Indemnification Payment to the Master Issuer, as applicable, with respect to such representation or the Manager has made an indemnification payment to the Master Issuer pursuant to the Management Agreement,</u> and (ii) such Indemnification Payment has been deposited into the Collection Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the occurrence of an Event of Bankruptcy with respect to any Securitization Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Securities and Exchange Commission or other regulatory body having jurisdiction reaches a final determination that any Securitization Entity is an "investment company" or is under the "control" of an "investment company";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any of the Related Documents or any material portion thereof ceases to be in full force and effect, enforceable in accordance with its terms against any Domino's Entity bound thereby or any Domino's Entity so asserts in writing, other than (A) a Related Document that is terminated in accordance with the express termination provisions thereof or pursuant to a Permitted Asset Disposition, or that is terminated in the ordinary course of business and which termination could not reasonably be expected to result in a Material Adverse Effect, and (B) a Related Document that ceases to be in full force and effect, or enforceable in accordance with its terms, because of actions, omissions, or breaches of representations or warranties by any party to such Related Document that is not a Domino's Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Securitization Entity fails to comply in any material respect with any of the provisions of Section 5(c), 7, 8, 9(a), 9(h), 9(j), 10, 11(f), 16, 20(a)(v), 20(a)(vi), 21, 22, 23, 24, 25 or 30 of the Master Issuer Operating Agreement or the comparable provisions of any other Securitization Entity's Charter Documents and such failure continues for a period of five (5) Business Days after (i) the date on which any Securitization Entity obtains knowledge thereof or (ii) the date on which written notice of such failure is given to any Securitization Entity by the Trustee or to each Securitization Entity and the Trustee by the Control Party (at the direction of the Controlling Class Representative);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the transfer of any material portion of the property contributed pursuant to any Pre-Securitization Contribution and Sale Agreement, the Domino's International Contribution and Sale Agreement, any Overseas Contribution Agreement or any Domestic Distribution Contribution Agreement fails to constitute a valid transfer of ownership of such property and the Proceeds thereof (other than any such property that, in the Control Party's determination, is immaterial, or that has been disposed of to the extent permitted or required under the Related Documents); <u>provided</u>, <u>however</u>, that no Event of Default will occur pursuant to this <u>clause (i)</u> if, with respect to any such property deemed not have been validly transferred, Domino's International has made an Indemnification Payment to the SPV Guarantor pursuant to Section 7.1 of the Domino's International Contribution and Sale Agreement or the Domino's International Domestic Distribution and Overseas IP Holder Contribution Agreement, as applicable, with respect to such property and the SPV Guarantor has made a contribution equal to such Indemnification Payment to the Master Issuer pursuant to Section 2 of the SPV Guarantor Contribution Agreement or Section 7.1 of the SPV Guarantor Domestic Distribution and Overseas IP Holder Contribution Agreement, as applicable, with respect to such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) the IP Holder (or any Additional IP Holder) fails to have good title to the Domino's IP, free and clear of all Liens, other than Permitted Liens or (ii) the Master Issuer itself or through any of its wholly-owned Subsidiaries fails to have good title to the Franchise Arrangements, the Distribution Assets<u>Supply Chain Asset</u> and all other Collateral (except for the Domino's IP), free and clear of all Liens, other than Permitted Liens, in each of cases (i) and (ii) except in each case for such failures which, collectively, could not reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Trustee ceases to have for any reason a valid and perfected first priority security interest in the Collateral to the extent required by the Related Documents or any Domino's Entity or any Affiliate thereof so asserts in writing (excluding any Collateral with an aggregate fair value of less than $25,000,000 and<u>(i) prior to the Series 2025-1 Springing Amendments Implementation Date, $25,000,000 and (ii) on and after the Series 2025-1 Springing Amendments Implementation Date, the greater of (x) $25,000,000 and (y) 6.00% of Retained Collections for the immediately preceding four Quarterly Collection Periods, and</u> any Collateral in which perfection cannot be achieved under the UCC or other applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a final judgment or order for the payment of money is rendered against any Securitization Entity and such judgment or order is in an amount that, when aggregated with the amount of other unsatisfied final judgments or orders against any Securitization Entity exceeds <u>(i) prior to the Series 2025-1 Springing Amendments Implementation Date,</u> $10,000,000 and either: (i) such judgment or order is not discharged within the period of thirty (30) days after entry thereof or (ii) there is any period of thirty (30) consecutive days during which a stay of enforcement of such judgment or order is not in effect; <u>and (ii) on and after the Series 2025-1 Springing Amendments Implementation Date, $75,000,000 and either: (x) such judgment or order is not discharged within the period of 45 days after entry thereof or (y) there is any period of 45 consecutive days during which a stay of enforcement of such judgment or order is not in effect;</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the IRS files notice of a lien pursuant to Section 6323 of the Code with regard to the assets of any Securitization Entity and such lien has not been released within 60 days, unless (i) Holdco has provided evidence that payment to satisfy the full amount of the asserted liability has been provided to the IRS, and the IRS has released such asserted lien within 60 days of such payment, or (ii) such lien or the asserted liability is being contested in good faith and a Tax Lien Reserve Amount exists, which such funds are set aside and remitted to a collateral deposit account as provided in <u>Section 8.36</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, an Advance Period shall have occurred and be continuing for 90 or more consecutive days;

then (i) in the case of any event described in each clause above (except for <u>clause (f)</u> thereof) that is continuing the Trustee, at the direction of the Control Party (at the direction of the Controlling Class Representative) and on behalf of the Noteholders, by written notice to the Co-Issuers, may declare the Notes of all Series to be immediately due and payable, and upon any such declaration the unpaid principal amount of the Notes of all Series, together with accrued and unpaid interest thereon through the date of acceleration, and all other amounts due to the Noteholders and the other Secured Parties under the Indenture Documents shall become immediately due and payable or (ii) in the case of any event described in <u>clause (f)</u> above, the unpaid principal amount of the Notes of all Series, together with interest accrued but unpaid thereon through the date of acceleration, and all other amounts due to the Noteholders and the other Secured Parties under the Indenture, shall immediately and without further act become due and payable. Promptly following its receipt of written notice hereunder of any Event of Default, the Trustee shall send a copy thereof to the Co-Issuers, the Servicer, each Rating Agency, the Controlling Class Representative, the Manager, the Back-Up Manager, each Noteholder and each other Secured Party.

At any time after such a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee, as hereinafter provided in this <u>Article IX</u>, the Control Party (at the direction of the Controlling Class Representative), by written notice to the Co-Issuers and to the Trustee <u>(with a copy to the Back-Up Manager)</u>, may rescind and annul such declaration and its consequences, if all existing Events of Default, other than the non-payment of the principal of the Notes which have become due solely by such declaration of acceleration, have been cured or waived as provided in <u>Section 9.7</u>. No such rescission shall affect any subsequent default or impair any right consequent thereon. Any acceleration resulting from any event described in <u>clause (f)</u> above may not be rescinded.

Section 9.3 <u>Rights of the Control Party and Trustee upon Event of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payment of Principal and Interest</u>. Each Co-Issuer covenants that if (i) default is made in the payment of any interest on any Series of Notes Outstanding when the same becomes due and payable, (ii) the Notes are accelerated following the occurrence of an Event of Default or (iii) default is made in the payment of the principal of, or premium, if any, on any

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Series of Notes Outstanding when due and payable, the Co-Issuers will, to the extent of funds available, upon demand of the Trustee, at the direction of the Control Party (subject to <u>Section 11.4(e)</u>, at the direction of the Controlling Class Representative), pay to the Trustee, for the benefit of the Noteholders, the whole amount then due and payable on the Notes for principal, premium, if any, and interest, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Note Rate and any default rate, as applicable, and in addition thereto such further amount as shall be sufficient to cover costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Proceedings To Collect Money</u>. In case any Co-Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee at the direction of the Control Party (at the direction of the Controlling Class Representative), in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against any Co-Issuer and collect in the manner provided by law out of the property of any Co-Issuer, wherever situated, the moneys adjudged or decreed to be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Proceedings</u>. If and whenever an Event of Default shall have occurred and be continuing, the Trustee, at the direction of the Control Party (subject to <u>Section 11.4(e)</u>, at the direction of the Controlling Class Representative) shall take one or more of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) proceed to protect and enforce its rights and the rights of the Noteholders and the other Secured Parties, by such appropriate Proceedings as the Control Party (at the direction of the Controlling Class Representative) shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in the Indenture or any other Related Document or in aid of the exercise of any power granted therein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by the Indenture or any other Related Document or by law, including any remedies of a secured party under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) direct the Co-Issuers to exercise (and each Co- Issuer agrees to exercise) all rights, remedies, powers, privileges and claims of any Co-Issuer against any party to any Collateral Document arising as a result of the occurrence of such Event of Default or otherwise, including the right or power to take any action to compel performance or observance by any such party of its obligations to any Co-Issuer, and any right of any Co-Issuer to take such action independent of such direction shall be suspended, and (B) if (x) the Co-Issuers shall have failed, within ten (10) Business Days of receiving the direction of the Trustee (given at the direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish such directions of the Trustee, (y) any Co-Issuer refuses to take such action or (z) the Control Party (at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, take such previously directed action (and any related action as permitted under the Indenture thereafter determined by the Trustee or the Control Party to be appropriate without the need under this provision or any other provision under the Indenture to direct the Co-Issuers to take such action);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) institute Proceedings from time to time for the complete or partial foreclosure of the Indenture or, to the extent applicable, any other Related Document, with respect to the Collateral; <u>provided</u> that the Trustee will not be required to take title to any real property in connection with any foreclosure or other exercise of remedies hereunder or under such Related Documents and title to such property will instead be acquired in an entity designated and (unless owned by a third party) controlled by the Control Party; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sell all or a portion of the Collateral at one or more public or private sales called and conducted in any manner permitted by law; <u>provided</u>, <u>however</u>, that the Trustee shall not proceed with any such sale without the prior written consent of the Control Party (at the direction of the Controlling Class Representative) and the Trustee will provide notice to the Co-Issuers and each Holder of Subordinated Notes and Senior Subordinated Notes of a proposed sale of Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Sale of Collateral</u>. In connection with any sale of the Collateral hereunder, under the Global G&C Agreement (which may proceed separately and independently from the exercise of remedies under the Indenture) or under any judgment, order or decree in any judicial proceeding for the foreclosure or involving the enforcement of the Indenture, the Global G&C Agreement or any other Related Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Trustee, any Noteholder, any Enhancement Provider, any Hedge Counterparty and/or any other Secured Party may bid for and purchase the property being sold, and upon compliance with the terms of the sale may hold, retain, possess and dispose of such property in its own absolute right without further accountability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee (at the direction of the Control Party (at the direction of the Controlling Class Representative)) may make and deliver to the purchaser or purchasers a good and sufficient deed, bill of sale and instrument of assignment and transfer of the property sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all right, title, interest, claim and demand whatsoever, either at law or in equity or otherwise, of any Securitization Entity of, in and to the property so sold shall be divested; and such sale shall be a perpetual bar both at law and in equity against such Securitization Entity, its successors and assigns, and against any and all Persons claiming or who may claim the property sold or any part thereof from, through or under such Securitization Entity or its successors or assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the receipt of the Trustee or of the officer thereof making such sale shall be a sufficient discharge to the purchaser or purchasers at such sale for his or their purchase money, and such purchaser or purchasers, and his or their assigns or personal representatives, shall not, after paying such purchase money and receiving such receipt of the Trustee or of such officer therefor, be obliged to see to the application of such purchase money or be in any way answerable for any loss, misapplication or non-application thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Application of Proceeds</u>. Any amounts obtained by the Trustee on account of or as a result of the exercise by the Trustee of any right hereunder or under the Global G&C Agreement shall be held by the Trustee as additional collateral for the repayment of Obligations, shall be deposited into the Collection Account and shall be applied as provided in <u>Article V</u>; <u>provided, however</u>, that unless otherwise provided in this <u>Article IX</u>, that with respect to any distribution to any Class of Notes, notwithstanding the provisions of <u>Article V</u>, such amounts shall be distributed sequentially in order of alphabetical designation and *pro rata* among each Class of Notes of the same alphabetical designation based upon Outstanding Principal Amount of the Notes of each such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Additional Remedies</u>. In addition to any rights and remedies now or hereafter granted hereunder or under applicable law with respect to the Collateral, the Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted in any applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Proceedings</u>. The Trustee may maintain a Proceeding even if it does not possess any of the Notes or does not produce any of them in the Proceeding, and any such Proceeding instituted by the Trustee shall be in its own name as trustee. All remedies are cumulative to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Power of Attorney</u>. Each Co-Issuer hereby grants to the Trustee an absolute power of attorney to sign, upon the occurrence and during the continuance of an Event of Default, any document which may be required by the PTO, United States Copyright Office, any similar office or agency in each foreign country in which any Domino's IP is located, or any other Governmental Authority in order to effect an absolute assignment of all right, title and interest in or to any Domino's IP, and record the same.

Section 9.4 <u>Waiver of Appraisal, Valuation, Stay and Right to Marshaling</u>. To the extent it may lawfully do so, each Co-Issuer for itself and for any Person who may claim through or under it hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) agrees that neither it nor any such Person will step up, plead, claim or in any manner whatsoever take advantage of any appraisal, valuation, stay, extension or redemption laws, now or hereafter in force in any jurisdiction, which may delay, prevent or otherwise hinder (i) the performance, enforcement or foreclosure of the Indenture or the Global G&C Agreement, (ii) the sale of any of the Collateral or (iii) the putting of the purchaser or purchasers thereof into possession of such property immediately after the sale thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) waives all benefit or advantage of any such laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) waives and releases all rights to have the Collateral marshaled upon any foreclosure, sale or other enforcement of the Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) consents and agrees that, subject to the terms of the Indenture and the Global G&C Agreement, all the Collateral may at any such sale be sold by the Trustee as an entirety or in such portions as the Trustee may (upon direction by the Controlling Class Representative) determine.

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Section 9.5 <u>Limited Recourse</u>. Notwithstanding any other provision of the Indenture, the Notes or any other Related Document or otherwise, the liability of the Securitization Entities to the Noteholders and any other Secured Parties under or in relation to the Indenture, the Notes or any other Related Document or otherwise, is limited in recourse to the Collateral. The Collateral having been applied in accordance with the terms hereof, none of the Noteholders or any other Secured Parties shall be entitled to take any further steps against any Securitization Entity to recover any sums due but still unpaid hereunder, under the Notes or under any of the other agreements or documents described in this <u>Section 9.5</u>, all claims in respect of which shall be extinguished.

Section 9.6 <u>Optional Preservation of the Collateral</u>. If the maturity of the Outstanding Notes of each Series has been accelerated pursuant to <u>Section 9.2</u> following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, at the direction of the Control Party (acting at the direction of the Controlling Class Representative), shall elect to maintain possession of such portion, if any, of the Collateral as the Control Party (acting at the direction of the Controlling Class Representative) shall in its discretion determine.

Section 9.7 <u>Waiver of Past Events</u>. Prior to the declaration of the acceleration of the maturity of each Series of Notes Outstanding as provided in <u>Section 9.2</u> and subject to <u>Section 13.2</u>, the Control Party (at the direction of the Controlling Class Representative) by notice to the Trustee and the Rating Agencies <u>(with a copy to the Back-Up Manager)</u>, may waive any existing Default or Event of Default described in any clause of <u>Section 9.2</u> (except <u>clause (f)</u> thereof) and its consequences; <u>provided</u>, <u>however</u>, that before any waiver may be effective, the Trustee<u>, the Back-Up Manager</u> and the Servicer must have received any reimbursement then due or payable in respect of unreimbursed Advances (including interest thereon) or any other amounts then due to the Servicer <u>(including in its capacity as Control Party), the Back-Up Manager</u> or the Trustee hereunder or under the Related Documents; <u>provided</u>, <u>further</u>, that the Control Party shall provide written notice of any such waiver to each Rating Agency <u>(with a copy to the Back-Up Manager)</u>. Upon any such waiver, such Default shall cease to exist and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. A Default or an Event of Default described in <u>clause (f)</u> of <u>Section 9.2</u> shall not be subject to waiver without the consent of the Control Party (acting at the direction of the Controlling Class Representative) and each Noteholder. Subject to <u>Section 13.2</u>, the Control Party (at the direction of the Controlling Class Representative), by notice to the Trustee and the Rating Agencies, may waive any existing Potential Rapid Amortization Event or any existing Rapid Amortization Event; <u>provided</u>, <u>however</u>, that a Rapid Amortization Event described in <u>clause (e)</u> of <u>Section 9.1</u> relating to a particular Series of Notes (or Class thereof) shall not be permitted to be waived by any party unless each affected Noteholder has consented to such waiver.

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Section 9.8 <u>Control by the Control Party</u>. Notwithstanding any other provision hereof, the Control Party (subject to <u>Section 11.4(e)</u>, at the direction of the Controlling Class Representative) may cause the institution of and direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercise any trust or power conferred on the Trustee; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such direction of time, method and place shall not be in conflict with any rule of law, the Servicing Standard or with the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Control Party (at the direction of the Controlling Class Representative) may take any other action deemed proper by the Control Party (at the direction of the Controlling Class Representative) that is not inconsistent with such direction (as the same may be modified by the Control Party (with the consent of the Controlling Class Representative)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such direction shall be in writing;

<u>provided</u>, <u>further</u>, that, subject to <u>Section 10.1</u>, the Trustee need not take any action that it determines might involve it in liability unless it has received an indemnity for such liability as provided herein.

Section 9.9 <u>Limitation on Suits</u>. Any other provision of the Indenture to the contrary notwithstanding, a Holder of Notes may pursue a remedy with respect to the Indenture or any other Related Document only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Noteholder gives to the Trustee, the Control Party and the Controlling Class Representative written notice of a continuing Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Noteholders of at least 25% of the aggregate Principal Amount of all then Outstanding Notes make a written request to the Trustee, the Control Party and the Controlling Class Representative to pursue the remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Noteholder or Noteholders offer and, if requested, provide to the Trustee, the Control Party and the Controlling Class Representative indemnity satisfactory to the Trustee, the Control Party and the Controlling Class Representative against any loss, liability or expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee does not comply with the request within sixty (60) days after receipt of the request and the offer and, if requested, the provision of indemnity reasonably satisfactory to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) during such sixty (60) day period the Majority of Senior Noteholders do not give the Trustee a direction inconsistent with the request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Control Party (at the direction of the Controlling Class Representative) has consented to the pursuit of such remedy.

A Noteholder may not use the Indenture or any other Related Document to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder.

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Section 9.10 <u>Unconditional Rights of Noteholders to Receive Payment</u>. Notwithstanding any other provision of the Indenture, the right of any Holder of a Note to receive payment of principal of, and premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder of the Note.

Section 9.11 <u>The Trustee May File Proofs of Claim</u>. The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel), the Noteholders and any other Secured Party (as applicable) allowed in any judicial proceedings relative to any Co-Issuer (or any other obligor upon the Notes), its creditors or its property, and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claim and any custodian in any such judicial proceeding is hereby authorized by each Noteholder and each other Secured Party to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Noteholders or any other Secured Party, to pay the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under <u>Section 10.5</u>. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under <u>Section 10.5</u> out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money and other properties which any of the Noteholders or any other Secured Party may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Noteholder or any other Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Noteholder or any other Secured Party, or to authorize the Trustee to vote in respect of the claim of any Noteholder or any other Secured Party in any such proceeding.

Section 9.12 <u>Undertaking for Costs</u>. In any suit for the enforcement of any right or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of any undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys' fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This <u>Section 9.12</u> does not apply to a suit by the Trustee, a suit by a Noteholder pursuant to <u>Section 9.9</u> or a suit by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of Notes.

Section 9.13 <u>Restoration of Rights and Remedies</u>. If the Trustee, any Noteholder or any other Secured Party has instituted any Proceeding to enforce any right or remedy under the Indenture or any other Related Document and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder or other Secured Party, then and in every such case the Trustee and the Noteholders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee, the Noteholders and the other Secured Parties shall continue as though no such Proceeding had been instituted.

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Section 9.14 <u>Rights and Remedies Cumulative</u>. No right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Notes or any other Secured Party is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under the Indenture or any other Related Document or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under the Indenture or any other Related Document, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 9.15 <u>Delay or Omission Not Waiver</u>. No delay or omission of the Trustee, the Control Party, the Controlling Class Representative, any Holder of any Note or any other Secured Party to exercise any right or remedy accruing upon any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default or an acquiescence therein. Every right and remedy given by this <u>Article IX</u> or by law to the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes or any other Secured Party may be exercised from time to time to the extent not inconsistent with the Indenture, and as often as may be deemed expedient, by the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes or any other Secured Party, as the case may be.

Section 9.16 <u>Waiver of Stay or Extension Laws</u>. Each Co-Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of the Indenture or any other Related Document; and each Co-Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantages of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, the Control Party or the Controlling Class Representative, but will suffer and permit the execution of every such power as though no such law had been enacted.

**ARTICLE X** 

**THE TRUSTEE** 

Section 10.1 <u>Duties of the Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Event of Default or Rapid Amortization Event has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by the Indenture and the other Related Documents, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs; <u>provided, however</u>, that the Trustee shall have no liability in connection with any action or inaction taken, or not taken, by it upon the deemed occurrence of an Event of Default, a Rapid

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Amortization Event, a Manager Termination Event or a Servicer Termination Event of which a Trust Officer has not received written notice; <u>provided</u>, <u>further</u>, <u>however,</u> that the Trustee shall have no liability in connection with any action or inaction due to the acts or failure to act of the Control Party or the Controlling Class Representative in connection with any Event of Default, Rapid Amortization Event, Manager Termination Event or Servicer Termination Event or for acting or failing to act due to any direction or lack of direction from the Control Party or the Controlling Class Representative. The preceding sentence shall not have the effect of insulating the Trustee from liability arising out of the Trustee's negligence or willful misconduct. The Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee which are specifically required to be furnished pursuant to any provision of the Indenture, shall examine them to determine whether they conform to the requirements of this Indenture; <u>provided</u>, <u>however</u>, that the Trustee shall not be responsible for the accuracy or content of any resolution, certificate, statement opinion, report, document, order or other instrument furnished by the Co-Issuers under the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except during the occurrence and continuance of an Event of Default, Rapid Amortization Event, Manager Termination Event or Servicer Termination Event of which a Trust Officer shall have Actual Knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trustee undertakes to perform only those duties that are specifically set forth in the Indenture or any other Related Document to which it is a party and no others, the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into the Indenture or any other Related Document against the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of the Indenture and any other applicable Related Document; <u>provided</u>, <u>however</u>, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine such certificates or opinions to determine whether or not they conform to the requirements of the Indenture and shall promptly notify the party of any non-conformity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This <u>clause (c)</u> does not limit the effect of <u>clause (b)</u> of this <u>Section 10.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustee shall not be liable in its individual capacity for any error of judgment made in good faith by a Trust Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Trustee shall not be liable in its individual capacity with respect to any action it takes, suffers or omits to take in good faith in accordance with a direction received by it pursuant to the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Trustee shall not be charged with knowledge of any Mortgage Recordation Event, Default, Event of Default, Potential Rapid Amortization Event, Rapid Amortization Event, Manager Termination Event, Potential Manager Termination Event or Servicer Termination Event or the commencement and continuation of a Cash Trapping Period until such time as a Trust Officer shall have Actual Knowledge or have received written notice thereof. In the absence of such Actual Knowledge or receipt of such notice, the Trustee may conclusively assume that no such event has occurred or is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary contained in the Indenture or any of the other Related Documents, no provision of the Indenture or the other Related Documents shall require the Trustee to expend or risk its own funds or incur any material liability (financial or otherwise) if there are reasonable grounds for believing that the repayment of such funds is not reasonably assured to it by the security afforded to it by the terms of the Indenture or the Global G&C Agreement. The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any risk, loss, liability or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Paying Agent or the Registrar shall fail to perform any obligation, duty or agreement in the manner or on the day required to be performed by the Paying Agent or the Registrar, as the case may be, under the Indenture, the Trustee shall be obligated as soon as practicable upon Actual Knowledge of a Trust Officer thereof and receipt of appropriate records and information, if any, to perform such obligation, duty or agreement in the manner so required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to <u>Section 10.3</u>, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law or the Indenture or any of the other Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whether or not therein expressly so provided, every provision of the Indenture and the other Related Documents relating to the conduct of, affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this <u>Section 10.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes negligence, bad faith or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Securitization Entities to the Collateral, for insuring the Collateral or for the payment of Taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. Except as otherwise provided herein, the Trustee shall have no duty to inquire as to the performance or observance of any of the terms of the Indenture or the other Related Documents by the Securitization Entities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the Indenture or at the direction of the Servicer, the Control Party or the Controlling Class Representative, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, under the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trustee shall have no duty (i) to see to any recording, filing or depositing of this Base Indenture or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recordings or filing or depositing or to any rerecording, refilling or redeposition of any thereof (other than with respect to filings of the Manufacturing and Distribution Center Mortgages<u>Supply Chain Center Mortgage</u> as and to the extent provided in <u>Section 3.1(c))</u>: (ii) to see to any insurance, (iii) except as otherwise provided by <u>Section 10.1(e)</u>, to see to the payment or discharge of any tax, assessment or other governmental charge or any lien or encumbrance of any kind or (iv) to confirm or verify the contents of any reports or certificates of the Manager, the Control Party, the Back-Up Manager or the Servicer delivered to the Trustee pursuant to this Base Indenture believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Trustee shall not be personally liable for special, indirect, consequential or punitive damages arising out of, in connection with or as a result of the performance of its duties under the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) Notwithstanding anything to the contrary in this <u>Section 10.1</u>, the Trustee shall make Debt Service Advances to the extent and in the manner set forth in <u>Section 5.12(c)</u> hereof: <u>provided</u>, <u>however</u>, that notwithstanding anything herein or in any other Related Document to the contrary, the Trustee will not be responsible for advancing any principal on the Senior Notes, any Senior Notes Monthly Post-ARD Contingent Interest, any reserve amounts, any make-whole premiums, any Class A-1 Senior Notes Administrative Expenses, any Class A-1 Senior Notes Aggregate Monthly Commitment Fees, or any interest or principal payable on, or any other amounts due with respect to, the Senior Subordinated Notes and the Subordinated Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything herein to the contrary, no Debt Service Advance shall be required to be made hereunder by the Trustee if the Trustee determines such Debt Service Advance (including interest thereon) would, if made, constitute a Nonrecoverable Advance (or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, an Advance Suspension Period is in effect). The determination by the Trustee that it has made a Nonrecoverable Advance or that any proposed Debt Service Advance, if made, would constitute a Nonrecoverable Advance, shall be made by the Trustee in its reasonable good faith judgment. The Trustee is entitled to conclusively rely on the determination of the Servicer that a Debt Service Advance is or would be a Nonrecoverable Advance. Any such determination will be conclusive and binding on the Noteholders. The Trustee may update or change its nonrecoverability determination at

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any time, and may decide that a requested Debt Service Advance or Collateral Protection Advance that was previously deemed to be a Nonrecoverable Advance shall have become recoverable. Notwithstanding the foregoing, all outstanding Debt Service Advances and Collateral Protection Advances made by the Trustee and any accrued interest thereon will be paid strictly in accordance with the Priority of Payments, even if the Trustee determines that any such advance is a Nonrecoverable Advance after such Advance has been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Trustee shall be entitled to receive interest at the Advance Interest Rate accrued on the amount of each Debt Service Advance made thereby (with its own funds) for so long as such Debt Service Advance is outstanding. Such interest with respect to any Debt Service Advance made pursuant to this <u>Section 10.1(l)</u> shall be payable out of Collections in accordance with the Priority of Payments pursuant to <u>Section 5.11</u> hereof and the other applicable provisions of the Related Documents.

Section 10.2 <u>Rights of the Trustee</u>. Except as otherwise provided by <u>Section 10.1</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting based upon any resolution, Officer's Certificate, Opinion of Counsel, certificate, instrument, report, consent, order, document or other paper reasonably believed by it to be genuine and to have been signed by or presented by the proper person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may act through agents, custodians and nominees and shall not be liable for any misconduct or negligence on the part of, or for the supervision of, any such non-affiliated agent, custodian or nominee so long as such agent, custodian or nominee is appointed with due care; <u>provided</u>, <u>however</u>, the Trustee shall have received the consent of the Servicer prior to the appointment of any agent, custodian or nominee performing any material obligation of the Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall not be liable for any action it takes, suffers or omits to take in the absence of negligence which it believes to be authorized or within the discretion or rights or powers conferred upon it by the Indenture or the applicable Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Base Indenture, any Series Supplement or any other Related Document, or to institute, conduct or defend any litigation hereunder or thereunder or in relation hereto or thereto, at the request, order or direction of the Servicer, the Control Party, the Controlling Class Representative, any of the Noteholders or any other Secured Party, pursuant to the provisions of this Base Indenture or any Series Supplement, unless the Trustee shall have been offered reasonable security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which may be incurred therein or thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to the occurrence of an Event of Default or Rapid Amortization Event, the Trustee shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by the Noteholders of at least 25% of the aggregate Principal Amount of all then Outstanding Notes. If the Trustee is so requested or determines in its own discretion to make such further inquiry or investigation into such facts or matters as it sees fit, the Trustee shall be entitled to examine the books, records and premises of the Securitization Entities, personally or by agent or attorney, at the sole cost of the Co-Issuers and the Trustee shall incur no liability by reason of such inquiry or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The right of the Trustee to perform any discretionary act enumerated in this Base Indenture shall not be construed as a duty, and the Trustee shall be not be liable in the absence of negligence or willful misconduct for the performance of such act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In accordance with Section 326 of the U.S.A. Patriot Act, to help fight the funding of terrorism and money laundering activities, the Trustee will obtain, verify, and record information that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask for the name, address, tax identification number and other information that will allow the Trustee to identify the individual or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary herein, any and all communications (both text and attachments) by or from the Trustee that the Trustee in its sole discretion deems to contain confidential, proprietary or sensitive information and sent by electronic mail will be encrypted. The recipient of the email communication will be required to complete a one-time registration process. Information and assistance on registering and using the email encryption technology can be found at the Trustee's secure website www.citigroup.com/citigroup/citizen/privacy/email.htm or by calling (866) 535-2504 (in the U.S.) or (904) 954-6181 at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents; labor disputes; acts of civil or military authority or governmental actions (it being understood that the Trustee shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances).

Section 10.3 <u>Individual Rights of the Trustee</u>. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Securitization Entities or an Affiliate of the Securitization Entities with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.

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Section 10.4 <u>Notice of Events of Default and Defaults</u>. If an Event of Default, a Default, a Rapid Amortization Event or a Potential Rapid Amortization Event occurs and is continuing and if it is actually known to a Trust Officer, or written notice of the existence thereof has been delivered to a Trust Officer, the Trustee shall promptly provide the Noteholders, the Servicer, the Manager, the Back-Up Manager, the Co- Issuers, any Class A-1 Administrative Agent and each Rating Agency with notice of such Event of Default, Default, Rapid Amortization Event or Potential Rapid Amortization Event, to the extent that the Notes of such Series are Book-Entry Notes, by telephone and facsimile and otherwise by first class mail.

Section 10.5 <u>Compensation and Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall promptly pay to the Trustee from time to time compensation for its acceptance of the Indenture and services hereunder and under the other Related Documents to which the Trustee is a party as the Trustee and the Co-Issuers shall from time to time agree in writing. The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Co-Issuers shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services in accordance with the provisions of the Indenture (including, without limitation, the Priority of Payments). Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee's agents and outside counsel. The Co-Issuers shall not be required to reimburse any expense incurred by the Trustee through the Trustee's own willful misconduct or negligence. When the Trustee incurs expenses or renders services after an Event of Default or Rapid Amortization Event occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers shall jointly and severally indemnify and hold harmless the Trustee or any predecessor Trustee and their respective directors, officers, agents and employees from and against any loss, liability, claim, expense (including taxes, other than taxes based upon, measured by or determined by the income of the Trustee or such predecessor Trustee), damage or injury suffered or sustained by reason of any acts, omissions or alleged acts or omissions arising out of or in connection with (i) the activities of the Trustee or such predecessor Trustee pursuant to this Base Indenture, any Series Supplement or any other Related Documents to which the Trustee is a party and (ii) the security interest granted hereby, whether arising by virtue of any act or omission on the part of the Master Issuer or otherwise, including but not limited to any judgment, award, settlement, reasonable attorneys' fees and other costs or expenses reasonably incurred in connection with the defense of any actual or threatened action, proceeding, claim (whether asserted by the Co-Issuers, the Servicer, the Control Party or any Noteholder or any other Person), liability in connection with the exercise or performance of any of its powers or duties hereunder or under any Related Document, the preservation of any of its rights to, or the realization upon, any of the Collateral, or in connection with enforcing the provisions of this <u>Section 10.5(b)</u>; <u>provided</u>, <u>however</u>, that the Co-Issuers shall not indemnify the Trustee, any predecessor Trustee or their respective directors, officers, employees or agents if such acts, omissions or alleged acts or omissions constitute, willful misconduct, bad faith or negligence by the Trustee or such predecessor Trustee, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this <u>Section 10.5</u> shall survive the termination of the Indenture and the resignation and removal of the Trustee.

Section 10.6 <u>Replacement of the Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this <u>Section 10.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee may, after giving thirty (30) days prior written notice to the Co-Issuers, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative, each Class A-1 Administrative Agent and each Rating Agency, resign at any time from its office and be discharged from the trust hereby created; <u>provided</u>, <u>however</u>, that no such resignation of the Trustee shall be effective until a successor trustee has assumed the obligations of the Trustee hereunder. The Control Party (at the direction of the Controlling Class Representative) or the Majority of Noteholders of the Controlling Class may remove the Trustee at any time by so notifying the Trustee and the Co-Issuers. So long as no Event of Default or Rapid Amortization Event has occurred and is continuing, the Co-Issuers (with the prior written consent of the Control Party) may remove the Trustee at any time. The Co-Issuers (with the prior written consent of the Control Party) shall remove the Trustee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee fails to comply with <u>Section 10.8</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a custodian or public officer takes charge of the Trustee or its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Trustee becomes incapable of acting.

If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Co-Issuers shall promptly, with the prior written consent of the Control Party appoint a successor Trustee. Within one year after the successor Trustee takes office, the Majority of Noteholders of the Controlling Class (with the prior written consent of the Control Party) may appoint a successor Trustee to replace the successor Trustee appointed by the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, the retiring Trustee, at the expense of the Co- Issuers, may petition any court of competent jurisdiction for the appointment of a successor Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Trustee after written request by the Servicer or any Noteholder fails to comply with <u>Section 10.8</u>, the Servicer or such Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee or removed Trustee and to the Servicer and the Co-Issuers. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Base Indenture, any Series Supplement and any other Related Document to which the Trustee is a party. The successor Trustee shall mail a notice of its succession to Noteholders and each Class A-1 Administrative Agent. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; <u>provided</u>, <u>however</u>, that all sums owing to the retiring Trustee hereunder have been paid. Notwithstanding replacement of the Trustee pursuant to this <u>Section 10.6</u>, the Co-Issuers' obligations under <u>Section 10.5</u> shall continue for the benefit of the retiring Trustee.

Section 10.7 <u>Successor Trustee by Merger, etc.</u> Subject to <u>Section 10.8</u>, if the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee; <u>provided</u> that written notice of such consolidation, merger or conversion shall be provided to the Co-Issuers, the Servicer, the Noteholders and each Class A-1 Administrative Agent; <u>provided further</u> that the resulting or successor corporation is eligible to be a Trustee under <u>Section 10.8</u>.

Section 10.8 <u>Eligibility Disqualification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There shall at all times be a Trustee hereunder which shall (i) be a bank or trust company organized and doing business under the laws of the United States of America or of any state thereof authorized under such laws to exercise corporate trustee power, (ii) be subject to supervision or examination by federal or state authority, (iii) have a combined capital and surplus of at least $250,000,000 as set forth in its most recent published annual report of condition, (iv) be reasonably acceptable to the Servicer and (v) have a long-term unsecured debt rating of at least "BBB+" and "Baal" by Standard & Poor's and Moody's, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time the Trustee shall cease to satisfy the eligibility requirements of <u>Section 10.8(a)</u>, the Trustee shall resign immediately in the manner and with the effect specified in <u>Section 10.6</u>.

Section 10.9 <u>Appointment of Co-Trustee or Separate Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions of this Base Indenture, any Series Supplement or any other Related Document, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Collateral may at the time be located, the Trustee shall have the power upon notice to the Control Party, the Co-Issuers and each Class A-1 Administrative Agent and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders and the other Secured Parties, such title to the Collateral, or any part thereof, and, subject to the other provisions of this <u>Section 10.9</u>, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. Any co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under <u>Section 10.8</u> or shall be otherwise acceptable to the Servicer. No notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under <u>Section 10.6</u>. No co-trustee shall be appointed without the consent of the Servicer and the Co-Issuers unless such appointment is required as a matter of state law or to enable the Trustee to perform its functions hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Notes of each Series shall be authenticated and delivered <u>(or registered, in the case of Uncertificated Notes)</u> solely by the Trustee or an authenticating agent appointed by the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or unqualified to perform, such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder and such appointment shall not, and shall not be deemed to, constitute any such trustee or co-trustee as an agent of the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Base Indenture and the conditions of this <u>Article X</u>. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Base Indenture, any Series Supplement and any other Related Documents to which the Trustee is a party, specifically including every provision of this Base Indenture, any Series Supplement, or any other Related Document which the Trustee is a party relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee and a copy thereof given to the Servicer and the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any separate trustee or co-trustee may at any time constitute the Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect to this Base Indenture, any Series Supplement or any other Related Document on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

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Section 10.10 <u>Representations and Warranties of Trustee</u>. The Trustee represents and warrants to the Co-Issuers and the Noteholders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee is a national banking association, organized, existing and in good standing under the laws of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee has full power, authority and right to execute, deliver and perform this Base Indenture, any Series Supplement issued concurrently with this Base Indenture and each other Related Document to which it is a party and to authenticate <u>(or register, in the case of Uncertificated Notes)</u> the Notes, and has taken all necessary action to authorize the execution, delivery and performance by it of this Base Indenture, any Series Supplement issued concurrently with this Base Indenture and any such other Related Document and to authenticate <u>(or register, in the case of Uncertificated Notes)</u> the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Base Indenture and each other Related Document to which it is a party has been duly executed and delivered by the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee meets the requirements of eligibility as a trustee hereunder set forth in <u>Section 10.8(a)</u>.

**ARTICLE XI** 

**CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY** 

Section 11.1 <u>Controlling Class Representative</u>. <u>Notwithstanding anything herein to the contrary, from and after the Series 2025-1 Springing Amendments Implementation Date, this Section 11.1 shall be amended and restated in its entirety as set forth in the Ninth Supplement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within five (5) Business Days following the Closing Date, the Trustee shall deliver a notice in the form of <u>Exhibit G</u> attached hereto, through the Applicable Procedures of the Clearing Agency for the related Series and posted to the Trustee's internet website at www.sf.citidirect.com, announcing that there will be an election of a Controlling Class Representative and offering Controlling Class Members the opportunity to provide the Trustee with their contact information in writing within ten (10) Business Days of the date of such notice should they wish to participate in the election (such election, the "<u>Initial CCR Election</u>"). The Trustee shall provide any contact information that it receives, and any contact information in the Initial Controlling Class Member List, to the Manager and the Master Issuer upon request. During the Initial CCR Election, any notices and communications required to be sent by the Trustee pursuant to this <u>Section 11.1</u> shall be sent directly to the Controlling Class Members at the mail and e-mail addresses provided to the Trustee in the Initial Controlling Class Member List and by each Controlling Class Member individually, and all communications delivered to the Trustee by any Controlling Class Member shall be sent directly by such Controlling Class Member (and not through the Applicable Procedures of the Clearing Agency). During any subsequent CCR Election, both the Trustee and the Controlling Class Members shall be entitled to rely on the Applicable Procedures of the Clearing Agency for all such notices and communications.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 30 days after the Closing Date or any CCR Re-election Event, the Trustee will send to each of the Controlling Class Members a written notice (with copies to the Manager and the Master Issuer) in the form attached as <u>Exhibit H</u> hereto, announcing an election and soliciting nominations for a Controlling Class Representative (a "<u>CCR Election Notice</u>"). Each Controlling Class Member will be allowed to nominate one CCR Candidate by submitting a nomination in the form attached as <u>Exhibit I</u> hereto (a "<u>CCR Nomination</u>") within either (i) in the case of the Initial CCR Election, ten (10) Business Days of the date of the CCR Election Notice, or (ii) in the case of any subsequent election, thirty (30) calendar days (such period, as applicable, the "<u>CCR Nomination Period</u>"). Each Controlling Class Member submitting a CCR Nomination shall represent that (i) as of (A) for the Initial CCR Election, the Closing Date or (B) in the case of any subsequent election, a date not more than ten (10) Business Days prior to the date of the CCR Election Notice as determined by the Trustee (either such date, the "<u>Nomination Record Date</u>") it was the Note Owner or Noteholder, as applicable, of the Outstanding Principal Amount of Notes of the Controlling Class specified by it in the CCR Nomination; and (ii) the CCR Candidate that it has nominated pursuant to such CCR Nomination is either (A) a Controlling Class Member or (B) an Eligible Third-Party Candidate; <u>provided</u>, that for purposes of such nomination and determining the CCR Candidates pursuant to <u>Section 11.1(c)</u>, with respect to any Series of Class A-1 Senior Notes Outstanding, the Class A-1 Senior Notes Voting Amount shall be used in place of the Outstanding Principal Amount of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within three Business Days following the end of the CCR Nomination Period, the Trustee shall either (i) notify the Manager, the Master Issuer, the Servicer and the Controlling Class Members that no nominations have been received and that the election will not be held, or (ii) prepare and send to each applicable Controlling Class Member a ballot in the form of <u>Exhibit J</u> attached hereto (the "<u>CCR Ballot</u>") naming the top three candidates based upon the highest aggregate Outstanding Principal Amount of Notes of Controlling Class Members nominating such candidate (or, if less than three (3) candidates are nominated, the CCR Ballot will list all candidates). Each Controlling Class Member shall, in its sole discretion, indicate its vote for Controlling Class Representative by returning a completed CCR Ballot directly to the Trustee within (i) in the case of the Initial CCR Election, ten (10) Business Days of the date of the CCR Ballot or (ii) in the case of any subsequent election, within thirty (30) calendar days (a "<u>CCR Election Period</u>"). Each Controlling Class Member returning a completed CCR Ballot will also be required to confirm that, as of the date of the CCR Ballot (the "<u>CCR Voting Record Date</u>"), such Controlling Class Member was the owner or beneficial owner of the Outstanding Principal Amount of Notes of the Controlling Class specified by such Controlling Class Member in the CCR Ballot; <u>provided</u> that for the purposes of such certification and the tabulation of votes pursuant to <u>Section 11.1(d)</u>, with respect to any Series of Class A-1 Senior Notes Outstanding, the Class A-1 Senior Notes Voting Amount shall be used in place of the Outstanding Principal Amount of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a CCR Candidate receives votes from Controlling Class Members holding beneficial interests in at least 50% of the Outstanding Principal Amount of Notes of the Controlling Class (or any beneficial interest therein) that are Outstanding as of the CCR Voting Record Date and with respect to which votes were submitted (which may be less than the

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Outstanding Principal Amount of Notes of the Controlling Class as of the CCR Voting Record Date), such CCR Candidate shall be appointed the Controlling Class Representative by the Trustee promptly after the conclusion of the CCR Election Period. Notes of the Controlling Class held by any Co-Issuer or any Affiliate of any Co-Issuer will not be considered Outstanding for such voting purposes. If two CCR Candidates both receive votes from Controlling Class Members holding beneficial interests in exactly 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class, the Trustee shall appoint one of such CCR Candidates as the Controlling Class Representative at the direction of the Manager, pursuant to the Management Agreement. In the event that no CCR Candidate receives 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class, the Trustee will notify the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the Controlling Class Members that no Controlling Class Representative shall be appointed, and the Control Party will exercise the consent and waiver rights of the Controlling Class Representative until a CCR Re-election Event occurs and a new Controlling Class Representative is elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that a Controlling Class Representative is elected pursuant to <u>Section 11.1(d)</u> or the Trustee appoints a Controlling Class Representative at the direction of the Manager pursuant to <u>Section 11.1(d)</u>, the Trustee shall forward an acceptance letter in the form of <u>Exhibit K</u> attached hereto (a "<u>CCR Acceptance Letter</u>") to such Controlling Class Representative. No Person shall be appointed Controlling Class Representative unless it executes such CCR Acceptance Letter, pursuant to which it shall (i) agree to act as the Controlling Class Representative, (ii) provide its name and contact information and permit such information to be shared with the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the Controlling Class Members and (iii) represent and warrant that it is either a Controlling Class Member or an Eligible Third-Party Candidate. Within two (2) Business Days of receipt of the acceptance letter, the Trustee shall promptly forward copies thereof, or provide notice of the identity and contact information of the new Controlling Class Representative, to the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the Controlling Class Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Within two (2) Business Days of any other change in the name or address of the Controlling Class Representative of which the Trustee has received notice from the Controlling Class Representative or from a Majority of Controlling Class Members, as applicable, the Trustee shall deliver to each Noteholder, the Co-Issuers, the Manager, the Back- Up Manager and the Servicer a notice setting forth the identity of the new Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trustee shall be entitled to conclusively rely on, and will be fully protected in all actions taken or not taken by it with respect to, (i) the Initial Controlling Class Member List for purposes of identifying the recipients of the CCR Election Notices and CCR Ballots and all subsequent communications related to the Initial CCR Election, (ii) with respect to any subsequent election of a Controlling Class Representative, the Applicable Procedures of the Clearing Agency for delivery of the CCR Election Notices and CCR Ballots to Note Owners of Notes of the Controlling Class and (iii) the representations and warranties of the Persons submitting CCR Nominations, CCR Ballots and CCR Acceptance Letters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Servicer (in its capacity as Servicer and Control Party) <u>and the Back-Up Manager</u> shall be entitled to rely on the identity of the Controlling Class Representative provided by the Trustee with respect to any obligation or right hereunder <u>and under the other Related Documents</u> that the Servicer (in its capacity as Servicer and Control Party) <u>and/or the Back-Up Manager, as the case may be,</u> may have to deliver information or otherwise communicate with the Controlling Class Representative or any of the Noteholders of the Controlling Class, with no liability to it for such reliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Controlling Class Representative shall be entitled to receive from the Trustee, upon request, any memoranda delivered to the Trustee by the Back-Up Manager pursuant to the Back-Up Management Agreement; <u>provided</u> that it shall have first executed a confidentiality agreement, in form and substance satisfactory to the Manager <u>(and the Manager shall have confirmed to the Trustee that such agreement has been executed)</u>, and such confidentiality agreement remains in effect. Any such memoranda shall be deemed to contain material non-public information.

Section 11.2 <u>Resignation or Removal of the Controlling Class Representative</u>. The Controlling Class Representative may at any time resign as such by giving written notice to the Trustee, the Servicer and to each Noteholder of the Controlling Class <u>(with a copy to the Back-Up Manager). On and after the Series 2025-1 Springing Amendments Implementation Date, in accordance with the CCR Acceptance Letter, the Controlling Class Representative will resign immediately if such Controlling Class Representative both (i) does not hold any Notes of the Controlling Class and (ii) is not an Eligible Third Party Candidate; provided, however, that the Trustee will have no obligation to monitor the status of a Controlling Class Representative and will have no obligation to request the resignation of a Controlling Class Representative</u>. As of any Record Date, a Majority of the Controlling Class Members shall be entitled to remove any existing Controlling Class Representative by giving written notice to the Trustee, the Servicer and such existing Controlling Class Representative <u>(with a copy to the Back-Up Manager)</u>. No resignation or removal of the Controlling Class Representative shall be effective until a successor Controlling Class Representative has been appointed pursuant to <u>Section 11.1</u> or until the end of the CCR Election Period following such resignation or removal; <u>provided</u>, that any Controlling Class Representative that has been removed pursuant to this <u>Section 11.2</u> may subsequently be nominated as a CCR Candidate and appointed as Controlling Class Representative pursuant to <u>Section 11.1</u>; <u>provided</u>, <u>further</u>, that an existing Controlling Class Representative shall cease to be the Controlling Class Representative at the end of a CCR Election Period, even if no successor is re-elected pursuant to <u>Section 11.1</u>, unless such Controlling Class Representative is elected during such CCR Election Period. In addition to the foregoing, within two (2) Business Days of the selection, resignation or removal of the Controlling Class Representative, the Trustee shall notify the Servicer, the Back-Up Manager and the parties to this Indenture of such event.

Section 11.3 <u>Expenses and Liabilities of the Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Controlling Class Representative shall have no liability to the Note Owners for any action taken, or for refraining from the taking of any action, in good faith pursuant to the Indenture or for errors in judgment; <u>provided</u>, <u>however</u>, that the Controlling Class Representative shall not be protected against any liability that would otherwise be imposed by

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reason of willful misfeasance, gross negligence or reckless disregard of its obligations or duties under the Indenture. Each Note Owner acknowledges and agrees, by its acceptance of its Notes or interests therein, that (i) the Controlling Class Representative may have special relationships and interests that conflict with those of Note Owners of one or more Classes of Notes, or that conflict with other Note Owners, (ii) the Controlling Class Representative may act solely in the interests of the Controlling Class Members or in its own interest, (iii) the Controlling Class Representative does not have any duties to Note Owners other than the Controlling Class Members, (iv) the Controlling Class Representative may take actions that favor the interests of the Controlling Class Members over the interests of Note Owners of one or more other Classes of Notes, or that favor its own interests over those of other Note Owners or other Controlling Class Members, (v) the Controlling Class Representative shall not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance, by reason of its having acted solely in the interests of the Controlling Class Members or in its own interests, and (vi) the Controlling Class Representative shall have no liability whatsoever for having so acted pursuant to <u>clauses (i)</u> through <u>(v)</u>, and no Note Owner or Noteholder may take any action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal thereof for having so acted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any and all expenses of the Controlling Class Representative for acting in its capacity as Controlling Class Representative shall be borne by the Controlling Class Members by <u>being deducted from amounts otherwise payable to the Controlling Class Members</u>, *pro rata* according to their respective Outstanding Principal Amounts. Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative and the Servicer or the Trustee are also named parties to the same action and, in the sole judgment of the Servicer, the Controlling Class Representative had acted in good faith, without gross negligence or willful misconduct, with regard to the particular matter at issue, and there is no potential for the Servicer or the Trustee to be an adverse party in such action as regards the Controlling Class Representative, the Servicer on behalf of the Trustee shall be required to assume the defense (with any costs incurred in connection therewith being deemed to be reimbursable as a Collateral Protection Advance) of any such claim against the Controlling Class Representative.

Section 11.4 <u>Control Party</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to the Indenture and the other Related Documents, the Control Party is authorized to consent to and implement, subject to the Servicing Standard, any Consent Request that does not require the consent of any Noteholder, including the Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For any Consent Request that requires, pursuant to the terms of the Indenture and the other Related Documents, the consent or direction of the Controlling Class Representative, the Control Party shall evaluate such Consent Request, form a Consent Recommendation and then promptly deliver such Consent Request and a Consent Recommendation to the Controlling Class Representative (if a Controlling Class Representative exists at such time). Except as provided in the following sentence, until the Controlling Class Representative consents to a Consent Request, the Control Party is not authorized to implement such Consent Request, <u>provided</u> that the Control Party shall work in good faith with the Controlling Class Representative to obtain such consent. Notwithstanding anything in any

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Related Document to the contrary, if the Controlling Class Representative does not reject or approve a Consent Recommendation within ten (10) Business Days following delivery of a Consent Request and the related Consent Recommendation to the Controlling Class Representative or if there is no Controlling Class Representative at such time (including, without limitation, during the first CCR Election Period or following the resignation or removal of the Controlling Class Representative), the Control Party is authorized (but not required) to implement such Consent Request in accordance with the Servicing Standard, whether or not the Indenture or any Related Document indicates that the Control Party is required to act with the consent or at the direction of the Controlling Class Representative with respect to any specific matter relating to such Consent Request, other than with respect to Servicer Termination Events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For any Consent Request that requires the consent of any affected Noteholders or 100% of the Noteholders pursuant to <u>Section 13.2</u>, the Control Party shall evaluate such Consent Request and shall formulate and present a Consent Recommendation to the Trustee which shall forward such Consent Request and the Consent Recommendation to each Noteholder or each affected Noteholder, as applicable. Subject to <u>Section 11.4(e)</u>, until the consent of each Noteholder that is required to consent to any such Consent Request has been obtained and the Control Party is provided with notice of such consents being obtained by the Trustee, the Control Party is not authorized to implement such Consent Request, provided that the Control Party shall work in good faith with the Trustee to identify and deliver to the Trustee for delivery by the Trustee to such Noteholders such additional information and Consent Recommendations as may be appropriate in accordance with the Servicing Standard to obtain such consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Control Party shall promptly notify the Trustee, the Manager, the Back-Up Manager, the Co-Issuers and the Controlling Class Representative if the Control Party determines, in accordance with the Servicing Standard, not to implement a Consent Request or has not received the requisite consent of the Controlling Class Representative or the Noteholders, if applicable, to implement a Consent Request. The Trustee shall promptly notify the Control Party, the Manager, the Back-Up Manager, the Co-Issuers and the Controlling Class Representative if the Trustee has not received the requisite consent of the required percentage of Noteholders to implement a Consent Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything herein to the contrary, no advice, direction or objection from or by the Controlling Class Representative may (i) require or cause the Trustee or the Control Party to violate applicable law, the terms of this Indenture, the Notes, the Servicing Agreement or the other Related Documents, including, without limitation with respect to the Control Party, the Control Party's obligation to act in accordance with the Servicing Standard, (ii) expose the Control Party or the Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, to any material claim, suit or liability, or (iii) materially expand the scope of the Control Party's responsibilities under the Servicing Agreement or the Trustee under this Indenture, the Notes or the other Related Documents. In addition, notwithstanding anything herein or in the other Related Documents to the contrary, the Controlling Class Representative shall not be able to prevent the Control Party from transferring the ownership of all or any portion of the Collateral if any Advance by the Control Party is outstanding and the Control Party determines in accordance with the Servicing Standard that such transfer of ownership would be in the best interest of the Noteholders (taken as a whole).

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Section 11.5 Note Owner List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To facilitate communication among Note Owners, the Manager, the Trustee, the Control Party and the Controlling Class Representative, a Note Owner may elect, but is not required, to notify the Trustee of its name, address and other contact information, which will be kept in a register maintained by the Trustee. The Trustee will be required to furnish the Manager, the Control Party and the Controlling Class Representative upon request with the information maintained in such register as of the most recent date of determination. Every Note Owner, by receiving and holding a beneficial interest in a Note, will agree that none of the Trustee, the Co-Issuers, the Servicer, the Controlling Class Representative nor any of their respective agents will be held accountable by reason of any disclosure of any such information as to the names and addresses of the Note Owners in the register maintained by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Note Owners having beneficial interests of not less than $50,000,000 in aggregate principal amount of Notes that wish to communicate with the other Note Owners with respect to their rights under the Indenture or under the Notes may request in writing that the Trustee deliver a notice or communication to the other Note Owners through the Applicable Procedures of each Clearing Agency with respect to all Series of Notes Outstanding. If such request states that such Note Owners desire to communicate with other Note Owners with respect to their rights under the Indenture or under the Notes and is accompanied by (i) a certificate substantially in the form of Exhibit O certifying that such Note Owners hold beneficial interests of not less than $50,000,000 in aggregate principal amount of Notes (each, a "<u>Note Owner Certificate</u>") (upon which the Trustee may conclusively rely) and (ii) a copy of the communication which such Note Owners propose to transmit, then the Trustee, after having been adequately indemnified by such Note Owners for its costs and expenses, shall transmit the requested communication to all other Note Owners through the Applicable Procedures of each Clearing Agency with respect to all Series of Notes Outstanding, and shall give the Co-Issuers, the Servicer and the Controlling Class Representative notice that such request has been made, within five (5) Business Days after receipt of the request. The Trustee shall have no obligation of any nature whatsoever with respect to any requested communication other than to transmit it in accordance with and subject to the terms hereof and to give notice thereof to the Co-Issuers, the Servicer and the Controlling Class Representative.

**ARTICLE XII** 

**DISCHARGE OF INDENTURE** 

Section 12.1 <u>Termination of the Co-Issuers' and Guarantors' Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Satisfaction and Discharge</u>. The Indenture and the Global G&C Agreement shall cease to be of further effect when all Outstanding Notes theretofore authenticated and issued (<u>or registered, in the case of Uncertificated Notes) (</u>other than destroyed, lost or stolen Notes which have been replaced or paid) have been delivered to the Trustee for cancellation, the Co-Issuers have paid all sums payable hereunder and under each

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other Indenture Document, all commitments to extend credit under all Variable Funding Note Purchase Agreements have been terminated and all Series Hedge Agreements have been terminated and all payments by the Co-Issuers thereunder have been paid or otherwise provided for; except that (i) the Co-Issuers' obligations under <u>Section 10.5</u> and the Guarantors' guaranty thereof, (ii) the Trustee's and the Paying Agent's obligations under <u>Sections 12.2</u> and <u>12.3</u> and (iii) the Noteholders' and the Trustee's obligations under <u>Section 14.13</u> shall survive). The Trustee, on demand of the Securitization Entities, will execute proper instruments acknowledging confirmation of, and discharge under, the Indenture and the Global G&C Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indenture Defeasance</u>. The Co-Issuers may terminate all of their obligations under the Indenture and all obligations of the Guarantors under the Global G&C Agreement in respect thereof if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Co-Issuers irrevocably deposit in trust with the Trustee or at the option of the Trustee, with a trustee reasonably satisfactory to the Control Party, the Trustee and the Co-Issuers under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, U.S. Dollars and/or Government Securities in an amount sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay (without consideration of any reinvestment), when due, principal, premiums, make-whole prepayment premiums, if any, and interest on the Notes (including additional interest that accrues after an anticipated repayment date or renewal date, if applicable) to prepayment, redemption or maturity, as the case may be, and to pay all other sums payable by them hereunder and under each other Indenture Document and under any Series Hedge Agreement; <u>provided</u> that any Government Securities deposited in trust shall provide for the scheduled payment of all principal and interest thereon not later than the Business Day prior to the applicable prepayment date, redemption date or maturity date, as the case may be; and <u>provided</u>, <u>further</u>, that if (x) the deposit is held by a trustee of an irrevocable trust other than the Trustee, such trustee shall have been irrevocably instructed by the Co-Issuers to pay such money or the proceeds of such U.S. Government Securities to the Trustee on or prior to the prepayment date, redemption date or maturity date, as applicable, and (y) the Trustee shall have been irrevocably instructed by the Co-Issuers to apply such money or the proceeds of such U.S. Government Securities to the payment of said principal and interest with respect to the Notes and such other obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all commitments under all Variable Funding Note Purchase Agreements and all Series Hedge Agreements have been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Co-Issuers deliver notice of prepayment, redemption or maturity of the Notes in full to the Noteholders of Outstanding Notes, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager, any Class A-1 Administrative Agent and the Rating Agencies, which notice is expressly stated to be, or has become as of the prepayment date, redemption date or maturity date, as applicable, irrevocable, and the date of prepayment, redemption or maturity as specified in such notice when delivered was not longer than twenty (20) Business Days after the date of such notice;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Co-Issuers deliver notice of such deposit to the Control Party, the Manager, the Back-Up Manager, any Class A-1 Administrative Agent and the Rating Agencies on or before the date of the deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an Opinion of Counsel is delivered to the Trustee and the Servicer by the Co-Issuers to the effect that all conditions precedent set forth herein with respect to such termination have been satisfied.

Upon satisfaction of such conditions, the Indenture and the Global G&C Agreement shall cease to be of further effect; except that (i) the rights and obligations of the Trustee hereunder, including, without limitation, the Trustee's rights to compensation and indemnity under <u>Section 10.5</u>, and the Guarantor's guaranty thereof, (ii) the Trustee's and the Paying Agent's obligations under <u>Section 12.2</u> and <u>Section 12.3</u>, (iii) the Noteholders' and the Trustee's obligations under <u>Section 14.13</u>, (iv) this <u>Section 12.1(b)</u> and (v) the Noteholders' rights to registration of transfer and exchange under <u>Section 2.8</u> and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under <u>Section 2.10(a)</u> shall survive <u>(or, in each case, to de-registration and/or registration of Uncertificated Notes)</u>. The Trustee, on demand of the Securitization Entities, shall execute proper instruments acknowledging confirmation of and discharge under the Indenture and the Global G&C Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series Defeasance</u>. Except as may be provided to the contrary in any Series Supplement, the Co-Issuers, solely in connection with an optional prepayment in full, a mandatory prepayment in full or a redemption in full of all Outstanding Notes of a particular Series (the "<u>Defeased Series</u>") or in connection with the Series Legal Final Maturity Date of a particular Series of Notes, may terminate all Series Obligations with respect to such Notes and all Obligations of the Guarantors under the Global G&C Agreement in respect of such Series of Notes on and as of any Business Day (the "<u>Series Defeasance Date</u>"), <u>provided</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Co-Issuers irrevocably deposit in trust with the Trustee, or at the option of the Trustee, with a trustee reasonably satisfactory to the Control Party, the Trustee and the Co-Issuers under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, U.S. Dollars or Government Securities (or any combination thereof) in an amount sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay (without consideration of any reinvestment) without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all principal, interest, contingent interest, premiums, make-whole prepayment premiums, Series Hedge Payment Amounts, commitment fees, Class A-1 Senior Notes Administrative Expenses, Class A-1 Senior Notes Interest Adjustment Amounts, Class A-1 Senior Notes Other Amounts and any other Series Obligations that will be due and payable by the Co- Issuers solely with respect to the Defeased Series as of the applicable prepayment date, redemption date or Series Legal Final Maturity Date, as applicable, and to pay other sums payable by them under the Base Indenture, each other Indenture Document and each Series Hedge Agreement with respect to such Series of Notes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all Weekly Management Fees, Supplemental Management Fees, unreimbursed Advances (and outstanding interest thereon) and Manager Advances (and outstanding interest thereon), all fees, indemnities, reimbursements and expenses due to the Trustee, the Manager, the Servicer and the Back-Up Manager, and all Successor Manager Transition Expenses and Successor Servicer Transition Expenses, in each case that will be due and payable on or as of the following Accounting Date (or if the Series Defeasance Date is an Accounting Date, then as of the Series Defeasance Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all Securitization Operation Expenses, all Environmental Remediation Expenses Amounts, all Class A-1 Senior Notes Administrative Expenses for the Defeased Series, all Class A-1 Senior Notes Interest Adjustment Amounts for the Defeased Series and all Class A-1 Senior Notes Other Amounts for the Defeased Series, in each case, that are due and unpaid as of the Series Defeasance Date to the Actual Knowledge of the Manager;

<u>provided</u>, that the terms of each Government Security deposited in trust shall provide for the scheduled payment of all principal and interest thereon not later than the Business Day prior to the prepayment date, redemption date or Series Legal Final Maturity of the Defeased Series, as applicable; and <u>provided</u>, <u>further</u>, that if (x) if the deposit is held by a trustee of an irrevocable trust other than Trustee, such trustee shall have been irrevocably instructed by the Co-Issuers to pay such money or the proceeds of such Government Securities to the Trustee on or prior to the prepayment date, redemption date, or Series Legal Final Maturity Date, as applicable and (y) the Trustee shall have been irrevocably instructed by the Co-Issuers to apply such money or the proceeds of such Government Securities to the payment of the Series Obligations with respect to the Defeased Series and to the payment of other fees and expenses, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all commitments under all Variable Funding Note Purchase Agreements and all Series Hedge Agreements with respect to such Series of Notes shall have been terminated on or before the Series Defeasance Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Co-Issuers deliver notice of prepayment, redemption or maturity of such Series of Notes in full to the Noteholders of the Defeased Series, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager and the Rating Agencies not more than twenty (20) Business Days prior to the Series Defeasance Date, and such notice is expressly stated to be, or as of the date of the deposit has become, irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if, after giving effect to the deposit, any other Series of Notes is Outstanding, the Co-Issuers deliver to the Trustee an Officer's Certificate of the Co-Issuers stating that no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default shall have occurred and be continuing on the date of such deposit;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Master Issuer delivers to the Trustee an Officer's Certificate stating that the defeasance was not made by the Co-Issuers with the intent of preferring the holders of the Defeased Series over other creditors of the Co-Issuers or with the intent of defeating, hindering, delaying or defrauding other creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Co-Issuers deliver notice of such deposit to the Control Party, the Manager, the Back Up<u>Back-Up</u> Manager and the Rating Agencies on or before the date of the deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such defeasance will not result in a breach or violation of, or constitute a default under, the Indenture or any Indenture Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Rating Agency Condition is satisfied with respect to each Series of Notes Outstanding, if any, other than the Defeased Series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Co-Issuers deliver to the Trustee an Opinion of Counsel to the effect that all conditions precedent set forth herein with respect to such termination have been satisfied.

Upon satisfaction of such conditions, the Indenture and the Global G&C Agreement shall cease to be of further effect with respect to such Defeased Series, the Co-Issuers and the Guarantors shall be deemed to have paid and been discharged from their Series Obligations with respect to such Defeased Series and thereafter such Defeased Series shall be deemed to be "Outstanding" only for purposes of (1) the Trustee's and the Paying Agent's obligations under <u>Section 12.2</u> and <u>Section 12.3</u>, (2) the Noteholders' and the Trustee's obligations under <u>Section 14.13</u> and (3) the Noteholders' rights to registration of transfer and exchange under <u>Section 2.8</u> and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under <u>Section 2.10(a)</u>. The Trustee, on demand of the Securitization Entities, shall execute proper instruments acknowledging confirmation of and discharge under the Indenture and the Global G&C Agreement of such Series Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) After the conditions set forth in <u>Section 12.1(a)</u> have been met, or after the irrevocable deposit is made pursuant to <u>Section 12.1(b)</u> and satisfaction of the other conditions set forth therein have been met, the Trustee upon request of the Securitization Entities shall reassign (without recourse upon, or any warranty whatsoever by, the Trustee) and deliver all Collateral and documents then in the custody or possession of the Trustee promptly to the applicable Securitization Entities.

Section 12.2 <u>Application of Trust Money</u>. The Trustee or a trustee satisfactory to the Servicer, the Trustee and the Co- Issuers shall hold in trust money or Government Securities deposited with it pursuant to <u>Section 12.1</u>. The Trustee shall apply the deposited money and the money from Government Securities through the Paying Agent in accordance with this Base Indenture and the other Related Documents to the payment of principal, premium, if any, and interest on the Notes and the other sums referred to above. The provisions of this <u>Section 12.2</u> shall survive the expiration or earlier termination of the Indenture.

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Section 12.3 <u>Repayment to the Co-Issuers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee and the Paying Agent shall promptly pay to the Co-Issuers upon written request any excess money or, pursuant to <u>Sections 2.10</u> and <u>2.14</u>, return any cancelled Notes held by them at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 2.6(c)</u>, the Trustee and the Paying Agent shall pay to the Co-Issuers upon written request any money held by them for the payment of principal, premium or interest that remains unclaimed for two years after the date upon which such payment shall have become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this <u>Section 12.3</u> shall survive the expiration or earlier termination of the Indenture.

Section 12.4 <u>Reinstatement</u>. If the Trustee is unable to apply any funds received under this <u>Article XII</u> by reason of any proceeding, order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Co-Issuers' obligations under the Indenture or the other Indenture Documents and in respect of the Notes and the Guarantors' obligations under the Global G&C Agreement shall be revived and reinstated as though no deposit had occurred, until such time as the Trustee is permitted to apply all such funds or property in accordance with this <u>Article XII</u>. If the Co-Issuers or Guarantors make any payment of principal, premium or interest on any Notes or any other sums under the Indenture Documents while such obligations have been reinstated, the Co-Issuers and the Guarantors shall be subrogated to the rights of the Noteholders or Note Owners or other Secured Parties who received such funds or property from the Trustee to receive such payment in respect of the Notes.

**ARTICLE XIII** 

**AMENDMENTS** 

Section 13.1 <u>Without Consent of the Controlling Class Representative or the Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without the consent of any Noteholder, the Control Party, the Controlling Class Representative or any other Secured Party, the Co-Issuers and the Trustee, any time and from time to time, may enter into one or more Supplements hereto <u>or any amendments, modifications or supplements to any Supplement, the Global G&C Agreement or any other Indenture Document to which the Trustee is a party</u>, in form satisfactory to the Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to create a new Series of Notes <u>or issue additional permitted Notes under an existing Series, Class, Subclass or Tranche of Notes</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to add to the covenants of the Securitization Entities for the benefit of any Noteholders or any other Secured Parties (and if such covenants are to be for the benefit of less than all Series of Notes, stating that such covenants are expressly being included solely for the benefit of such Series) or to surrender for the benefit of the Noteholders and the other Secured Parties any right or power herein conferred upon the Securitization Entities; <u>provided</u>, <u>however</u>, that no Co-Issuer will pursuant to this <u>Section 13.1(a)(ii)</u> surrender any right or power it has under the Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to mortgage, pledge, convey, assign and transfer to the Trustee any property or assets as security for the Obligations and to specify the terms and conditions upon which such property or assets are to be held and dealt with by the Trustee and to set forth such other provisions in respect thereof as may be required by the Indenture or as may, consistent with the provisions of the Indenture, be deemed appropriate by the Co-Issuers, the Servicer and the Trustee, or to correct or amplify the description of any such property or assets at any time so mortgaged, pledged, conveyed and transferred to the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to cure any ambiguity, defect or inconsistency or to correct or supplement any provision contained herein or in any Supplement or in any Notes issued hereunder or in the Global G&C Agreement or any other Indenture Document to which the Trustee is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to provide for uncertificated Notes in addition to certificated Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to add to or change any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the issuance of Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of one or more Series and to add to or change any of the provisions of the Indenture or the Global G&C Agreement as shall be necessary to provide for or facilitate the administration of the trusts hereunder or thereunder by more than one Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to correct or supplement any provision herein or in any Supplement or in the Global G&C Agreement or any other Indenture Document to which the Trustee is a party which may be inconsistent with any other provision herein or therein or to make consistent any other provisions with respect to matters or questions arising under this Base Indenture or in any Supplement, in the Global G&C Agreement or any other Indenture Document to which the Trustee is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to comply with Requirements of Law (as evidenced by an Opinion of Counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to facilitate the transfer of Notes in accordance with applicable Law (as evidenced by an Opinion of Counsel);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) to take any action necessary or helpful to avoid the imposition, under and in accordance with applicable law, of any Tax, including withholding Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) to take any action necessary and appropriate to facilitate the origination of Post-Securitization Franchise Arrangements or the management and preservation of the Franchise Arrangements, in each case, in accordance with the Management Standard; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xiii) to amend any applicable terms of the Indenture Documents which respect to representations and covenants solely as they specifically relate to assets that have been disposed of in accordance with the terms of the Related Documents, as determined by the Manager in accordance with the Management Standard to be reasonably necessary to account for any Permitted Asset Dispositions;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xiv) to amend any applicable terms of the Indenture Documents with respect to Non-Securitization Entity MFA Arrangements that are not otherwise permitted under the Related Documents, subject to the terms set forth in the Management Agreement and the receipt of a Rating Agency Confirmation; or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xv)</u> (xiii) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, to evidence and provide for the acceptance of the appointment under the Base Indenture and under the Related Documents by a successor Servicer with respect to the Notes of one or more Series and to add to or change any of the provisions of the Indenture or the Related Documents as shall be necessary or desirable to provide for or accommodate a successor Servicer;

<u>provided</u>, <u>however</u>, that, as evidenced by an Officer's Certificate delivered to the Trustee<u>, the Back-Up Manager</u> and the Servicer, such action could not reasonably be expected to adversely affect in any material respect the interests of any Noteholder, any Note Owner, the Servicer, the Back-Up Manager or any other Secured Party.

In addition, following the <u>Series 2021-1</u> Springing Amendments Implementation Date, the Servicing Agreement and the other Related Documents may be amended, amended and restated, supplemented or otherwise modified by the parties thereto or the applicable Securitization Entities, the Manager, the Trustee and any other applicable party may enter into new Related Documents without the consent of the Control Party or the Servicer (except to the extent that the amendment, restatement, supplement, modification or new Related Document impacts the rights, indemnities, remedies, <u>protections, duties, immunities,</u> liabilities and/or obligations of the Control Party, Servicer or the Back-Up Manager, in which circumstance consent of the Control Party, Servicer or the Back-Up Manager, as applicable, shall be required, to the extent that the Control Party, Servicer or Back-Up Manager, as applicable, shall continue to act as Control Party, Servicer or Back-Up Manager, as applicable, following the execution of any such amendment, restatement, supplement, modification or new Related Document), the Controlling Class Representative, or any Noteholder, for the purpose of modifying, replacing or subdividing the role of the Servicer, the Back-Up Manager, the Control Party or the Controlling Class Representative, with the receipt of a Rating Agency Confirmation being required for any change in respect of any of such parties' obligation(s) to make Advances.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the request of the Co-Issuers and receipt by the Servicer and the Trustee of the documents described in <u>Section 2.2</u> and delivery by the Servicer of its consent thereto to the extent required by <u>Section 2.2</u>, the Trustee shall join with the Co-Issuers in the execution of any Series Supplement authorized or permitted by the terms of this Base Indenture and shall make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into such Series Supplement which affects its own rights, duties or immunities under this Base Indenture or otherwise.

Section 13.2 <u>With Consent of the Controlling Class Representative or the Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Section 13.1</u>, the provisions of this Base Indenture, the Global G&C Agreement, any Supplement and any other Indenture Document to which the Trustee is a party (unless otherwise provided in such Supplement) may from time to time be amended, modified or waived, if such amendment, modification or waiver is in writing in a Supplement and consented to in writing by the Control Party (at the direction of the Controlling Class Representative). Notwithstanding the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amendment, waiver or other modification that would reduce the percentage of the Aggregate Outstanding Principal Amount or the Outstanding Principal Amount of any Series of Notes, the consent of the Noteholders of which is required for any Supplement under this <u>Section 13.2</u> or the consent of the Noteholders of which is required for any waiver of compliance with the provisions of the Indenture or any other Related Document or defaults hereunder or thereunder and their consequences provided for in herein and therein or for any other action hereunder or thereunder shall require the consent of each affected Noteholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amendment, waiver or other modification that would (A) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of, premium, if any, or interest on any Note and the other Obligations (or reduce the principal amount of, premium, if any, or rate of interest on any Note and the other Obligations); (B) affect adversely the interests, rights or obligations of any Noteholder individually in comparison to any other Noteholder; (C) change the provisions of the Priority of Payments; (D) change any place of payment where, or the

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coin or currency in which, any Notes and the other Obligations or the interest thereon is payable; (E) impair the right to institute suit for the enforcement of the provisions of the Indenture requiring the application of funds available therefor, as provided in <u>Article V</u>, to the payment of any such amount due on the Notes and the other Obligations owing to Noteholders on or after the respective due dates thereof, (F) subject to the ability of the Control Party (acting at the direction of the Controlling Class Representative) to waive certain events as set forth in <u>Section 9.7</u>, amend or otherwise modify any of the specific language of the following definitions: "<u>Default</u>," "<u>Event of Default</u>," "<u>Potential Rapid Amortization Event</u>" or "<u>Rapid Amortization Event</u>" (as defined in the Base Indenture or any applicable Series Supplement) or (G) amend, waive or otherwise modify this <u>Section 13.2</u>, shall require the consent of the each affected Noteholder and each other affected Secured Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any amendment, waiver or other modification that would change the time periods with respect to any requirement to deliver to Noteholders notice with respect to any repayment, prepayment, redemption or election of any Extension Period shall require the consent of each affected Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No failure or delay on the part of any Noteholder, the Trustee or any other Secured Party in exercising any power or right under the Indenture or any other Related Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The express requirement, in any provision hereof, that the Rating Agency Condition be satisfied as a condition to the taking of a specified action, shall not be amended, modified or-waived by the parties hereto without satisfying the Rating Agency Condition.

Section 13.3 <u>Supplements</u>. Each amendment or other modification to the Indenture, the Notes or the Global G&C Agreement shall be set forth in a Supplement, a copy of which shall be delivered to the Rating Agencies and to the Servicer, the Controlling Class Representative, any Class A-1 Administrative Agent, the Manager, the Back-Up Manager and the Co-Issuers. The Co-Issuers shall provide written notice to each Rating Agency of any amendment or modification to the Indenture, the Notes or the Global G&C Agreement no less than ten (10) days prior to the effectiveness of the related Supplement; <u>provided</u> that such Supplement need not be in final form at the time such notice is given. The initial effectiveness of each Supplement shall be subject to the delivery to the Servicer and the Trustee of an Opinion of Counsel that such Supplement is authorized or permitted by this Base Indenture and the conditions precedent set forth herein with respect thereto have been satisfied. In addition to the manner provided in <u>Sections 13.1</u> and <u>13.2</u>, each Series Supplement may be amended as provided in such Series Supplement.

Section 13.4 <u>Revocation and Effect of Consents</u>. Until an amendment or waiver becomes effective, a consent to it by a Noteholder of a Note is a continuing consent by the Noteholder and every subsequent Noteholder of a Note or portion of a Note that evidences the same debt as the consenting Noteholder's Note, even if notation of the consent is not made on any Note. Any such Noteholder or subsequent Noteholder, however, may revoke the consent as to his Note or portion of a Note if the Trustee receives written notice of revocation before the date the amendment or waiver becomes effective. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every Noteholder. The Co-Issuers may fix a record date for determining which Noteholders must consent to such amendment or waiver.

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Section 13.5 <u>Notation on or Exchange of Notes</u>. The Trustee may place an appropriate notation about an amendment or waiver on any Note thereafter authenticated. The Co-Issuers, in exchange for all Notes, may issue and the Trustee shall authenticate new Notes that reflect the amendment or waiver. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment or waiver.

Section 13.6 <u>The Trustee to Sign Amendments, etc.</u> The Trustee shall sign any Supplement authorized pursuant to this <u>Article XIII</u> if the Supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing such Supplement, the Trustee shall be entitled to receive, if requested, an indemnity reasonably satisfactory to it and to receive and, subject to <u>Section 10.1</u>, shall be fully protected in relying upon, an Officer's Certificate of the Co-Issuers and an Opinion of Counsel as conclusive evidence that such Supplement is authorized or permitted by this Base Indenture and that all conditions precedent have been satisfied, and that it will be valid and binding upon the Co-Issuers and the Guarantors in accordance with its terms.

Section 13.7 <u>Amendments and Fees</u>. The Co-Issuers, the Control Party and the Controlling Class Representative shall negotiate any amendments, waivers or modifications to the Indenture or the other Related Documents that require the consent of the Control Party or the Controlling Class Representative in good faith, and any consent required to be given by the Control Party or the Controlling Class Representative shall not be unreasonably denied or delayed. The Control Party and the Controlling Class Representative shall be entitled to be reimbursed by the Co-Issuers only for the reasonable counsel fees incurred by the Control Party or the Controlling Class Representative in reviewing and approving any amendment or in providing any consents, and except as provided in the Servicing Agreement, neither the Control Party nor the Controlling Class Representative shall be entitled to any additional compensation in connection with any amendments or consents to this Base Indenture or to any Related Document.

**ARTICLE XIV** 

**MISCELLANEOUS** 

Section 14.1 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice or communication by the Co-Issuers, the Manager or the Trustee to any other party hereto shall be in writing and delivered in person, delivered by email, posted on a password protected website for which the recipient has granted access or mailed by first-class mail (registered or certified, return receipt requested) facsimile or overnight air courier guaranteeing next day delivery, to such other party's address:

<u>If to the Master Issuer:</u>

Domino's Master Issuer LLC

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24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, Michigan 48106

Attention: Cristian Dersidan

Facsimile: [\*\*\*]

<u>If to the Domestic Distributor:</u>

Domino's Pizza Distribution LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, Michigan 48106

Attention: Cristian Dersidan

Facsimile: [\*\*\*]

<u>If to the SPV Canadian Holdco:</u>

Domino's SPV Canadian Holding Company Inc.

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, Michigan 48106

Attention: Cristian Dersidan

Facsimile: [\*\*\*]

<u>If to the IP Holder:</u>

Domino's IP Holder LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, Michigan 48106

Attention: Cristian Dersidan

Facsimile: [\*\*\*]

<u>If to the Manager:</u>

Domino's Pizza LLC

30 Frank Lloyd Wright Drive

P.O. Box 997

Ann Arbor, Michigan 48106

Attention: Cristian Dersidan <u>Ryan K. Mulally</u>

Facsimile: [\*\*\*]

<u>Email: [\*\*\*]</u>

<u>If to the Manager</u> with a copy to:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

Attention: Winthrop G. Minot

Facsimile: [\*\*\*]

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and

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, NY 10036

Attention: David Midvidy<u>Patricia Lynch</u>

Facsimile: [\*\*\*]

<u>Email: [\*\*\*]</u>

<u>If to any Co-Issuer</u> <u>with a copy to</u><u>or Guarantor</u>:

Domino's Pizza LLC

30 Frank Lloyd Wright Drive

P.O. Box 997

Ann Arbor, Michigan 48106

Attention: Cristian Dersidan <u>Ryan K. Mulally</u>

Facsimile: [\*\*\*]

<u>Email: [\*\*\*]</u>

and

<u>with a copy to:</u>

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

Attention: Winthrop G. Minot

Facsimile: [\*\*\*]

and

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, NY 10036

Attention: David Midvidy<u>Patricia Lynch</u>

Facsimile: [\*\*\*]

<u>Email: [\*\*\*]</u>

<u>If to the Back-Up Manager:</u>

FTI Consulting, Inc.

<u>1166 Avenue of the Americas</u>

3 Times Square 11th<u>15<sup>th</sup></u> Floor

New York, NY 10036

Attention: Robert J. Darefsky <u>Michael Baumkirchner</u>

<u>Email: [\*\*\*]</u> 

Facsimile: [\*\*\*]

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<u>If to the Servicer:</u>

Midland Loan Services, a division of

PNC Bank, National Association

10851 Mastin Street

Building 82, Suite 700

Overland Park, Kansas 66210

Attn: President

<u>Email: [\*\*\*]</u>

<u>If to the Trustee:</u>

Citibank, N.A.

388 Greenwich Street

14th Floor

New York, NY 10013

Attention: Global Transaction Services-Domino's<u>Agency & Trust -</u>

<u>Domino's</u> Pizza <u>Master Issuer LLC</u>

Facsimile: [\*\*\*] <u>Email: [\*\*\*]</u>

<u>If to Moody's:</u>

Moody's Investors Service, Inc.

99 Church Street, 4th Floor

New York, NY 10007

Attention: ABS Monitoring Department

Facsimile: [\*\*\*]

with a copy of all notices pertaining to other indebtedness:

Moody's Investors Services, Inc.,

99 Church Street, 4th Floor

New York, NY 10007

Attention: Asset Finance Group – Team Managing Director<u> </u>

<u>If to Standard & Poor's:</u>

Standard & Poor's Rating Services

55 Water Street, 42nd Floor

New York, NY 10041-0003

Attention: ABS Surveillance Group - New Assets

<u>Email: [\*\*\*]</u>

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<u>If to an Enhancement Provider or an Hedge Counterparty</u>: At the address provided in the applicable Enhancement Agreement or the applicable Series Hedge Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers or the Trustee by notice to each other party may designate additional or different addresses for subsequent notices or communications; <u>provided</u>, <u>however</u>, the Co-Issuers may not at any time designate more than a total of three (3) addresses to which notices must be sent in order to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five days after the date that such notice is mailed, (iii) delivered by facsimile shall be deemed given on the date of delivery of such notice, (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier, (v) when posted on a password-protected website shall be deemed delivered after notice of such posting has been provided to the recipient and (vi) delivered by email shall be deemed delivered on the date of delivery of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any provisions of the Indenture to the contrary, the Trustee shall have no liability based upon or arising from the failure to receive any notice required by or relating to the Indenture, the Notes or any other Related Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Co-Issuer delivers a notice or communication to Noteholders, it shall deliver a copy to the Back-Up Manager, the Servicer, the Controlling Class Representative and the Trustee at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where the Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if sent in writing and mailed, first-class postage prepaid, to each Noteholder affected by such event, at its address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed (if any) for the giving of such notice. In any case where notice to a Noteholder is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given. Where the Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made that is satisfactory to the Trustee shall constitute a sufficient notification for every purpose hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding any other provision herein, for so long as DPL is the Manager, any notice, communication, certificate, report, statement or other information required to be delivered by the Manager to any Co-Issuer, or by any Co-Issuer to the Manager, shall be deemed to have been delivered to both the Co-Issuer and the Manager if the Manager has prepared or is otherwise in possession of such notice, communication, certificate, report, statement or other information, and in no event shall the Manager or any Co-Issuer be in breach of any delivery requirements hereunder for constructive delivery pursuant to this <u>Section 14.1(g)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision, any notices delivered to a Class A-1 Administrative Agent shall be delivered in accordance with the terms of the applicable Variable Funding Note Purchase Agreement.

Section 14.2 <u>Communication by Noteholders With Other Noteholders</u>. Noteholders may communicate with other Noteholders with respect to their rights under the Indenture or the Notes.

Section 14.3 <u>Officer's Certificate as to Conditions Precedent</u>. Upon any request or application by the Co-Issuers to the Controlling Class Representative, the Servicer or the Trustee to take any action under the Indenture or any other Related Document, the Co-Issuers to the extent requested by the Controlling Class Representative, the Servicer or the Trustee shall furnish to the Controlling Class Representative, the Servicer and the Trustee (a) an Officer's Certificate of the Co-Issuers in form and substance reasonably satisfactory to the Controlling Class Representative, the Servicer or the Trustee, as applicable (which shall include the statements set forth in <u>Section 14.4)</u>, stating that all conditions precedent and covenants, if any, provided for in the Indenture or such other Related Documents relating to the proposed action have been complied with and (b) an Opinion of Counsel confirming the same. Such Opinion of Counsel shall be at the expense of the Co-Issuers.

Section 14.4 <u>Statements Required in Certificate</u>. Each certificate with respect to compliance with a condition or covenant provided for in the Indenture or any other Related Document shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the Person giving such certificate has read such covenant or condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements contained in such certificate are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary to enable him to reach an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement as to whether or not such condition or covenant has been complied with.

Section 14.5 <u>Rules by the Trustee</u>. The Trustee may make reasonable rules for action by or at a meeting of Noteholders.

Section 14.6 <u>Benefits of Indenture</u>. Except as set forth in a Series Supplement, nothing in this Base Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders and the other Secured Parties, any benefit or any legal or equitable right, remedy or claim under the Indenture.

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Section 14.7 <u>Payment on Business Day</u>. In any case where any Quarterly Payment Date, redemption date or maturity date of any Note shall not be a Business Day, then (notwithstanding any other provision of the Indenture) payment of interest or principal (and premium, if any), as the case may be, need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on the Quarterly Payment Date, redemption date or maturity date; <u>provided</u>, <u>however</u>, that no interest shall accrue for the period from and after such Quarterly Payment Date, redemption date or maturity date, as the case may be.

Section 14.8 <u>Governing Law</u>. THIS BASE INDENTURE 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 14.9 <u>Successors</u>. All agreements of each of the Co-Issuers in the Indenture, the Notes and each other Related Document to which it is a party shall bind its successors and assigns; <u>provided</u>, <u>however</u>, no Co-Issuer may assign its obligations or rights under the Indenture or any other Related Document, except with the written consent of the Servicer. All agreements of the Trustee in the Indenture shall bind its successors.

Section 14.10 <u>Severability</u>. In case any provision in the Indenture, the Notes or any other Related Document shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 14.11 <u>Counterpart Originals</u>. The parties may sign any number of copies of this Base Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

Section 14.12 <u>**Table of Contents**, Headings, etc.</u> The **Table of Contents** and headings of the Articles and Sections of the Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

Section 14.13 <u>No Bankruptcy Petition Against the Securitization Entities</u>. Each of the Noteholders, the Trustee and the other Secured Parties hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of the latest maturing Note, it will not 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; <u>provided</u>, <u>however</u>, that nothing in this <u>Section 14.13</u> shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document. In the event that any such Noteholder or other Secured Party or the Trustee takes action in violation of this <u>Section 14.13.</u> each affected Securitization Entity shall

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file or cause to be filed an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Noteholder or Secured Party or the Trustee against such Securitization Entity or the commencement of such action and raising the defense that such Noteholder or other Secured Party or the Trustee has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this <u>Section 14.13</u> shall survive the termination of the Indenture and the resignation or removal of the Trustee. Nothing contained herein shall preclude participation by any Noteholder or any other Secured Party or the Trustee in the assertion or defense of its claims in any such proceeding involving any Securitization Entity.

Section 14.14 <u>Recording of Indenture</u>. If the Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Co-Issuers and at their expense.

Section 14.15 <u>Waiver of Jury Trial</u>. EACH OF THE CO-ISSUERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS BASE INDENTURE, THE NOTES, THE OTHER RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

Section 14.16 <u>Submission to Jurisdiction: Waivers</u>. Each of the Co-Issuers and the Trustee hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to the Indenture and the other Related Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Co-Issuers or the Trustee, as the case may be, at its address set forth in <u>Section 14.1</u> or at such other address of which the Trustee shall have been notified pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section 14.16</u> any special, exemplary, punitive or consequential damages.

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Section 14.17 <u>Permitted Asset Dispositions; Release of Collateral</u>. After consummation of a Permitted Asset Disposition, upon request of the Co- Issuers, the Trustee, at the written direction of the Servicer, shall execute and deliver to the Co- Issuers any and all documentation reasonably requested and prepared by the Co-Issuers at their expense to effect or evidence the release by the Trustee of the Secured Parties' security interest in the property disposed of in connection with such Permitted Asset Disposition.

Section 14.18 <u>Administration of the DNAF Account</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Establishment of the DNAF Account. Pursuant to Section 6.2 of the DNAF Servicing Agreement, DNAF has granted a security interest in the Serviced Funds to the Master Issuer, the Domestic Franchisor and the IP Holder, which grant shall be effective automatically upon the occurrence and continuation of a Rapid Amortization Event. In furtherance of the foregoing, upon the effectiveness of such grant, the Master Issuer, the Domestic Franchisor and the IP Holder shall assign such security interest to the Trustee for the benefit of the Secured Parties and in order to perfect such security interest granted to the Trustee, the Master Issuer, the Domestic Franchisor and the IP Holder shall (i) establish and maintain an account in the name of the Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Master Issuer, the Domestic Franchisor and the IP Holder and their assigns, which account shall be subject to an Account Control Agreement, and which shall, for the purposes of the Base Indenture and the other Related Documents, become the "<u>DNAF Account</u>" and (ii) immediately thereafter shall cause DNAF to transfer all Serviced Funds into such new DNAF Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Administration of the DNAF Account. The Co-Issuers hereby agree that all amounts held in the DNAF Account shall be used solely to provide the advertising and marketing for the benefit of the Domestic Franchisees and the owners of the Company-Owned Stores located in the Domestic Territory (the "<u>Advertising Obligations</u>"). The Trustee's security interest in the DNAF Account and the funds on deposit therein shall be limited to the amount necessary to perform the Advertising Obligations and the funds subject to such security interest shall not be used for any other purpose. So long as no Manager Termination Event or DNAF Servicer Termination Event shall have occurred, the Co-Issuers shall cause DPL to direct the use of the amounts held in the DNAF Account solely to perform the Advertising Obligations pursuant to the terms of the DNAF Servicing Agreement.

**[Signature Pages Follow]** 

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IN WITNESS WHEREOF, each of the Co-Issuers, the Trustee and the Securities Intermediary have caused this Amended and Restated Base Indenture to be duly executed by its respective duly authorized officer as of the day and year first written above.

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| | |
|:---|:---|
| DOMINO'S MASTER ISSUER LLC, as | DOMINO'S MASTER ISSUER LLC, as |
| Co-Issuer | Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |
| DOMINO'S PIZZA DISTRIBUTION LLC, as | DOMINO'S PIZZA DISTRIBUTION LLC, as |
| Co-Issuer | Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |
| <u>DOMINO'S PROGRESSIVE FOODS</u> | <u>DOMINO'S PROGRESSIVE FOODS</u> |
| <u>DISTRIBUTION LLC, as Co-Issuer</u> | <u>DISTRIBUTION LLC, as Co-Issuer</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| DOMINO'S SPV CANADIAN HOLDING | DOMINO'S SPV CANADIAN HOLDING |
| COMPANY INC., as Co-Issuer | COMPANY INC., as Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |

---

*Domino's – Amended and Restated Base Indenture* 

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---

| | |
|:---|:---|
| DOMINO'S IP HOLDER LLC, as Co-Issuer | DOMINO'S IP HOLDER LLC, as Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |

---

*Domino's – Amended and Restated Base Indenture* 

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**<u>ANNEX A</u>**

<u>BASE INDENTURE DEFINITIONS LIST</u> 

"<u>2007 Base Indenture</u>" means the Base Indenture, dated as of April 16, 2007, by and among the Co-Issuers and Citibank, N.A., as trustee and as securities intermediary.

<u>"2025 Closing Date Contributed Assets" means all assets contributed under the Omnibus Transfer Agreement (2025).</u>

"<u>Account Agreement</u>" means each agreement governing the establishment and maintenance of any Concentration Account or any other Base Indenture Account or Series Account to the extent that any such account is not held at the Trustee.

"<u>Account Control Agreement</u>" means each control agreement pursuant to which the Trustee is granted the right to control deposits to and withdrawals from, or otherwise to give instructions or entitlement orders in respect of, a deposit and/or securities account and any Lock-Box related thereto (including, without limitation, with respect to each Concentration Account, except as provided by <u>Section 5.1(a)</u> of the Base Indenture) <u>provided, however,</u> that each Account Control Agreement shall be in form and substance reasonably satisfactory to the Trustee.

"<u>Accounting Date</u>" means the date three (3) Business Days prior to each Quarterly Payment Date. Any reference to an Accounting Date relating to a Quarterly Payment Date means the Accounting Date occurring in the same calendar month as the Quarterly Payment Date and any reference to an Accounting Date relating to a Quarterly Collection Period means the Quarterly Collection Period most recently ended on or prior to the related Quarterly Payment Date.

"<u>Actual Knowledge</u>" means the actual knowledge of (i) in the case of any Securitization Entity, any manager or director (as applicable) (other than an Independent Manager or Independent Director) or officer of such Securitization Entity, (ii) in the case of the Manager, with respect to a relevant matter or event, an Authorized Officer of the Manager directly responsible for managing, the relevant asset or for administering the transactions relevant to such matter or event, (iii) with respect to the Trustee, a Trust Officer, or (iv) with respect to any other Person, any member of senior management of such Person.

"<u>Actual Monthly</u> Distributor<u>Supply Chain</u> <u>Profit Amount</u>" means, with respect to any Monthly Distributor<u>Supply Chain</u> Profit Period, the actual aggregate amount of Distributor<u>Supply Chain</u> Profit required to have been deposited in the Collection Account during such Monthly Distributor<u>Supply Chain</u> Profit Period by any Distributor<u>Supply Chain Holder</u>, as calculated by the Manager and set forth in each applicable Monthly Distributor<u>Supply Chain</u> Profit Certificate.

<u>"Additional Asset Holder"</u> means any Additional Securitization Entity that, after the Closing Date, is designated as an "Additional Asset Holder" pursuant to <u>Section 8.34</u> of the Base Indenture.

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"<u>Additional Class A-1 Senior Notes</u>" means, with respect to any Series of Notes, additional Class A-1 Senior Notes issued after the Series Closing Date of such Series in accordance with <u>Section 2.3</u> of the Base Indenture

"<u>Additional Class A-1 Senior Notes Commitment Fees Shortfall Interest</u>" has the meaning set forth in <u>Section 5.12(e)</u> of the Base Indenture.

"<u>Additional Co-Issuer</u>" means any Additional Securitization Entity that, after the Closing Date, is designated an "Additional Co-Issuer" pursuant to <u>Section 8.34</u> of the Base Indenture.

"<u>Additional Co-Issuer Charter Documents</u>" means, collectively, with respect to any Additional Co-Issuer, the certificate of incorporation, the by-laws, the certificate of formation, the operating agreement, the memorandum of association, the articles of association and/or any such similar documents of such Additional Co-Issuer depending on the form of such entity.

"<u>Additional Co-Issuer Operating Agreement</u>" means, with respect to any Additional

Co-Issuer, the certificate of incorporation, the operating agreement or such similar document of such Additional Co-Issuer depending on the form of such entity.

"<u>Additional Concentration Account</u>" has the meaning set forth in <u>Section 5.1(a)</u> of the Base Indenture.

"<u>Additional Concentration Account Control Agreement</u>" means the Account Control Agreement governing any Additional Concentration Account entered into by and among the applicable Securitization Entity, the Manager, the Trustee and the bank or other financial institution then holding such Additional Concentration Account; <u>provided</u> that an Additional Concentration Account Control Agreement shall not be required for any Additional Concentration Account that is located in a country outside of the United States (i) if such agreement would not be enforceable under the applicable laws of such country, as evidenced by a written notice from an Authorized Officer of the applicable Securitization Entity to the Control Party setting forth the rationale for such conclusion or (ii) if such Additional Concentration Account qualifies as an "Eligible Account" pursuant to clause (c) of the definition thereof; <u>provided</u>, <u>further</u>, that the Trustee shall have no duty or responsibility to monitor whether such Additional Concentration Account qualifies as an "Eligible Account" pursuant to clause (c) of the definition thereof.<u>.</u> 

"<u>Additional Distribution Concentration Account</u>" means any Additional Concentration Account designated as a "Distribution Concentration Account" pursuant to <u>Section 5.1(a)</u> of the Base Indenture.

"<u>Additional Distributor</u>" means any Additional Securitization Entity that, after the Closing Date, is designated as an "Additional Distributor" pursuant to <u>Section 8.34</u> of the Base Indenture.

"<u>Additional Franchisor</u>" means any Additional Securitization Entity that, after the Closing Date, is designated as an Additional "Franchisor" pursuant to <u>Section 8.34</u> of the Base Indenture, including, without limitation, the International Franchisor (Michigan).

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"<u>Additional IP Holder</u>" means any Additional Securitization Entity that, after the Closing Date, is designated as an "Additional IP Holder" pursuant to <u>Section 8.34</u> of the Base Indenture.

"<u>Additional Issuance Date</u>" means, with respect to any Class A-1 Senior Notes issued after their related Series Closing Date, the date of issuance of such Class A-1 Senior Notes.

<u>"Additional Notes" means each additional Series of Notes or additional Notes of an existing Series, Class, Subclass or Tranche of Notes issued by the Co-Issuers from time to time on the related Series Closing Date pursuant to Section 2.2.</u>

"<u>Additional Royalties Concentration Account</u>" means any Additional Concentration Account designated as a "Royalties Concentration Account" pursuant to <u>Section 5.1(a)</u> of the Base Indenture.

"<u>Additional Securitization Entity</u>" means any entity that becomes a direct or indirect wholly-owned Subsidiary of the Master Issuer or any other Securitization Entity after the Closing Date in accordance with and as permitted under the Related Documents and is designated by the Co-Issuers as an "Additional Securitization Entity" pursuant to <u>Section 8.34</u> of the Base Indenture, including, without limitation, the International Franchisor (Michigan) <u>and the PFS Domestic Supply Chain Holder</u>.

"<u>Additional Securitization Entity Charter Documents</u>" means, collectively, with respect to any Additional Securitization Entity, the certificate of incorporation, the by-laws, the certificate of formation, the operating agreement and/or any such similar documents of such Additional Securitization Entity depending on the form of such entity.

"<u>Additional Securitization Entity Operating Agreement</u>" means, with respect to any Additional Securitization Entity, the certificate of incorporation, the operating agreement or such similar document of such Additional Securitization Entity depending on the form of such entity.

"<u>Additional Senior Notes Interest Shortfall Interest</u>" has the meaning set forth in <u>Section 5.12(c)</u> of the Base Indenture.

"<u>Additional Senior Subordinated Notes Interest Shortfall Interest</u>" has the meaning set forth in <u>Section 5.12(h)</u> of the Base Indenture.

"<u>Additional Subordinated Notes Interest Shortfall Interest</u>" has the meaning set forth in <u>Section 5.12(k)</u> of the Base Indenture.

"<u>Additional Subsidiary Guarantor</u>" means an Additional Securitization Entity that, after the Closing Date, is designated as an "Additional Subsidiary Guarantor" pursuant to <u>Section 8.34</u> of the Base Indenture, including, without limitation, the International Franchisor (Michigan).

<u>"Additional Supply Chain Concentration Account" means any Additional Concentration Account designated as a "Supply Chain Concentration Account" pursuant to Section 5.1(a) of the Base Indenture.</u>

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<u>"Additional Supply Chain Holder" means any entity</u> <u>that, after the Closing Date, is designated as an "Additional</u> <u>Supply Chain Holder" pursuant to Section 8.34 of the Base Indenture.</u>

"<u>Adjusted Net Cash Flow</u>" means<u>, except as otherwise set forth in the applicable Series Supplement with respect to the first four (4) Quarterly Payment Dates following any Series Closing Date,</u> for any Quarterly Payment Date and the immediately preceding Quarterly Collection Period, an amount equal to the product of (a) in the case of any fiscal year of the Co-Issuers containing 52 weeks, 91 or, in the case of any fiscal year of the Co-Issuers containing 53 weeks, 92.75, <u>multiplied by</u> (b) the quotient of (i) the Net Cash Flow with respect to such Quarterly Payment Date <u>divided by</u> (ii) the actual number of days within such Quarterly Collection Period.

"<u>Advance</u>" means any Debt Service Advance or Collateral Protection Advance.

"<u>Advance Interest Rate</u>" means a rate equal to the Prime Rate plus 3% per annum.

"<u>Advance Period</u>" means on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the period commencing on the date that the Servicer makes an Advance and ending on the date the Servicer is reimbursed in full (from amounts other than Advances) for all outstanding Advances with interest thereon.

"<u>Advance Suspension Period</u>" has the meaning set forth in the Servicing Agreement.

"<u>Advertising Fees</u>" means any fees payable by a Domestic Franchisee pursuant to a Domestic Franchise Arrangement to be used by DNAF for advertising and marketing activities in accordance with the terms of such Franchise Arrangements including, without limitation, any fees paid by Domestic Franchisees to DNAF for advertising and marketing activities related to advertising co-operatives.

"<u>Advertising Obligations</u>" has the meaning set forth in <u>Section 14.18(b)</u> of the Base Indenture.

"<u>Affiliate</u>" means, with respect to any specified Person, another Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, "control" means the power to direct the management and policies of a Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise; and "controlled" and "controlling" have meanings correlative to the foregoing.

"<u>After-Acquired IP Assets</u>" means any Intellectual Property <u>(other than the PULSE Assets or Technology Assets)</u>, including without limitation Future Brand IP, created, developed or acquired after the Closing Date by or on behalf of, and owned by, the IP Holder or any Additional IP Holder; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "After-Acquired IP Assets" shall have the meaning set forth on Schedule I attached hereto.

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"<u>After-Acquired Overseas IP</u>" means any Know-How specific to the operation of Stores and Franchise Arrangements in the Overseas Countries (but not including any <u>PULSE Assets, Technology Assets,</u> Patents, Copyrights or Trademarks or any Intellectual Property that is a derivation of the Domino's IP) created, developed or acquired by or on behalf of any of the Overseas Entities after the Series 2007-1 Closing Date<u>April 16, 2007</u> (but prior to the <u>Series 2012-1</u> Closing Date) and owned by any of the Overseas Entities in accordance with the terms of the Overseas IP Holder Asset Sale and IP License Agreement; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "After-Acquired Overseas IP" shall have the meaning set forth on Schedule I attached hereto.

"<u>Agent</u>" means any Registrar or Paying Agent.

"<u>Aggregate Outstanding Principal Amount</u>" means the sum of the Outstanding Principal Amounts with respect to all Series of Notes.

<u>"Aggregate Weekly Supply Chain Profit Amount" means, with respect to any Monthly Supply Chain</u> <u>Profit Period, (a) on the fourth Weekly Allocation Date to occur in such Monthly</u> <u>Supply Chain Profit Period</u><u>, an amount, not less than zero, equal to the lesser of (i) the sum of (A) the Estimated Weekly</u> <u>Supply Chain</u> <u>Profit Amount for the Weekly Collection Period immediately preceding such Weekly Allocation Date and (B) the Monthly</u> <u>Supply Chain</u> <u>Profit Adjustment Amount, if any, with respect to the immediately preceding Monthly</u> <u>Supply Chain</u> <u>Profit Period and (ii) the amount actually on deposit in the</u> <u>Supply Chain</u> <u>Concentration Accounts on such Weekly Allocation Date and (b) on each other Weekly Allocation Date to occur in such Monthly</u> <u>Supply Chain</u> <u>Profit Period, an amount equal to the lesser of (i) the Estimated Weekly</u> <u>Supply Chain</u> <u>Profit Amount for the Weekly Collection Period immediately preceding such Weekly Allocation Date and (ii) the amount actually on deposit in the</u> <u>Supply Chain Concentration Accounts on such Weekly Allocation</u> <u>Date; provided that to the extent that (1) the amount in clause (a)(ii) above is less than the amount in clause (a)(i) above or (2) the amount in clause (b)(ii) above is less than the amount in clause (b)(i) above for any Weekly Allocation Date, the amount of any such difference (the "Weekly</u> <u>Supply Chain</u> <u>Profit Deficiency Amount") (or the portion thereof that has not been previously allocated to the Collection Account) will be added to the</u> <u>Aggregate Weekly Supply Chain</u> <u>Profit Amount for each succeeding Weekly Allocation Date until the Weekly</u> <u>Supply Chain</u> <u>Profit Deficiency Amount has been allocated to the Collection Account.</u>

"<u>Annual Noteholders' Tax Statement</u>" has the meaning set forth in <u>Section 4.2</u> of the Base Indenture.

"<u>Applicable Procedures</u>" means the provisions of the rules and procedures of DTC, the "Operating Procedures of the Euroclear System" and "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and "Customer Handbook" of Clearstream, as in effect from time to time.

"<u>Applicants</u>" has the meaning set forth in <u>Section 2.7(a)</u> of the Base Indenture.

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"<u>Articles of Association</u>" means, with respect to any corporation or unlimited company and any time, the articles of association or such similar documents of such unlimited company in effect at such time.

"<u>Asset Disposition</u>" means any Refranchising Asset Disposition, any Asset Resale Disposition, any Permitted Distribution<u>Supply Chain</u> Asset Disposition or any Real Estate Disposition or any other asset disposition permitted pursuant to <u>Section 8.16</u> of the Base Indenture.

"<u>Asset Disposition Proceeds</u>" means the gross proceeds received from any Asset Disposition.

"<u>Asset Holder</u>" means, the Domestic Distribution Real Estate Holder, the Domestic Distribution Equipment Holder, the Master Issuer, to the extent of its holdings of Leased Domestic and Manufacturing and Distribution Centers, and any Additional Asset Holder.

"<u>Asset Resale Disposition</u>" means any resale, transfer or other disposition of an asset acquired by any Securitization Entity for resale to one or more Franchisees (excluding any Refranchising Asset Dispositions) for a Franchisee Promissory Note or for cash in one payment or any combination thereof.

"<u>Assignment</u>" means any assignment delivered in accordance with the terms of the IP Assets Contribution Agreement.

"<u>Authorized Officer</u>" means, as to any Person, any of the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of such Person.

"<u>Available Administrative Account Amount</u>" means, as of any Accounting Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> with respect to any deficiency relating to the Senior Notes Interest Account pursuant to <u>Section 5.12(a)</u> of the Base Indenture, the aggregate of the amounts on deposit in (a) the Class A-1 Senior Notes Commitment Fees Account, (b) the Senior Subordinated Notes Interest Account, (c) the Senior Notes Principal Payments Account, (d) the Senior Subordinated Notes Principal Payments Account, (e) the Subordinated Notes Interest Account, (f) the Subordinated Notes Principal Payments Account, (g) the Senior Notes Post-ARD Contingent Interest Account, (h) the Senior Subordinated Notes Post-ARD Contingent Interest Account and (i) the Subordinated Notes Post-ARD Contingent Interest Account as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> with respect to any deficiency relating to the Class A-1 Senior Notes Commitment Fees Account pursuant to <u>Section 5.12(d)</u> of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in <u>clauses (i)(b)</u> through (i) above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> with respect to any deficiency relating to the Senior Subordinated Notes Interest Account pursuant to <u>Section 5.12(f)</u> of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in <u>clauses (i)(c)</u> through (i) above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> with respect to any deficiency relating to the Senior Notes Principal Payments Account pursuant to <u>Section 5.12(g)</u> of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in <u>clauses (i)(d)</u> through (i) above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> with respect to any deficiency relating to the Senior Subordinated Notes Principal Payments Account pursuant to <u>Section 5.12(i)</u> of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in <u>clauses (i)(e)</u> through (i) above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> with respect to any deficiency relating to the Subordinated Notes Interest Account pursuant to <u>Section 5.12(j)</u> of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in <u>clauses (i)(f)</u> through (i) above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vii)</u> with respect to any deficiency relating to the Subordinated Notes Principal Payments Account pursuant to <u>Section 5.12(l)</u> of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in <u>clauses (i)(g)</u> through (i) above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(viii)</u> with respect to any deficiency relating to the Senior Notes Post-ARD Contingent Interest Account pursuant to <u>Section 5.12(m)</u> of the Base

Indenture, the aggregate of the amounts on deposit in the accounts listed in <u>clauses (i)(h)</u> and <u>(i)</u> above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ix)</u> with respect to any deficiency relating to the Senior Subordinated Notes Post-ARD Contingent Interest Account pursuant to <u>Section 5.12(n)</u> of the Base Indenture, the amount on deposit in the account listed in <u>clause (i)(i)</u> above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date.

"<u>Available Senior Notes Interest Reserve Account Amount</u>" means, as of any date of determination, the sum of (i) the amount on deposit in the Senior Notes Interest Reserve Account and (ii) the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior Noteholders, after giving effect to any withdrawals therefrom or draws with respect to the Senior Notes.<u>.</u>

"<u>Available Senior Subordinated Notes Interest Reserve Account Amount</u>" means, as of any date of determination, the sum of (i) the amount on deposit in the Senior Subordinated Notes Interest Reserve Account and (ii) the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior Subordinated Noteholders, after giving effect to any withdrawals therefrom or draws with respect to the Senior Subordinated Notes.<u>.</u> 

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"<u>Back-Up Management Agreement</u>" means the Amended and Restated Back-Up Management Agreement, dated as of April 16, 2021, by and among the Co-Issuers, the <u>other Securitization Entities, the</u> Manager, the Trustee and the Back-Up Manager, as amended, supplemented or otherwise modified from time to time.

"<u>Back-Up Manager</u>" means FTI Consulting, Inc., a Maryland corporation, in its capacity as Back-Up Manager pursuant to the Back-Up Management Agreement, and any successor Back-Up Manager.

"<u>Back-Up Manager Consent Consultation Fees</u>" has the meaning set forth in the Back-Up Management Agreement.

"<u>Back-Up Manager Fees</u>" means all compensation and indemnification payments, if any, payable by the Co-Issuers to the Back-Up Manager under the terms of the Back-Up Management Agreement and all reasonable out-of-pocket expenses of the Back-Up Manager required to be reimbursed by the Co-Issuers pursuant to<u>has the meaning set forth in</u> the Back-Up Management Agreement.

"<u>Bank Account Expenses</u>" means any fees or charges imposed on any Concentration Account, Base Indenture Account or Series Account by the bank establishing and maintaining such account.

"<u>Bankruptcy Code</u>" means the Bankruptcy Reform Act of 1978, as amended from time to time, and as codified as 11 U.S.C. Section 101 et seq.

"<u>Base Indenture</u>" means the Amended and Restated Base Indenture, dated as of March 15, 2012, by and among the Co-Issuers and the Trustee, as amended, supplemented or otherwise modified from time to time, exclusive of any Series Supplements.

"<u>Base Indenture Account</u>" means any account or accounts authorized and established pursuant to the Base Indenture for the benefit of the Secured Parties, including, without limitation, each account established pursuant to <u>Article V</u> of the Base Indenture and the Residual Amounts Account.

"<u>Base Indenture Definitions List</u>" has the meaning set forth in <u>Section 1.1</u> of the Base Indenture.

"<u>Book-Entry Notes</u>" means beneficial interests in the Notes of any Series, ownership and transfers of which will be evidenced or made through book entries by a Clearing Agency as described in <u>Section 2.12</u> of the Base Indenture; <u>provided</u> that, after the occurrence of a condition whereupon book-entry registration and transfer are no longer permitted and Definitive Notes are issued to the Note Owners, such Definitive Notes will replace Book-Entry Notes.

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"<u>Business Day</u>" means any day except Saturday, Sunday or any day on which banks are generally not open for business in Ann Arbor,<u>commercial banks are authorized to close under the laws of, or are in fact closed in the state of</u> Michigan or New York, New York <u>or the state in which the Corporate Trust Office of any successor Trustee is located if so required by such successor</u>.

"<u>Canadian Distribution Assets Sale Agreement</u>" means the sale agreement, dated as of the Series 2007-1 Closing Date, as amended, supplemented or otherwise modified from time to time, pursuant to which the Canadian Manufacturer sells certain Distribution Assets associated with the Canadian distribution business to the Canadian Distributor.

"<u>Canadian Distribution Concentration Account</u>" means the account maintained in the name of the Master Issuer or the Canadian Distributor and pledged to the Trustee into which the Manager causes Product Purchase Payments and other Collections which are denominated in Canadian dollars due to the Canadian Distributor to be deposited or any successor account established for the Master Issuer or the Canadian Distributor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>Canadian Distribution Concentration Account Control Agreement</u>" means the Account Control Agreement governing the Canadian Distribution Concentration Account entered into by and among the Master Issuer and/or the Canadian Distributor, the Manager, the Trustee and the bank or other financial institution then holding the Canadian Distribution Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Canadian Distribution Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

"<u>Canadian Distribution U.S. Dollar Concentration Account</u>" means the account maintained in the name of the Master Issuer or the Canadian Distributor and pledged to the Trustee into which the Manager causes funds from the Canadian Distribution Concentration Account, once converted into U.S. Dollars, to be deposited in order to pay suppliers located in the United States in U.S. Dollars or any successor account established for the Master Issuer or the Canadian Distributor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>Canadian Distribution U.S. Dollar Concentration Account Control Agreement</u>" means the Account Control Agreement governing the Canadian Distribution U.S. Dollar Concentration Account entered into by and among the Master Issuer and/or the Canadian Distributor, the Manager, the Trustee and the bank or other financial institution then holding the Canadian Distribution U.S. Dollar Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Canadian Distribution U.S. Dollar Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

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"<u>Canadian Distributor</u>" means Domino's Pizza Canadian Distribution ULC, a Nova Scotia unlimited company, and its successors and assigns.

"<u>Canadian Distributor Articles of Association</u>" means the Articles of Association of the Canadian Distributor, filed on April 12, 2007, as amended, supplemented or otherwise modified from time to time.

"<u>Canadian Distributor Charter Documents</u>" means the Canadian Distributor Articles of Association and the Canadian Distributor Memorandum of Association.

"<u>Canadian Distributor IP License Agreement</u>" means the Canadian Distributor IP License Agreement, dated as of April 16, 2007, by and between the Canadian Distributor and the IP Holder, as may be amended, supplemented or otherwise modified from time to time.

"<u>Canadian Distributor Memorandum of Association</u>" means the memorandum of association of the Canadian Distributor filed on April 16, 2007, as amended, supplemented or otherwise modified from time to time.

<u>"Canadian Distributor Profit" means, with respect to any Monthly Supply Chain Profit Period, all Consolidated EBITDA of the Canadian Distributor for such Monthly Supply Chain Profit Period, minus any Canadian Taxes incurred during such Monthly Supply Chain Profit Period.</u>

"<u>Canadian Holdco</u>" means Domino's Canadian Holding Company Inc., a Delaware corporation, and its successors and assigns.

"<u>Canadian Manufacturer</u>" means Domino's Pizza NS Co., a Nova Scotia unlimited company, and its successors and assigns.

"<u>Canadian Manufacturer Articles of Association</u>" means the Articles of Association of the Canadian Manufacturer, filed on November 18, 1999, as amended, supplemented or otherwise modified from time to time.

"<u>Canadian Manufacturer Charter Documents</u>" means the Canadian Manufacturer Articles of Association and the Canadian Manufacturer Memorandum of Association.

"<u>Canadian Manufacturer Memorandum of Association</u>" means the memorandum of association of the Canadian Manufacturer filed on November 18, 1999, as amended, supplemented or otherwise modified from time to time.

"<u>Canadian Manufacturer Product Purchase Agreement</u>" means the Canadian Manufacturer Product Purchase Agreement, dated as of April 16, 2007, by and between the Canadian Manufacturer and the Canadian Distributor, as amended, supplemented or otherwise modified from time to time.

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"<u>Canadian Manufacturer Product Purchase Agreement Payment</u>" means any payment that is due and payable by the Canadian Distributor to the Canadian Manufacturer pursuant to the Canadian Manufacturer Product Purchase Agreement.

"<u>Canadian Taxes</u>" means Canadian income taxes and Canadian sales taxes owed by the Canadian Distributor.

"<u>Capitalized Lease Obligations</u>" of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of the Related Documents, the amount of such obligations will be the capitalized amount thereof determined in accordance with GAAP.

"<u>Capped Class A-1 Senior Notes Administrative Expenses Amount</u>" means, <u>with respect to each Series of Class A-1 Senior Notes</u><u>,</u> for each Weekly Allocation Date with respect to any Quarterly Collection Period, an amount equal to the lesser of (a) the Class A-1 Senior Notes Administrative Expenses <u>with respect to such Series of Class A-1 Senior Notes</u> that have become due and payable prior to such Weekly Allocation Date and have not been previously paid and (b) the amount by which (i) $100,000 <u>exceeds</u> (ii) the aggregate amount of Class A-1 Senior Notes Administrative Expenses <u>with respect to such Series of Class A-1 Senior Notes</u> previously paid on each preceding Weekly Allocation Date that occurred (x) in the case of a Weekly Allocation Date occurring during the annual period following the Closing Date and ending on the first anniversary thereof, since the Closing Date and (y) in the case of a Weekly Allocation Date occurring during any other annual period beginning with the annual period following the first anniversary of the Closing Date, since the most recent anniversary thereof.<u>;</u> <u>provided, that on and after the Series 2025-1 Springing Amendments Implementation Date, the Manager, in accordance with the Management Standard, may amend the definition of "Capped Class A-1 Senior Notes Administrative Expenses Amount," subject to the satisfaction of the Rating Agency Condition with respect to each Series of Notes Outstanding.</u>

"<u>Capped Securitization Operating Expenses Amount</u>" means, for any Weekly Allocation Date within any Quarterly Collection Period, an amount equal to the <u>lesser</u> of (a) the Securitization Operating Expenses that have become due and payable prior to such Weekly

Allocation Date and have not been previously paid and (b) the amount by which (i) $500,000 <u>exceeds</u> (ii) the aggregate amount of Securitization Operating Expenses previously paid on each preceding Weekly Allocation Date that occurred in such annual period (measured from the Closing Date to the anniversary thereof and from each anniversary thereof<u>each March 15</u> to the next succeeding anniversary thereof) in which such Weekly Allocation Date occurs; <u>provided</u>, <u>however</u>, that during any period that the Back-Up Manager is required to provide certain additional services pursuant to the Back-Up Management Agreement, the Control Party, acting at the direction of the Controlling Class Representative, may increase the amount in <u>clause (b)(i)</u> above in order to take account of any increased fees associated with the provision of such additional services; <u>provided, further,</u> that <u>on and after the Series 2025-1 Springing Amendments Implementation Date, (x) in addition to the operation of the immediately preceding proviso, during any period that the Back-Up Manager is required to provide Warm Back-Up Management</u>

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<u>Duties pursuant to the Back-Up Management Agreement, the amount in clause (b)(i) above shall automatically be increased by an additional $500,000 (for a total of $1,000,000) solely in order to provide for the reimbursement of any increased fees and expenses incurred by the Back-Up Manager associated with the provision of such services and (y) in addition to the operation of the immediately preceding proviso and subclause (x) above, during any period that the Back-Up Manager is required to provide Hot Back-Up Management Duties pursuant to the Back-Up Management Agreement, the amount in clause (b)(i) above shall automatically be increased by an additional $1,000,000 (for a total of $2,000,000) (for purposes of clarity, in addition to the</u> <u>$500,000 automatic increase pursuant to subclause (x) above) solely in order to provide for the reimbursement of any increased fees and expenses incurred by the Back-Up Manager associated with the provision of such services, and the Control Party, acting at the direction of the Controlling Class Representative, may further increase the Capped Securitization Operating Expense Amount as calculated above in order to take account of any additional increased fees and expenses incurred by the Back-Up Manager associated with the provision of such services; provided, further, that</u> any Mortgage Recordation Fees <u>and Mortgage Trustee Fees</u> will be paid at priority (v) of the Priority of Payments without regard to the Capped Securitization Operating Expenses Amount.

"<u>Carryover Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount</u>" means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the amount allocated to the Class A-1 Senior Notes Commitment Fees Account with respect to Class A-1 Senior Notes Quarterly Commitment Fees on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount for such immediately preceding Weekly Allocation Date.

"<u>Carryover Senior Notes Accrued Quarterly Interest Amount</u>" means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the amount allocated to the Senior Notes Interest Account with respect to Senior Notes Quarterly Interest on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Notes Accrued Quarterly Interest Amount for such immediately preceding Weekly Allocation Date.

"<u>Carryover Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount</u>" means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the amount allocated to the Senior Notes Post- ARD Contingent Interest Account with respect to Senior Notes Quarterly Post-ARD Contingent Interest on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount for such immediately preceding Weekly Allocation Date.

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"<u>Carryover Senior Notes Accrued Scheduled Principal Payments Amount</u>" means, (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the amount allocated to the Senior Notes Principal Payments Account with respect to Senior Notes Scheduled Principal Payments on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Notes Accrued Scheduled Principal Payments Amount for such immediately preceding Weekly Allocation Date.

<u>"Cash Trap Optional Prepayment" means any Optional Prepayment of Senior Notes made from proceeds on deposit in the Cash Trap Reserve Account</u>.

<u>"Cash Trap Reserve Account" means the reserve account established and maintained by the Master Issuer, in the name of the Trustee, for the benefit of the Secured Parties, for the purpose of trapping cash upon the occurrence of a Cash Trapping Event.</u>

"<u>Carryover Senior Subordinated Notes Accrued Quarterly Interest Amount</u>" means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly 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 Account with respect to Senior Subordinated Notes Quarterly Interest on the immediately preceding Weekly 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 Weekly Allocation Date.

"<u>Carryover Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount</u>" means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the amount allocated to the Senior Subordinated Notes Post-ARD Contingent Interest Account with respect to Senior Subordinated Notes Quarterly Post-ARD Contingent Interest on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount for such immediately preceding Weekly Allocation Date.

"<u>Carryover Senior Subordinated Notes Accrued Scheduled Principal Payments Amount</u>" means, (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly 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 Payments Account with respect to Senior Subordinated Notes Scheduled Principal Payments on the immediately preceding Weekly 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 Weekly Allocation Date.

"<u>Carryover Subordinated Notes Accrued Quarterly Interest Amount</u>" means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the amount allocated to the Subordinated Notes Interest Account with respect to Subordinated Notes Quarterly Interest on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Subordinated Notes Accrued Quarterly Interest Amount for such immediately preceding Weekly Allocation Date.

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"<u>Carryover Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount</u>" means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the amount allocated to the Subordinated Notes Post-ARD Contingent Interest Account with respect to Subordinated Notes Quarterly Post-ARD Contingent Interest on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount for such immediately preceding Weekly Allocation Date.

"<u>Cash Trapping Amount</u>" means, for any Weekly Allocation Date during a Cash Trapping Period, an amount equal to the product of (i) the applicable Cash Trapping Percentage and (ii) the amount of funds available in the Collection Account on such Weekly Allocation Date after payment of <u>priorities (i)</u> through <u>(xv)</u> of the Priority of Payments (but with respect to the first Weekly Allocation Date on or after a Cash Trapping Release Date, net of the Cash Trapping Release Amount released on such Cash Trapping Release Date).

"<u>Cash Trapping DSCR Threshold</u>" means a Quarterly DSCR or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the DSCR, equal to 1.75x.

"<u>Cash Trapping Event</u>" means, as of any Quarterly Payment Date, that either (i) the Quarterly DSCR or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the DSCR, determined with respect to such Quarterly Payment Date is less than the Cash Trapping DSCR Threshold or (ii) Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period are less than $5,150,000,000.

"<u>Cash Trap Optional Prepayment</u>" means any Optional Prepayment of Senior Notes made from proceeds on deposit in the Cash Trap Reserve Account

"<u>Cash Trapping Percentage</u>" means, with respect to any Weekly Allocation Date during a Cash Trapping Period (i) 50%, if either (A) the Quarterly DSCR or, on and after the <u>Series</u> <u>2021-1</u> Springing Amendments Implementation Date, the DSCR, determined with respect to such Quarterly Payment Date is less than the Cash Trapping DSCR Threshold but equal to or greater than 1.5x or (B) Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period are less than $5,150,000,000 but greater than or equal to $4,650,000,000 and (ii) 100%, if either (A) the Quarterly DSCR or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the DSCR, determined with respect to such Quarterly Payment Date is less than 1.5x or (B) Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period are less than $4,650,000,000.

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"<u>Cash Trapping Period</u>" means any period that begins on any Quarterly Payment Date on which a Cash Trapping Event occurs and ends on the first Quarterly Payment Date subsequent to the occurrence of such Cash Trapping Event on which both (i) the Quarterly DSCR or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the DSCR, determined with respect to such Quarterly Payment Date is equal to or exceeds the Cash Trapping DSCR Threshold and (ii) Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period are equal to or exceed $5,150,000,000.

"<u>Cash Trapping Release Amount</u>" means, with respect to any Quarterly Payment Date (i) on which a Cash Trapping Period is no longer continuing, the full amount on deposit in the Cash Trap Reserve Account and (ii) on which the Cash Trapping Percentage is equal to 50% and on the prior Quarterly Payment Date, the applicable Cash Trapping Percentage was equal to 100%, 50% of the aggregate amount deposited to the Cash Trap Reserve Account during the most recent period in which the applicable Cash Trapping Percentage was equal to 100%, reduced ratably for any withdrawals made from the Cash Trap Reserve Account during such period for any other purpose.

"<u>Cash Trapping Release Date</u>" means any Quarterly Payment Date on which amounts are released from the Cash Trap Reserve Account pursuant to <u>Section 5.12(p)</u> of the Base Indenture.

"<u>Cash Trap Reserve Account</u>" means the reserve account established and maintained by the Master Issuer, in the name of the Trustee, for the benefit of the Secured Parties, for the purpose of trapping cash upon the occurrence of a Cash Trapping Event.

"<u>Cayman Islands Royalties Concentration Account</u>" means the account maintained in the name of the Master Issuer or the International Franchisor and pledged to the Trustee to which the Manager causes Collections in the currency of Venezuela to be transferred from the Venezuelan Royalties Concentration Account for further transfer to the International Royalties Concentration Account as permitted by applicable law or any successor account established for the Master Issuer or the International Franchisor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>CCR Acceptance Letter</u>" has the meaning set forth in <u>Section 11.1(e)</u> of the Base Indenture.

"<u>CCR Ballot</u>" has the meaning set forth in <u>Section 11.1(c)</u> of the Base Indenture.

"<u>CCR Candidate</u>" means any nominee submitted to the Trustee on a CCR Nomination pursuant to <u>Section 11.1(b)</u> of the Base Indenture.

"<u>CCR Election</u> <u>Period</u><u>Notice</u> " has the meaning set forth in <u>Section 11.1(</u><u><u>c</u></u><u>b</u>) of the Base Indenture.

"<u>CCR Election</u><u> </u><u>Notice</u><u>Period</u> " has the meaning set forth in <u>Section 11.1(</u><u><u>b</u></u><u>c</u>) of the Base Indenture.

"<u>CCR Nomination</u>" has the meaning set forth in <u>Section 11.1(b)</u> of the Base Indenture.

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"<u>CCR Nomination Period</u>" has the meaning set forth in <u>Section 11.1(b)</u> of the Base Indenture.

"<u>CCR Re-election Event</u>" means any of the following events: (i) an additional Series of Notes of the Controlling Class is issued, (ii) the Controlling Class changes, (iii) the Trustee receives written notice of the resignation or removal of any acting Controlling Class Representative, (iv) the Trustee receives a demand for an election for a Controlling Class Representative from a Majority of Controlling Class Members, which election will be at the expense of such Controlling Class Members (including Trustee expenses), (v) the Trustee receives written notice that an Event of Bankruptcy has occurred with respect to the acting Controlling Class Representative or (vi) there is no Controlling Class Representative and the Control Party requests an election be held (provided that the Control Party may make only two such requests per calendar year).

"<u>CCR Voting Record Date</u>" has the meaning set forth in <u>Section 11.1(c)</u> of the Base Indenture.

"<u>Charter Documents</u>" means any of the Co-Issuers Charter Documents, the Franchisors Charter Documents, the Canadian Manufacturer Charter Documents, the Distributors<u>Supply Chain Holder</u> Charter Documents, the DNAF Charter Documents, the Domestic Distribution<u>Supply Chain</u> Equipment Holder Charter Documents, the Domestic Distribution<u>Supply Chain</u> Real Estate Holder Charter Documents, the Domino's International Charter Documents, the DPI Charter Documents, the DPL Charter Documents, the Holdco Charter Documents, the Intermediate Holdco Charter Documents, the Overseas Franchisor Charter Documents, the Overseas IP Holder Charter Documents, the PMC LLC Charter Documents, the SPV Guarantor Charter Documents, the Canadian Distributor Charter Documents and any Additional Securitization Entity Charter Documents.

"<u>Class</u>" means, with respect to any Series of Notes, any one of the classes of Notes of such Series as specified in the applicable Series Supplement.

"<u>Class A-1 Administrative Agent</u>" means, with respect to any Class A-1 Senior Notes, the Person identified as the "Class A-1 Administrative Agent" in the applicable Series Supplement.

"<u>Class A-1 Noteholder</u>" means any Holder of Class A-1 Senior Notes of any Series. "<u>Class A-1 Senior Notes</u>" means any Notes alphanumerically designated as "Class A-1" pursuant to the Series Supplement applicable to such Class of Notes.

"<u>Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount</u>" means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the lesser of (a) the sum of (i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection Period and (2) the Class A-1 Senior Notes Aggregate Quarterly Commitment Fees for the Interest Period ending in the next succeeding Quarterly Collection Period (except with respect to the first Interest Period after the Closing Date, in which case such amount will be 0% of the Class A-1 Senior Notes Quarterly Commitment Fees for such Interest Period), (ii) the Carryover Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount for such

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Weekly Allocation Date and (iii) if such Weekly Allocation Date occurs on or after a Quarterly Payment Date on which amounts are withdrawn from the Class A-1 Senior Notes Commitment Fees Account pursuant to <u>Section 5.12(d)</u> of the Base Indenture to cover any Class A-1 Senior Notes Commitment Fee Adjustment Amount, the amount so withdrawn (without duplication for amounts previously allocated pursuant to this <u>clause (iii))</u> and (b) the amount, if any, by which (i) Class A-1 Senior Notes Aggregate Quarterly Commitment Fees for the Interest Period ending in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to the Class A-1 Senior Notes Commitment Fees Account on each preceding Weekly Allocation Date with respect to the Quarterly Collection Period.

"<u>Class A-1 Senior Notes Administrative Expenses</u>" means all amounts due and payable pursuant to any Variable Funding Note Purchase Agreement that are identified as "Class A-1 Senior Notes Administrative Expenses" in each applicable Series Supplement.

"<u>Class A-1 Senior Notes Aggregate Quarterly Commitment Fees</u>" means, for any Interest Period, with respect to all Class A-1 Senior Notes Outstanding, the aggregate amount of Class

A-1 Senior Notes Quarterly Commitment Fees due and payable on all such Class A-1 Senior Notes with respect to such Interest Period.

"<u>Class A-1 Senior Notes Amortization Event</u>" means any event designated as a "Class A-1 Senior Notes Amortization Event" in any Series Supplement.

"<u>Class A-1 Senior Notes Amortization Period</u>" means, with respect to any Class A-1 Senior Notes, the period identified as the "Class A-1 Senior Notes Amortization Period" in the applicable Series Supplement.

"<u>Class A-1 Senior Notes Commitment Fee Adjustment Amount</u>" means, for any Class of Class A-1 Senior Notes for any Interest Period, the aggregate amount, if any, for such Interest Period that is identified as the "Commitment Fee Adjustment Amount" in the applicable Series Supplement.

"<u>Class A-1 Senior Notes Commitment Fees Account</u>" has the meaning set forth in <u>Section 5.6</u> of the Base Indenture.

"<u>Class A-1 Senior Notes Commitment Fees Shortfall Amount</u>" has the meaning set forth in <u>Section 5.12(e)</u> of the Base Indenture.

"<u>Class A-1 Senior Notes Interest Adjustment Amount</u>" means, for any Class of Class A-1 Senior Notes for any Interest Period, the aggregate amount, if any, for such Interest Period that is identified as a "Class A-1 Senior Notes Interest Adjustment Amount" in the applicable Series Supplement.

"<u>Class A-1 Senior Notes Maximum Principal Amount</u>" means, with respect to all Series of Class A-1 Senior Notes Outstanding as of any date of determination, the aggregate Commitment Amounts as of such date of determination.

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"<u>Class A-1 Senior Notes Other Amounts</u>" means all amounts due and payable pursuant to any Variable Funding Note Purchase Agreement that are identified as "Class A-1 Senior Notes Other Amounts" in the applicable Series Supplement.

"<u>Class A-1 Senior Notes Quarterly Commitment Fees</u>" means, for any Interest Period, with respect to any Class A-1 Senior Notes Outstanding, the aggregate amount of commitment fees due and payable, with respect to such Interest Period, on such Class A-1 Senior Notes that is identified as "Class A-1 Senior Notes Quarterly Commitment Fees" in the applicable Series Supplement; <u>provided</u> that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such commitment fees cannot be ascertained, an estimate of such commitment fees shall be used to calculate the Class A-1 Senior Notes Quarterly Commitment Fees for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; <u>provided further</u> that any amount identified as "Class A-1 Senior Notes Administrative Expenses" or "Class A-1 Senior Notes Other Amounts" in any Series Supplement shall under no circumstances be deemed to constitute "Class A-1 Senior Notes Quarterly Commitment Fees."

"<u>Class A-1 Senior Notes Renewal Date</u>" means, with respect to any Class A-1 Senior Notes, the date identified as the "Class A-1 Senior Notes Renewal Date" in the applicable Series Supplement.

"<u>Class A-1 Senior Notes Voting Amount</u>" means, with respect to any Series of Class A-1 Senior Notes, the greater of (1) the Class A-1 Senior Notes Maximum Principal Amount for such Series (after giving effect to any cancelled commitments) and (2) the Outstanding Principal Amount of Class A-1 Senior Notes for such Series.

"<u>Class A-1 Subfacility</u>" means any commitment to extend credit by a lender to a Class A-1 Subfacility that is identified as a "Class A-1 Subfacility" in the applicable Series Supplement, together with all extensions of credit under such commitment.

"<u>Clearing Agency</u>" means an organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act or any successor provision thereto or Euroclear or Clearstream.

"<u>Clearing Agency Participant</u>" means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

"<u>Clearstream</u>" means Clearstream Banking, societe anonyme.

"<u>Closing Date</u>" means March 15, 2012.

"<u>Closing Date Contributed Assets</u>" means all assets contributed under the Distribution and Contribution Agreements <u>entered into on or around the Closing Date</u>.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time, and any successor statute of similar import, in each case as in effect from time to time. References to sections of the Code also refer to any successor sections.

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"<u>Co-Issuers</u>" means, collectively, the Master Issuer, the Domestic Distributor,<u>Supply Chain Holder, the PFS Domestic Supply Chain Holder,</u> the SPV Canadian Holdco, the IP Holder and any Additional Co-Issuer.

"<u>Co-Issuers Charter Documents</u>" means, collectively, the Master Issuer Charter Documents, the Domestic Distributor<u>Supply Chain Holder</u> Charter Documents, the SPV Canadian Holdco Charter Documents, the IP Holder Charter Documents and any Additional Co-Issuer Charter Documents.

<u>"Co-Issuers Insurance Non-Reinvestment Proceeds" means all Co-Issuers Insurance Proceeds which the Securitization Entities (i) do not use to repair, restore or reinvest in assets of a kind then used or usable in the business of the Securitization Entities within 365 days after the date of receipt, (ii) do not enter into a binding commitment thereof within said 365 day period and subsequently make such reinvestment within an additional 180 days or (iii) irrevocably deem, at any time, to not be used for reinvestment via written notice to the Control Party.</u>

"<u>Co-Issuers Insurance Proceeds</u>" means any amounts received upon settlement of a claim filed under any insurance policy maintained by or on behalf of the Securitization Entities in accordance with <u>Section 8.29</u> of the Base Indenture.

"<u>Co-Issuers Operating Agreements</u>" means, collectively, the Master Issuer Operating Agreement, the Domestic Distributor<u>Supply Chain Holder</u> Operating Agreement, the SPV Canadian Holdco Certificate of Incorporation, the IP Holder Operating Agreement and any Additional Co-Issuer<u>Co-Issuer</u> Operating Agreement.

"<u>Collateral</u>" means, collectively, the Indenture Collateral, the "Collateral" as defined in the Global G&C Agreement and any property subject to any other Indenture Document that grants a Lien to secure any Obligations.

"<u>Collateral Documents</u>" means, collectively, the Collateral Franchise Documents and the Collateral Transaction Documents.

"<u>Collateral Franchise Documents</u>" means, collectively, the Domestic Franchise Arrangements, the International Franchise Arrangements, the Company-Owned Stores Master License Agreement, the Third-Party License Agreements and the Distribution<u>Supply Chain</u> Agreements (other than the Product Purchase and Distribution Agreement, the PFS Product Purchase and Distribution Sub-Management Agreement and the Canadian Manufacturer Product Purchase Agreement).

"<u>Collateral Protection Advance</u>" means any advance for (a) payment of taxes, rent, assessments, insurance premiums and other costs and expenses necessary to protect, preserve or restore the Collateral and (b) at any time (i) prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, payment of any expenses of any Securitization Entity, including Distributor<u>(without duplication) Supply Chain Expenses, Supply Chain</u> Costs of Goods Sold and Distribution<u>, Supply Chain Operating Expenses and Supply Chain</u> Center Expenses, and (ii) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, payments of any Securitization Operating Expenses (excluding (i) any indemnification obligations, (ii) business and/or asset-related operating expenses, (iii) fees and expenses of external legal counsel that are

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not directly related to the maintenance or preservation of the Collateral and (iv) damages, costs, or expenses relating to fraud, bad faith, willful misconduct, violations of law, bodily injury, property damage or misappropriation of funds), in each case to the extent not previously paid pursuant to a Manager Advance, in each case made by the Servicer pursuant to the Servicing Agreement in accordance with the Servicing Standard, or by the Trustee pursuant to the Indenture. <u>For purposes of the definition of "Collateral Protection Advance", Supply Chain Expenses, Supply Chain Costs of Goods Sold, Supply Chain Operating Expenses and Supply Chain Center Expenses will be net of any and all amounts paid by any persons, including Franchisees, towards such Supply Chain Expenses, Supply Chain Costs of Goods Sold, Supply Chain Operating Expenses and Supply Chain Center Expenses, respectively.</u>

"<u>Collateral Transaction Documents</u>" means the Contribution and Sale Agreements, the Distribution and Contribution Agreements, the <u>PFS Domestic Supply Chain Holder</u> Product Purchase and Distribution Agreement, the PFS Product Purchase and Distribution Sub-Management<u>Supply Chain</u> Agreement, the Canadian Manufacturer Product Purchase Agreement, the Charter Documents of each Securitization Entity, the IP License Agreements, each Assignment, the Servicing Agreement, the Account Control Agreements, the Management Agreement and the Back-Up Management Agreement.

"<u>Collection Account</u>" means account no. 106498 entitled "Citibank, N.A., as Trustee for the benefit of the Secured Parties, Securities Account of Domino's Pizza Master Issuer LLC" maintained by the Trustee pursuant to <u>Section 5.5</u> of the Base Indenture or any successor securities account maintained pursuant to <u>Section 5.5</u> of the Base Indenture.

"<u>Collection Account Administrative Account Surplus</u>" means, with respect to any Collection Account Administrative Account on any date of determination, the amount, if positive, by which (x) the amount then on deposit in such account is greater than (y) the amount that would have been required to be on deposit in such account on the most recently occurring Weekly Allocation Date after application of the Priority of Payments, assuming that sufficient Retained Collections were available on such Weekly Allocation Date to make all payments required pursuant to <u>priorities (i)</u> through <u>(xxxvii)</u> of the Priority of Payments.

"<u>Collection Account Administrative Accounts</u>" has the meaning set forth in <u>Section 5.6</u> of the Base Indenture.

"<u>Collection Date</u>" means the date upon which the Indenture is satisfied and discharged in accordance with its terms.

"<u>Collections</u>" means (a) all Franchisee Payments, (b) all Company-Owned Stores License Fees, (c) all Third-Party License Fees, (d) all Product Purchase Payments, (e) all Co— Issuers<u>Co-Issuers</u> Insurance <u>Non-Reinvestment</u> Proceeds, (f) any Asset Disposition Proceeds that are required to be deposited into any Concentration Account or the Collection Account, (g) all Other Collections, (h) all Excluded Amounts, (i) any Retained Collections Contributions, (j) any Indemnification Payments and, (k) <u>all International Restaurant Royalty Payment Amounts and (l)</u> any other amounts, including Investment Income, received by any Securitization Entity and deposited into any Concentration Account or the Collection Account.

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"<u>Commitment</u>" has the meaning set forth in the applicable Series Supplement.

"<u>Commitment Amount</u>" has the meaning set forth in the applicable Series Supplement.

"<u>Company Order</u>" and "<u>Company Request</u>" mean a written order or request signed in the name of each of the Co-Issuers by any Authorized Officer of each such Co-Issuer and delivered to the Trustee, the Control Party or the Paying Agent.

"<u>Company-Owned Store</u>" means any Store owned and operated by DPL or any of its Affiliates (other than any Securitization Entity) pursuant to the Company-Owned Stores Master License Agreement.

"<u>Company-Owned Stores Advertising Fees</u>" means any fees payable by DPL, as the owner of Company-Owned Stores, pursuant to the Company-Owned Stores Master License Agreement, to be used by DNAF for advertising and marketing activities in accordance with the terms of the Company-Owned Stores Master License Agreement.

<u>"Company-Owned Stores License Fees" means all license fees payable by the owner of a Company-Owned Store pursuant to the Company-Owned Stores Master License Agreement.</u>

"<u>Company-Owned Stores Master License Agreement</u>" means the Company- Owned<u>Company-Owned</u> Stores Master License Agreement, dated as of April 16, 2007, by and between the IP Holder and DPL, as amended, supplemented or otherwise modified from time to time.

"<u>Company-Owned Stores License Fees</u>" means all license fees payable by the owner of a Company-Owned Store pursuant to the Company-Owned Stores Master License Agreement.

"<u>Company-Owned Stores Requirements Agreement</u>" means the Requirements and Profit Sharing Agreement, dated as of April 16, 2007, by and between the Domestic Distributor<u>Supply Chain Holder</u> and DPL, as amended, supplemented or otherwise modified from time to time.

"<u>Competitor</u>" means any Person that is a direct or indirect franchisor, franchisee, owner or operator of a large regional or national quick-service restaurant concept (including a Franchisee); provided, however, that (a) a Person will not be a "Competitor" solely by virtue of its direct or indirect ownership of less than 5.0% of the Equity Interests in a "Competitor" and (b) a franchisee will only be a "Competitor" if it, or its Affiliates, directly or indirectly, owns, franchises or licenses, in the aggregate, ten or more individual locations of a particular concept; and provided, further, that a Person will not be a "Competitor" solely by virtue of its direct or indirect ownership of between 5.0% and 15% of the Equity Interests in a "Competitor" so long as (i) such Person has policies and procedures that prohibit such Person from disclosing or making available any confidential information that such Person may receive as a noteholder or prospective investor in the Notes, to individuals involved in the business of buying, selling, holding or analyzing the Equity Interests of a "Competitor" or in the business of being a franchisor, franchisee, owner or operator of a large regional or national quick service restaurant concept and (ii) such Person is a passive investor in a "Competitor" as described in Rule 13d-1(b)(1) of the Exchange Act (or would be described as a passive investor under such rule if the "Competitor" were a publicly-traded company and the securities held were publicly-traded equity securities) and is not a franchisor, franchisee, owner (other than in its capacity as a passive investor as described in Rule 13d-1(b)(1) of the Exchange Act) or operator of a large regional or national quick service restaurant concept (including a Franchisee).

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"<u>Concentration Accounts</u>" means, collectively, the Domestic Distribution<u>Supply Chain</u> Concentration Account, the Canadian Distribution Concentration Account, the Canadian Distribution U.S. Dollar Concentration Account, the Domestic Royalties Concentration Account, the International Royalties Concentration Account, the Real Estate Holder Concentration Account, the Equipment Holder Concentration Account, the<u>Domestic Supply Chain Concentration Account, the PFS Domestic Supply Chain Concentration Account, the</u> Lease Concentration Account, the Venezuelan Royalties Concentration Account, the Cayman Islands Royalties Concentration Account, the Domestic Franchising Concentration Account, the IP Holder Concentration Account, the PULSE and Technology Fees Concentration Account and any Additional Concentration Account.

"<u>Concentration Accounts Control Agreements</u>" means collectively the Domestic Distribution<u>Supply Chain</u> Concentration Account Control Agreement, the Canadian Distribution Concentration Account Control Agreement, the Canadian Distribution U.S. Dollar Concentration Account Control Agreement, the Domestic Royalties Concentration Account Control Agreement, the International Royalties Concentration Account Control Agreement, the Domestic Franchising Concentration Account Control Agreement, the Equipment Holder Concentration Account Control Agreement, the Real Estate Holder Concentration Account Control Agreement, the<u>Domestic Supply Chain Concentration Account, the PFS Domestic Supply Chain Concentration Account, the</u> Lease Concentration Account Control Agreement, the IP Holder Concentration Account Control Agreement, the PULSE and Technology Fees Concentration Account Control Agreement and any Additional Concentration Account Control Agreement.

"<u>Consent Recommendation</u>" means the action recommended by the Servicer to the Controlling Class Representative in writing with respect to any Consent Request that requires the consent of the Controlling Class Representative.

"<u>Consent Request</u>" means any request for a waiver, amendment, consent or certain other action under the Related Documents.

"<u>Consolidated Adjusted EBITDA</u>" is Consolidated EBITDA further adjusted to eliminate provisions for non-cash compensation expense, (gains) losses on disposal of assets, (gains) losses on debt retirement and other adjustments (including expenses incurred in connection with the issuance of any Series of Notes, certain legal reserves, separation and related expenses, expenses related to the sale of company-owned operations and expenses related to stock option plan changes).

"<u>Consolidated EBITDA</u>" means, with respect to any Person for any period, the Consolidated Net Income of such Person and its Subsidiaries for such period (a) plus, without duplication, the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Net Interest Expense for such period; (ii) federal, state, local and foreign income taxes payable for such period; (iii) non-cash losses from the sale of fixed assets not in the ordinary course of business and other non-cash extraordinary or non-cash nonrecurring items;

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(iv) non-cash stock based compensation expense for such period; (v) impairment losses on assets incurred during such period; (vi) depreciation and amortization expense for such period; and (vii) other extraordinary or nonrecurring items, and (b) minus, without duplication, to the extent added in calculating such Consolidated Net Income, gains from the sale of fixed assets not in the ordinary course of business and other extraordinary or nonrecurring items; <u>provided, however,</u> that items that would have been accounted for as operating leases under GAAP as in effect on the Closing Date will continue to be treated as operating leases for purposes of this definition irrespective of any change in GAAP subsequent to the Closing Date.

"<u>Consolidated Net Income</u>" means, with respect to any Person for any period, the net income of such Person and its Subsidiaries (whether positive or negative), determined in accordance with GAAP, for that period.

"<u>Consolidated Net Interest Expense</u>" means, with respect to any Person for any period, total interest expense, whether paid or accrued (including the interest component of Capitalized Lease Obligations), of such Person and its Subsidiaries, including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and net costs under interest rate contracts and foreign exchange contracts, amortization of discount and that portion of interest obligations with respect to any lease of any property (whether real, personal or mixed) that is properly classified as a liability on a balance sheet in conformity with GAAP, including all Capitalized Lease Obligations incurred by such Person, but excluding interest expense not payable in cash (including interest accruing on deferred compensation obligations) other than amortization of discount, all as determined in conformity with GAAP.

"<u>Contingent Obligation</u>" means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person (a) with respect to any indebtedness, lease, declared but unpaid dividends, letter of credit or other obligation of another if the primary purpose or intent thereof by the Person incurring the Contingent Obligation is to provide assurance to the obligee of such obligation of another that such obligation of another will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such obligation will be protected (in whole or in part) against loss in respect thereof or (b) under any letter of credit issued for the account of that Person or for which that Person is otherwise liable for reimbursement thereof. Contingent Obligation will include (x) the direct or indirect guarantee, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of another and (y) any liability of such Person for the obligations of another through any agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such obligation- or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), (ii) to maintain the solvency of any balance sheet item, level of income or financial condition of another or (iii) to make take-or-pay or similar payments if required regardless of non-performance by any other party or parties to an agreement, if in the case of any agreement described under <u>subclause (i)</u> or (ii) of this <u>clause (y)</u> the primary purpose or intent thereof is as described in the preceding sentence. The amount of any Contingent Obligation will be equal to the amount of the obligation so guaranteed or otherwise supported.

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"<u>Continuing Franchise Fees</u>" means all royalty fees, transfer fees, renewal fees, license fees and any similar fees, late fees, interest on late fees, damages for breach, indemnities and insurance recoveries, due and to become due under or in connection with a Domestic Franchise Arrangement or an International Franchise Arrangement.

"<u>Contractual Obligation</u>" means, with respect to any Person, any provision of any security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.

"<u>Contributed Third-Party Supply Agreements</u>" means each Pre-Securitization Third-Party Supply Agreement contributed on the Series 2007-1 Closing Date by Domino's International to the SPV Guarantor listed on Schedule 4.1(i)(x)(1) to the Domino's International Contribution Agreement; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "Contributed Third-Party Supply Agreements" shall have the meaning set forth on Schedule I attached hereto.

"<u>Contribution and Sale Agreements</u>" means, collectively, the Pre-Securitization Contribution and Sale Agreements, the Domino's International Contribution and Sale Agreement, the SPV Guarantor Contribution Agreement and the Domestic Distribution<u>Supply Chain</u> Assets Contribution Agreement.

"<u>Controlled Group</u>" means, with respect to any Person, such Person, whether or not incorporated, and any corporation, trade, business, organization or other entity that is, along with such Person, treated as a single employer under Sections 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA.

"<u>Control Party</u>" means, at any time, the Servicer, who will direct the Trustee to act or will act on behalf of the Trustee in connection with Consent Requests.

"<u>Controlling Class</u>" means the most senior Class of Notes then outstanding among all Series; provided that, as of the Closing Date, the "Controlling Class" will be the Senior Notes.

"<u>Controlling Class Member</u>" means, with respect to a Book-Entry Note of the Controlling Class, a Note Owner of such Note, and with respect to a Definitive Note of the Controlling Class, a Noteholder of such Definitive Note (excluding, in each case, any Co-Issuer or Affiliate thereof).

"<u>Controlling Class Representative</u>" means, at any time during which one or more Series of Notes is outstanding, the representative, if any, that has been elected pursuant to <u>Section 11.1</u> of the Base Indenture by the Majority of Controlling Class Members; provided that, if no Controlling Class Representative has been elected or if the Controlling Class Representative does not respond to a Consent Request within the time period specified in <u>Section 11.4</u> of the Base Indenture, the Control Party will be entitled to exercise the rights of the Controlling Class Representative with respect to such Consent Request other than with respect to Servicer Termination Events.

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"<u>Copyrights</u>" means all United States and non-U.S. copyrights, copyrightable works and mask works and industrial designs and design registrations, whether registered or unregistered, and pending applications to register the same.

"<u>Corporate Trust Office</u>" means (i) for note transfer purposes and for purposes of presentment and surrender of the Notes for the final distributions thereon, 111 Wall Street, 15th<u>480 Washington Boulevard, 16th</u> Floor, New York<u>Jersey City</u>, New York 10005<u>Jersey 07310</u>, Attention: <u>Securities</u> Window <u>- Domino's Pizza LLC</u> and (ii) for all other purposes, 388 Greenwich Street, 14<sup>th</sup> Floor, New York, New York 10013, Attention: Global Transaction Services —<u>Agency & Trust -</u> Domino's Pizza <u>Master Issuer LLC</u> or at such other addresses as the Trustee may designate from time to time by notice to the Noteholders and the Co-Issuers.

"<u>CP Rate</u>" has the meaning specified in the applicable Series Supplement.

"<u>CTOP Payment Priority</u>" means, with respect to Cash Trap Optional Prepayments, the application or allocation of funds in the Cash Trap Reserve Account, based solely on the information provided to the Trustee by the Master Issuer, in the following order of priority: (a) if a Class A-1 Senior Notes Amortization Event has occurred and is continuing, to make an allocation to the Senior Notes Principal Payments Account, in the amount necessary to prepay and permanently reduce the Commitments under all Class A-1 Senior Notes affected by such Class A-1 Senior Notes Amortization Event on a pro rata basis based on Commitment Amounts; then (b) to make an allocation to the Senior Notes Principal Payments Account, in the amount necessary to prepay all Senior Notes of all Series other than Class A-1 Senior Notes on a pro rata basis based on principal outstanding; then (c) provided clause (a) does not apply, to make an allocation to the Senior Notes Principal Payments Account, in the amount necessary to prepay and permanently reduce the Commitments under all Class A-1 Senior Notes of all Series on a pro rata basis based on their respective Commitment Amounts; and then (d), to make an allocation to the Senior Subordinated Notes Principal Payments Account, in the amount necessary to prepay all other Classes of Notes sequentially in alphabetical order on a pro rata basis based on principal outstanding across the Classes of all Series with the same alphabetical designation.

<u>"Deemed Permitted Recipient" means Bloomberg, Intex, the Controlling Class Representative, initial purchasers of the Notes indicated on a list provided by the Master Issuer that includes the names and contact information of such initial purchasers, the Control Party, the Servicer, the Manager, the Back-Up Manager, the Initial Purchasers and any Rating Agency that rates the Outstanding Notes.</u>

"<u>Debt Service</u>" means, <u>except as otherwise set forth in the applicable Series Supplement with respect to the first four (4) Quarterly Payment Dates following any Series Closing Date,</u> (i) prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, with respect to any Quarterly Payment Date, the sum of (a) the aggregate amount of commitment fees and letter of credit fees with respect to any Class A-1 Senior Notes and accrued interest on each Series of Senior Notes and Senior Subordinated Notes Outstanding due and payable on such Quarterly Payment Date (other than any interest or fees included in the definitions of "Senior Notes Quarterly Post-ARD Contingent Interest," "Senior Subordinated Notes Quarterly Post-ARD Contingent Interest," "Class A-1 Senior Notes Administrative Expenses" or "Class A-1 Senior

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Notes Other Amounts") <u>plus</u> (b) with respect to any Class of Senior Notes and Senior Subordinated Notes Outstanding, the aggregate amount of Scheduled Principal Payments that would be due and payable on such Quarterly Payment Date after giving effect to any optional prepayment of principal of such Notes or any repurchase and cancellation of such Notes, but without giving effect to any reductions available due to satisfaction of the Series Non-Amortization Test or any amounts payable in respect of any Senior Notes Scheduled Principal Catch-Up Amounts or Senior Subordinated Notes Scheduled Principal Catch-Up Amounts on such Quarterly Payment Date; <u>provided</u>, that solely in calculating the Quarterly DSCR, to determine whether a Manager Termination Event or an Event of Default has occurred, clause (b) will not apply; and (ii) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, with respect to any Quarterly Collection Period, the sum of (a) the aggregate amount of commitment fees and letter of credit fees with respect to any Class A-1 Senior Notes and accrued interest on each Series of Senior Notes and Senior Subordinated Notes Outstanding due and payable on the immediately following Quarterly Payment Date (other than any interest or fees included in the definitions of "Senior Notes Quarterly Post-ARD Contingent Interest," "Senior Subordinated Notes Quarterly Post-ARD Contingent Interest," "Class A-1 Senior Notes Administrative Expenses" or "Class A-1 Senior Notes Other Amounts") plus (b) with respect to any Class of Senior Notes and Senior Subordinated Notes Outstanding, the aggregate amount of Scheduled Principal Payments that would be due and payable on such Quarterly Payment Date after giving effect to (A) payments of Indemnification Amounts, Asset<u>Real Estate</u> Disposition Proceeds or Insurance/Condemnation Proceeds<u>Indemnification Amounts</u>, (B) any optional prepayment <u>(and, on and after the Series 2025-1 Springing Amendments Implementation Date, any mandatory prepayment, including, without limitation, any mandatory prepayment in connection with a Rapid Amortization Event)</u> of principal of such Notes or (C) any repurchase and cancellation of such Notes, but without giving effect to any reductions available due to satisfaction of the <u>applicable</u> Series Non-Amortization Test or any amounts payable in respect of any Senior Notes Scheduled Principal Catch-Up Amounts or Senior Subordinated Notes Scheduled Principal Catch-Up Amounts on such Quarterly Payment Date; <u>provided</u>, that solely in calculating the DSCR to determine whether a Manager Termination Event or an Event of Default has occurred, clause (b) will not apply.

"<u>Debt Service Advance</u>" means an advance made by the Servicer or the Trustee, as applicable, in respect of the Senior Notes Interest Shortfall Amount on any Quarterly Payment Date.

"<u>Default</u>" means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

"<u>Default Rate</u>" has the meaning set forth in the applicable Series Supplement.

"<u>Defeased Series</u>" has the meaning set forth in <u>Section 12.1(c)</u> of the Base Indenture.

"<u>Definitive Notes</u>" has the meaning set forth in <u>Section 2.12(a)</u> of the Base Indenture.

"<u>Depository</u>" has the meaning set forth in <u>Section 2.12(a)</u> of the Base Indenture.

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"<u>Depository Agreement</u>" means, with respect to a Series or Class of a Series of Notes having Book-Entry Notes, the agreement among the Co-Issuers, the Trustee and the Clearing Agency governing the deposit of such Notes with the Clearing Agency, or as otherwise provided in the applicable Series Supplement.

"<u>Distribution Agreements</u>" means, collectively, all Product Purchase Agreements, all Third-Party Supply Agreements and all Requirements Agreements (together with any Franchisee Promissory Notes issued in respect of the purchase or sale of Products).

"<u>Distribution and Contribution Agreements</u>" means the Overseas Distribution and Contribution Agreements and, the Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers Distribution and Contribution Agreements <u>and the Omnibus Transfer Agreement (2025)</u>.

"<u>Distribution Assets</u>" means any asset used by any Distributor in connection with its distribution business, including, without limitation, the real estate owned by the Domestic Distribution Real Estate Holder, the equipment owned or leased by the Domestic Distribution Equipment Holder, real estate leased pursuant to the leases with respect to the Leased Domestic Manufacturing and Distribution Centers and the Distribution Agreements.

"<u>Distribution Center Expenses</u>" means real estate taxes, lease payments or other expenses with respect to Distribution Assets owned or leased by the Master Issuer or any other Securitization Entity.

"<u>Distribution Concentration Accounts</u>" means, collectively, the Domestic Distribution Concentration Account, the Canadian Distribution Concentration Account, the Canadian Distribution U.S. Dollar Concentration Account and any Additional Distribution Concentration Account.

"<u>Distribution Operating Expenses</u>" means all operating expenses related to the Distribution Services for which the Manager or the Canadian Manufacturer is entitled to be reimbursed or paid in accordance with the Management Agreement and that have not been previously reimbursed or paid.

"<u>Distribution</u> <u>Services</u>" has the meaning set forth in the Management Agreement.

"<u>Distributor</u> <u>Costs of Goods Sold</u>" means, with respect to any Weekly Collection Period, any costs of goods sold actually paid by any Distributor during such Weekly Collection Period.

"<u>Distributor</u> <u>Franchisee Rebates</u>" means, with respect to any Weekly Collection Period, any rebates actually paid by any Distributor to a Domestic Franchisee, an International Franchisee or DPL, as the owner of Company-Owned Stores, pursuant to a Requirements Agreement or the Company-Owned Stores Requirements Agreement, as the case may be, during such Weekly Collection Period.

"<u>Distributors</u>" means, collectively, the Domestic Distributor, the Canadian Distributor and any Additional Distributor.

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"<u>Distributors Charter Documents</u>" means, collectively, the Domestic Distributor Charter Documents, the Canadian Distributor Charter Documents and any Additional Distributor Charter Documents.

"<u>Distributors Operating Agreements</u>" means, collectively, the Domestic Distributor Operating Agreement, the Canadian Distributor Articles of Association and any Additional Distributor Operating Agreements.

"<u>Distributor Profit</u>" means, with respect to any Monthly Distributor Profit Period, all Consolidated EBITDA of any Distributor for such Monthly Distributor Profit Period *minus,* in the case of the Canadian Distributor, any Canadian Taxes incurred during such Monthly Distributor Profit Period.

"<u>DNAF</u>" means Domino's National Advertising Fund Inc., a Michigan not-for-profit corporation, and its successors and assigns.

"<u>DNAF Account</u>" means account no. 328583 entitled "Marketing Concentration Account" maintained at JPMorgan Chase in the name of DNAF for the benefit of the Domestic<u>U.S.</u> Franchisees and DPL, as the owner of Company-Owned Stores, into which the Manager causes Advertising Fees and Company-Owned Stores Advertising Fees to be deposited or any successor account established by the Manager at a Qualified Institution for such purpose pursuant to the Management Agreement.

"<u>DNAF By-Laws</u>" means the by-laws of DNAF, as amended, supplemented or otherwise modified from time to time.

"<u>DNAF Certificate of Incorporation</u>" means the articles of incorporation of DNAF, filed with the Secretary of State of Michigan on December 21, 2001, as amended, supplemented or otherwise modified from time to time.

"<u>DNAF Charter Documents</u>" means the DNAF Certificate of Incorporation and the DNAF By-Laws.

"<u>DNAF IP License Agreement</u>" means the DNAF IP License Agreement, dated as of April 16, 2007, by and among DNAF and PMC Inc. and subsequently assumed from PMC LLC by the IP Holder pursuant to the IP Assets Contribution Agreement, as amended, supplemented or otherwise modified from time to time.

"<u>DNAF Servicer Termination Event</u>" will have the meaning set forth in the DNAF Servicing Agreement.

"<u>DNAF Servicing Agreement</u>" means the DNAF Servicing Agreement, dated as of April 16, 2007, by and between DPL and DNAF, as amended, supplemented or otherwise modified from time to time.

"<u>Dollar</u>" and the symbol "$" mean the lawful currency of the United States.

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<u>"Domestic Distribution Contribution Agreements" means the PFS Contribution Agreement, the DPL Domestic Distribution and Overseas IP Holder Contribution Agreement and the Domino's International Domestic Distribution and Overseas IP Holder Contribution Agreement.</u>

<u>"Domestic Franchise Arrangements" means, depending on the context in which it is used, the Pre-Securitization Domestic Franchise Arrangements and the Post-Securitization Domestic Franchise Arrangements or the rights and obligations of the applicable franchisor under each such agreement; provided that, for purposes of any of the Contribution and Sale Agreements, "Domestic Franchise Arrangements" shall have the meaning set forth on Schedule I attached hereto.</u>

<u>"Domestic Franchisee" means any Franchisee who is a party to a Domestic Franchise Arrangement.</u>

<u>"Domestic Franchising Concentration Account" means the account maintained in the name of the Master Issuer or the Domestic Franchisor and pledged to the Trustee in which funds are held sufficient to qualify (together with other assets of the Domestic Franchisor and its Subsidiaries) for the Large Franchisor Exemption, or any successor account</u><u>(s)</u> <u>established for the Master Issuer or the Domestic Franchisor by the Manager</u><u>, or other account(s) designated by the Manager,</u> <u>for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture.</u>

<u>"Domestic Franchising Concentration Account Control Agreement" means the Account Control Agreement governing the Domestic Franchising Concentration Account entered into by and among the Master Issuer and/or the Domestic Franchisor, the Manager, the Trustee and the bank or other financial institution then holding the Domestic Franchising Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Domestic Franchising Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).</u>

<u>"Domestic Franchisor" means Domino's Pizza Franchising LLC, a Delaware limited liability company, and its successors and assigns.</u>

<u>"Domestic Franchisor Certificate of Formation" means the certificate of formation of the Domestic Franchisor, dated as of March 2, 2007, as amended by the Certificate of Amendment to Certificate of Formation, dated as of March 13, 2007, as amended, supplemented or otherwise modified from time to time.</u>

<u>"Domestic Franchisor Charter Documents" means the Domestic Franchisor Certificate of Formation and the Domestic Franchisor Operating Agreement.</u>

<u>"Domestic Franchisor IP License Agreement" means the Domestic Franchisor IP License Agreement dated as of April 16, 2007, by and between the Domestic Franchisor and the IP Holder, as amended, supplemented or otherwise modified from time to time.</u>

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<u>"Domestic Franchisor</u> <u>Operating Agreement" means the Second Amended and Restated Limited Liability Company Agreement of the Domestic</u> <u>Franchisor</u><u>, dated as of March 15, 2012, as further amended, supplemented or otherwise modified from time to time.</u>

<u>"Domestic Royalties Concentration Account" means the account maintained in the name of the Master Issuer and pledged to the Trustee into which the Manager causes Collections to be deposited or any successor account established for the Master Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture.</u>

<u>"Domestic Royalties Concentration Account Control Agreement" means the Account Control Agreement governing the Domestic Royalties Concentration Account entered into by and among the Master Issuer, the Manager, the Trustee and the bank or other financial institution then holding the Domestic Royalties Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Domestic Royalties Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).</u>

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Agreements</u>" means, collectively, all Product Purchase Agreements, all Third-Party Supply Agreements and all Requirements Agreements (together with any Franchisee Promissory Notes issued in respect of the purchase or sale of the Products) used in connection with the Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers and Domino's domestic<u>U.S.</u> supply chain segment.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Asset</u>" means a Distribution<u>Supply Chain</u> Asset used in connection with the Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers and domestic<u>U.S.</u> supply chain segment.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Assets Contribution Agreement</u>" means the Domestic Distribution Assets Contribution Agreement, dated as of April 16, 2007, by and between the Master Issuer and the Domestic Distributor<u>Supply Chain Holder</u>, as amended, supplemented or otherwise modified from time to time.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Concentration Account</u>" means the account maintained in the name of the Master Issuer or the Domestic Distributor<u>Supply Chain Holder</u> and pledged to the Trustee into which the Manager causes Product Purchase Payments and other Collections due to any Distributor<u>Supply Chain Holder</u> to be deposited or any successor account established for the Master Issuer or the Domestic Distributor<u>Supply Chain Holder</u> by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Concentration Account Control Agreement</u>" means the Account Control Agreement governing the Domestic Distribution<u>Supply Chain</u> Concentration Account entered into by and among the Master Issuer and/or the Domestic Distributor<u>Supply Chain Holder</u>, the Manager, the Trustee and the bank or other financial

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institution then holding the Domestic Distribution<u>Supply Chain</u> Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Domestic Distribution<u>Supply Chain</u> Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

"<u>Domestic Distribution Contribution Agreements</u>" means the PFS Contribution Agreement, the DPL Domestic Distribution and Overseas IP Holder Contribution Agreement and the Domino's International Domestic Distribution and Overseas IP Holder Contribution Agreement.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Equipment Holder</u>" means Domino's EQ LLC, a Delaware limited liability company, and its successors and assigns.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Equipment Holder Certificate of Formation</u>" means the certificate of formation of the Domestic Distribution<u>Supply Chain</u> Equipment Holder, dated as of August 3, 2011, as amended, supplemented or otherwise modified from time to time.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Equipment Holder Charter Documents</u>" means the Domestic Distribution<u>Supply Chain</u> Equipment Holder Certificate of Formation and the Domestic Distribution<u>Supply Chain</u> Equipment Holder Operating Agreement.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Equipment Holder Operating Agreement</u>" means the Limited Liability Company Agreement of the Domestic Distribution<u>Supply Chain</u> Equipment Holder, dated as of August 9, 2011, as further amended, supplemented or otherwise modified from time to time.

<u>"Domestic Supply Chain Holder Profit" means, with respect to any Monthly Supply Chain Profit Period, the Modified Gross Profit of the Domestic Supply Chain Holder for such Monthly Supply Chain Profit Period.</u>

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Real Estate Holder</u>" means Domino's RE LLC, a Delaware limited liability company, and its successors and assigns.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Real Estate Holder Certificate of Formation</u>" means the certificate of formation of the Domestic Distribution<u>Supply Chain</u> Real Estate Holder, dated as of August 3, 2011, as amended, supplemented or otherwise modified from time to time.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> Real Estate Holder Charter Documents" means the Domestic Distribution<u>Supply Chain</u> Real Estate Holder Certificate of Formation and the Domestic Distribution<u>Supply Chain</u> Real Estate Holder Operating Agreement.

"<u>Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Real Estate Holder Operating Agreement</u>" means the Limited Liability Company Agreement of the Domestic Distribution<u>Supply Chain</u> Real Estate Holder, dated as of August 9, 2011, as further amended, supplemented or otherwise modified from time to time.

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"<u>Domestic</u> <u>Distributor</u><u>Supply Chain Holder</u>" means Domino's Pizza Distribution LLC, a Delaware limited liability company, and its successors and assigns.

"<u>Domestic</u> <u>Distributor</u><u>Supply Chain Holder</u> <u>Certificate of Formation</u>" means the certificate of formation of the Domestic Distributor<u>Supply Chain Holder</u>, dated as of March 2, 2007, as amended, supplemented or otherwise modified from time to time.

"<u>Domestic</u> <u>Distributor</u><u>Supply Chain Holder</u> <u>Charter Documents</u>" means the Domestic Distributor<u>Supply Chain Holder</u> Certificate of Formation and the Domestic Distributor<u>Supply Chain Holder</u> Operating Agreement.

"<u>Domestic</u> <u>Distributor</u><u>Supply Chain Holder</u> <u>IP License Agreement</u>" means the Domestic Distributor<u>Supply Chain Holder</u> IP License Agreement, dated as of April 16, 2007<u>the Series 2012-1 Closing Date</u>, by and between the Domestic Distributor<u>Supply Chain Holder</u> and the IP Holder, as amended, supplemented or otherwise modified from time to time.

"<u>Domestic Distributor</u> <u>Operating Agreement</u>" means the Second Amended and Restated Limited Liability Company Agreement of the Domestic Distributor, dated as of March 15, 2012, as further amended, supplemented or otherwise modified from time to time.

"<u>Domestic Franchise Arrangements</u>" means, depending on the context in which it is used, the Pre-Securitization Domestic Franchise Arrangements and the Post-Securitization Domestic Franchise Arrangements or the rights and obligations of the applicable franchisor under each such agreement; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "Domestic Franchise Arrangements" shall have the meaning set forth on Schedule I attached hereto.

"<u>Domestic Franchisee</u>" means any Franchisee who is a party to a Domestic Franchise Arrangement.

"<u>Domestic Franchising Concentration Account</u>" means the account maintained in the name of the Master Issuer or the Domestic Franchisor and pledged to the Trustee in which funds are held sufficient to qualify (together with other assets of the Domestic Franchisor and its Subsidiaries) for the Large Franchisor Exemption, or any successor account established for the Master Issuer or the Domestic Franchisor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>Domestic Franchising Concentration Account Control Agreement</u>" means the Account Control Agreement governing the Domestic Franchising Concentration Account entered into by and among the Master Issuer and/or the Domestic Franchisor, the Manager, the Trustee and the bank or other financial institution then holding the Domestic Franchising Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Domestic Franchising Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

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"<u>Domestic Franchisor</u>" means Domino's Pizza Franchising LLC, a Delaware limited liability company, and its successors and assigns.

"<u>Domestic Franchisor Certificate of Formation</u>" means the certificate of formation of the Domestic Franchisor, dated as of March 2, 2007, as amended by the Certificate of Amendment to Certificate of Formation, dated as of March 13, 2007, as amended, supplemented or otherwise modified from time to time.

"<u>Domestic Franchisor Charter Documents</u>" means the Domestic Franchisor Certificate of Formation and the Domestic Franchisor Operating Agreement.

"<u>Domestic Franchisor IP License Agreement</u>" means the Domestic Franchisor IP License Agreement dated as of April 16, 2007, by and between the Domestic Franchisor and the IP Holder, as amended, supplemented or otherwise modified from time to time.

"<u>Domestic</u> <u>Franchisor</u><u>Supply Chain Holder</u> <u>Operating Agreement</u>" means the Second Amended and Restated Limited Liability Company Agreement of the Domestic Franchisor<u>Supply Chain Holder</u>, dated as of March 15, 2012, as further amended, supplemented or otherwise modified from time to time.

"<u>Domestic</u> <u>Manufacturing and Distribution</u><u>Supply Chain</u> <u>Centers</u>" means the Manufacturing and Distribution<u>Supply Chain</u> Centers located in the United States.

"<u>Domestic</u> <u>Manufacturing and Distribution</u><u>Supply Chain</u> <u>Centers Distribution and Contribution Agreements</u>" means the PFS Contribution Agreement, the PFS Distribution<u>Supply Chain</u> Agreement, the DPL Domestic Distribution and Overseas IP Holder Contribution Agreement, the Domino's International Domestic Distribution and Overseas IP Holder Contribution Agreement, the SPV Guarantor Domestic Distribution and Overseas IP Holder Contribution Agreement and the Master Issuer Domestic Distribution<u>Supply Chain</u> Contribution Agreements.

"<u>Domestic Product Purchase</u><u> </u><u>Agreement Payments</u>" means the aggregate of any payments due and payable by the Domestic Distributor to the Master Issuer, the Domestic Distribution Real Estate Holder or the Domestic Distribution Equipment Holder pursuant to the Product Purchase and Distribution Agreement.

"<u>Domestic Royalties Concentration Account</u>" means the account maintained in the name of the Master Issuer and pledged to the Trustee into which the Manager causes Collections to be deposited or any successor account established for the Master Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture.

"<u>Domestic Royalties Concentration Account Control Agreement</u>" means the Account Control Agreement governing the Domestic Royalties Concentration Account entered into by and among the Master Issuer, the Manager, the Trustee and the bank or other financial institution then holding the Domestic Royalties Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Domestic Royalties Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

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"<u>Domestic Territory</u>" means the contiguous United States, plus Alaska, Hawaii, Puerto Rico, Guam and the U.S. Virgin Islands.

"<u>Domino's Brand</u>" means the worldwide brand symbolized by the name and mark Domino's<sup>®</sup> and all existing variations thereof.

"<u>Domino's Entity</u>" means Holdco and each of its direct and indirect Subsidiaries, now existing or hereafter created, including, without limitation, Intermediate Holdco, DPL, DNAF, Domino's International, the Canadian Holdco, the Canadian Manufacturer, PMC LLC, PFS and the Securitization Entities.

"<u>Domino's International</u>" means Domino's Pizza International LLC, a Delaware limited liability company, as successor by merger to DPI, and its successors and assigns.

"<u>Domino's International Certificate of Formation</u>" means the certificate of formation of Domino's International, dated as of March 5, 2007, as amended, supplemented or otherwise modified from time to time.

"<u>Domino's International Charter Documents</u>" means the Domino's International Certificate of Formation and the Domino's International Operating Agreement.

"<u>Domino's International Contribution and Sale Agreement</u>" means the Domino's International Contribution and Sale Agreement, dated as of the Series 2007-1 Closing Date, by and among Domino's International, DPL, the IP Holder, the International Franchisor and the SPV Guarantor, as amended, supplemented or otherwise modified from time to time.

"<u>Domino's International Domestic Distribution and Overseas IP Holder Contribution Agreement</u>" means the contribution agreement, dated as of the Closing Date, by and between Domino's International and SPV Guarantor pursuant to which Domino's International will contribute Equity Interests in the Domestic Distribution<u>Supply Chain</u> Real Estate Holder, the Domestic Distribution<u>Supply Chain</u> Equipment Holder and Overseas IP Holder LLC and leases of the Leased Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers to SPV Guarantor.

"<u>Domino's International Operating Agreement</u>" means the Limited Liability Company Agreement of Domino's International, dated as of March 5, 2007, as further amended, supplemented or otherwise modified from time to time.

"<u>Domino's IP</u>" means all of the right, title and interest of the IP Holder and any Additional IP Holder in and to the Domino's Brand and any Future Brand and all Intellectual Property used in connection with the sale or offering for sale of goods or services under the Domino's Brand and any Future Brand including, without limitation, all After-Acquired IP Assets and the right to bring an action at law or in equity for any infringement, dilution, or violation of, and to collect all damages, settlement and proceeds relating to, any of the foregoing and, on and after the Closing Date, the After-Acquired Overseas IP; <u>provided</u>, <u>however</u>, that the Domino's IP will not include any <u>PULSE Assets, Technology Assets or</u> third-party owned Intellectual Property except <u>for third-party owned Intellectual Property (other than PULSE Assets or Technology Assets)</u> (x) as included in the Domino's IP as of the Closing Date and (y) as included in any After-Acquired IP Assets; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "Domino's IP" shall have the meaning set forth on Schedule I attached hereto.

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"<u>DPI</u>" means Domino's Pizza International, Inc., a Delaware corporation, and its successors and assigns.

"<u>DPI By-Laws</u>" means the by-laws of DPI, as amended, supplemented or otherwise modified from time to time.

"<u>DPI Certificate of Incorporation</u>" means the certificate of incorporation of DPI, filed with the Secretary of State of Delaware on September 2, 1982, as amended, supplemented or otherwise modified from time to time.

"<u>DPI Charter Documents</u>" means the DPI Certificate of Incorporation and the DPI By-Laws.

"<u>DPL</u>" means Domino's Pizza LLC, a Michigan limited liability company, and its successors and assigns.

"<u>DPL Certificate of Formation</u>" means the certificate of formation of DPL, dated as of October 27, 1999, as amended, supplemented or otherwise modified from time to time.

"<u>DPL Charter Documents</u>" means the DPL Certificate of Formation and the DPL Operating Agreement.

"<u>DPL Contribution and Sale Agreement</u>" means the DPL Contribution and Sale Agreement, dated as of the Series 2007-1 Closing Date, by and among DPL, the IP Holder and Domino's International, as amended, supplemented or otherwise modified from time to time.

"<u>DPL Domestic Distribution and Overseas IP Holder Contribution Agreement</u>" means the contribution agreement, dated as of the Closing Date, by and among DPL and each of the Domestic Distribution<u>Supply Chain</u> Equipment Holder, the Domestic Distribution<u>Supply Chain</u> Real Estate Holder and Domino's International.

"<u>DPL IP License Agreement</u>" means the DPL IP License Agreement, dated as of April 16, 2007, by and among Holdco, Intermediate Holdco, DPL and PMC Inc., and subsequently assumed from PMC LLC by the IP Holder pursuant to the IP Assets Contribution Agreement, as amended, supplemented or otherwise modified from time to time.

"<u>DPL Operating Agreement</u>" means the Amended and Restated Limited Liability Company Agreement of DPL, dated as of October 27, 1999, as amended, supplemented or otherwise modified from time to time.

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"<u>DSCR</u>" means, as of any Quarterly Payment Date on and after <u>the Series 2021-1</u> Springing Amendments Implementation Date, the ratio (without rounding) of (a) an amount equal to the Adjusted Net Cash Flow over the four (4) Quarterly Collection Periods immediately preceding such Quarterly Payment Date, to (b) an amount equal to Debt Service with respect to such four (4) Quarterly Collection Periods.;

<u>provided, that for purposes of calculating the DSCR for any period of measurement during which any Securitization Entity has made one or more acquisitions or investments that are permitted under the terms of this Base Indenture, such permitted acquisition or investment, as applicable (and all other permitted acquisitions or investments that have been consummated during the applicable period), shall be deemed to have occurred as of the first day of the applicable period of measurement, and all income statement items (whether positive or negative) attributable to the property or Person acquired in such permitted acquisition or investment, as applicable, shall be included in the calculation of Net Cash Flow on a pro forma basis, in accordance with the definition thereof, if such items would have resulted in an increase to or decrease to the Retained Collections during such period if such acquisition or investment, as applicable, had in fact occurred on the first day of such period.</u>

"<u>Eighth Supplement</u>" means the Eighth Supplement to the Base Indenture, dated as of July 23, 2024, among the Co-Issuers, the Trustee and the Securities Intermediary.

"<u>Eighth Supplement Effective Date</u>" means the "Effective Date" as defined in the Eighth Supplement.

"<u>Eligible Account</u>" means (a) a segregated identifiable trust account established in the trust department of a Qualified Trust Institution, (b) a separately identifiable deposit or securities account established at a Qualified Institution or (c) where (i) the amount of deposits into such account or withdrawals from such account does not exceed $3,000,000 per year, (ii) such account is held at an institution outside of the United States and Canada in order to comply with applicable foreign law and (iii) the total amount of deposits into or withdrawals from all such accounts (x) held at institutions outside of the United States and Canada in order to comply with applicable foreign law and (y) not subject to Account Control Agreements does not exceed $10,000,000 per year, a separately identifiable bank or investment account established at an institution permitted by applicable foreign law to hold such funds.

<u>"Eligible Assets" means any real property or other asset</u> <u>that are used or useful to the Securitization Entities in the operation of their business or their other assets, including</u><u>, without limitation, (i) capital assets, capital expenditures, renovations, improvements, expansions and relocation projects, the payment of rental obligations under real estate or equipment leases or any other assets intended to generate revenue for the Securitization Entities, or (ii) distributions to pay any Non-Securitization Entity that will be used to fund capital assets, capital expenditures, renovations or improvements or other assets intended to generate revenue for the Securitization Entities.</u>

"<u>Eligible Third-Party Candidate</u>" means an established enterprise in the business of providing credit support, governance or other advisory services to holders of notes similar to the Notes issued by the Co-Issuers that is (i) not a Franchisee, (ii) not a Competitor and (iii) not formed solely to act as the Controlling Class Representative.

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"<u>Enhancement</u>" means, with respect to any Series of Notes, the rights and benefits provided to the Noteholders of such Series of Notes pursuant to any letter of credit, surety bond, cash collateral account, spread account, guaranteed rate agreement, maturity guaranty facility, tax protection agreement, interest rate swap or any other similar arrangement entered into by the Co-Issuers in connection with the issuance of such Series of Notes as provided for in the applicable Series Supplement in accordance with the terms of the Base Indenture.

"<u>Enhancement Agreement</u>" means any contract, agreement, instrument or document governing the terms of any Enhancement or pursuant to which any Enhancement is issued or outstanding.

"<u>Enhancement Provider</u>" means the Person providing any Enhancement as designated in the applicable Series Supplement.

"<u>Environmental Law</u>" means any and all laws, rules, orders, regulations, statutes, ordinances, guidelines, codes, decrees, agreements or other legally enforceable requirements (including, without limitation, common law) of any international authority, foreign government, the United States, or any state, local, municipal or other governmental authority, regulating, relating to or imposing liability or standards of conduct concerning protection of the environment or of human health, or employee health and safety, as has been, is now, or may at any time hereafter be, in effect.

"<u>Environmental Remediation Expenses Amount</u>" means the actual amount that any Securitization Entity or the Manager, on such Securitization Entity's behalf, is required to pay within 30 days following any date of determination, for goods or services (including but not limited to reasonable fees and expenses of environmental professionals and legal counsel but excluding any amount payable to any Affiliate) contracted for in connection with conducting any environmental remediation procedures with respect to any environmental condition requiring remediation, as set forth in the Quarterly Noteholders' Statement.

"<u>Equipment Holder Concentration Account</u>" means the account maintained in the name of the Master Issuer or the Domestic Distribution<u>Supply Chain</u> Equipment Holder and pledged to the Trustee, which will be used to maintain funds for the purpose of paying property taxes on, and other expenses relating to, equipment, or any successor account established for the Master Issuer or the Domestic Distribution<u>Supply Chain</u> Equipment Holder by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>Equipment Holder Concentration Account Control Agreement</u>" means the Account Control Agreement governing the Equipment Holder Concentration Account entered into by and among the Master Issuer and/or the Domestic Distribution<u>Supply Chain</u> Equipment Holder, the Manager, the Trustee and the bank or other financial institution then holding the Equipment Holder Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Equipment Holder Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

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"<u>Equipment Holder Concentration Account Minimum Balance</u>" means $100,000, or such higher amount as may be established by the Manager from time to time in its sole discretion by notice to the Servicer, the Control Party and the Back-Up Manager.

"<u>Equity Interests</u>" means (a) any ownership, management or membership interests in any limited liability company or unlimited company, (b) any general or limited partnership interest in any partnership, (c) any common, preferred or other stock interest in any corporation, (d) any share, participation, unit or other interest in the property or enterprise of an issuer that evidences ownership rights therein, (e) any ownership or beneficial interest in any trust or (f) any option, warrant or other right to convert into or otherwise receive any of the foregoing.

"<u>ERISA</u>" means the U.S. Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, in each case as in effect from time to time. References to sections of ERISA also refer to any successor sections.

"<u>Estimated Weekly</u> <u>Distributor</u><u>Supply Chain</u> <u>Profit Amount</u>" means, with respect to any Weekly Collection Period, the aggregate amount of Distributor<u>Supply Chain</u> Profit payable during such Weekly Collection Period, as estimated by the Manager and set forth in each applicable Weekly Manager's Certificate.

"<u>Euroclear</u>" means Euroclear Bank, S.A./N.V., or any successor thereto, as operator of the Euroclear System.

"<u>Eurodollar Rate</u>" means with respect to any portion of a Class A-1 Senior Note funded by its holder based on LIBOR in accordance with the terms of the applicable Variable Funding Note Purchase Agreement, as determined in accordance with the applicable Variable Funding Note Purchase Agreement, a rate per annum equal to the sum of (A) the quotient (expressed as a percentage and rounded upwards, if necessary, to the nearest 1/100 of 1%) obtained by dividing (i) applicable LIBOR by (ii) 100% minus the applicable LIBOR Reserve Percentage, if any <u>plus</u> (B) any spread, as specified in the applicable Variable Funding Note Purchase Agreement.

"<u>Event of Bankruptcy</u>" will be deemed to have occurred with respect to a Person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> a case or other
proceeding is commenced, without the application or consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of
a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or any substantial part of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency,
reorganization, winding up or composition or adjustment of debts, and such case or proceeding continues undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of such Person is
entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect; or

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such Person commences a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such Person or for any substantial part of its property, or makes any general assignment for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> the board of directors
or board of managers (or similar body) of such Person votes to implement any of the actions set forth in <u>clause (b)</u> above.

"<u>Event of Default</u>" means any of the events set forth in <u>Section 9.2</u> of the Base Indenture.

<u>"Excepted Foreign Law Concentration Account" means any Concentration Account</u><u> </u><u>located in a country outside of the United States with respect to which (i) an Account Control Agreement</u> <u>would not be enforceable under the applicable laws of such country (as evidenced by a written notice from an Authorized Officer of the applicable Securitization Entity to the Control Party setting forth the rationale for such conclusion) or</u> <u>(ii) such</u> <u>Concentration Account qualifies as an "Eligible Account" pursuant to clause (c) of the definition thereof</u>.

"<u>Excess Class A-1 Senior Notes Administrative Expenses Amount</u>" means, <u>with respect to each Series of Class A-1 Senior Notes,</u> for each Weekly Allocation Date, an amount equal to the amount by which (a) the Class A-1 Senior Notes Administrative Expenses <u>with respect to such Series of Class A-1 Senior Notes</u> that have become due and payable prior to such Weekly Allocation Date and have not been previously paid <u>exceed</u> (b) the Capped Class A-1 Senior Notes Administrative Expenses Amount <u>with respect to such Series of Class A-1 Senior Notes</u> for such Weekly Allocation Date.

"<u>Excess Securitization Operating Expenses Amount</u>" means, for each Weekly Allocation Date, an amount equal to the amount by which (a) the Securitization Operating Expenses that have become due and payable prior to such Weekly Allocation Date and have not been previously paid <u>exceed</u> (b) the Capped Securitization Operating Expense<u>Expenses</u> Amount for such Weekly Allocation Date.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Excluded Amounts</u>" means, collectively <u>(without duplication)</u>, any Advertising Fees, any Company- Owned<u>Company-Owned</u> Stores Advertising Fees, any Distributor<u>Supply Chain</u> Costs of Goods Sold, any Distribution<u>Supply Chain</u> Operating Expenses, any Distributor<u>Expense, any Supply Chain</u> Franchisee Rebates, <u>any</u> Third-Party Matching Expenses, Distribution<u>any Supply Chain</u> Center Expenses, <u>any</u> withholding Taxes, <u>any</u> Canadian Taxes, <u>owed by the Canadian Distributor, any</u> IP Registration and Enforcement Fees<u>, any property taxes and other taxes, any trademark registration payments in respect of Domino's IP,</u> and any other amounts deposited into any Concentration Account that are not required to be deposited into the Collection Account pursuant to <u>Section 5.10</u> of the Base Indenture.

"<u>Excluded Countries</u>" has the meaning set forth in Annex A to the 2007 Base Indenture.

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"<u>Excluded Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Leasehold Assets</u>" means (a) the Leased Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers and (b) the leasehold assets of a Securitization Entity which have a Non-Securitization Entity as a co-obligor on such lease.

<u>"Excluded IP License Agreement" means the Excluded IP License Agreement to be entered into on the Series 2025-1 Closing Date, by and among the Manager, the Domestic Franchisor, the International Franchisor, the International Franchisor (Michigan), and certain other Persons party thereto, as may be amended, supplemented or otherwise modified from time to time.</u>

"<u>Excluded Property</u>" means (i) any lease, license, intellectual property rights, contract property rights or agreement to which any Co-Issuer is a party (or to any of its rights or interests thereunder) to the extent the grant of a security interest in the foregoing would (A) constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of the applicable Co-Issuer therein, (B) constitute or result in a breach or termination pursuant to the terms thereof, or as a matter of law, or a default under, any such lease, license, contract, property rights or agreement, or (C) require the consent of any third party that the applicable Co-Issuer has not obtained after using commercially reasonable efforts, in each case except to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC, (ii) the Excluded Domestic Distribution<u>Supply Chain</u> Leasehold Assets and, (iii) Trademark applications filed in the PTO on the basis of a Co-Issuer's intent to use such mark unless and until evidence of use is filed with the PTO.<u>, and (iv) on and after the Series 2025-1 Springing Amendments Implementation Date, any Franchisor Capital Account (except with respect to any Senior Notes Interest Reserve Account or Senior Subordinated Notes Interest Reserve Account that also serves as a Franchisor Capital Account) and any amounts on deposit therein.</u>

"<u>Existing Canadian Requirements Agreements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Existing Canadian Third-Party Supply Agreements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Existing Domestic</u> <u>Distribution Agreements</u><u>Franchise Arrangements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Existing Domestic</u> <u>Franchise Arrangements</u><u>Supply Chain Agreement</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Existing Franchise Arrangements</u>" has the meaning set forth on Schedule I attached

hereto.

"<u>Existing International Franchise Agreement</u>" has the meaning set forth on Schedule I

attached hereto.

"<u>Existing International Franchise Arrangements</u>" has the meaning set forth on Schedule I attached hereto.

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"<u>Existing International Master Franchise Agreement</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Existing Overseas Franchise Agreement</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Existing Overseas Franchise Arrangements</u>" means all master franchise agreements, store franchise agreements, area development agreements and similar agreements related to Franchised Stores operated or under development as of the Closing Date in the Overseas Countries or the rights and obligations of the Overseas Franchisor under each such agreement; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "Existing Overseas Franchise Arrangements" shall have the meaning set forth on Schedule I attached hereto.

"<u>Existing Overseas Master Franchise Agreement</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Existing Requirements Agreements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Existing Third-Party License Agreements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Existing Third-Party Supply Agreements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Extension Period</u>" means, with respect to any Series or any Class of any Series of Notes, the period from the Series Anticipated Repayment Date (or any previously extended Series Adjusted Repayment Date) with respect to such Series or Class to the Series Adjusted Repayment Date with respect to such Series or Class as extended in connection with the provisions of the applicable Series Supplement.

"<u>FDIC</u>" means the U.S. Federal Deposit Insurance Corporation.

"<u>Fee Letter</u>" means each VFN Fee Letter.

"<u>Final Series Anticipated Repayment Date</u>" means the Series Anticipated Repayment Date with respect the last Series of Notes Outstanding.

"<u>Final Series Legal Final Maturity Date</u>" means the Series Legal Final Maturity Date with respect the last Series of Notes Outstanding.

"<u>Financial Assets</u>" has the meaning set forth in <u>Section 5.8(b)</u> of the Base Indenture.

"<u>Fiscal Period</u>" means each 28-day (or 35-day) fiscal period of the Securitization Entities.

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"<u>Fiscal Quarter Percentage</u>" means, with respect to any Quarterly Collection Period containing 12 weeks, 10% and, with respect to any Quarterly Collection Period containing 16 or 17 weeks, 8%.

"<u>Former Transferors</u>" means, collectively, Holdco, Intermediate Holdco, DPL, Domino's International, PMC LLC, the Canadian Manufacturer, PFS, the Overseas IP Holder and the Overseas Franchisor.

"<u>Franchise Arrangements</u>" means, collectively, all Domestic Franchise Arrangements and all International Franchise Arrangements.

"<u>Franchised Store</u>" means any Store that is not a Company-Owned Store.

"<u>Franchisee</u>" means a Person identified as "franchisee", "developer", "licensee" or "master franchisee" or any similar term identifying a party that is licensing rights in or to the Domino's Brand or a Future Brand under a license agreement, master franchise agreement, franchise agreement, area development agreement or any similar agreement or arrangement with a "franchisor." For the avoidance of doubt, any Domino's Entity that owns and operates a Company-Owned Store pursuant to the Company-Owned Stores Master License Agreement will not be deemed to be a Franchisee.

"<u>Franchisee Insurance Policy</u>" means any insurance policy or policies maintained by a Domestic Franchisee or an International Franchisee, in accordance with the requirements of its Domestic Franchise Arrangement or International Franchise Arrangement, as the case may be.

"<u>Franchisee Insurance Proceeds</u>" means any amounts actually received by DPL, DPI, the Master Issuer, the Domestic Franchisor, the International Franchisor or International Franchisor (Michigan), as additional insured or loss payee, upon settlement of a claim filed under a Franchisee Insurance Policy, net of direct fees, out-of-pocket costs (exclusive of overhead) and disbursements incurred in connection with the collection thereof.

"<u>Franchisee Payments</u>" means, collectively, all amounts paid by or on behalf of Domestic Franchisees and International Franchisees to the Domestic Franchisor, the International Franchisor or the International Franchisor (Michigan) under or in connection with the Domestic Franchise Arrangements and the International Franchise Arrangements that are Continuing Franchise Fees, Initial Franchise Fees, Other Franchise Fees, PULSE Maintenance Fees, PULSE License Fees, Technology Fees or Franchisee Insurance Proceeds and any other amounts payable in respect of such Franchise Arrangements by or on behalf of any such Franchisee that are not Excluded Amounts.

"<u>Franchisee Promissory Notes</u>" means, collectively, all promissory notes, chattel paper or other instruments issued by a Domestic Franchisee or an International Franchisee to any Securitization Entity evidencing amounts owing in connection with any Domestic Franchise Arrangement, any International Franchise Arrangement or any Asset Disposition, as the case may be.

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<u>"Franchisor Capital Account" means each account (including, for the avoidance of doubt, the Domestic Franchising Concentration Account) maintained in the name of the Domestic</u> <u>Franchisor, the International Franchisor, the International Franchisor (Michigan) or any Additional Securitization Entity that from time to time acts as the "franchisor" with respect to Post-Securitization Domestic Franchise Arrangements or Post-Securitization International Franchise Arrangements, as applicable, into which such Securitization Entity causes amounts to be deposited pursuant to Section 5.1(f) of this Base Indenture or any successor account established by such Securitization Entity for such purpose pursuant to this Base Indenture.</u>

"<u>Franchisors</u>" means, collectively, the Domestic Franchisor, the International Franchisor, <u>the International Franchisor (Michigan)</u> and any Additional Franchisor.

"<u>Franchisors Charter Documents</u>" means, collectively, the Domestic Franchisor Charter Documents, the International Franchisor Charter Documents and any Additional Franchisor Charter Documents.

"<u>Franchisors Operating Agreements</u>" means, collectively, the Domestic Franchisor Operating Agreement, the International Franchisor Certificate of Incorporation and any Additional Franchisor Operating Agreements.

"<u>Free Cash Flow</u>" means, with respect to any Securitization Entity as of any date of determination, all available cash on hand of such Securitization Entity as of such date <u>minus</u> (a) (a) if applicable, any amount necessary or desirable for such Securitization Entity to seek to obtain and/or maintain franchise licenses and franchise registration exemptions and (b) any amount that the board of directors or board of managers, as the case may be, of such Securitization Entity reasonably determines is necessary or desirable for such Securitization Entity to operate its business or meet its obligations.

"<u>Future Brand</u>" means any brand other than the Domino's Brand under which any Domino's Entity first sells or offers for sale any goods or services, or otherwise conducts business in the Domestic Territory or the International Territory on or after the Closing Date; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "Future Brand" shall have the meaning set forth on Schedule I attached hereto.

"<u>Future Brand Assets</u>" means all Future Brand IP used solely in connection with the related Future Brand and any other assets and liabilities of a similar type and nature.

"<u>Future Brand IP</u>" means all Intellectual Property rights of any kind in a Future Brand or used in connection with any Future Brand, including, without limitation, the right to bring an action at law or in equity for any infringement, dilution, or violation of, and to collect all damages, settlement and proceeds relating to, any of the foregoing.

"<u>GAAP</u>" means the generally accepted accounting principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors from time to time.

"<u>Global G&C Agreement</u>" means the Amended and Restated Guarantee & Collateral Agreement, dated as of March 15, 2012, by and among the Guarantors and the Trustee, as amended, supplemented or otherwise modified from time to time.

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"<u>Global Retail Sales</u>" means, collectively, Gross Sales for all Stores throughout the world.

"<u>Governmental Authority</u>" means the government of the United States of America or any other nation or any political subdivision of the foregoing, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

"<u>Government Securities</u>" means readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof and as to which obligations the full faith and credit of the United States of America is pledged in support thereof.

"<u>Gross Royalty Stream</u>" means on any date, with respect to any country, the gross amount of Continuing Franchise Fees or Company-Owned Stores License Fees from a Franchisee or, DPL as the owner of Company-Owned Stores, collected in respect of any Stores in such country during the preceding four Quarterly Collection Periods.

"<u>Gross Sales</u>" means the total received from all sales by a Store of all pizza, beverages and other authorized products or services, but excluding sales or equivalent taxes, coupons and similar discounts.

"<u>Guarantors</u>" means, collectively, the SPV Guarantor and the Subsidiary Guarantors.

"<u>Hedge Counterparty</u>" means an institution that enters into a Swap Contract with the Master Issuer (or all of the Co-Issuers) to provide certain financial protections with respect to changes in interest rates applicable to a Series of Notes relating to such Notes if and as specified in the applicable Series Supplement.

"<u>Hedge Payment Account</u>" means an account (including any investment accounts related thereto) in the name of the Trustee for the benefit of the Secured Parties, into which amounts payable to a Hedge Counterparty are deposited, bearing a designation clearly indicating that the funds deposited therein are held by the Trustee for the benefit of the Secured Parties.

"<u>Holdco</u>" means Domino's Pizza, Inc., a Delaware corporation, and its successors and assigns.

"<u>Holdco By-Laws</u>" means the by-laws of Holdco, as amended, supplemented or otherwise modified from time to time.

"<u>Holdco Certificate of Incorporation</u>" means the certificate of incorporation of Holdco, filed with the Secretary of State of Delaware on July 13, 2002, as amended, supplemented or otherwise modified from time to time.

"<u>Holdco Charter Documents</u>" means the Holdco Certificate of Incorporation and the Holdco By-Laws.

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<u>"Holdco Consolidated Entities" has the meaning specified in the Parent Company Support Agreement.</u>

<u>"Holdco Debt Incurrence Test" has the meaning set forth in the Parent Company Support Agreement.</u>

"<u>Holdco Letter of Credit</u>" means any letter of credit issued under any Variable Funding Note Purchase Agreement to secure obligations of one or more Non-Securitization Entities.

"<u>Holdco Letter of Credit Agreement</u>" means the Holdco Letter of Credit Agreement, dated as of the Closing Date, among Holdco and the Co-Issuers, as amended, supplemented or otherwise modified from time to time.

"<u>Holdco Leverage Ratio</u>" means at any time, the ratio of (a) Indebtedness of the Holdco Consolidated Entities (<u>provided</u> that, with respect to each Series of Class A-1 Senior Notes Outstanding, <u>(i) prior to the Series 2025-1 Springing Amendments Implementation Date,</u> the aggregate principal amount of each such Series of Senior Notes will be deemed to be the Class A-1 Senior Notes Maximum Principal Amount for each such Series <u>and (ii) on and after the Series 2025-1 Springing Amendments Implementation Date, the aggregate principal amount of each such Series of Notes shall include the outstanding principal amount of such Series of Notes but exclude, for the avoidance of doubt, undrawn commitments thereunder (after giving effect to any cancelled commitments)</u>) less (ii) the sum of (u) the cash and Permitted Investments of the Securitization Entities credited to the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account and the Cash Trap Reserve Accounts as of the end of the most recently ended Quarterly Collection Period, (v) the Principal and Interest Account Excess Amount, (w) any cash and Permitted Investments held in the Residual Amounts Account, (x) the cash and Permitted Investments of the Securitization Entities credited to the Concentration Accounts as of the end of the most recently ended Quarterly Collection Period that, pursuant to a Weekly Manager's Certificate delivered on or prior to such date, will be paid to the Manager or constitute the Residual Amount on the next succeeding Weekly Allocation Date, (y) the Unrestricted Cash and Permitted Investments of the Non-Securitization Entities as of the end of the most recently ended Quarterly Collection Period and (z) the available amount of each Interest Reserve Letter of Credit as of the end of the most recently ended Quarterly Collection Period to (b) Consolidated Adjusted EBITDA of the Holdco Consolidated Entities, for the immediately preceding 13 twenty-eight day (or thirty-five day) Fiscal Periods; <u>provided</u>, <u>however</u>, that solely for purposes of the Series Non-Amortization Test, the proviso in clause (a) above shall not apply.<u>; provided, further, that on and after the Series 2025-1 Springing Amendments Implementation Date, the Manager, in accordance with the Management Standard, may amend the definition of "Holdco Leverage Ratio" with the consent of the Control Party, including, without limitation, in connection with any change of control.</u>

<u>"Holdco Specified Non-Securitization Debt Cap" has the meaning specified in the Parent Company Support Agreement.</u>

"<u>Holding Companies Contribution Agreement</u>" means the Holding Companies Contribution Agreement, dated as of the Series 2007-1 Closing Date, by and among DPL, Holdco and Intermediate Holdco, as amended, supplemented or otherwise modified from time to time.

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"<u>Included Countries</u>" means the following countries: United Kingdom, Ireland, Guam, Australia, New Zealand, Mexico, Canada, South Korea, Japan, Venezuela, Brazil, Aruba, Bahamas, Cayman Islands, Curacao, Dominican Republic, Haiti, Jamaica, St. Lucia, St. Maarten, Trinidad and Tobago, St. Kitts and Nevis, Puerto Rico, the U.S. Virgin Islands, Guatemala, Chile, Colombia, Costa Rica, Ecuador, Honduras, Nicaragua, Panama, Peru and any other country in Central America or South America in which a Store is opened after the Closing Date and any country designated as an "Included Country" by the Manager.

"<u>Indebtedness</u>" <u>means (1) prior to the Series 2025-1 Springing Amendments Implementation Date</u>, as applied to any Person, means, without duplication, (a) all indebtedness for borrowed money in any form, including derivatives, (b) notes payable, (c) any obligation owed for all or any part of the deferred purchase price for property or services, which purchase price is (i) due more than six months from the date of the incurrence of the obligation in respect thereof or (ii) evidenced by a note or similar written instrument (other than an earn-out obligation until such obligation becomes a liability on the balance sheet of such Person under GAAP), (d) all indebtedness secured by any Lien on any property or asset owned by that Person regardless of whether the indebtedness secured thereby has been assumed by that Person or is nonrecourse to the credit of that Person and (e) all Contingent Obligations of such Person in respect of any of the foregoing. Notwithstanding the foregoing, Indebtedness will not include (i) any liability for federal, state, local or other taxes owed or owing to any governmental entity, (ii) amounts payable under Third-Party License Agreements and Third-Party Supply Agreements or similar trade debt incurred in the ordinary course of business and in a manner consistent with the Management Standard or (iii) that portion of obligations with respect to any lease of any property (whether real, personal or mixed) that is properly classified as a liability on a balance sheet in conformity with GAAP, including all Capitalized Lease Obligations incurred by such Person. <u>and (2) on and after the Series 2025-1 Springing Amendments Implementation Date, as applied to any Person, if and to the extent (other than with respect to clause (e) below) the same would constitute indebtedness or a liability on a balance sheet prepared in accordance with GAAP, without duplication, (a) all indebtedness for borrowed money in any form, including net obligations in respect of derivatives, (b) notes payable, (c) any obligation owed for all or any part of the deferred purchase price for property or services, which purchase price is (i) due more than six months from the date of the incurrence of the obligation in respect thereof or (ii) evidenced by a note or similar written instrument (other than (x) trade accounts, purchase return liabilities and accrued expenses payable in the ordinary course of business, (y) an earn-out obligation until such obligation becomes a liability on the balance sheet of such Person under GAAP and (z) liabilities associated with client prepayments and deposits), (d) all indebtedness secured by any Lien on any property or asset owned by that Person regardless of whether the indebtedness secured thereby has been assumed by that Person or is non-recourse to the credit of that Person and (e) all Contingent Obligations of such Person in respect of any of the foregoing. Notwithstanding the foregoing, Indebtedness will not include (i) intercompany indebtedness among Non-Securitization Entities, (ii) any liability for federal, state, local or other taxes owed or owing to any governmental entity, (iii) amounts payable under Third-Party License Agreements and Third-Party Supply Agreements or similar trade debt incurred in the ordinary course of business and in a manner consistent with the Management Standard or (iv) that portion</u>

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<u>of obligations with respect to any lease of any property (whether real, personal or mixed) that is properly classified as a liability on a balance sheet in conformity with GAAP, including all Capitalized Lease Obligations incurred by such Person; provided, that the Manager, in accordance with the Management Standard, may amend this definition of "Indebtedness" after the Series 2025-1 Springing Amendments Implementation Date with the consent of the Control Party. For the avoidance of doubt, guarantees with respect to obligations under any lease of property (including operating leases) and product volumes will not constitute "Indebtedness".</u>

"<u>Indemnification and Real Estate Proceeds Payment Amounts</u>" means the amounts payable pursuant to clause (i) of the Priority of Payments (solely out of funds on deposit in the Collection Account on the applicable Weekly Allocation Date consisting of Indemnification Payments or Real Estate Disposition Proceeds), to be applied in the following order of priority: (A) to reimburse the Trustee, and then, the Servicer, for any unreimbursed Advances (and accrued interest thereon at the Advance Interest Rate), then (B) to reimburse the Manager for any unreimbursed Manager Advances (and accrued interest thereon at the Advance Interest Rate), then (C) if a Class A-1 Senior Notes Amortization Event is continuing, to make an allocation to the Senior Notes Principal Payments Account, in the amount necessary to prepay and permanently reduce the commitments under all Class A-1 Senior Notes affected by such Class A-1 Senior Notes Amortization Event on a pro rata basis based on commitment amounts; then (D) to make an allocation to the Senior Notes Principal Payments Account, in the amount necessary to prepay the Outstanding Principal Amount of all Senior Notes of all Series other than Class A-1 Senior Notes on a pro rata basis based on principal outstanding; then (E) provided clause (C) does not apply, to make an allocation to the Senior Notes Principal Payments Account, in the amount necessary to prepay and permanently reduce the commitments under all Class A-1 Senior Notes of all Series on a pro rata basis based on commitment amounts; and then (F), to make an allocation to the Senior Subordinated Notes Principal Payments Account, in the amount necessary to prepay the Outstanding Principal Amount of all other Classes of Notes sequentially in alphabetical order on a pro rata basis based on principal outstanding across the Classes of all Series with the same alphabetical designation.

"<u>Indemnification Payments</u>" means amounts paid by Domino's International, the Canadian Manufacturer, DPL, PMC LLC, PFS, the Overseas Franchisor or the Overseas IP Holder pursuant to the Domino's International Contribution and Sale Agreement, the Canadian Distribution Assets Sale Agreement, the DPL Contribution and Sale Agreement, the IP Assets Contribution Agreement, the Overseas Contribution Agreements or<u>,</u> the Domestic Distribution Contribution Agreements <u>or the Omnibus Transfer Agreement (2025)</u>, as applicable, as a result of a breach of any representation or warranty made by Domino's International or DPL pursuant to the Domino's International Contribution and Sale Agreement, by the Canadian Manufacturer or DPL pursuant to the Canadian Distribution Assets Sale Agreement, by DPL pursuant to the DPL Contribution and Sale Agreement, by PMC LLC or DPL pursuant to the IP Assets Contribution Agreement, by the Overseas Franchisor or the Overseas IP Holder pursuant to the applicable Overseas Contribution Agreements and<u>,</u> by PFS, DPL and Domino's International pursuant to the applicable Domestic Distribution Contribution Agreements <u>or the Omnibus Transfer Agreement (2025)</u>, including any amounts ultimately received by Domino's International from any Former Transferor pursuant to any Pre-Securitization Contribution and Sale Agreement as a result of a breach of any representation or warranty made by such Former Transferor pursuant to any Pre-Securitization Contribution and Sale Agreement.

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"<u>Indenture</u>" means the Base Indenture, together with all Series Supplements, as amended, supplemented or otherwise modified from time to time by Supplements thereto in accordance with its terms.

"<u>Indenture Collateral</u>" has the meaning set forth in <u>Section 3.1</u> of the Base Indenture.

"<u>Indenture Documents</u>" means, collectively, with respect to any Series of Notes, the Base Indenture, the related Supplement, the Notes of such Series, the Global G&C Agreement, the Account Control Agreements, any related Variable Funding Note Purchase Agreement and any other agreements relating to the issuance or the purchase of the Notes of such Series or the pledge of Collateral under any of the foregoing.

"<u>Independent Accountant Fees</u>" means all fees payable to the Independent Accountants by the Securitization Entities.

"<u>Independent Accountants</u>" means the<u>a</u> firm of independent <u>registered public</u> accountants <u>of recognized national standing</u> appointed pursuant to the Management Agreement or any successor independent accountant.

"<u>Independent Directors</u>" or "<u>Independent Managers</u>" means, with respect to any Securitization Entity, the independent directors or managers appointed to the board of directors or board of managers, as the case may be, pursuant to the terms of the Charter Documents of such Securitization Entity.

"<u>Ineligible Account</u>" has the meaning set forth in <u>Section 5.18</u> of the Base Indenture.

"<u>Initial CCR Election</u>" has the meaning set forth in <u>Section 11.1(a)</u> of the Base Indenture.

"<u>Initial Closing Date</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Initial Controlling Class Member List</u>" means the list of contact information to be provided to the Trustee on the Closing Date by the initial purchasers<u>Initial Purchaser</u> of the Series of Notes issued on such date.

"<u>Initial Franchise Fees</u>" means all initial franchise fees due and to become due under or in connection with any Domestic Franchise Arrangement or any International Franchise Arrangement.

"<u>Initial Principal Amount</u>" means, with respect to any Series or Class (or Subclass) of Notes, the aggregate initial principal amount of such Series or Class (or Subclass) of Notes specified in the applicable Series Supplement.

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<u>"Initial Purchaser" means, with respect to any Series, Class, Subclass or Tranche of Notes (other than Class A-1 Notes), the initial purchaser (or initial purchasers) of such Series, Class, Subclass or Tranche of Notes.</u>

"<u>Insurer Premiums Account</u>" means the administrative account established by the Master Issuer under the 2007 Base Indenture for the deposit of any insurance premiums payable to the Insurers with respect to notes issued under the 2007 Base Indenture.

"<u>Insurers</u>" means each of MBIA Insurance Corporation, a New York stock insurance corporation, and Ambac Assurance Corporation, a Wisconsin stock assurance corporation.

"<u>Intellectual Property</u>" means Trademarks, Copyrights, Know-How, Patents and all other intellectual property rights, however denominated throughout the world, and registrations and applications for registration of any of the foregoing.

"<u>Interest Period</u>" means (a) solely with respect to any Class A-1 Senior Notes of any Series of Notes, a period commencing on and including the day that is two (2) Business Days prior to an Accounting Date and ending on but excluding the day that is two (2) Business Days prior to the next succeeding Accounting Date and (b) with respect to any other Class of Notes of any Series of Notes, a period commencing on and including the 25th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 25th day of the calendar month which includes the then-current Quarterly Payment Date <u>(without giving effect to any Business Day adjustment)</u>; <u>provided, however</u>, that the initial Interest Period for any Series will commence on and include the Series Closing Date and end on the date specified in the applicable Series Supplement; <u>provided further</u> that the Interest Period, with respect to each Series of Notes Outstanding, immediately preceding the Quarterly Payment Date on which the last payment on the Notes of such Series is to be made will end on such Quarterly Payment Date.

"<u>Interest Reserve Letter of Credit</u>" means any Letter of Credit issued under a Variable Funding Note Purchase Agreement for the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable.

"<u>Interest Reserve Release Event</u>" means, with respect to any Series of Notes, an event allowing funds to be released from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, identified as an Interest Reserve Release Event with respect to such Series of Notes pursuant to the applicable Series Supplement.

"<u>Interim Successor Manager</u>" means, upon the resignation or termination of the Manager pursuant to the terms of the Management Agreement and prior to the appointment of any successor to the Manager by the Control Party (at the direction of Controlling Class Representative), <u>subject to the terms of the Back-Up Management Agreement,</u> the Back-Up Manager.

"<u>Intermediate Holdco</u>" means Domino's Inc., a Delaware corporation, and its successors and assigns.

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"<u>Intermediate Holdco By-Laws</u>" means the by-laws of Intermediate Holdco, as amended, supplemented or otherwise modified from time to time.

"<u>Intermediate Holdco Certificate of Incorporation</u>" means the certificate of incorporation of Intermediate Holdco, filed with the Secretary of State of Delaware on December 7, 1991, as amended, supplemented or otherwise modified from time to time.

"<u>Intermediate Holdco Charter Documents</u>" means the Intermediate Holdco Certificate of Incorporation and the Intermediate Holdco By-Laws.

"<u>International Continuing Franchise Fees</u>" means any Continuing Franchise Fees paid to any "franchisor" by an International Franchisee.

"<u>International Franchise Arrangements</u>" means all master franchise agreements, store franchise agreements, area development agreements and similar agreements <u>(other than any International NSE Franchise Arrangements)</u> related to Franchised Stores operated or under development in the International Territory, including any Franchisee Promissory Notes issued in respect of any such agreements. On and after the Closing Date, International Franchise Arrangements will also include the Overseas Franchise Arrangements. Notwithstanding the foregoing, for purposes of any of the Contribution and Sale Agreements, "International Franchise Arrangements" shall have the meaning set forth on Schedule I attached hereto.

"<u>International Franchisee</u>" means any Franchisee who is a party to an International Franchise Arrangement.

"<u>International Franchisee PULSE Agreements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>International Franchisor</u>" means Domino's Pizza International Franchising Inc., a Delaware corporation, and its successors and assigns.

<u>"International Franchisor (Michigan)" means Domino's Pizza International Franchising of Michigan LLC, a Michigan limited liability company, and its successors and assigns.</u>

<u>"International Franchisor (Michigan) IP License Agreement" means the International Franchisor (Michigan) IP License Agreement, dated as of</u> <u>December 30</u><u>, 2021, by and between the International Franchisor (Michigan) and the IP Holder, as may be amended, supplemented or otherwise modified from time to time.</u>

"<u>International Franchisor By-Laws</u>" means the by-laws of the International Franchisor, as amended, supplemented or otherwise modified from time to time.

"<u>International Franchisor Certificate of Incorporation</u>" means the certificate of incorporation of the International Franchisor, filed with the Secretary of State of Delaware on April 16, 2007, as amended, supplemented or otherwise modified from time to time.

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"<u>International Franchisor Charter Documents</u>" means the International Franchisor Certificate of Incorporation and the International Franchisor By-Laws.

"<u>International Franchisor Interests</u>" has the meaning set forth on Schedule I attached hereto.

"<u>International Franchisor IP License Agreement</u>" means the International Franchisor IP License Agreement, dated as of April 16, 2007, by and between the International Franchisor and the IP Holder, as may be amended, supplemented or otherwise modified from time to time.

"<u>International Franchisor (Michigan)</u>" means Domino's Pizza International Franchising of Michigan LLC, a Michigan limited liability company, and its successors and assigns.

"<u>International Franchisor (Michigan)</u> <u>IP License Agreement</u>" means the International Franchisor (Michigan) IP License Agreement, dated as of August [ ], 2021, by and between the International Franchisor (Michigan) and the IP Holder, as may be amended, supplemented or otherwise modified from time to time.

<u>"International NSE Franchise Arrangements" means any franchise agreements, master franchise agreements, store franchise agreements, area development agreements and similar agreements related to Franchised Stores operated or under development in the International Territory that are entered into by a Non-Securitization International Franchisor.</u>

<u>"International NSE Franchisee" means any Franchisee who is a party to an International NSE Franchise Arrangement.</u>

<u>"International Restaurant Royalty Payment Amounts" means any license fees payable by any Non-Securitization International Franchisor pursuant to any Non-Securitization Entity MFA Arrangement.</u>

"<u>International Royalties Concentration Account</u>" means the<u>each</u> account maintained in the name of the Master Issuer or the International Franchisor and pledged to the Trustee into which the Manager causes Collections to be deposited or any successor account established for the Master Issuer or the International Franchisor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>International Royalties Concentration Account Control Agreement</u>" means the Account Control Agreement governing the International Royalties Concentration Account entered into by and among the Master Issuer and/or the International Franchisor, the Manager, the Trustee and the bank or other financial institution then holding the International Royalties Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the International Royalties Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

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"<u>International Territory</u>" means worldwide locations, other than those in the Domestic Territory. As of the Closing Date, the International Territory includes the Overseas Countries.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Investment Income</u>" means, with respect to the Collection Account, any other Base Indenture Account (other than the Residual Amounts Account), any Concentration Account and any Series Accounts, for any Quarterly Collection Period the excess, if any, of (a) the sum of all investment interest and other earnings on such account during such Quarterly Collection Period over (b) any investment losses incurred in respect of such account during such Quarterly Collection Period.

"<u>Investment Property</u>" has the meaning set forth in Section 9-102(a)(49) of the applicable UCC.

"<u>IP Assets Contribution Agreement</u>" means the IP Assets Contribution Agreement, dated as of April 16, 2007, by and among DPL, PMC LLC and the IP Holder, as amended, supplemented or otherwise modified from time to time.

"<u>IP Holder</u>" means Domino's IP Holder LLC, a Delaware limited liability company, and its successors and assigns.

"<u>IP Holder Certificate of Formation</u>" means the certificate of formation of the IP Holder, dated as of March 2, 2007, as amended, supplemented or otherwise modified from time to time.

"<u>IP Holder Charter Documents</u>" means the IP Holder Certificate of Formation and the IP Holder Operating Agreement.

"<u>IP Holder Concentration Account</u>" means the account maintained in the name of the Master Issuer or the IP Holder and pledged to the Trustee into which the Manager causes Company-Owned Stores License Fees to be deposited <u>(and may cause International Restaurant Royalty Payment Amounts to be deposited)</u> or any successor account established for the Master Issuer or the IP Holder by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>IP Holder Concentration Account Control Agreement</u>" means the Account Control Agreement governing the IP Holder Concentration Account entered into by and among the Master Issuer and/or the IP Holder, the Manager, the Trustee and the bank or other financial institution then holding the IP Holder Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the IP Holder Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

"<u>IP Holder Equity Interests Distribution Agreement</u>" means the IP Holder Equity Interests Distribution Agreement, dated as of April 16, 2007, by and between PMC LLC and DPL, as amended, supplemented or otherwise modified from time to time.

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"<u>IP Holder Interests</u>" has the meaning set forth on Schedule I attached hereto.

"<u>IP Holder Operating Agreement</u>" means the Second Amended and Restated Limited Liability Company Agreement of the IP Holder, dated as of March 15, 2012, as further amended, supplemented or otherwise modified from time to time.

"<u>IP License Agreements</u>" means the Company-Owned Stores Master License Agreement, the DPL IP License Agreement, the DNAF IP License Agreement, the Canadian Distributor IP License Agreement, the International Franchisor IP License Agreement, the International Franchisor (Michigan) IP License Agreement, the Domestic<u>any Non-Securitization International</u> Franchisor IP License Agreement, the Domestic Distributor<u>Franchisor</u> IP License Agreement, the <u>Domestic Supply Chain Holder IP License Agreement, the</u> Master Issuer IP License Agreement, the Overseas IP Holder IP License Agreement, the Overseas IP Holder Asset Sale and IP License <u>Agreement, the Excluded IP License</u> Agreement and any similar agreement entered into by the IP Holder or an Additional IP Holder with respect to the Domino's Brand or Future Brand; <u>provided</u>, that as of the Closing Date "<u>IP License Agreements</u>" will not include (i) the Overseas IP Holder Asset Sale and IP License Agreement, (ii) the Overseas IP Holder IP License Agreement and (iii) the Overseas Franchisor Asset Sale and IP License Agreement.

"<u>IP Registration and Enforcement Fees</u>" means fees and expenses incurred by or on behalf of the IP Holder in connection with registering, maintaining and enforcing the Domino's IP and paying licensing fees for Company-Owned Stores.

"<u>Know-How</u>" means all trade secrets and all other confidential or proprietary know-how, inventions, processes, procedures, methods, techniques, discoveries, non-patentable inventions, industrial designs, improvements, ideas, designs, models, formulae, patterns, compilations, data collections, drawings, blueprints, devices, customer lists, software, domain names, technical information and data, specifications, research and development information, engineering drawings, operating and maintenance manuals, recipes, customer lists, supplier lists, business plans and other similar information and rights.

"<u>L/C Downgrade Event</u>" has the meaning specified in <u>Section 5.17</u> of the Base Indenture.

"<u>L/C Provider</u>" has the meaning specified in <u>Section 5.17</u> of the Base Indenture.

"<u>Lease Concentration Account</u>" means the account maintained in the name of the Master Issuer and pledged to the Trustee which will be used to maintain funds to make lease payments, or to pay other expenses, with respect to leases held by the Master Issuer or any successor account established for the Master Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>Lease Concentration Account Control Agreement</u>" means the Account Control Agreement governing the Lease Concentration Account entered into by and among the Master Issuer, the Manager, the Trustee and the bank or other financial institution then holding the Lease Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Lease Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

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"<u>Lease Concentration Account Minimum Balance</u>" means $100,000, or such higher amount as may be established by the Manager from time to time in its sole discretion by notice to the Servicer, the Control Party and the Back-Up Manager.

"<u>Leased Domestic</u><u> </u><u>Manufacturing and Distribution</u><u>Supply Chain</u> <u>Centers</u>" means the leased Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers the leases for which are assigned to the Master Issuer on or after the Closing Date, together with, if the context so permits, any other Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers leased by the Master Issuer after the Closing Date.

"<u>LIBOR</u>" has the meaning, with respect to any Series of Notes, specified in the applicable Series Supplement or, to the extent not defined in the applicable Series Supplement, means, with respect to each day during a period of up to three months, as mutually agreed by the Manager and the Class A-1 Administrative Agent, the rate for deposits in U.S. Dollars for a period equal to such period, that appears on the Reuters Telerate Service Page 3750 as of 11:00 a.m. (London time) on the day that is two London Business Days prior to the first day of such period; <u>provided,</u> that if such rate does not appear on the Reuters Telerate Service Page 3750 (or such other page as may replace that page on that service, or if that service is no longer offered), "LIBOR" means the arithmetic average (rounded up to the nearest 1/100 of 1%) of the offered quotations by the Class A-1 Administrative Agent for deposits of U.S. Dollars at or about 11:00 a.m. (London time) two London Business Days prior to the first day of such period, in an amount substantially equal to the amount of U.S. Dollars to be funded for such period.

"<u>LIBOR Reserve Percentage</u>" means, for any day on which all or any portion of the Outstanding principal of a Class A-1 Senior Note is funded by or on behalf of its holder based on LIBOR in accordance with the terms of the applicable Variable Funding Note Purchase Agreement, the maximum reserve percentage, if any, applicable to such holder or such holder's funding agent under Regulation D under the 1933 Act on such day for determining the holder's or the funding agent's reserve requirement (including any marginal, supplemental or emergency reserves) with respect to liabilities or assets having a term comparable to such interest period consisting or included in the computation of Eurocurrency Liabilities (as defined in Regulation D under the 1933 Act).

"<u>Lien</u>" means, when used with respect to any Person, any interest in any real or personal property, asset or other right held, owned or being purchased or acquired by such Person which secures payment or performance of any obligation, and will include any mortgage, lien, pledge, encumbrance, charge, retained security title of a conditional vendor or lessor, or other security interest of any kind, whether arising under a security agreement, mortgage, lease, deed of trust, chattel mortgage, assignment, pledge, retention or security title, financing or similar statement, or arising as a matter of law, judicial process or otherwise.

"<u>Liquidation Fees</u>" has the meaning set forth in the Servicing Agreement.

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"<u>Lock-Box</u>" means a post-office box that has been established by the Master Issuer <u>or any other Securitization Entity</u> at a Qualified Institution in connection with the establishment of a Concentration Account.

"<u>Luxembourg Agent</u>" has the meaning specified in <u>Section 2.4(c)</u> of the Base Indenture.

"<u>Majority of Controlling Class Members</u>" means, with respect to the Controlling Class Members (or, if specified, any subset thereof) and as of any day of determination, Controlling Class Members that hold in excess of 50% of the sum of (i) the Class A-1 Senior Notes Voting Amount with respect to each Series of Class A-1 Senior Notes of the Controlling Class held by such Controlling Class Members and (ii) the Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than Class A-1 Senior Notes) held by such Controlling Class Members (or such subset thereof, as applicable) or any beneficial interest therein as of such day of determination (excluding any Notes or beneficial interests in Notes held by any Co-Issuer or any Affiliate of any Co-Issuer).

"<u>Majority of Noteholders</u>" means Noteholders holding in excess of 50% of the sum of (i) the Class A-1 Senior Notes Voting Amount with respect to each Series of Class A-1 Senior Notes Outstanding and (ii) the Outstanding Principal Amount of each Series of Notes other than Class A-1 Senior Notes (excluding any Notes or beneficial interests in Notes held by any Co-Issuer or any Affiliate of any Co-Issuer).

"<u>Majority of Senior Noteholders</u>" means Senior Noteholders holding in excess of 50% of the sum of (i) the Class A-1 Senior Notes Voting Amount with respect to each Series of Class A-1 Senior Notes Outstanding and (ii) the Outstanding Principal Amount of each Series of Senior Notes other than Class A-1 Senior Notes (excluding any Senior Notes or beneficial interests in Senior Notes held by any Co-Issuer or any Affiliate of any Co-Issuer).

"<u>Managed Assets</u>" means the assets which the Manager has agreed to service pursuant to the Management Agreement in accordance with the standards and the procedures described therein.

"<u>Management Agreement</u>" means the Amended and Restated Management Agreement, dated as of the Closing Date, by and among DPL, as Manager, the Canadian Manufacturer, each of the Securitization Entities and the Trustee, as amended, supplemented or otherwise modified from time to time.

"<u>Management Standard</u>" has the meaning set forth in the Management Agreement.

"<u>Manager</u>" means DPL, as Manager, under the Management Agreement, and any successor thereto.

"<u>Manager Advances</u>" has the meaning set forth in the Management Agreement.

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"<u>Manager Advances Reimbursement Amount</u>" means, as of any date, the amount of any unreimbursed Manager Advances made in respect of any Asset Disposition that has been consummated on or before such date and the proceeds thereof have been deposited into any Concentration Account or the Collection Account on or before such date.

"<u>Manager Termination Event</u>" means the occurrence of an event specified in Section 6.1 of the Management Agreement.

"<u>Manufacturing and Distribution</u> <u>Center Mortgages</u>" means the Mortgages required to be prepared, executed and delivered by the Domestic Distribution Real Estate Holder to the Trustee (for the benefit of the Secured Parties) to hold in escrow with respect to each owned Domestic Manufacturing and Distribution Center.

"<u>Manufacturing and Distribution Centers</u>" means the dough manufacturing and supply chain centers, the thin crust manufacturing center, the vegetable processing center and the equipment and supply center located in the United States and Canada.

"<u>Master Issuer</u>" means Domino's Pizza Master Issuer LLC, a Delaware limited liability company, and its successors and assigns.

"<u>Master Issuer Certificate of Formation</u>" means the certificate of formation of the Master Issuer, dated as of March 2, 2007, as amended, supplemented or otherwise modified from time to time.

"<u>Master Issuer Charter Documents</u>" means the Master Issuer Certificate of Formation and the Master Issuer Operating Agreement.

<u>"Master Issuer Domestic Supply Chain</u> <u>Contribution Agreements" means the contribution agreements dated as of the Closing Date by and between (a) the Master Issuer and the Domestic</u> <u>Supply Chain Holder</u> <u>and (b) the Master Issuer and the Domestic Franchisor.</u>

"<u>Master Issuer IP License Agreement</u>" means the Master Issuer IP License Agreement entered into as of the Series 2007-1 Closing Date, by and between the Master Issuer and the IP Holder, as may be amended, supplemented or otherwise modified from time to time.

"<u>Master Issuer Operating Agreement</u>" means the Second Amended and Restated Limited Liability Company Agreement of the Master Issuer, dated as of March 15, 2012, as further amended, supplemented or otherwise modified from time to time.

"<u>Master Issuer Domestic Distribution</u> <u>Contribution Agreements</u>" means the contribution agreements dated as of the Closing Date by and between (a) the Master Issuer and the Domestic Distributor and (b) the Master Issuer and the Domestic Franchisor.

"<u>Master Issuer Overseas Contribution Agreements</u>" means the contribution agreements dated as of the Closing Date by and between (a) the Master Issuer and International Franchisor and (b) the Master Issuer and the IP Holder.

"<u>Master Issuer Securitization Subs</u>" means the IP Holder, the Domestic Distributor<u>Supply Chain Holder</u>, the Canadian Distributor, the Domestic Franchisor, the International Franchisor, the International Franchisor (Michigan), the SPV Canadian Holdco, the Domestic Distribution<u>Supply Chain</u> Equipment Holder and<u>,</u> the Domestic Distribution<u>Supply Chain</u> Real Estate Holder <u>and the PFS Domestic Supply Chain Holder</u>.

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"<u>Material Adverse Effect</u>" means, with respect to any occurrence, event or condition, individually or in the aggregate, and including, without limitation, any previously undisclosed environmental liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material adverse effect on the ability of the Co-Issuers to perform their payment and other obligations with respect to the Base Indenture and the Notes, the ability of the Guarantors to perform their payment and other obligations under the Global G&C Agreement or the ability of the Manager to perform its obligations pursuant to the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a material adverse effect on the ability of any Domino's Entity to perform its material obligations under any of the Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a material adverse change in or effect on (i) the enforceability of any material terms of the Collateral Franchise Documents taken as a whole, (ii) the likelihood of the payment of all amounts due and payable by the Domestic Franchisees and International Franchisees under the terms of the Collateral Franchise Documents taken as a whole or (iii) the value of the Collateral Franchise Documents and/or the Retained Collections payable under the Collateral Franchise Documents taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a material adverse change in or effect on (i) the enforceability of the Domino's IP taken as a whole or any material part of the Domino's IP, (ii) the value of the Domino's IP taken as a whole, (iii) the transferability of any material portion of the Domino's IP to the IP Holder or the ownership thereof by the IP Holder or any Additional IP Holder or (iv) the validity, status, perfection or priority of the Lien in favor of the Trustee in any material part of the Domino's IP required under the Base Indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a material adverse effect on (i) the validity or enforceability of any Related Document or the rights and remedies of the Co-Issuers, the Guarantors, the Servicer, the Control Party, the Trustee or the Controlling Class Representative under or with respect to any Related Document or (ii) the validity, status, perfection or priority of the Lien of the Trustee in any material portion of the Collateral.

"<u>Memorandum of Association</u>" means, with respect to any corporation or unlimited company and any time, the memorandum of association or such similar documents of such unlimited company in effect at such time.

<u>"Modified Gross Profit" means, with respect to the Domestic Supply Chain Holder or the PFS Domestic Supply Chain Holder, and any Monthly Supply Chain Profit Period, the amount equal to (i) the Net Revenues of the Domestic Supply Chain Holder or PFS Domestic Supply Chain Holder, as applicable, for such Monthly Supply Chain Profit Period, less (ii) all Supply Chain Expenses related to the generation of such Net Revenues.</u>

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"<u>Monthly</u> <u>Distributor</u><u>Supply Chain</u> <u>Profit Adjustment Amount</u>" means, for any Monthly Distributor<u>Supply Chain</u> Profit Period, the result (whether a positive or negative number) of (a) the Actual Monthly Distributor<u>Supply Chain</u> Profit Amount for such Monthly Distributor<u>Supply Chain</u> Profit Period <u>minus</u> (b) the aggregate of the Estimated Weekly Distributor<u>Supply Chain</u> Profit Amounts for each Weekly Collection Period in such Monthly Distributor<u>Supply Chain</u> Profit Period.

"<u>Monthly</u> <u>Distributor</u><u>Supply Chain</u> <u>Profit Certificate</u>" has the meaning set forth in <u>Section 4.1(k)</u> of the Base Indenture.

"<u>Monthly</u> <u>Distributor</u><u>Supply Chain</u> <u>Profit Period</u>" means each period from and including the first day of each Fiscal Period of the Securitization Entities to and including the last day of such Fiscal Period.

"<u>Moody's</u>" means Moody's Investors Service, Inc. or any successor thereto.

"<u>Mortgage</u>" means, a mortgage, deed of trust, deed to secure debt or any other deed or agreement, granting a Lien on any real property to evidence a specified obligation.

"<u>Mortgage Recordation Event</u>" means the occurrence of any Rapid Amortization Event (unless such Mortgage Recordation<u>the requirement to record after any such Rapid Amortization</u> Event is waived by the Control Party, acting at the <u>written</u> direction of the Controlling Class Representative).

"<u>Mortgage Recordation Fees</u>" means any fees, taxes or other amounts required to be paid to any applicable Governmental Authority, or any expenses incurred by the Trustee, in connection with the recording of any Manufacturing and Distribution<u>Supply Chain</u> Center Mortgages as required by the Base Indenture.

<u>"Mortgage Trustee Fees" means any fees, taxes or other amounts required to be paid by the Trustee to any applicable Governmental Authority, or any reasonable costs, custodial fees (which custodial fees will be in an amount not to exceed $1,000 per annum) and expenses incurred by the Trustee, in connection with a Mortgage Recordation Event and the recording of any Mortgages as required by this Base Indenture.</u>

"<u>Multiemployer Plan</u>" means any "multiemployer plan" as defined in Section 4001 of ERISA.

"<u>Net Cash Flow</u>" means, <u>except as otherwise set forth in the applicable Series Supplement with respect to the first four (4) Quarterly Payment Dates following any Series Closing Date,</u> for any Quarterly Payment Date and the immediately preceding Quarterly Collection Period an amount equal to the excess, if any, of (a) Retained Collections with respect to such Quarterly Collection Period <u>over</u> (b) the sum of (i) the Securitization Operating Expenses paid on each Weekly Allocation Date with respect to such Quarterly Collection Period, <u>plus</u> (ii) the Weekly Management Fee (adjusted on a pro forma basis to account for changes in the management fees as of the Closing Date) paid on each Weekly Allocation Date to the Manager with respect to such Quarterly Collection Period, *plus* (iii) all payments of PULSE Maintenance Fees and Technology Fees to the Manager during such Quarterly Collection Period, <u>plus</u> (iv) the<u>the</u> Servicing Fees, Liquidation Fees, and Workout Fees paid to the Servicer on each Weekly Allocation Date with respect to such Quarterly Collection Period, <u>plus</u> (v<u>iv</u>) the amount of Class A-1 Senior Notes Administrative Expenses paid on each Weekly Allocation Date with respect to

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such Quarterly Collection Period, <u>plus</u> (vi) all Investment Income to the extent such Investment Income has been distributed to the Collection Account and is included in Quarterly Retained Collections with respect to such Quarterly Collection Period, <u>plus</u> (vii) the<u>v) the</u> amount, if any, by which Retained Collections Contributions included in such Quarterly Retained Collections exceeds the relevant amount of Retained Collections Contributions permitted to be included in Net Cash Flow pursuant to <u>Section 5.16</u> of the Base Indenture; <u>provided,</u> that funds released from the Cash Trap Reserve Account shall not constitute Retained Collections for purposes of this definition.

<u>"Net Revenues" means, with respect to the Domestic Supply Chain Holder or the PFS Domestic Supply Chain Holder and any Monthly Supply Chain Profit Period, all revenues (without duplication) of the Domestic Supply Chain Holder or the PFS Domestic Supply Chain Holder, as applicable, for such Monthly Supply Chain Profit Period, calculated in accordance with GAAP, net of rebates, profit sharing and volume discounts.</u>

"<u>New Domestic Franchise Arrangements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>New Franchise Arrangements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>New International Franchise Arrangements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>New Overseas Franchise Arrangements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>New Requirements Agreements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>New Series Pro Forma DSCR</u>" means, at any time of determination on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date and with respect to the issuance of any additional Series of<u>Additional</u> Notes, the ratio calculated by dividing (a) the Adjusted Net Cash Flow over the four (4) immediately preceding Quarterly Collection Periods over (b) the Debt Service due with respect to such period, in each case on a pro forma basis, calculated as if (i) such additional Series of<u>Additional</u> Notes had been outstanding and any assets acquired with the proceeds of such additional Series of<u>Additional</u> Notes had been acquired at the commencement of such period and (ii) any Notes that have been paid, prepaid or repurchased and cancelled during such period, or any Notes that will be paid, prepaid or repurchased and cancelled using the proceeds of such issuance, were so paid, prepaid or repurchased and cancelled as of the commencement of such period.

"<u>New Series Pro Forma Quarterly DSCR</u>" means, at any time of determination <u>prior to the Series 2021-1 Springing Amendments Implementation Date</u> and with respect to the issuance of any additional Series of Notes or the issuance of any Additional Class A-1 Senior Notes, the ratio calculated by dividing (a) the Adjusted Net Cash Flow over the immediately preceding Quarterly Collection Period over (b) the Debt Service for the related Quarterly Payment Date, in each case on a pro forma basis, calculated as if (i) such additional Series of Notes or Additional Class A-1 Senior Notes had been outstanding and any assets acquired with the proceeds of such

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additional Series of Notes or Additional Class A-1 Senior Notes had been acquired at the commencement of such period and (ii) any Notes that have been paid, prepaid or repurchased and cancelled during such period, or any Notes that will be paid, prepaid or repurchased and cancelled using the proceeds of such issuance, were so paid, prepaid or repurchased and cancelled as of the commencement of such period.

"<u>New Third-Party License Agreements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>New Third-Party Supply Agreements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>New York UCC</u>" has the meaning set forth in <u>Section 5.8(b)</u> of the Base Indenture.

<u>"Ninth Supplement" means the Ninth Supplement to the Base Indenture, dated as of September 5, 2025</u><u>, among the Co-Issuers, the Trustee and the Securities Intermediary.</u>

"<u>Nonrecoverable Advance</u>" means any portion of an Advance previously made and not previously reimbursed, or proposed to be made, which, together with any then- outstanding Advances and the interest accrued or that would reasonably be expected to accrue thereon, in the reasonable, good faith judgment of the Servicer or the Trustee, as applicable, would not be ultimately recoverable from subsequent payments or collections from any funds on deposit in the Concentration Accounts and the Collection Account, giving due consideration to allocations and disbursements of funds in such accounts and the limited assets of the Securitization Entities.

"<u>Non-Securitization Debt</u>" means debt incurred by a Non-Securitization Entity.

"<u>Non-Securitization Entity</u>" means any Domino's Entity that is not a Securitization Entity.

<u>"Non-Securitization Entity MFA Arrangement" has the meaning specified in the Management Agreement.</u>

<u>"Non-Securitization International Franchisor" means any Non-Securitization Entity that acts as a franchisor in respect of Franchised Stores operated or under development in the International Territory.</u>

<u>"Non-Securitization International Franchisor IP License Agreement" has the meaning specified in the Management Agreement.</u>

"<u>Note Owner</u>" means, with respect to 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).

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"<u>Note Owner Certificate</u>" has the meaning specified in <u>Section 11.5(b)</u> of the Base Indenture.

"<u>Note Rate</u>" means, with respect to any Series or any<u>,</u> Class <u>or Tranche</u> of any Series of Notes, the annual rate at which interest (other than contingent additional interest) accrues on the Notes of such Series or such<u>,</u> Class <u>or Tranche</u> of such Series of Notes (or the formula on the basis of which such rate will be determined) as stated in the applicable Series Supplement.

"<u>Note Register</u>" means the register maintained pursuant to <u>Section 2.5(a)</u> of the Base Indenture, providing for the registration of the Notes and transfers and exchanges thereof.

"<u>Noteholder</u>" and "<u>Holder</u>" means the Person in whose name a Note is registered in the Note Register.

"<u>Notes</u>" has the meaning specified in the recitals to the Base Indenture.

"<u>Notes Discharge Date</u>" means, with respect to any Class or Series of Notes, the first date on which such Class or Series of Notes is no longer Outstanding.

"<u>Obligations</u>" means (a) all principal, interest and premium, if any, at any time and from time to time, owing by the Co-Issuers on the Notes or owing by the Guarantors pursuant to the Global G&C Agreement, (b) the payment and performance of all other obligations, covenants and liabilities of the Co-Issuers or the Guarantors arising under the Indenture, the Notes, any other Indenture Document, the Back-Up Management Agreement or the Servicing Agreement or of the Guarantors under the Global G&C Agreement and (c) the obligation of the Co-Issuers to pay all Trustee Fees and Mortgage Recordation Fees to the Trustee when due and payable as provided in the Indenture.

"<u>Officer's Certificate</u>" means a certificate signed by an Authorized Officer of the applicable Securitization Entity.

"<u>Omitted Payable Sums Certification</u>" has the meaning set forth in the Servicing Agreement.

<u>"Omnibus Transfer Agreement (2025)" means the Omnibus Transfer Agreement (2025), dated as of the Closing Date, by and among PFS, DPL, Domino's International, the SPV Guarantor, the Master Issuer, the Domestic Supply Chain Holder and the PFS Domestic Supply Chain Holder, as amended, supplemented or otherwise modified from time to time.</u>

"<u>Open Domino's Store</u>" means, as of the date of determination, each Store and each Company-Owned Store located anywhere in the world that is open for business as of such date; <u>provided, however,</u> that with respect to any Store that is not open year-round and has, or is expected to have, less than $100,000 of Gross Sales during the next twelve months, such Store will not be deemed to be an "Open Domino's Store."

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"<u>Operating Agreements</u>" means any or collectively, depending on the context in which it is used, the Co-Issuers Operating Agreements, the Domestic Franchisor Operating Agreement, the International Franchisor Certificate of Incorporation, the SPV Guarantor Operating Agreement, the Canadian Distributor Memorandum of Association, the Domestic Distribution<u>Supply Chain</u> Real Estate Holder Operating Agreement, the Domestic Distribution<u>Supply Chain</u> Equipment Holder Operating Agreement and any Additional Securitization Entity Operating Agreement.

"<u>Opinion of Counsel</u>" means a written opinion addressed to the Trustee from legal counsel who is reasonably acceptable to the Trustee and the Control Party. The counsel may be an employee of, or counsel to, the Securitization Entities, Holdco, DPL, the Manager or the Back-Up Manager, as the case may be.

"<u>Organizational Expenses</u>" means any expenses incurred by any Securitization Entity in connection with (a) the maintenance of its existence in the State of Delaware or in any other state, province or country in which a Securitization Entity is organized and (b) its qualification to do business in any state, province or country.

"<u>Other Collections</u>" means any amounts deposited into a Concentration Account that are not readily identifiable as Franchisee Payments, Company-Owned Stores License Fees, Third-Party License Fees, Product Purchase Payments, Co-Issuers Insurance <u>Non-Reinvestment</u> Proceeds, Asset Disposition Proceeds, Excluded Amounts, Retained Collections Contributions, Indemnification Payments or Investment Income earned with respect to amounts on deposit in any Concentration Account and any fees paid by a Non-Securitization Entity to compensate the Co-Issuers for the cost of the issuance and maintenance of any Holdco Letter of Credit.

"<u>Other Franchise Fees</u>" means any fees other than Continuing Franchise Fees, Initial Franchise Fees, <u>or</u> Advertising Fees, Technology Fees, PULSE Maintenance Fees or PULSE License Fees that are paid by Domestic Franchisees or International Franchisees to the entity that serves as "franchisor" of the Domino's Brand or any Future Brand in connection with operating a Store.

"<u>Other Legacy Account</u>" means, on or after the date that any Class or Series of Notes issued pursuant to the Base Indenture is no longer Outstanding, any account maintained by the Trustee to which funds have been allocated in accordance with the Priority of Payments for the payment of interest, fees or other amounts in respect of such Class or Series of Notes. For the avoidance of doubt, the Series 2007-1 Legacy Accounts shall not constitute Other Legacy Accounts.

"<u>Outstanding</u>" means with respect to the Notes, all Notes theretofore authenticated and delivered <u>(or registered, with respect to Uncertificated Notes)</u> under the Indenture, except (a) Notes theretofore cancelled <u>(or de-registered, with respect to Uncertificated Notes)</u> or delivered to the Registrar for cancellation <u>(or de-registration, with respect to Uncertificated Notes)</u>, (b) Notes which have not been presented for payment but funds for the payment of which are on deposit in the appropriate account and are available for payment in full of such Notes and (c) Notes in exchange for or in lieu of other Notes which have been authenticated and delivered <u>(or registered, with respect to Uncertificated Notes)</u> pursuant to the Indenture unless proof satisfactory to a Trust Officer is presented that any such Notes are held by a purchaser for value.

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"<u>Outstanding Principal Amount</u>" means, with respect to each Series<u>, Class or Tranche</u> of Notes, the amount calculated in accordance with the applicable Series Supplement.

"<u>Overseas Contribution Agreements</u>" means the Overseas Franchisor Contribution Agreement and the Overseas IP Holder Contribution Agreement.

<u>"Overseas Conveyed Assets" means the Overseas IP and the Overseas Franchise Arrangements.</u>

"<u>Overseas Countries</u>" means countries world-wide other than (i) countries in the Domestic Territory and (ii) the Included Countries.

"<u>Overseas Conveyed Assets</u>" means the Overseas IP and the Overseas Franchise Arrangements.

"<u>Overseas Distribution and Contribution Agreements</u>" means (a) the Overseas Franchisor Contribution Agreement, (b) the Overseas Franchisor Distribution Agreement, (c) the Overseas IP Holder Contribution Agreement, (d) the Overseas IP Holder Distribution Agreement, (e) the Overseas GP and Overseas LP Distribution Agreement, (f) the Overseas IP Holder LLC Distribution Agreement and<u>,</u> (g<u>) the DPL Domestic Distribution and Overseas IP Holder Contribution Agreement, (h) the Domino's International Domestic Distribution and Overseas IP Holder Contribution Agreement, (i) the SPV Guarantor Domestic Distribution and Overseas IP Holder Contribution Agreement, and (j</u>) the Master Issuer Overseas Contribution Agreements.

"<u>Overseas Entity</u>" means the Overseas Franchisor, the Overseas IP Holder, the Overseas GP, the Overseas LP or Domino's Overseas LP Inc., a Delaware corporation.

"<u>Overseas Franchise Arrangements</u>" mean, collectively, all Pre-Securitization Overseas Franchise Arrangements, all Post-Securitization Overseas Franchise Arrangements and all Post-Closing Overseas Franchise Arrangements; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "Overseas Franchise Arrangements" shall have the meaning set forth on Schedule I attached hereto.

"<u>Overseas Franchisee</u>" means any Franchisee who is a party to an Overseas Franchise Arrangement.

"<u>Overseas Franchisor</u>" means Domino's Pizza Overseas Franchising B.V., a private company with limited liability (*besloten vennootschapmet beperkte aansprakelijleheid*), incorporated under the laws of the Netherlands, and its successors and assigns.

"<u>Overseas Franchisor Asset Sale and IP License Agreement</u>" means the Overseas Franchisor Asset Sale and IP License Agreement, dated as of the Series 2007-1 Closing Date, by and between the Overseas IP Holder and the Overseas Franchisor, as amended, restated or otherwise modified from time to time.

"<u>Overseas Franchisor Contribution Agreement</u>" means the contribution agreement dated as of the Closing Date by and between the Overseas Franchisor and Overseas Franchisor LLC.

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"<u>Overseas Franchisor Charter Documents</u>" means the Deed of Incorporation of a Private Company with Limited Liability of the Overseas Franchisor, filed with the Trade Register of the Amsterdam Chambers of Commerce on March 29, 2007.

<u>"Overseas Franchisor Contribution Agreement" means the contribution agreement dated as of the Closing Date by and between the Overseas Franchisor and Overseas Franchisor LLC.</u>

"<u>Overseas Franchisor Distribution Agreement</u>" means the distribution agreement, dated as of the Closing Date, by and between the Overseas Franchisor and the Overseas IP Holder.

"<u>Overseas Franchisor Pledge Agreement</u>" means the Overseas Franchisor Pledge Agreement, dated as of April 12, 2007, by and between the Overseas Franchisor and the Overseas IP Holder, as amended, supplemented or otherwise modified from time to time.

"<u>Overseas GP</u>" means Domino's Overseas GP Inc., a Delaware corporation, and its successors and assigns.

"<u>Overseas GP and Overseas LP Distribution Agreement</u>" means the distribution agreement, dated as of the Closing Date, by and among the Overseas GP, the Overseas LP and DPL.

"<u>Overseas IP</u>" means the Know-How specific to the operation of Stores and Franchise Arrangements in the Overseas Countries (but not including any Patents, Copyrights or Trademarks) licensed to the Overseas IP Holder pursuant to the Overseas IP Holder Asset Sale and IP License Agreement. For the avoidance of doubt, the Overseas IP does not include any After-Acquired Overseas IP; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "Overseas IP" shall have the meaning set forth in Annex A to the 2007 Base Indenture.

"<u>Overseas IP Holder</u>" means Domino's Overseas IP Holder C.V., a limited partnership (*commanditaire vennootschap*), established and existing under the laws of the Netherlands, and its successors and assigns.

"<u>Overseas IP Holder Asset Sale and IP License Agreement</u>" means the Overseas IP Holder Asset Sale and IP License Agreement, dated as of April 12, 2007, by and between the IP Holder (as successor in interest to PMC LLC) and the Overseas IP Holder, as amended, restated, or otherwise modified from time to time.

"<u>Overseas IP Holder Certificate of Registration</u>" means the certificate of registration, filed with the Trade Register of the Rotterdam Chambers of Commerce on March 23, 2003.

"<u>Overseas IP Holder Charter Documents</u>" means the Overseas IP Holder Certificate of Registration and the Overseas IP Holder Operating Agreement.

"<u>Overseas IP Holder Contribution Agreement</u>" means the contribution agreement dated as of the Closing Date, by and between the Overseas IP Holder and the Overseas IP Holder LLC.

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"<u>Overseas IP Holder Distribution Agreement</u>" means the distribution agreement dated as of the Closing Date, by and among the Overseas IP Holder, the Overseas GP and the Overseas LP.

"<u>Overseas IP Holder IP License Agreement</u>" means the Overseas IP Holder IP License Agreement, dated April 12, 2007, by and between the IP Holder (as successor in interest to PMC LLC) and the Overseas IP Holder, as amended, supplemented or otherwise modified from time to time.

"<u>Overseas IP Holder LLC Distribution Agreement</u>" means the distribution agreement dated as of the Closing Date by and between the Overseas IP Holder LLC and the Master Issuer.

"<u>Overseas IP Holder Operating Agreement</u>" means the Limited Partnership Agreement of the Overseas IP Holder, dated as of March 22, 2007.

"<u>Overseas IP Holder Pledge Agreement</u>" means the Overseas IP Holder Pledge Agreement, dated as of April 12, 2007, by and among, PMC Inc., DPI and the Overseas IP Holder, as amended, supplemented or otherwise modified from time to time.

"<u>Overseas LP</u>" means Domino's CV LLC, a Delaware limited liability company, and its successors and assigns.

"<u>Overseas Payments</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Parent Company Support Agreement</u>" means the Parent Company Support Agreement, dated as of the Closing Date, by Holdco in favor of the Trustee, as amended, supplemented or otherwise modified from time to time.

"<u>Patents</u>" means all United States and non-U.S. patents and inventions claimed therein, patent applications, divisions, continuations, continuations-in-part, provisional patent applications, and reissues thereof.

"<u>Paying Agent</u>" has the meaning specified in <u>Section 2.5(a)</u> of the Base Indenture.

"<u>Perfected Country</u>" means any of the United States or other country: (a) with respect to which one or more filings have been made to perfect the Trustee's security interest in the Domino's IP registered in such jurisdiction and such perfection has been confirmed by an Opinion of Counsel; or (b) that has been deemed to qualify as a Perfected Country pursuant to <u>Section 8.25(d)</u> of the Base Indenture.

"<u>Perfection Ratio</u>" means (a) the aggregate Gross Royalty Stream in respect of the Perfected Countries <u>divided by</u> (b) the aggregate Gross Royalty Stream in respect of the United States and the Included Countries.

"<u>Permitted Asset Dispositions</u>" has the meaning set forth in <u>Section 8.16</u> of the Base Indenture.

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"<u>Permitted Distribution</u> <u>Asset Disposition</u>" means (i) the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any real property, whether now owned or hereafter acquired; (ii) the termination of any equipment leases; (iii) the termination of any leases, subleases or licenses of any leased real property; (iv) dispositions of obsolete or worn out property in the ordinary course of business and dispositions of property (including Intellectual Property) no longer used or useful in the conduct of the business of the Securitization Entities; and (v) transfers constituting Permitted Liens; in each case, excluding any Real Estate Disposition.

"<u>Permitted Investments</u>" means (a) time deposits with, or insured certificates of deposit or bankers' acceptances of, any commercial bank or trust company that (i) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) whose short-term debt is rated at least "P-1" (or then equivalent grade) by Moody's and at least "A-1+" (or then equivalent grade) by S&P and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than one (1) year from the date of acquisition thereof; (b) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof having maturities of not more than one (1) year from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof; (c) commercial paper issued by any Person organized under the laws of any state of the United States of America and rated at least "P-1" (or the then equivalent grade) by Moody's and at least "A-1+" (or the then equivalent grade) by S&P, with maturities of not more than 180 days from the date of acquisition thereof; (d) repurchase obligations with a term of not more than thirty (30) days for underlying securities of the type described in clauses (a) and (b) above entered into with any financial institution meeting the qualifications specified in clause (a) above, (e) investments, classified in accordance with GAAP as current assets of the relevant Person making such investment, in money market investment programs registered under the Investment Company Act, which have the highest rating obtainable from Moody's and S&P, and the portfolios of which are invested primarily in investments of the character, quality and maturity described in clauses (a) through (d) of this definition and (f) with respect to any account held at an institution outside of the United States investments of the character, quality and maturity described in clauses (a) through (d) of this definition (except that such investments (i) may be issued by, or held with, a foreign government or a Person organized under the laws of a foreign country and (ii) need not be rated by Moody's or S&P). Notwithstanding the foregoing, all Permitted Investments must either (A) be at all times available for withdrawal or liquidation at par (or for commercial paper issued at a discount, at the applicable purchase price) or (B) mature on or prior to the Business Day prior to the immediately succeeding Quarterly Payment Date.

"<u>Permitted Liens</u>" means (a) Liens for (i) Taxes, assessments or other governmental charges not delinquent or (ii) Taxes, assessments or other charges being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (b) all Liens created or permitted under the Related Documents in favor of the Trustee for the benefit of the Secured Parties, (c) Liens existing on the Closing Date, which will be released on such date, (d) deposits

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or pledges made (i) in connection with casualty insurance maintained in accordance with the Related Documents, (ii) to secure the performance of bids, tenders, contracts or leases, (iii) to secure statutory obligations or surety or appeal bonds or (iv) to secure indemnity, performance or other similar bonds in the ordinary course of business of any Securitization Entity, (e) Liens of carriers, warehouses, mechanics and similar Liens, in each case (i) in existence less than 45 days from the date of creation thereof or (ii) being contested in good faith by any Securitization Entity in appropriate proceedings (so long as such Securitization Entity has, in accordance with GAAP, set aside on its books adequate reserves with respect thereto), (f) restrictions under federal, state or foreign securities laws on the transfer of securities, (g) Liens that constitute covenants, conditions, restrictions, easements, encumbrances and other similar matters of record affecting title to but not adversely affecting the current occupancy or use of any owned or leased real property in any material respect; <u>provided</u> that, there will be no mortgages or leasehold mortgages encumbering any Securitization Entity's fee or leasehold title to any Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers except those for the Manufacturing and Distribution<u>Supply Chain</u> Center Mortgages in favor of the Trustee for the benefit of the Secured Parties, (h) statutory or voluntary Liens in favor of landlords, lessors or renters to secure obligations of any Securitization Entity under real estate leases or rental agreements, which secured obligations are not delinquent or are being contested in good faith by any Securitization Entity and by appropriate proceedings (so long as such Securitization Entity has, in accordance with GAAP, set aside on its books adequate reserves with respect thereto) and (i) Liens on Collateral that has been pledged pursuant to the Class A-1 Note Purchase Agreement with respect to letters of credit issued thereunder.

<u>"Permitted Recipient" is (i) any party accessing such password-protected area to register as a Permitted Recipient, and to make the applicable representations and warranties described in Section 4.4 in a Permitted Recipient Certification, and (ii) each Deemed Permitted Recipient.</u>

<u>"Permitted Recipient Certification" means a written confirmation in the form of Exhibit F hereto (which, for the avoidance of doubt, may take the form of an electronic submission).</u>

<u>"Permitted Refinancing Indebtedness" means (i) with respect to the incurrence of any Specified Non-Securitization Debt by the Non-Securitization Entities pursuant to the terms of the Parent Company Support Agreement, any Indebtedness incurred in exchange for, or the net proceeds of which are used to extend, refinance, repay, renew, replace, defease or refund (collectively, to "Refinance," and such transaction, a "Refinancing") Specified</u> <u>Non-Securitization Debt previously incurred by the Non-Securitization Entities and/or Notes previously issued by the Co-Issuers or (ii) with respect to any issuance of Additional Notes pursuant to the terms hereof, any Additional Notes issued in exchange for, or the net proceeds of which are used to Refinance Specified Non-Securitization Debt previously incurred by the</u> <u>Non-Securitization Entities and/or Notes previously issued by the Co-Issuers; provided, that in each case, the principal amount of such Permitted Refinancing Indebtedness does not exceed the principal amount of the Specified Non-Securitization Debt or the Notes so Refinanced (as increased by any unpaid accrued interest and premium thereon (including by any prepayment or tenders premiums) and underwriting discounts, defeasance costs, fees, commissions, and expenses, plus an amount equal to any existing commitment unutilized thereunder and letters of credit undrawn thereunder); provided, further, that to the extent that any Refinancing of Specified Non-Securitization Debt pursuant to clause (i) of this definition takes the form of</u>

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<u>revolving Indebtedness, compliance with the Holdco Specified Non-Securitization Debt Cap and/or the Holdco Debt Incurrence Test shall be tested at the initial time of drawing each portion of the unutilized commitment with respect to such Indebtedness (and not in connection with any subsequent borrowings or reborrowings of any previously drawn portion under such commitment, whether such previous draw occurred prior to or following such Refinancing); provided, further, that the Manager may elect pursuant to an Officer's Certificate delivered to the Trustee (with respect to which the Trustee will have no obligation of any nature whatsoever) to treat all or any portion of an existing unutilized commitment under revolving Indebtedness that constitutes a Refinancing of Specified Non-Securitization Debt as being incurred at the time that the commitment with respect to such Indebtedness was entered into, in which case any subsequent draws under such commitment will not be deemed, for purposes of this determination, to be an incurrence at such subsequent time (such that no testing of compliance with the Holdco Specified Non-Securitization Debt Cap and/or the Holdco Debt Incurrence Test will be required upon such subsequent draw under such commitment).</u>

<u>"Permitted Supply Chain</u> <u>Asset Disposition" means (i) the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any real property</u> <u>or equipment, whether now owned or hereafter acquired; (ii) the assignment, termination or other disposition of any equipment leases; (iii) the assignment, termination or other disposition of any leases, subleases or licenses of any leased real property; and (iv) the assignment, termination or other disposition of any procurement, supply or other vendor agreements, in each case, excluding any Real Estate Disposition.</u>

"<u>Person</u>" means any natural person, corporation, business trust, joint venture, association, company, partnership, limited liability company, joint stock company, trust, unincorporated organization or Governmental Authority or other entity.

"<u>PFS</u>" means Progressive Food Solutions LLC, a Michigan limited liability company, and its successors and assigns.

"<u>PFS Contribution Agreement</u>" means the contribution agreement, dated as of the Closing Date, by and between PFS and the Domestic Distribution<u>Supply Chain</u> Equipment Holder.

"<u>PFS Distribution</u> <u>Agreement</u>" means the distribution agreement, dated as of the Closing Date, by and between PFS and DPL, as may be amended or supplemented from time to time.

<u>"PFS Domestic Supply Chain</u> <u>Concentration Account" means the account maintained in the name of the</u> <u>PFS Domestic Supply Chain Holder</u> <u>and pledged to the Trustee into which the Manager causes</u> <u>Product Purchase Payments and other Collections due to the PFS Domestic Supply Chain Holder</u> <u>to be deposited or any successor account established for the Master Issuer or the</u> <u>PFS Domestic Supply Chain Holder by the Manager for such purpose pursuant to</u> <u>the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture.</u>

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<u>"PFS Domestic Supply Chain Holder" Domino's Progressive Foods Distribution LLC, a Delaware limited liability company.</u>

"<u>PFS</u> <u>Domestic Supply Chain Holder</u> <u>Product Purchase and</u> <u>Distribution</u> <u>Sub-Management</u><u>Supply Chain</u> <u>Agreement</u>" means the product purchase and distribution agreement, dated as of the <u>Series 2025-1</u> Closing Date, by and between PFS <u>Domestic Supply Chain Holder</u> and the Manager<u>Domestic Supply Chain Holder</u>, as may be amended or supplemented from time to time.

<u>"PFS Domestic Supply Chain Product Purchase and Supply Chain</u> <u>Agreement Payments" means the aggregate of any payments due and payable by the Domestic</u> <u>Supply Chain Holder to the PFS Domestic Supply Chain Holder pursuant to the PFS Domestic Supply Chain Holder Product Purchase Agreement.</u>

<u>"PFS Domestic Supply Chain Holder Profit" means with respect to any Monthly Supply Chain Profit Period, the Modified Gross Profit of the PFS Domestic Supply Chain Holder for such Monthly Supply Chain Profit Period.</u>

<u>"PFS Supply Chain</u> <u>Agreement" means the distribution agreement, dated as of the Closing Date, by and between PFS and DPL, as may be amended or supplemented from time to time.</u>

"<u>Plan</u>" means any "employee pension benefit plan", as such term is defined in ERISA, which is subject to Title IV of ERISA, including any Multiemployer Plan, or Section 412 of the Code.

"<u>PMC Inc.</u>" means Domino's Pizza PMC, Inc., a Michigan corporation.

"<u>PMC LLC</u>" means Domino's Pizza PMC LLC, a Delaware limited liability company, as successor by merger to PMC Inc., and its successors and assigns.

"<u>PMC LLC Certificate of Formation</u>" means the certificate of formation of PMC LLC, dated as of March 5, 2007, as amended, supplemented or otherwise modified from time to time.

"<u>PMC LLC Charter Documents</u>" means the PMC LLC Certificate of Formation and the PMC LLC Operating Agreement.

"<u>PMC LLC Operating Agreement</u>" means the Limited Liability Company Agreement of PMC LLC, dated as of March 5, 2007, as further amended, supplemented or otherwise modified from time to time.

"<u>Post-Closing Overseas Franchise Arrangements</u>" means, depending on the context in which it is used, each new master franchise agreement, store franchise agreement or area development agreement entered into by the International Franchisor or the International Franchisor (Michigan) after the Closing Date pursuant to which a master franchisor or area developer is given the right to franchise or a Franchisee is given the right to operate a Store(s) in an Overseas Country or the rights and obligations of the International Franchisor or the International Franchisor (Michigan), respectively, under each such agreement.

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"<u>Post-Default Capped Trustee Expenses</u>" has the meaning set forth in the definition of "Post-Default Capped Trustee Expenses Amount."

"<u>Post-Default Capped Trustee Expenses Amount</u>" means an amount equal to the lesser of (a) all reasonable expenses payable by the Co-Issuer to the Trustee pursuant to the Indenture after the occurrence and during the continuation of an Event of Default in connection with any obligations of the Trustee in connection with such Event of Default so long as such expenses are not a part of the Capped Securitization Operating Expenses Amount ("<u>Post-Default Capped Trustee Expenses</u>") and (b) the amount by which (i) $100,000 exceeds (ii) the aggregate amount of Post-Default Capped Trustee Expenses previously paid on each Weekly Allocation Date that occurred in the annual period (measured from the Closing Date to the anniversary thereof and from each anniversary thereof to the next succeeding anniversary thereof) in which such Weekly Allocation Date occurs.

<u>"Post-Issuance Acquired Asset" means any asset acquired, built or developed after the most recent Series Closing Date (other than After-Acquired IP Assets), including, for the avoidance of doubt, (i) any Post-Securitization Domestic Franchise Arrangements and Post-Securitization International Franchise Arrangements entered into or acquired after the most recent Series Closing Date, (ii) any asset acquired, built or developed in connection with the permitted reinvestment of Asset Disposition Proceeds after the most recent Series Closing Date and (iii) any owned real property acquired after the most recent Series Closing Date. In connection with the issuance of additional Series of Notes, the Master Issuer may, at its sole discretion, irrevocably elect that any Collateral that is a Post-Issuance Acquired Asset immediately prior to such issuance of additional Series of Notes be deemed no longer to be a Post-Issuance Acquired Asset upon such issuance of Additional Notes. The Master Issuer shall provide at least five (5) Business Days' prior written notice of any such election to the Trustee and the Servicer, which shall include a schedule specifying the Post-Issuance Acquired Assets subject to the election.</u>

"<u>Post-Securitization Domestic Franchise Arrangements</u>" means, all franchise agreements, license agreements, development agreements, area agreements, or similar agreements in the Domestic Territory and relating to Franchised Stores that have been entered into or renewed since the Series 2007-1 Closing Date (together with any Franchisee Promissory Notes issued in respect thereof).

"<u>Post-Securitization Franchise Arrangements</u>" means, collectively, the Post-Securitization Domestic Franchise Arrangements and the Post-Securitization International Franchise Arrangements.

"<u>Post-Securitization International Franchise Arrangements</u>" means International Franchise Arrangements entered into by the International Franchisor or the International Franchisor (Michigan) (a) with respect to the period from the Series 2007-1 Closing Date to the Closing Date in the International Territory other than the Overseas Countries, and (b) after the Closing Date in the International Territory.

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"<u>Post-Securitization Overseas Franchise Arrangements</u>" means all master franchise agreements, store franchise agreements, area development agreements, or similar agreements related to Franchised Stores for the Overseas Countries entered into after the Series 2007-1 Closing Date up to the Closing Date.

"<u>Potential Manager Termination Event</u>" means any occurrence or event which, with the giving of notice, the passage of time or both, would constitute a Manager Termination Event.

"<u>Potential Rapid Amortization Event</u>" means any occurrence or event which, with the giving of notice, the passage of time or both, would constitute a Rapid Amortization Event.

"<u>PPSA</u>" means the Nova Scotia Personal Property Security Act as in effect from time to time.

"<u>Prepayment Premium</u>" means, with respect to any Series of Notes, the premium to be paid on any prepayment of principal with respect to such Series of Notes, identified as a "Prepayment Premium" pursuant to the applicable Series Supplement.

"<u>Pre-Securitization Contribution and Sale Agreements</u>" means, collectively, the IP Assets Contribution Agreement, the IP Holder Equity Interests Distribution Agreement, the Canadian Distribution Assets Sale Agreement, the Holding Companies Contribution Agreement and the DPL Contribution and Sale Agreement.

"<u>Pre-Securitization Domestic Franchise Arrangements</u>" means all master franchise agreements, store franchise agreements, area development agreements and similar agreements related to Franchised Stores for the Domestic Territory entered into prior to the Series 2007-1 Closing Date.

"<u>Pre-Securitization International Franchise Arrangements</u>" means International Franchise Arrangements operated or under development in the International Territory other than in the Overseas Countries entered into prior to the Series 2007-1 Closing Date.

"<u>Pre-Securitization Overseas Franchise Arrangements</u>" means all master franchise agreements, store franchise agreements, area development agreements and similar agreements related to Franchised Stores operated or under development in the Overseas Countries entered into prior to the Series 2007-1 Closing Date.

"<u>Prime Rate</u>" means the rate of interest publicly announced from time to time by a commercial bank mutually agreed upon by Holdco and the Servicer as its reference rate, base rate or prime rate.

"<u>Principal Amount</u>" means, with respect to each Series of Notes, the amount specified in the applicable Series Supplement.

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"<u>Principal and Interest Account Excess Amount</u>" means, as of any date of determination, the excess, if positive, of (A) the aggregate amount of cash and Permitted Investments of the Securitization Entities credited to the Senior Notes Interest Account, the Senior Subordinated Notes Interest Account, the Subordinated Notes Interest Account, the Senior Notes Principal Payment Account, the Senior Subordinated Notes Principal Payment Account and the Subordinated Notes Principal Payment Account as of the end of the most recently ended Quarterly Collection Period over (B) the aggregate of (I) the sum of the Quarterly Interest <u>Amounts</u> for the Quarterly Payment Date immediately following such Quarterly Collection Period with respect to each Class of Senior Notes Outstanding, each Class of Senior Subordinated Notes Outstanding and each Class of Subordinated Notes Outstanding and (II) the sum of the Scheduled Principal Payments that are required to be made on such Quarterly Payment Date with respect to each Class of Senior Notes Outstanding, each Class of Senior Subordinated Notes Outstanding and each Class of Subordinated Notes Outstanding.

"<u>Principal Payments Account</u>" means any of the following accounts: (i) the Senior Notes Principal Payments Account; (ii) the Senior Subordinated Notes Principal Payments Account; or (iii) the Subordinated Notes Principal Payments Account.

"<u>Principal Terms</u>" has the meaning specified in <u>Section 2.3</u> of the Base Indenture.

"<u>Priority of Payments</u>" means the allocation and payment obligations described in <u>Section 5.11</u> of the Base Indenture as supplemented by the allocation and payment obligations with respect to each Series of Notes described in each Series Supplement.

"<u>Proceeding</u>" means any suit in equity, action at law or other judicial or administrative proceeding.

"<u>Proceeds</u>" has the meaning specified in Section 9-102(a)(64) of the applicable UCC.

"<u>Product Purchase Agreements</u>" means the <u>PFS Domestic Supply Chain Holder</u> Product Purchase and Distribution<u>Supply Chain</u> Agreement, the PFS Product Purchase and Distribution Sub-Management Agreement, the Canadian Manufacturer Product Purchase Agreement and any other agreements entered into by <u>and between</u> any Distributor<u>Supply Chain Holder</u> and any other Domino's Entity to manufacture, supply or process Products for sale to any Distributor<u>Supply Chain Holder</u> for re-sale to Franchisees, owners of Company-Owned Stores or any other Persons.

"<u>Product Purchase and Distribution Agreement</u>" means the agreement entered into on the Closing Date by and among the Domestic Distributor, the Domestic Distribution Real Estate Holder, the Master Issuer and the Domestic Distribution Equipment Holder for the manufacture and supply of products for re-sale to certain Franchisees, owners of Company- Owned Stores or any other Persons.

"<u>Product Purchase Payments</u>" means any payment received in connection with the sale of any Products by any Distributor<u>Supply Chain Holder</u> to any Franchisee, DPL, as the owner of Company- Owned Stores<u>Company-Owned Stores, Domestic Supply Chain Holder under the PFS</u> <u>Domestic Supply Chain Holder Product Purchase and Supply Chain Agreement</u>, or any other Person whether pursuant to a Requirements Agreement or otherwise.

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"<u>Product Supply Payment</u>" means any payment for the Products that is due and payable collectively by the Master Issuer, the Domestic Distribution Real Estate Holder and the Domestic Distribution Equipment Holder to DPL pursuant to the Management Agreement.

"<u>Products</u>" means any good sold by any Distributor<u>Supply Chain Holder</u> to a Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person pursuant to a Requirements Agreement or otherwise.

"<u>PTO</u>" means the United States Patent and Trademark Office.

"<u>PULSE and Technology Fees</u> <u>Concentration Account</u>" means the account maintained in the name of the Master Issuer or the Domestic Distributor and pledged to the Trustee into which the Manager causes PULSE License Fees, Technology Fees and PULSE Maintenance Fees to be deposited or any successor account established for the Master Issuer or the Domestic Distributor by the Manager for such purpose pursuant to <u>Section 5.1</u> of the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>PULSE and Technology Fees Concentration Account Control Agreement</u>" means the Account Control Agreement governing the PULSE and Technology Fees Concentration Account entered into by and among the Master Issuer and/or the Domestic Distributor, the Manager, the Trustee and the bank or other financial institution then holding the PULSE and Technology Fees Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the PULSE and Technology Fees Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

"<u>PULSE Assets</u>" means all Intellectual Property and license agreements related to the Domino's PULSE™ System listed in Schedule 1.1(c) of the DPL Contribution and Sale Agreement. <u>The PULSE Assets will be disposed of on the Series 2025-1 Closing Date.</u>

"<u>PULSE License Fees</u>" means all license fees owed by any Franchisee in connection with the Domino's PULSE™ system installed in any Store owned and operated by such Franchisee in accordance with the applicable license agreement.

"<u>PULSE Maintenance Fees</u>" means all amounts owed by any Franchisee in connection with the maintenance of the Domino's PULSE™ system installed in any Store owned and operated by such Franchisee.

"<u>Qualified Institution</u>" means a depository institution organized under the laws of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities that at all times has the Required Rating and, in the case of any such institution organized under the laws of the United States of America, whose deposits are insured by the FDIC.

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"<u>Qualified Trust Institution</u>" means an institution organized under the laws of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities that at all times (i) is authorized under such laws to act as a trustee or in any other fiduciary capacity, (ii) has capital, surplus and undivided profits of not less than $250,000,000 as set forth in its most recent published annual report of condition and (iii) has a long term deposits rating of not less than "Baa1" by Moody's and "BBB+" by S&P.

"<u>Quarterly Collection Period</u>" means each period as set forth on Schedule II to this Annex A, commencing with the period from and including the Closing Date to and including March 25, 2012.

"<u>Quarterly Interest Amounts</u>" means the Senior Notes Quarterly Interest, the Senior Subordinated Notes Quarterly Interest or the Subordinated Notes Quarterly Interest, as applicable.

"<u>Quarterly DSCR</u>" means for any Quarterly Payment Date and the immediately preceding Quarterly Collection Period, the ratio (without rounding) of (a) an amount equal to the Adjusted Net Cash Flow for the Quarterly Collection Period preceding such Quarterly Payment Date, to (b) an amount equal to Debt Service for such Quarterly Payment Date.;

<u>"Quarterly Interest Amounts" means the Senior Notes Quarterly Interest, the Senior Subordinated Notes Quarterly Interest or the Subordinated Notes Quarterly Interest, as applicable.</u>

<u>provided, that for purposes of calculating the Quarterly DSCR for any period of measurement during which any Securitization Entity has made one or more acquisitions or investments that are permitted under the terms of this Base Indenture, such permitted acquisition or investment, as applicable (and all other permitted acquisitions or investments that have been consummated during the applicable period), shall be deemed to have occurred as of the first day of the applicable period of measurement, and all income statement items (whether positive or negative) attributable to the property or Person acquired in such permitted acquisition or investment, as applicable, shall be included in the calculation of Net Cash Flow on a pro forma basis, in accordance with the definition thereof, if such items would have resulted in an increase to or decrease to the Retained Collections during such period if such acquisition or investment, as applicable, had in fact occurred on the first day of such period;</u>

<u>Notwithstanding anything herein to the contrary, on and after the Series 2021-1 Springing Amendments Implementation Date, each reference herein or in any other Related Document to the term "Quarterly DSCR" shall be deemed to refer to the term "DSCR" as defined herein.</u>

"<u>Quarterly Manager's Certificate</u>" has the meaning specified in <u>Section 4.1(b)</u> of the Base Indenture.

"<u>Quarterly Noteholders' Statement</u>" means, with respect to any Series of Notes, a statement substantially in the form of an Exhibit C to the applicable Series Supplement.

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"<u>Quarterly Payment Date</u>" means, unless otherwise specified in any Series Supplement for the related Series of Notes, the 25th day of each of the following calendar months: January, April, July and October, or if such date is not a Business Day, the next succeeding Business Day, commencing on April 25, 2012. Any reference to a Quarterly Collection Period relating to a Quarterly Payment Date means the Quarterly Collection Period most recently ended prior to such Quarterly Payment Date, and any reference to an Interest Period relating to a Quarterly Payment Date means the Interest Period most recently ended prior to such Quarterly Payment Date.

"<u>Quarterly Retained Collections</u>" means with respect to any Quarterly Collection Period, the aggregate amount of Retained Collections deposited into the Collection Account during such Quarterly Collection Period.

"<u>Rapid Amortization DSCR Threshold</u>" means a Quarterly DSCR or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the DSCR, equal to 1.2x.

"<u>Rapid Amortization Event</u>" has the meaning specified in <u>Section 9.1</u> of the Base Indenture.

"<u>Rapid Amortization Period</u>" means the period commencing on the date on which a Rapid Amortization Event occurs and ending on the earlier to occur of the waiver of the occurrence of such Rapid Amortization Event in accordance with <u>Section 9.7</u> of the Base Indenture and the date on which there are no Notes Outstanding.

"<u>Rating Agency</u>" with respect to any Series of Notes, has the meaning specified in the applicable Series Supplement.

"<u>Rating Agency Condition</u>" with respect to any Series of Notes, has the meaning specified in the applicable Series Supplement.

<u>"Rating Agency Condition" means, with respect to any Outstanding Series of Notes (unless otherwise stated in the related Series Supplement with respect to any Outstanding Series of Notes) and any event or action to be taken or proposed to be taken requiring satisfaction of the Rating Agency Condition in the Indenture or in any other Related Document, including the issuance of Additional Notes, a condition that is satisfied if the Manager has notified the</u> <u>Co-Issuers, the Servicer and the Trustee in writing that the Manager has provided each Rating Agency and the Servicer with a written notification setting forth in reasonable detail such event or action and has actively solicited (by written request and by request via email and telephone) a Rating Agency Confirmation from each Rating Agency, and each Rating Agency has either provided the Manager with a Rating Agency Confirmation with respect to such event or action or informed the Manager that it declines to review such event or action; provided that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) except in connection with the issuance of Additional Notes, as to which the conditions of clause (ii)(c) below will apply in all cases, the Rating Agency Condition in respect of any Rating Agency will be required to be satisfied in connection with any such event or action only if the Manager determines in its sole discretion (and provides an Officer's Certificate to the Trustee evidencing such determination) that the policies of such Rating Agency permit it to deliver such Rating Agency Confirmation;</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) the Rating Agency Condition will not be required to be satisfied in respect of any Rating Agency if the Manager provides an Officer's Certificate (along with copies of all written requests for such Rating Agency Confirmation and copies of all related email correspondence) to the Co-Issuers, the Servicer and the Trustee certifying that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the Manager has not received any response from such Rating Agency after the Manager has repeated such active solicitation (by request via telephone and by email) on or about the tenth Business Day and the fifteenth Business Day following the date of delivery of the initial solicitation;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the Manager has no reason to believe that such event or action would result in such Rating Agency withdrawing its credit ratings on such Outstanding Series of Notes or assigning credit ratings on such Outstanding Series of Notes below the lower of (1) the then-current credit ratings on such Outstanding Series of Notes or (2) the initial credit ratings assigned to such Outstanding Series of Notes by such Rating Agency (without negative implications); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>solely in connection with any issuance of Additional Notes, either:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1)</u> <u>at least one Rating Agency has provided a Rating Agency Confirmation;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(2)</u> <u>each Rating Agency has rated any Additional Notes that are Senior Notes no lower than the lower of (x) the then-current credit rating assigned by such Rating Agency or (y) the initial credit rating assigned by such Rating Agency (in each case, without negative implications) to each Outstanding Series of Notes on the same priority as such Additional Notes, or, if no Outstanding Series of Notes ranks on the same priority as such Additional Notes, the Control Party will have provided its written consent to the issuance of such Additional Notes; or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(3)</u> <u>none of the Additional Notes are Senior Notes.</u>

<u>"Rating Agency Confirmation" means, with respect to any Series of Notes (or Class or Tranche thereof) then Outstanding, unless otherwise stated in the related Series Supplement, a confirmation from a Rating Agency that a proposed event or action will not result in (i) a withdrawal of its credit ratings on such Series of Notes (or Class or Tranche thereof) then Outstanding, or (ii) the assignment of credit ratings on such Series of Notes (or Class or Tranche thereof) then Outstanding below the lower of (x) the then-current credit rating assigned to such Series of Notes (or Class or Tranche thereof) by such Rating Agency or (y) the initial credit ratings assigned to such Series of Notes (or Class or Tranche thereof) by such Rating Agency (without negative implications); provided, however, that solely in connection with an issuance of Additional Notes, a Rating Agency Confirmation of S&P will be required for each Series of Notes then rated by S&P at the time of such issuance of Additional Notes.</u>

"<u>Rating Agency Fees</u>" means any reasonable fees or expenses due to the Rating Agencies in connection with rating any Series or Class of Notes.

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"<u>Real Estate Disposition</u>" means a disposition of any owned real property in connection with the owned Manufacturing and Distribution<u>Supply Chain</u> Centers<u>, other than Post-Issuance Acquired Assets</u>.

"<u>Real Estate Disposition Proceeds</u>" means the amount of net cash proceeds received by the Domestic Distribution<u>Supply Chain</u> Real Estate Holder from any Real Estate Disposition (after payment of all costs and expenses related to such disposition), to the extent such proceeds are not reinvested in real property held by the Domestic Distribution<u>Supply Chain</u> Real Estate Holder and used for production or distribution purposes within 365 days of the disposition giving rise to such proceeds.<u>in Eligible Assets or otherwise utilized to reimburse amounts previously paid for Eligible Assets in accordance with Section 8.16.</u>

"<u>Real Estate Holder Concentration Account</u>" means the account maintained in the name of the Master Issuer or the Domestic Distribution<u>Supply Chain</u> Real Estate Holder and pledged to the Trustee which will be used to maintain Asset Disposition Proceeds from Real Estate Dispositions, funds from the Domestic Distributor<u>Supply Chain Holder</u> and funds deposited therein pursuant to priority (xxxvii) of the Priority of Payments, or any successor account established for the Master Issuer or the Domestic Distribution<u>Supply Chain</u> Real Estate Holder by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>Real Estate Holder Concentration Account Control Agreement</u>" means the Account Control Agreement governing the Real Estate Holder Concentration Account entered into by and among the Master Issuer and/or the Domestic Distribution<u>Supply Chain</u> Real Estate Holder, the Manager, the Trustee and the bank or other financial institution then holding the Real Estate Holder Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Real Estate Holder Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee).

"<u>Real Estate Holder Concentration Account Minimum Balance</u>" means $100,000, or such higher amount as may be established by the Manager from time to time in its sole discretion by notice to the Servicer, the Control Party and the Back-Up Manager.

"<u>Record Date</u>" means, with respect to any Quarterly Payment Date, the last day of the immediately preceding calendar month.

<u>"Record Date" means, with respect to any Quarterly Payment Date, the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which such Quarterly Payment Date is scheduled to occur without giving effect to any Business Day adjustment for such Quarterly Payment Date; provided, however, that with respect to any redemption or Optional Prepayment, the Record Date will be the Business Day prior to the date of such redemption or Optional Prepayment.</u>

<u>"Refinance" has the meaning specified in the definition of "Permitted Refinancing Indebtedness."</u>

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<u>"Refinancing" has the meaning specified in the definition of "Permitted Refinancing Indebtedness."</u>

"<u>Refranchising Asset Dispositions</u>" means any resale, transfer or other disposition of a Domestic Franchise Arrangement or an International Franchise Arrangement that results in the replacement of a Franchise Arrangement with one or more Post-Securitization Franchise Arrangements, including, without limitation, any resale, transfer, termination or creation (or combination thereof) of a Securitization Entity's interest in a Domestic Franchise Arrangement or an International Franchise Arrangement.

"<u>Registrar</u>" has the meaning specified in <u>Section 2.5(a)</u> of the Base Indenture.

"<u>Related Documents</u>" means, with respect to any Series of Notes, the Indenture Documents, the Collateral Transaction Documents, the Account Agreements, the Depository Agreements, any Variable Funding Note Purchase Agreement, any Swap Contract, any Series Hedge Agreement, any Enhancement Agreement, the DNAF Servicing Agreement and any other material agreements entered into, or certificates delivered, pursuant to the foregoing documents.

"<u>Required Rating</u>" means (i) a short-term certificate of deposit rating from Moody's of "P-1" and from S&P of at least "A-1" and (ii) a long-term unsecured debt rating of not less than "Baa1" by Moody's and "BBB+" by S&P.

"<u>Requirements Agreements</u>" means, collectively, any requirements or rebate agreements (including any purchase orders) entered into by a Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person pursuant to which such Franchisee, DPL, as the owner of Company-Owned Stores, or other Person purchases Products from any Distributor<u>Supply Chain Holder</u>.

"<u>Requirements of Law</u>" means, with respect to any Person or any of its property, the certificate of incorporation or articles of association and by-laws, limited liability company agreement, partnership agreement or other organizational or governing documents of such Person or any of its property, and any order, law, treaty, rule or regulation, or determination of any arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject, whether federal, state, local or foreign (including, without limitation, usury laws, the U.S. Federal Truth in Lending Act and retail installment sales acts).

"<u>Residual Amount</u>" means for any Weekly Allocation Date with respect to any Quarterly Collection Period the amount, if any, by which the amount allocated to the Collection Account on such Weekly Allocation Date exceeds the sum of the amounts to be paid and/or allocated on such Weekly Allocation Date pursuant to <u>priorities (i) through (xxxvii)</u> of the Priority of Payments; provided, that the amount of any Retained Collections Contribution will be held by the Master Issuer (or any other Securitization Entity other than the SPV Guarantor) for at least one full fiscal quarter after which time that amount may be distributed by the Master Issuer to the SPV Guarantor on any Weekly Allocation Date; provided that (i) the most recent Quarterly DSCR or, on and after the Springing Amendments Implementation Date, the DSCR, was at least equal to the Cash Trapping DSCR Threshold without giving effect to the inclusion of such Retained Collections Contribution and (ii) such Retained Collections Contribution is not required to pay any shortfall in the amounts payable under <u>priorities (ii) through (xxxvii)</u> of the Priority of Payments, to the extent of any shortfall on such Weekly Allocation Date.

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"<u>Residual Amounts Account</u>" means an account owned by a Securitization Entity that is used solely for the receipt of Residual Amounts.

"<u>Retained Collections</u>" means (a) all Collections excluding (i) Excluded Amounts and (ii) Bank Account Expenses (solely with respect to the Concentration Accounts), <u>and</u> (b) any Retained Collections Contributions and (c) without duplication, Weekly FCF Distributions and <u>Aggregate</u> Weekly Distributor<u>Supply Chain</u> Profit Amounts.<u>; provided, however, that the</u> <u>Co-Issuers may also use proceeds from potential refinancing transactions for such purpose, if available; provided, that solely for the purposes of calculating any financial measure pursuant to the Base Indenture and the other Related Documents, the amount of any deferred Franchisee Payments (which, solely for this purpose, includes any deferred International Restaurant Royalty Payment Amounts resulting from the deferral of any payments owing by any International NSE Franchisee to any Non-Securitization International Franchisor, each a "Specified Deferred Amount") will constitute "Retained Collections", as if such amount was received on the date due, instead of the date actually received, to the extent that the Manager makes a corresponding equity contribution (other than with the proceeds of a draw under the Class A-1 Notes) equal to such amount ("Deemed Retained Collections"); provided, further, that any equity contribution made after the Closing Date as Deemed Retained Collections will constitute a Retained Collections Contribution until the date of receipt of payment of the corresponding Specified Deferred Amount. If and when the Securitization Entities receive the Specified Deferred Amount relating to Deemed Retained Collections (i) such deferred receipt will not then constitute "Retained Collections," for purposes of calculating any financial measure pursuant to the Base Indenture and the other Related Documents (i.e. there will be no double-counting of Deemed Retained Collections and related Specified Deferred Amounts when such Specified Deferred Amounts are received) and (ii) such Deemed Retained Collections will be deemed to not constitute a Retained Collections Contribution. The Manager shall be required to have a reasonable expectation that the related Specified Deferred Amounts will eventually be paid in order for the Manager to make Deemed Retained Collections.</u>

"<u>Retained Collections Contribution</u>" means, with respect to any Quarterly Collection Period, a cash contribution made to the Master Issuer at any time prior to the Final Series Legal Final Maturity Date (other than a cash contribution made to the Master Issuer for the purpose of collateralizing letters of credit issued under any Class A-1 Subfacility) in an amount no greater than $7,500,000 in any Quarterly Collection Period, not more than $15,000,000 during any period of four consecutive Quarterly Collection Periods and not more than $30,000,000 in the aggregate from the Closing Date to the Final Series Legal Final Maturity Date<u>, to be included in Net Cash Flow in accordance with Section 5.16 of this Base Indenture</u>, which for all purposes of the Related Documents, except as otherwise specified therein, will be treated as Retained Collections received during such Quarterly Collection Period. <u>In addition, Deemed Retained Collections shall constitute Retained Collections Contributions for the purposes and under the circumstances set forth in the proviso to the definition of "Retained Collections".</u>

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"<u>Royalties Concentration Account</u>" means, collectively, the Domestic Royalties Concentration Account, the International Royalties Concentration Account, the Venezuelan Royalties Concentration Account, the Cayman Islands Royalties Concentration Account and any Additional Royalties Concentration Account.

"<u>S&P</u>" or "<u>Standard & Poor's</u>" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor thereto.

"<u>Same Store Sales Comparison Information</u>" means, with respect to any Quarterly Collection Period, a comparison of (a) the sum of Gross Sales for each Open Domino's Store for each day of such Quarterly Collection Period where (i) such Open Domino's Store had Gross Sales on such day and (ii) had Gross Sales for the corresponding day in the prior fiscal year of the Co-Issuers with (b) the sum of Gross Sales for each Open Domino's Store for each day of the prior fiscal year of the Co-Issuers where (i) such Open Domino's Store had Gross Sales on such day and (ii) had Gross Sales for the corresponding day of the current fiscal year of the Co-Issuers.

"<u>Scheduled Principal Payments</u>" means, with respect to any Series or any Class of any Series of Notes, any payments scheduled to be made pursuant to the applicable Series Supplement that reduce the amount of principal Outstanding with respect to such Series or Class on a periodic basis that are identified as "Scheduled Principal Payments" in the applicable Series Supplement.

"<u>Scheduled Principal Payments Deficiency Event</u>" means, with respect to any Quarterly Collection Period, as of the last Weekly Allocation Date with respect to such Quarterly Collection Period, the occurrence of the following event: the amount of funds on deposit in the Senior Notes Principal Payments Account after the last Weekly Allocation Date with respect to such Quarterly Collection Period is less than the Senior Notes Accrued Scheduled Principal Payments Amount for the next succeeding Quarterly Payment Date.

"<u>Scheduled Principal Payments Deficiency Notice</u>" has the meaning specified in <u>Section 4.1(e)</u> of the Base Indenture.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Secured Parties</u>" means the Noteholders, each Hedge Counterparty, if any, the Trustee in its individual capacity, the Servicer, the Control Party, the Manager and the Back-Up Manager, together with their respective successors and assigns.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Securities Intermediary</u>" has the meaning set forth in <u>Section 5.8(a)</u> of the Base Indenture.

"<u>Securitization Entities</u>" means, collectively, the SPV Guarantor, the Master Issuer, the Domestic Distributor, the<u>Supply Chain Holder, the PFS Domestic Supply Chain Holder, the</u> Canadian Distributor, the Domestic Franchisor, the International Franchisor, the <u>International Franchisor (Michigan), the</u> IP Holder, SPV Canadian Holdco, the Domestic Distribution<u>Supply</u> <u>Chain</u> Real Estate Holder, the Domestic Distribution<u>Supply Chain</u> Equipment Holder and any Additional Securitization Entity.

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"<u>Securitization Entity Indemnities</u>" means all indemnification obligations that the Securitization Entities have to their officers, directors or managers under their Charter Documents.

"<u>Securitization IP</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Securitization IP License Agreements</u>" has the meaning set forth on Schedule I attached hereto.

"<u>Securitization Leverage Ratio</u>" means, as of the date of determination, the ratio of (i) the aggregate principal amount of each Series of Notes Outstanding (provided that, with respect to each Series of Class A-1 Senior Notes Outstanding, the aggregate principal amount of each such Series of Senior Notes will be deemed to be the Class A-1 Senior Notes Maximum Principal Amount for each such Series) to (ii) Net Cash Flow (excluding, for the avoidance of doubt, any Retained Collections Contributions) for the preceding four Quarterly Collection Periods as of such date.

"<u>Securitization Operating Expenses</u>" means all (a) Trustee Fees, (b) Back-Up Manager Fees and Back-Up Manager Consent Consultation Fees, (c) Independent Accountant Fees, (d) Organizational Expenses, (e) Rating Agency Fees, (f) Securitization Entity Indemnities, (g) Mortgage Recordation Fees and<u>,</u> (h) <u>Mortgage Trustee Fees and (i)</u> Servicer Indemnities (together with interest on any such Servicer Indemnities that are due and unpaid at the Advance Interest Rate).

"<u>Senior Debt</u>" means the issuance of Indebtedness under the Indenture by the Co-Issuers that by its terms (through its alphabetical designation as "Class A" pursuant to the Series Supplement applicable to such Indebtedness) is senior in the right to receive interest and principal on such Indebtedness to the right to receive interest and principal on any Senior Subordinated Debt or Subordinated Debt.

"<u>Senior ABS Leverage Ratio</u>" means, as of the date of determination, the ratio of (i) the aggregate principal amount of each Series of Senior Notes Outstanding (provided that, with respect to each Series of Class A-1 Senior Notes Outstanding, the aggregate principal amount of each such Series of Senior Notes will be deemed to be the Class A-1 Senior Notes Maximum Principal Amount for each such Series) less (b) the sum of (<u>without duplication) (</u>x) the cash and Permitted Investments of the Securitization Entities credited to the Senior Notes Interest Reserve Account and, the Cash Trap Reserve Account <u>and the Franchisor Capital Accounts</u> as of the end of the most recently ended Quarterly Collection Period, (y) at the Master Issuer's election, the Senior Principal and Interest Account Excess Amount and (z) the available amount of the Interest Reserve Letter of Credit with respect to the Senior Notes as of the end of the most recently ended Quarterly Collection Period to (ii) Net Cash Flow (excluding, for the avoidance of doubt, any Retained Collections Contributions) for the preceding four Quarterly Collection Periods as of such date.

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<u>"Senior Debt" means the issuance of Indebtedness under the Indenture by the Co-Issuers that by its terms (through its alphabetical designation as "Class A" pursuant to the Series Supplement applicable to such Indebtedness) is senior in the right to receive interest and principal on such Indebtedness to the right to receive interest and principal on any Senior Subordinated Debt or Subordinated Debt.</u>

"<u>Senior Noteholder</u>" means any Holder of Senior Notes of any Series.

"<u>Senior Notes</u>" means any Series or Class of any Series of Notes issued that are designated as "Class A" and identified as "Senior Notes" in the applicable Series Supplement that constitute Senior Debt.

"<u>Senior Notes Accrued Quarterly Interest Amount</u>" means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the lesser of (a) the sum of (i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection Period and (2) the Senior Notes Aggregate Quarterly Interest for the Interest Period ending in the next succeeding Quarterly Collection Period (except with respect to the first Interest Period after the Closing Date, in which case such amount will be 0% of the Senior Notes Quarterly Interest for such Interest Period), (ii) the Carryover Senior Notes Accrued Quarterly Interest Amount for such Weekly Allocation Date and (iii) if such Weekly Allocation Date occurs on or after a Quarterly Payment Date on which amounts are withdrawn from the Senior Notes Interest Account pursuant to <u>Section 5.12(a)</u> of the Base Indenture to cover any Class A-1 Senior Notes Interest Adjustment Amount, the amount so withdrawn (without duplication for amounts previously allocated pursuant to this <u>clause (iii)</u><u>)</u> and (b) the amount, if any, by which (i) Senior Notes Aggregate Quarterly Interest for the Interest Period ending in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to the Senior Notes Interest Account with respect to Senior Notes Quarterly Interest on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period.

"<u>Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount</u>" means, for each Weekly Allocation Date with respect to a Quarterly Collection Period an amount equal to the lesser of (a) the sum of (i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection Period and (2) the Senior Notes Aggregate Quarterly Post-ARD Contingent Interest for the Interest Period ending in the next succeeding Quarterly Collection Period (except with respect to the first Interest Period after the Closing Date, in which case such amount will be 0% of the Senior Notes Aggregate Quarterly Post-ARD Contingent Interest for such Interest Period) and (ii) the Carryover Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount for such Weekly Allocation Date and (b) the amount, if any, by which (i) Senior Notes Aggregate Quarterly Post-ARD Contingent Interest for the Interest Period ending in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to the Senior Notes Post-ARD Contingent Interest Account with respect to Senior Notes Quarterly Post-ARD Contingent Interest on each preceding Weekly Allocation Date with respect to the Quarterly Collection Period.

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"<u>Senior Notes Accrued Scheduled Principal Payments Amount</u>" means, for each Weekly Allocation Date with respect to any Quarterly Collection Period an amount equal to the lesser of (a) the sum of (i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection Period and (2) the Senior Notes Aggregate Scheduled Principal Payments for the Quarterly Payment Date in the next succeeding Quarterly Collection Period (except with respect to the first Interest Period after the Closing Date, in which case such amount will be 0% of the Senior Notes Scheduled Principal Payments for such Quarterly Payment Date) and (ii) the Carryover Senior Notes Accrued Scheduled Principal Payments Amount for such Weekly Allocation Date and (b) the amount, if any, by which (i) the Senior 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 Notes Principal Payments Account with respect to Senior Notes Aggregate Scheduled Principal Payments on each preceding Weekly Allocation Date with respect to the Quarterly Collection Period.

"<u>Senior Notes Aggregate Quarterly Interest</u>" means, for any Interest Period, with respect to all Senior Notes Outstanding, the aggregate amount of Senior Notes Quarterly Interest due and payable on all such Senior Notes with respect to such Interest Period.

"<u>Senior Notes Aggregate Quarterly Post-ARD Contingent Interest</u>" means, for any Interest Period, with respect to all Senior Notes Outstanding, the aggregate amount of Senior Notes Quarterly Post-ARD Contingent Interest accrued on all such Senior Notes with respect to such Interest Period.

"<u>Senior Notes Aggregate Scheduled Principal Payments</u>" means, for any Quarterly Payment Date, with respect to all Senior Notes Outstanding, the aggregate amount of Senior Notes Scheduled Principal Payments due and payable on all such Senior Notes on such Quarterly Payment Date.

"<u>Senior Notes Available Reserve Account Amount</u>" means, as of any date of determination, collectively, the amount on deposit in the Senior Notes Interest Reserve Account, the undrawn face amount of any Interest Reserve Letter of Credit issued for the benefit of the Trustee for the benefit of the Senior Noteholders and the amount on deposit in the Cash Trap Reserve Account.

"<u>Senior Notes Interest Shortfall Amount</u>" has the meaning set forth in <u>Section 5.12(b)</u> of the Base Indenture.

"<u>Senior Notes Interest Account</u>" has the meaning set forth in <u>Section 5.6</u> of the Base Indenture.

"<u>Senior Notes Interest Reserve Account</u>" has the meaning set forth in <u>Section 5.2</u> of the Base Indenture.

"<u>Senior Notes Interest Reserve</u> <u>Account</u> <u>Amount</u>" means, for any Weekly Allocation Date, the aggregate of <u>an aggregate amount equal to or greater than the sum of (a) with respect to the Series 2017-1 Notes, the Series 2018-1 Notes, the Series 2019-1 Notes and the Series 2021-1 Class A-2 Notes,</u> all amounts (i) required to be on deposit in the Senior Notes Interest Reserve Account or (ii) in respect of the undrawn face amount of any Interest Reserve Letter of Credit issued for the benefit of the Trustee for the benefit of the Senior Noteholders on such Weekly Allocation Date pursuant to any Series Supplement.<u>pursuant to the Series Supplement for such Series of Notes Outstanding, plus (b) with respect to the Series 2025-1 Notes and, unless</u>

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<u>otherwise specified in the applicable Series Supplement, any additional Series of Notes Outstanding from time to time, an amount equal to the applicable Senior Notes Quarterly Interest and the Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount due on such Quarterly Payment Date (with the interest and Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount payable with respect to the Class A-1 Notes on such Quarterly Payment Date being based on the good faith utilization estimate of the Manager as set forth in the applicable Weekly Manager's Certificate) or such greater amount as the Master Issuer (or the Manager acting on its behalf) elects from time to time, which amount will increase or decrease in accordance with any increase or reduction in the Outstanding Principal Amount of the Senior Notes or in accordance with the Manager's good faith utilization estimate with respect to the Class A-1 Notes as set forth in the applicable Weekly Manager's Certificate, it being understood that the Senior Notes Interest Reserve Amount may be funded in whole or in part with the proceeds of a draw under any Class A-1 Notes.</u>

"<u>Senior Notes Interest Reserve Account Deficit Amount</u>" means, on any Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the amount, if any, by which (a) the Senior Notes Interest Reserve Account Amount <u>exceeds</u> (b) the sum of (i) the amount on deposit in the Senior Notes Interest Reserve Account on such date and (ii) the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior Noteholders outstanding on such date.

<u>"Senior Notes Interest Shortfall Amount" has the meaning set forth in Section 5.12(b) of the Base Indenture.</u>

"<u>Senior Notes Principal Payments Account</u>" has the meaning set forth in <u>Section 5.6</u> of the Base Indenture.

"<u>Senior Notes Quarterly Interest</u>" means, for any Interest Period, (a) with respect to any Senior Notes Outstanding, the aggregate amount of interest due and payable, with respect to such Interest Period, on such Senior Notes that is identified as "Senior Notes Quarterly Interest" in the applicable Series Supplement plus (b) with respect to any Class A-1 Senior Notes Outstanding, the aggregate amount of any letter of credit fees due and payable, with respect to such Interest Period, on such Class A-1 Senior Notes pursuant to the applicable Variable Funding Note Purchase Agreement that are identified as "Senior Notes Quarterly Interest" in the applicable Series Supplement; <u>provided</u> that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest or letter of credit fees cannot be ascertained, an estimate of such interest or letter of credit fees will be used to calculate the Senior Notes Quarterly Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; <u>provided further</u> that any amount identified as "Senior Notes Quarterly Post-ARD Contingent Interest," "Class A-1 Senior Notes Administrative Expenses," "Class A-1 Senior Notes Quarterly Commitment Fees" or "Class A-1 Senior Notes Other Amounts" in any Series Supplement will under no circumstances be deemed to constitute "Senior Notes Quarterly Interest."

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"<u>Senior Notes Quarterly Post-ARD Contingent Interest</u>" means, for any Interest Period, with respect to any Class of Senior Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Period on each such Class of Senior Notes that is identified as "Senior Notes Quarterly Post-ARD Contingent Interest" in the applicable Series Supplement; <u>provided</u> that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest cannot be ascertained, an estimate of such interest will be used to calculate the Senior Notes Quarterly Post-ARD Contingent Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided further that any amount identified as "Senior Notes Quarterly Interest" in any Series Supplement will under no circumstances be deemed to constitute "Senior Notes Quarterly Post-ARD Contingent Interest."

"<u>Senior Notes Scheduled Principal Catch-Up Amount</u>" means the sum of all principal payments that are required to be paid to Senior Noteholders pursuant to the applicable Series Supplement and have not been previously paid.

"<u>Senior Notes Scheduled Principal Payments</u>" means, with respect to any Class of Senior Notes Outstanding, any Scheduled Principal Payments with respect to such Class of Senior Notes.

"<u>Senior Notes Scheduled Principal Payments Deficiency Amount</u>" means, with respect to any Quarterly Collection Period and as calculated as of the last day of such Quarterly Collection Period, the amount, if any, by which (a) the Senior Notes Aggregate Scheduled Principal Payments (including any Senior Notes Scheduled Principal Payments Deficiency Amounts due but unpaid from any previous Quarterly Collection Period) due and payable on the Quarterly Payment Date in the next succeeding Quarterly Collection Period exceeds (b) the amount on deposit on such last day of such Quarterly Collection Period in the Senior Notes Principal Payments Account with respect to Senior Notes Scheduled Principal Payments due and payable on the Quarterly Payment Date in the next succeeding Quarterly Collection Period.

"<u>Senior Principal and Interest Account Excess Amount</u>" means, as of any date of determination, the excess, if positive, of (A) the aggregate amount of cash and Permitted Investments of the Securitization Entities credited to the Senior Notes Interest Account and the Senior Notes Principal Payment Account as of the end of the most recently ended Quarterly Collection Period over (B) the aggregate of (I) the sum of the Senior Notes Quarterly Interest for the Quarterly Payment Date immediately following such Quarterly Collection Period with respect to each Class of Senior Notes Outstanding and (II) the sum of the Scheduled Principal Payments that are required to be made on such Quarterly Payment Date with respect to each Class of Senior Notes Outstanding.

"<u>Senior Subordinated Debt</u>" or "<u>Senior Subordinated Notes</u>" means any issuance of Indebtedness under the Indenture by the Co-Issuers that are part of a Class with an alphanumerical designation that contains any letter from "B" through "L" of the alphabet.

"<u>Senior Subordinated Noteholder</u>" means any Holder of Senior Subordinated Notes of any Series.

"<u>Senior Subordinated Notes Accrued Quarterly Interest Amount</u>" means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and any Senior Subordinated Notes, the amount defined in the applicable Series Supplement.

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"<u>Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount</u>" means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and any Senior Subordinated Notes, the amount defined in the applicable Series Supplement.

"<u>Senior Subordinated Notes Accrued Scheduled Principal Payments Amount</u>" means, for each Weekly Allocation Date with respect to any Quarterly Collection Period and any Senior Subordinated Notes, the amount defined in the applicable Series Supplement.

"<u>Senior Subordinated Notes Aggregate Quarterly Interest</u>" means, for any Interest Period, with respect to all Senior Subordinated Notes Outstanding, the aggregate amount of Senior Subordinated Notes Quarterly Interest due and payable on all such Subordinated Notes with respect to such Interest Period.

"<u>Senior Subordinated Notes Aggregate Quarterly Post-ARD Contingent Interest</u>" means, for any Interest Period, with respect to all Senior Subordinated Notes Outstanding, the aggregate amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest accrued on all such Senior Subordinated Notes with respect to such Interest Period.

"<u>Senior Subordinated Notes Aggregate Scheduled Principal Payments</u>" means, for any Quarterly Payment Date, with respect to all Senior Subordinated Notes Outstanding, the aggregate amount of Senior Subordinated Notes Scheduled Principal Payments due and payable on all such Senior Subordinated Notes on such Quarterly Payment Date.

"<u>Senior Subordinated Notes Available Reserve Account Amount</u>" means, as of any date of determination, collectively, the amount on deposit in the Senior Subordinated Notes Interest Reserve Account, the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior Subordinated Noteholders and the amount on deposit in the Cash Trap Reserve Account.

"<u>Senior Subordinated Notes Interest Reserve Account</u>" means an interest reserve account established and maintained by the Master Issuer, in the name of the Trustee, for the benefit of the Senior Subordinated Noteholders and the Trustee, solely for the benefit of the Senior Subordinated Noteholders.

"<u>Senior Subordinated Notes Interest Reserve</u><u><u>Account</u> Amount</u>" means, for any Weekly Allocation Date, the aggregate of all amounts (i) required to be on deposit in the Senior Subordinated Notes Interest Reserve Account or (ii) in respect of the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior Subordinated Noteholders on such Weekly Allocation Date pursuant to any Series Supplement.

"<u>Senior Subordinated Notes Interest Reserve Account Deficit Amount</u>" means, on any Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the amount, if any, by which (a) the Senior Subordinated Notes Interest Reserve Account Amount exceeds (b) the sum of (i) the amount on deposit in the Senior Subordinated Notes Interest Reserve Account on such date and (ii) the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior Subordinated Noteholders on such date.

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"<u>Senior Subordinated Notes Quarterly Interest</u>" means, for any Interest Period, with respect to any Class of Senior Subordinated Notes Outstanding, the aggregate amount of interest due and payable, with respect to such Interest Period, on such Class of Senior Subordinated Notes that is identified as "Senior Subordinated Notes Quarterly Interest" in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest, fees or expenses cannot be ascertained, an estimate of such interest, fees or expenses will be used to calculate the Senior Subordinated Notes Quarterly Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided further that any amount identified as "Senior Subordinated Notes Quarterly Post-ARD Contingent Interest" in any Series Supplement will under no circumstances be deemed to constitute "Senior Subordinated Notes Quarterly Interest."

"<u>Senior Subordinated Notes Quarterly Post-ARD Contingent Interest</u>" means, for any Interest Period, with respect to any Class of Senior Subordinated Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Period on each such Class of Senior Subordinated Notes that is identified as "Senior Subordinated Notes Quarterly Post-ARD Contingent Interest" in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest cannot be ascertained, an estimate of such interest will be used to calculate the Senior Subordinated Notes Quarterly Post-ARD Contingent Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided further that any amount identified as "Senior Subordinated Notes Quarterly Interest" in any Series Supplement will under no circumstances be deemed to constitute "Senior Subordinated Notes Quarterly Post-ARD Contingent Interest."

"<u>Senior Subordinated Notes Scheduled Principal Catch-Up Amount</u>" means the sum of all principal payments that are required to be paid to Senior Subordinated Noteholders pursuant to the applicable Series Supplement and have not been previously paid.

"<u>Senior Subordinated Notes Scheduled Principal Payments</u>" means, with respect to any Class of Senior Subordinated Notes Outstanding, any Scheduled Principal Payments with respect to such Class of Senior Subordinated Notes.

"<u>Senior Subordinated Notes Scheduled Principal Payments Deficiency Amount</u>" means, with respect to any Quarterly Collection Period and as calculated as of the last day of such Quarterly Collection Period, the amount, if any, by which (a) the Senior Subordinated Notes Aggregate Scheduled Principal Payments (including any Senior Subordinated Notes Scheduled Principal Payments Deficiency Amounts due but unpaid from any previous Quarterly Collection Period) due and payable on the Quarterly Payment Date in the next succeeding Quarterly Collection Period exceeds (b) the amount on deposit on such last day of such Quarterly Collection Period in the Senior Subordinated Notes Principal Payments Account with respect to Senior Subordinated Notes Scheduled Principal Payments due and payable on the Quarterly Payment Date in the next succeeding Quarterly Collection Period.

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"<u>Series 2007-1 Closing Date</u>" means April 16, 2007.

"<u>Series 2007-1 Legacy Account</u>" means any account maintained by the Trustee which was designated under the 2007 Base Indenture for the payment of interest, fees or other amounts in respect of any class of the Series 2007-1 Notes.

"<u>Series 2007-1 Notes</u>" means the notes issued by the Co-Issuers on the Series 2007-1 Closing Date.

"<u>Series 2007-1 Series Supplement</u>" means the Series 2007-1 Supplement, dated as of April 16, 2007, among the Co-Issuers and the Trustee, to the 2007 Base Indenture.

<u>"Series 2021-1</u> <u>Springing Amendments Implementation Date" means (A) as used in the Base Indenture and the Parent Company Support Agreement, the earlier of (i) the date that the Control Party designates as the "</u><u>Series 2021-1</u> <u>Springing Amendments Implementation Date" with respect to the Base Indenture and the Parent Company Support Agreement and (ii) the date that all of the Series 2017-1 Senior Notes, the Series 2018-1 Senior Notes and the Series 2019-1 Senior Notes have been paid in full; provided that as used in Section 5.11, Section 9.2 or Section 13.1 of the Base Indenture, the "</u><u>Series 2021-1 Springing Amendments Implementation Date</u><u>" shall refer solely to the date set forth in clause (A)(ii) above, and (B) as used in the Servicing Agreement and the Back-Up Management Agreement, the earliest of (i) the date that the Controlling Class Representative designates as the "</u><u>Series 2021-1</u> <u>Springing Amendments Implementation Date" with respect to the Servicing Agreement and the Back-Up Management Agreement, (ii) the date that the Master Issuer receives the consent of a Majority of the Noteholders of the Controlling Class to the designation by the Master Issuer of the "</u><u>Series</u> <u>2021-1</u> <u>Springing Amendments Implementation Date" with respect to the Servicing Agreement and the Back-Up Management Agreement and (iii) the date that all of the Series 2017-1 Senior Notes, the Series 2018-1 Senior Notes and the Series 2019-1 Senior Notes have been paid in full; provided that as used in the first paragraph of Section 8.3 of the Servicing Agreement, the "</u><u>Series 2021-1</u> <u>Springing Amendments Implementation Date" shall refer solely to the date set forth in clause (B)(iii) above.</u>

<u>"Series 2025-1 Closing Date" means September 5, 2025.</u>

<u>"Series 2025-1 Springing Amendments Implementation Date" means (A) as used in the Base Indenture and the Parent Company Support Agreement, the date on which all of the Series 2017-1 Senior Notes, the Series 2018-1 Senior Notes, the Series 2019-1 Senior Notes and the Series 2021-1 Notes have been paid in full, and (B) as used in the Servicing Agreement and the Back-Up Management Agreement, the earliest of (i) the date that the Controlling Class Representative designates as the "Series 2025-1 Springing Amendments Implementation Date" with respect to the Servicing Agreement and the Back-Up Management Agreement, (ii) the date that the Master Issuer receives the consent of a Majority of the Noteholders of the Controlling Class to the designation by the Master Issuer of the "Series 2025-1 Springing Amendments Implementation Date" with respect to the Servicing Agreement and the Back-Up Management</u> <u>Agreement and (iii) the date that all of the Series 2017-1 Senior Notes, the Series 2018-1 Senior Notes, the Series 2019-1 Senior Notes and the Series 2021-1 Notes have been paid in full.</u>

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"<u>Series Account</u>" means any account or accounts established pursuant to a Series Supplement for the benefit of a Series of Notes (or any Class thereof).

"<u>Series Anticipated Repayment Date</u>" means, with respect to any series of Notes, the "Anticipated Repayment Date" as set forth in the related Series Supplement, which will be the Series Anticipated Repayment Date for such Series of Notes, as adjusted pursuant to the terms of the applicable Series Supplement.

"<u>Series Closing Date</u>" means, with respect to any Series of Notes, the date of issuance of such Series of Notes, as specified in the applicable Series Supplement.

"<u>Series Defeasance Date</u>" has the meaning set forth in <u>Section 12.1(c)</u> of the Base Indenture.

"<u>Series Distribution Account</u>" means, with respect to any Series of Notes or any Class of any Series of Notes, an account established to receive distributions to be paid to the Noteholders of such Class or such Series of Notes pursuant to the applicable Series Supplement.

"<u>Series Hedge Agreement</u>" means, with respect to any Series of Notes, the relevant Swap Contract, if any, described in the applicable Series Supplement.

"<u>Series Hedge Counterparty</u>" means, with respect to any series of Notes, the relevant Hedge Counterparty, if any, described in the applicable Series Supplement.

"<u>Series Hedge Payment Amount</u>" means all amounts payable by the Master Issuer under a Series Hedge Agreement including any termination payment payable by the Master Issuer.

"<u>Series Legal Final Maturity Date</u>" means, with respect to any Series, the "Legal Final Maturity Date" set forth in the related Series Supplement.

"<u>Series Non-Amortization Test</u>"has<u>means, with respect to any Series of Notes, (a)</u> the meaning specified in the applicable Series Supplement<u>,</u> or, <u>(b)</u> if not specified therein<u>in the applicable Series Supplement</u>, means a test that will be satisfied on any Quarterly Payment Date if (i) the level of both<u>either</u> the Holdco Leverage Ratio and the Securitization<u>or the Senior ABS</u> Leverage Ratio are each<u>is</u> less than or equal to 4.5x<u>5.5x</u> as of the Accounting Date preceding such Quarterly Payment Date and (ii) there is no Senior Notes Scheduled Principal Catch-Up Amount outstanding as of such Quarterly Payment Date<u>no Rapid Amortization Event has occurred and is continuing</u>.

"<u>Series Obligations</u>" means, with respect to a Series of Notes, (a) all principal, interest, premiums, make-whole payments and Series Hedge Payment Amounts, at any time and from time to time, owing by the Co-Issuers on such Series of Notes or owing by the Guarantors pursuant to the Global G&C Agreement on such Series of Notes and (b) the payment and performance of all other obligations, covenants and liabilities of the Co-Issuers or the Guarantors arising under the Indenture, the Notes or any other Indenture Document, in each case, solely with respect to such Series of Notes.

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"<u>Series of Notes</u>" or "<u>Series</u>" means each series of Notes issued and authenticated <u>(or registered, in the case of Uncertificated Notes)</u> pursuant to the Base Indenture and the applicable Series Supplement.

"<u>Series Supplement</u>" means a supplement to the Base Indenture complying (to the extent applicable) with the terms of <u>Section 2.3</u> of the Base Indenture.

"<u>Servicer</u>" means Midland Loan Services, a division of PNC Bank, National Association, as servicer under the Servicing Agreement, and any successor thereto.

"<u>Servicer Indemnities</u>" means all indemnification obligations that the Securitization Entities have to the Servicer under the Servicing Agreement and the other Related Documents.

"<u>Serviced Funds</u>" has the meaning set forth in the DNAF Servicing Agreement.

"<u>Servicing Agreement</u>" means the Amended and Restated Servicing Agreement, dated as of April 16, 2021, by and among the Co-Issuers, the Manager, the Servicer and the Trustee, as amended, supplemented or otherwise modified from time to time.

"<u>Servicing Fees</u>" has the meaning set forth in the Servicing Agreement.

"<u>Servicing Standard</u>" has the meaning set forth in the Servicing Agreement.

"<u>Specified Bankruptcy Opinion Provisions</u>" means the provisions contained in the legal opinions delivered in connection with the issuance of each Series of Notes relating to the non-substantive consolidation of the Securitization Entities with any of Holdco, Intermediate Holdco, DPL, DNAF, Domino's International, PMC LLC, PFS, the Canadian Holdco or the Canadian Manufacturer<u>the applicable Non-Securitization Entities</u>.

"<u>Specified Countries</u>" has the meaning set forth in <u>Section 8.25(d)</u> of the Base Indenture. <u> </u>

<u>"Specified Non-Securitization Debt" shall have the meaning set forth in the Parent</u><u> </u><u>Company Support Agreement.</u>

"<u>Specified Real Estate Disposition</u>" means the disposition of the Manufacturing and Distribution Center located in Ontario, California on or about October 26, 2023.

"<u>Springing Amendments Implementation Date</u>" means (A) as used in the Base Indenture and the Parent Company Support Agreement, the earlier of (i) the date that the Control Party designates as the "Springing Amendments Implementation Date" with respect to the Base Indenture and the Parent Company Support Agreement and (ii) the date that all of the Series 2015-1 Senior Notes, the Series 2017-1 Senior Notes, the Series 2018-1 Senior Notes and the Series 2019-1 Senior Notes have been paid in full; <u>provided</u> that as used in <u>Section 5.11</u>, <u>Section 9.2</u> or <u>Section 13.1</u> of the Base Indenture, the "Springing Amendments Implementation Date" shall refer solely to the date set forth in clause (A)(ii) above, and (B) as used in the Servicing

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Agreement and the Back-Up Management Agreement, the earliest of (i) the date that the Controlling Class Representative designates as the "Springing Amendments Implementation Date" with respect to the Servicing Agreement and the Back-Up Management Agreement, (ii) the date that the Master Issuer receives the consent of a Majority of the Noteholders of the Controlling Class to the designation by the Master Issuer of the "Springing Amendments Implementation Date" with respect to the Servicing Agreement and the Back-Up Management Agreement and (iii) the date that all of the Series 2015-1 Senior Notes, the Series 2017-1 Senior Notes, the Series 2018-1 Senior Notes and the Series 2019-1 Senior Notes have been paid in full; <u>provided</u> that as used in the first paragraph of <u>Section 8.3</u> of the Servicing Agreement, the "Springing Amendments Implementation Date" shall refer solely to the date set forth in clause (B)(iii) above.

"<u>SPV Canadian Holdco</u>" means Domino's SPV Canadian Holding Company Inc., a Delaware corporation, and its successors and assigns.

"<u>SPV Canadian Holdco By-Laws</u>" means the by-laws of SPV Canadian Holdco, as amended, supplemented or otherwise modified from time to time.

"<u>SPV Canadian Holdco Certificate of Incorporation</u>" means the certificate of incorporation of SPV Canadian Holdco, filed with the Secretary of State of Delaware on April 16, 2007, as amended, supplemented or otherwise modified from time to time.

"<u>SPV Canadian Holdco Charter Documents</u>" means the SPV Canadian Holdco Certificate of Incorporation and the SPV Canadian Holdco By-Laws.

"<u>SPV Guarantor</u>" means Domino's SPV Guarantor LLC, a Delaware limited liability company, and its successors and assigns.

"<u>SPV Guarantor Certificate of Formation</u>" means the certificate of formation of the SPV Guarantor, dated as of March 2, 2007, as amended, supplemented or otherwise modified from time to time.

"<u>SPV Guarantor Charter Documents</u>" means the SPV Guarantor Certificate of Formation and the SPV Guarantor Operating Agreement.

"<u>SPV Guarantor Contribution Agreement</u>" means the SPV Guarantor Contribution Agreement, dated as of the Series 2007-1 Closing Date, by and between the Master Issuer and the SPV Guarantor, as amended, supplemented or otherwise modified from time to time.

"<u>SPV Guarantor Domestic Distribution and Overseas IP Holder Contribution Agreement</u>" means the contribution agreement, dated as of the Closing Date, by and between the SPV Guarantor and the Master Issuer pursuant to which the SPV Guarantor will contribute Equity Interests in the Domestic Distribution<u>Supply Chain</u> Real Estate Holder, the Domestic Distribution<u>Supply Chain</u> Equipment Holder and Overseas IP Holder LLC and leases of the Leased Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers to the Master Issuer.

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"<u>SPV Guarantor Operating Agreement</u>" means the Second Amended and Restated Limited Liability Company Agreement of the SPV Guarantor, dated as of March 15, 2012, as further amended, supplemented or otherwise modified from time to time.

<u>"Standby Investment" means Federated Hermes Govt Obligations Fund—SS.</u>

"<u>Store</u>" means any Domino's<sup>®</sup> Brand store, any Future Brand store or any store operating under more than one of the foregoing brands that is subject to a Franchise Arrangement, <u>an International NSE Franchise Arrangement,</u> the Company-Owned Stores Master License Agreement or an Overseas Franchise Arrangement, including "alternative store" locations.

"<u>Subclass</u>" means, with respect to any Class of any Series of Notes, any one of the subclasses of Notes of such Class as specified in the applicable Series Supplement.

"<u>Subordinated Debt</u>" means any issuance of Indebtedness under the Indenture by the Co-Issuers that by its terms (through its alphabetical designation as "Class B" through "Class Z" pursuant to the Series Supplement applicable to such Indebtedness) subordinates the right to receive interest and principal on such Indebtedness to the right to receive interest and principal on any Senior Notes.

"<u>Subordinated Debt Provisions</u>" means, with respect to the issuance of any Series of Notes that includes Subordinated Debt, the terms of such Subordinated Debt will include the following provisions: (a) if there is an Extension Period in effect with respect to the Senior Debt issued on the Closing Date, the principal of any Subordinated Debt will not be permitted to be repaid out of the Priority of Payments unless such Senior Debt is no longer Outstanding, (b) if the Senior Debt issued on the Closing Date is refinanced on or prior to the Series Anticipated Repayment Date of such Senior Debt and any such Subordinated Debt having a Series Anticipated Repayment Date on or before the Series Anticipated Repayment Date of such Senior Debt is not refinanced on or prior to the Series Anticipated Repayment Date of such Senior Debt, such Subordinated Debt will begin to amortize on the date that the Senior Debt is refinanced pursuant to a scheduled principal payment schedule to be set forth in the applicable Series Supplement, (c) if the Senior Debt issued on the Closing Date is not refinanced on or prior to the Quarterly Payment Date following the seventh anniversary of the Closing Date, such Subordinated Debt will not be permitted to be refinanced and (d) any and all Liens on the Collateral created in favor of any holder of Subordinated Debt in connection with the issuance thereof will be expressly junior in priority to all Liens on the Collateral in favor any holder of Senior Debt.

"<u>Subordinated Notes</u>" means any Series or Class of any Series of Notes that are identified as "Subordinated Notes" in the applicable Series Supplement that constitute Subordinated Debt.

"<u>Subordinated Noteholders</u>" means, collectively, the holders of any Subordinated Notes.

"<u>Subordinated Notes Accrued Quarterly Interest Amount</u>" means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement.

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"<u>Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount</u>" means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement.

"<u>Subordinated Notes Accrued Scheduled Principal Payments Amount</u>" means, for each Weekly Allocation Date with respect to any Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement.

"<u>Subordinated Notes Aggregate Quarterly Interest</u>" means, for any Interest Period, with respect to all Subordinated Notes Outstanding, the aggregate amount of Subordinated Notes Quarterly Interest due and payable on all such Subordinated Notes with respect to such Interest Period.

"<u>Subordinated Notes Aggregate Scheduled Principal Payments</u>" means, for any Quarterly Payment Date, with respect to all Subordinated Notes Outstanding, the aggregate amount of Subordinated Notes Scheduled Principal Payments due and payable on all such Subordinated Notes on such Quarterly Payment Date.

"<u>Subordinated Notes Interest Account</u>" has the meaning set forth in <u>Section 5.6</u> of the Base Indenture.

"<u>Subordinated Notes Interest Shortfall Amount</u>" has the meaning set forth in <u>Section 5.12(k)</u> of the Base Indenture.

"<u>Subordinated Notes Principal Payments Account</u>" has the meaning set forth in <u>Section</u> <u>5.6</u> of the Base Indenture.

"<u>Subordinated Notes Quarterly Interest</u>" means, for any Interest Period, with respect to any Class of Subordinated Notes Outstanding, the aggregate amount of interest due and payable, with respect to such Interest Period, on such Class of Subordinated Notes that is identified as "Subordinated Notes Quarterly Interest" in the applicable Series Supplement; <u>provided</u> that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest, fees or expenses cannot be ascertained, an estimate of such interest, fees or expenses will be used to calculate the Subordinated Notes Quarterly Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; <u>provided further</u> that any amount identified as "Subordinated Notes Quarterly Post-ARD Contingent Interest" in any Series Supplement will under no circumstances be deemed to constitute "Subordinated Notes Quarterly Interest".

"<u>Subordinated Notes Quarterly Post-ARD Contingent Interest</u>" means, for any Interest Period, with respect to any Class of Subordinated Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Period on each such Class of Subordinated Notes that is identified as "Subordinated Notes Quarterly Post-ARD Contingent Interest" in the applicable Series Supplement; <u>provided</u> that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest cannot be ascertained, an estimate of such interest will be used to calculate the Subordinated Notes Quarterly Post-ARD Contingent Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; <u>provided, further,</u> that any amount identified as "Subordinated Notes Quarterly Interest" in any Series Supplement will under no circumstances be deemed to constitute "Subordinated Notes Quarterly Post-ARD Contingent Interest."

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"<u>Subordinated Notes Scheduled Principal Catch-Up Amoun</u>t" means the sum of all principal payments that are required to be paid to Subordinated Noteholders pursuant to the applicable Series Supplement and have not been previously paid.

"<u>Subordinated Notes Scheduled Principal Payments</u>" means, with respect to any Class of Subordinated Notes Outstanding, any Scheduled Principal Payments with respect to such Class of Subordinated Notes.

"<u>Subsidiary</u>" means, with respect to any Person (herein referred to as the "<u>parent</u>"), any corporation, partnership, limited liability company, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent or (b) that is, at the time any determination is being made, otherwise controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

"<u>Subsidiary Guarantors</u>" means the Domestic Franchisor, the International Franchisor, the <u>International Franchisor (Michigan), the</u> Canadian Distributor, the Domestic Distribution<u>Supply Chain</u> Real Estate Holder, the Domestic Distribution<u>Supply Chain</u> Equipment Holder and any Additional Subsidiary Guarantor.

"<u>Successor Manager</u>" means any successor to the Manager appointed by the Control Party (at the direction of the Controlling Class Representative) <u>that has accepted such appointment,</u> upon the <u>termination,</u> resignation<u>, replacement</u> or removal of the Manager pursuant to the terms of the Management Agreement.

"<u>Successor Manager Transition Expenses</u>" means all costs and expenses incurred by a Successor Manager or Interim Successor Manager in connection with the termination, removal and replacement of the Manager under the Management Agreement.

"<u>Successor Servicer Transition Expenses</u>" means all costs and expenses incurred by a successor Servicer in connection with the termination, removal and replacement of the Servicer under the Servicing Agreement.

"<u>Supplement</u>" means a supplement to the Base Indenture complying (to the extent applicable) with the terms of <u>Article XIII</u> of the Base Indenture.

"<u>Supplemental Management Fee</u>" means for each Weekly Allocation Date with respect to any Quarterly Collection Period the amount, approved in writing by the Control Party acting at the direction of the Controlling Class Representative, by which, with respect to any Quarterly Collection Period, (i) the expenses incurred or other amounts charged by the Manager since the beginning of such Quarterly Collection Period in connection with the performance of the Manager's obligations under the Management Agreement and the amount of any current or projected Tax Payment Deficiency, if applicable, exceed (ii) the Weekly Management Fees received and to be received by the Manager on such Weekly Allocation Date and each preceding Weekly Allocation Date with respect to such Quarterly Collection Period in accordance with <u>priority (xiv)</u> of the Priority of Payments.

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<u>"Supply Chain Agreements" means, collectively</u><u>, all Third-Party Supply Agreements and all Requirements Agreements (together with any Franchisee Promissory Notes issued in respect of the purchase or sale of Products).</u>

<u>"Supply Chain Assets" means any asset used by any Supply Chain Holder in connection with its supply chain</u> <u>business, including, without limitation, the real estate owned by the Domestic</u> <u>Supply Chain Real Estate Holder, the equipment (including vehicles) owned by the Domestic Supply Chain Equipment Holder or leased by any Securitization Entity</u><u>, real estate leased pursuant to the leases with respect to the Leased Domestic</u> <u>Supply Chain Centers and the Supply Chain Agreements.</u>

<u>"Supply Chain Center Expenses" means (without duplication) property taxes and other taxes, lease payments or other expenses (including maintenance, repair or utilities expenses) with respect to Supply Chain</u> <u>Assets owned or leased by the Master Issuer or any other Securitization Entity.</u>

<u>"Supply Chain</u> <u>Center Mortgages" means the Mortgages required to be prepared, executed and delivered by the Domestic</u> <u>Supply Chain</u> <u>Real Estate Holder to the Trustee (for the benefit of the Secured Parties) to hold in escrow with respect to each owned Domestic</u> <u>Supply Chain Center.</u>

<u>"Supply Chain Centers" means the dough production and food supply chain centers, the thin crust production centers, the vegetable processing center and any other supply chain centers located in the United States and Canada.</u>

<u>"Supply Chain Concentration Accounts" means, collectively, the Domestic Supply Chain Concentration Account, the PFS Domestic Supply Chain</u> <u>Concentration Account, the Canadian Distribution Concentration Account, the Canadian Distribution U.S. Dollar Concentration Account and any Additional</u> <u>Supply Chain Concentration Account.</u>

<u>"Supply Chain</u> <u>Costs of Goods Sold" means, with respect to any Weekly Collection Period, any costs of goods sold</u> <u>(for the avoidance of doubt, including the cost of any food items and ingredients involved in the preparation thereof) actually paid by any Supply Chain Holder during such Weekly Collection Period.</u>

<u>"Supply Chain Expenses" means (without duplication) (i) equipment (including vehicle) lease, repair, maintenance and supplies costs, (ii) cost of food and other products; (iii) delivery costs; (iv) real estate lease, repair, maintenance and supplies costs, (v) property taxes and other taxes, and (vi) telephone and other utilities expenses.</u>

<u>"Supply Chain Holder Charter Documents" means, collectively, the Domestic Supply Chain Holder Charter Documents, the Canadian Distributor Charter Documents and any Additional Supply Chain Holder Charter Documents.</u>

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<u>"Supply Chain Holders" means, collectively, the Domestic Supply Chain Holder, the PFS Domestic Supply Chain Holder, the Canadian Distributor and any Additional Supply Chain Holder.</u>

<u>"Supply Chain Operating Expenses" means (i) all operating expenses related to the</u> <u>Supply Chain</u> <u>Services for which the Manager or the Canadian Manufacturer is entitled to be reimbursed or paid in accordance with the Management Agreement and that have not been previously reimbursed or paid</u> <u>and (ii) all costs of supplies and delivery incurred by the Domestic Supply Chain Holder or the PFS Domestic Supply Chain Holder, as applicable, in connection with its supply chain business.</u>

<u>"Supply Chain</u> <u>Franchisee Rebates" means, with respect to any Weekly Collection Period, any rebates actually paid by any</u> <u>Supply Chain Holder</u> <u>to a Domestic Franchisee, an International Franchisee or DPL, as the owner of Company-Owned Stores, pursuant to a Requirements Agreement or the Company-Owned Stores Requirements Agreement, as the case may be, during such Weekly Collection Period.</u>

<u>"Supply Chain Profit" means, with respect to any Monthly Supply Chain Profit Period, the sum of (i) the Canadian Distributor Profit for such Monthly Supply Chain Profit Period, *plus* (ii) the Domestic Supply Chain Holder Profit for such Monthly Supply Chain Profit Period, *plus* (iii) the PFS Domestic Supply Chain Holder Profit for such Monthly Supply Chain Profit Period.</u>

<u>"Supply Chain</u> <u>Services" has the meaning set forth in the Management Agreement.</u>

"<u>Swap Contract</u>" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a "<u>Master Agreement</u>"), including any such obligations or liabilities under any Master Agreement.

"<u>System</u>" means the business of Holdco and its Subsidiaries on a consolidated basis together with the-system of Domino's Brand Stores.

"<u>Tax</u>" means (i) any federal, state, local or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, environmental, customs duties, capital stock, profits, documentary, property, franchise, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, or other tax of any kind whatsoever, including any interest, penalty, fine, assessment or addition thereto and (ii) any transferee liability in respect of any items described in <u>clause (i)</u> above.

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"<u>Tax Lien Reserve Amount</u>" means any funds contributed by Domino's International to the SPV Guarantor to satisfy Liens filed by the Internal Revenue Service pursuant to Section 6323 of the Code against any Securitization Entity.

"<u>Tax Opinion</u>" means an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters to be delivered in connection with the issuance of each new Series of<u>Additional</u> Notes to the effect that, for United States federal income tax purposes, (a) the issuance of such new Series of<u>Additional</u> Notes will not affect adversely the United States federal income tax characterization of any Series of Notes Outstanding or Class thereof that was (based upon an Opinion of Counsel) treated as debt at the time of their issuance, (b) except with respect to the International Franchisor, the SPV Canadian Holdco<u>, the International Franchisor (Michigan)</u> and any Additional Securitization Entity (including Additional Securitization Entities organized with the consent of the Control Party pursuant to <u>Section 8.34(b)</u> of the Base Indenture) that will be treated as a corporation for United States federal income tax purposes, each of the U.S. Co-Issuers, each other U.S. Securitization Entity and each other direct or indirect U.S. Subsidiary of the Master Issuer (i) will as of the date of issuance be treated as a disregarded entity and (ii) will not as of the date of issuance be classified as a corporation or as an association or publicly traded partnership taxable as a corporation and (c) such new Series of<u>Additional</u> Notes will as of the date of issuance be treated as debt.

"<u>Tax Payment Deficiency</u>" means any Tax liability of Holdco (including Taxes imposed under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local or foreign law)) attributable to the operations of the Securitization Entities or their direct or indirect Subsidiaries that cannot be satisfied by Holdco from its available funds.

"<u>Technology Assets</u>" means software assets used in the provision of technology- related services by Domino's to Franchisees (excluding the PULSE Assets); <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "Technology Assets" shall have the meaning set forth on Schedule I attached hereto. <u>The Technology Assets will be disposed of on the Series 2025-1 Closing Date.</u>

"<u>Technology Fees</u>" means all amounts owed by any Franchisee in connection with technology-related services provided by Domino's to such Franchisee.

"<u>Third-Party License Agreements</u>" means, collectively, any agreements (other than Franchise Arrangements) entered into by and between any Domino's Entity and any third party that is not a Domino's Entity pursuant to which such third party (a) is licensed to use any Domino's IP or (b) licenses any third-party Intellectual Property to a Domino's Entity; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "Third-Party License Agreements" shall have the meaning set forth on Schedule I attached hereto.

"<u>Third-Party License Fees</u>" means all amounts due to any Securitization Entity under or in connection with any Third-Party License Agreement.

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"<u>Third-Party Licensee</u>" means any party to a Third-Party License Agreement that is not a Domino's Entity.

"<u>Third-Party Matching Expenses</u>" means any amounts (i) collected by the Master Issuer or any of its direct or indirect Subsidiaries where such amounts are being collected by such entity on behalf of a third party (other than any other Domino's Entity) or (ii) collected by the Master Issuer or any of its direct or indirect Subsidiaries which are matched to a payable due to a third party (other than any other Domino's Entity).

"<u>Third-Party Supply Agreements</u>" means all contracts, accounts receivable, accounts payable and open purchase orders relating to the purchase of supplies from unaffiliated third parties for resale to Franchised Stores and Company-Owned Stores in the Domestic Territory and the International Territory; <u>provided</u> that, for purposes of any of the Contribution and Sale Agreements, "Third-Party Supply Agreements" shall have the meaning set forth on Schedule I attached hereto.

"<u>Trademarks</u>" means United States, state and non-U.S. trademarks, service marks, trade names, trade dress, designs, logos, slogans and other indicia of source or origin, whether registered or unregistered, registrations and pending applications to register the foregoing, and all goodwill of any business connected with the use of or symbolized thereby.

"<u>Trust Officer</u>" means any officer within the corporate trust department of the Trustee, including any Vice President, Assistant Vice President or Assistant Treasurer of the Corporate Trust Office, or any trust officer, or any officer customarily performing functions similar to those performed by the person who at the time will be such officers, in each case having direct responsibility for the administration of this Indenture, and also any officer to whom any corporate trust matter is referred because of his knowledge of and familiarity with a particular subject, or any successor thereto responsible for the administration of the Indenture.

"<u>Trustee</u>" means the party named as such in the Indenture until a successor replaces it in accordance with the applicable provisions of the Indenture and thereafter means the successor serving thereunder.

"<u>Trustee Accounts</u>" has the meaning set forth in <u>Section 5.8(a)</u> of the Base Indenture.

"<u>Trustee Fees</u>" means the fees payable by the Co-Issuers to the Trustee pursuant to the fee letter between the Co-Issuers and the Trustee and all expenses and indemnities payable by the Co-Issuers to the Trustee pursuant to the Indenture, including, without limitation, any expenses incurred by the Trustee in connection with any inspection pursuant to <u>Section 8.6</u> of the Base Indenture.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the specified jurisdiction or any applicable jurisdiction, as the case may be.

<u>"Uncertificated Note" means any Note issued in uncertificated, fully registered form evidenced by entry in the Note Register.</u>

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"<u>United States</u>" or "<u>U.S.</u>" means the United States of America, its fifty states and the District of Columbia.

"<u>Variable Funding Note Purchase Agreement</u>" means any note purchase agreement entered into by the Co-Issuers in connection with the issuance of Class A-1 Senior Notes that is identified as a "Variable Funding Note Purchase Agreement" in the applicable Series Supplement.

"<u>Venezuelan Royalties Concentration Account</u>" means the account maintained in the name of the Master Issuer or the International Franchisor and pledged to the Trustee into which the Manager causes Collections in the currency of Venezuela to be deposited or any successor account established for the Master Issuer or the International Franchisor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.1(b)</u> of the Base Indenture.

"<u>VFN Fee Letter</u>" has the meaning set forth in each applicable Variable Funding Note Purchase Agreement.

"<u>Weekly Advertising Fee Amount</u>" means, with respect to any Weekly Collection Period, an amount equal to the lesser of (i) the actual aggregate amount of Advertising Fees deposited in the Royalties Concentration Accounts during such Weekly Collection Period, as calculated by the Manager and set forth in each applicable Weekly Manager's Certificate and (ii) the actual amount of Collections on deposit in the Royalties Concentration Accounts on such day; provided that to the extent that the amount in clause (ii) above is less than the amount in clause (i) above the amount of any such difference (the "<u>Weekly Advertising Fee Deficiency Amount</u>") (or the portion thereof that has not been previously paid to the DNAF Account) will be added to the Weekly Advertising Fee Amount for each succeeding day until such Weekly Advertising Fee Deficiency Amount has been paid to the DNAF Account.

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"<u>Weekly Allocation Date</u>" means <u>(i)</u> the fifth Business Day following the last day of each Weekly Collection Period commencing on March 23, 2012.<u>or (ii) such earlier Business Day, occurring no earlier than the first Business Day following the last day of the related Weekly</u><u> </u><u>Collection Period, that has been designated as the weekly allocation date by the Manager, in its sole discretion with at least two (2) Business Days' prior written notice to the Trustee, in the related Weekly Manager's Certificate delivered by the Manager on or prior to 10:00 a.m. (New</u> <u>York City time) no later than the second (2nd) Business Day preceding such designated weekly</u> <u>allocation date; provided, that, in each case, there will be no more than a single Weekly Allocation Date for any calendar week.</u>

"<u>Weekly Collection Period</u>" means the period from and including each Monday and ending on and including the next succeeding Sunday.

"<u>Weekly Collections</u>" means all Collections received during any Weekly Collection Period.

<u>"Weekly FCF Distributions" means weekly distributions of Free Cash Flow from each</u><u> </u><u>Securitization Entity to its direct parent, other than from the Master Issuer to the SPV Guarantor or from</u> <u>any Supply Chain Holder or the Canadian Distributor to its direct parent.</u>

<u>"Weekly Management Fee" has the meaning set forth in the Management Agreement.</u>

<u>"Weekly Manager's Certificate" has the meaning specified in Section 4.1(a) of the Base</u><u> </u><u>Indenture.</u>

<u>"Weekly Supply Chain</u> <u>Profit Deficiency Amount" has the meaning set forth in the definition of "</u><u>Aggregate Weekly Supply Chain Profit Amount."</u>

"<u>Weekly</u> <u>Distribution</u><u>Supply Chain</u> <u>Services Reimbursement Amount</u>" means, with respect to any Weekly Collection Period, an amount equal to the smallest of (a) the aggregate amount of working capital expenses relating to the Distribution<u>Supply Chain</u> Services actually incurred by the Manager or the Canadian Manufacturer, as applicable, on or prior to the last day of such Weekly Collection Period for which the Manager or the Canadian Manufacturer, as applicable, is entitled to be reimbursed or paid in accordance with the Management Agreement and has not been previously reimbursed or paid; (b) the amount, if any, by which (i) $25,000,000 exceeds (ii) the aggregate amount of working capital expenses relating to the Distribution<u>Supply Chain</u> Services previously paid on each preceding Weekly Allocation Date that occurred in the Quarterly Collection Period in which such Weekly Allocation Date occurs; and (c) the amount, if any, by which (i) $50,000,000 exceeds (ii) the aggregate amount of working capital expenses relating to the Distribution<u>Supply Chain</u> Services previously paid on each preceding Weekly Allocation Date that occurred in the two-year period (measured from the Closing Date to the second anniversary thereof and from each such second anniversary thereof to the next succeeding bi-annual anniversary thereof) in which such Weekly Allocation Date occurs.<u>; provided, in each case, that the Weekly Supply Chain Services Reimbursement Agreement shall be zero unless the Manager or the Canadian Manufacturer, as applicable, elects in its sole discretion to be reimbursed in accordance with the Management Agreement and the foregoing.</u>

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"<u>Weekly Distributor Profit Amount</u>" means, with respect to any Monthly Distributor Profit Period, (a) on the fourth Weekly Allocation Date to occur in such Monthly Distributor Profit Period, an amount, not less than zero, equal to the lesser of (i) the sum of (A) the Estimated Weekly Distributor Profit Amount for the Weekly Collection Period immediately preceding such Weekly Allocation Date and (B) the Monthly Distributor Profit Adjustment Amount, if any, with respect to the immediately preceding Monthly Distributor Profit Period and (ii) the amount actually on deposit in the Distribution Concentration Accounts on such Weekly Allocation Date and (b) on each other Weekly Allocation Date to occur in such Monthly Distributor Profit Period, an amount equal to the lesser of (i) the Estimated Weekly Distributor Profit Amount for the Weekly Collection Period immediately preceding such Weekly Allocation Date and (ii) the amount actually on deposit in the Distribution Concentration Accounts on such Weekly Allocation Date; <u>provided</u> that to the extent that (1) the amount in <u>clause (a)(ii)</u> above is less than the amount in <u>clause (a)(i)</u> above or (2) the amount in <u>clause (b)(ii)</u> above is less than the amount in <u>clause (b)(i)</u> above for any Weekly Allocation Date, the amount of any such difference (the "<u>Weekly</u><u> </u><u>Distributor</u><u>Profit Deficiency Amount</u>") (or the portion thereof that has not been previously allocated to the Collection Account) will be added to the Weekly Distributor Profit Amount for each succeeding Weekly Allocation Date until the Weekly Distributor Profit Deficiency Amount has been allocated to the Collection Account.

"<u>Weekly Distributor</u><u> </u><u>Profit Deficiency Amount</u><u>" has the meaning set forth in the definition of "</u>Weekly Distributor Profit Amount."

"<u>Weekly Equipment Purchasing Reimbursement Amount</u>" means, with respect to any Weekly Collection Period, any operating expenses relating to the Equipment Purchasing Services actually incurred by the Manager during such Weekly Collection Period for which the Manager is entitled to be reimbursed or paid in accordance with the Management Agreement.

"<u>Weekly FCF Distributions</u>" means weekly distributions of Free Cash Flow from each Securitization Entity to its direct parent, other than from the Master Issuer to the SPV Guarantor or from the Domestic Distributor or the Canadian Distributor to its direct parent.

"<u>Weekly Management Fee</u>" has the meaning set forth in the Management Agreement.

"<u>Weekly Manager's Certificate</u>" has the meaning specified in <u>Section 4.1(a)</u> of the Base Indenture.

"<u>Welfare Plan</u>" means a "welfare plan" as such term is defined in Section 3(1) of ERISA.

"<u>Workout Fees</u>" has the meaning set forth in the Servicing Agreement.

"<u>written</u>" or "<u>in writing</u>" means any form of written communication, including, without limitation, by means of telex, telecopier device, telegraph or cable.

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**<u>SCHEDULE I</u>**

<u>SELECT DEFINITIONS FROM THE 2007 BASE INDENTURE</u> 

*The definitions set forth on this Schedule I are derived from the 2007 Base Indenture<u>, and amended to the extent required to conform to any subsequent amendments to the Indenture</u>. These select definitions are intended to set forth the meanings of capitalized terms that are used but not defined in the Contribution and Sale Agreements and are attached to Annex A as a matter of convenience.* 

"<u>After-Acquired IP Assets</u>" means any Intellectual Property created, developed or acquired after the Initial Closing Date by or on behalf of, and owned by, the IP Holder or any Additional IP Holder, including, without limitation, all Future Brand IP.

"<u>After-Acquired Overseas IP</u>" means any Know-How specific to the operation of Stores and the Franchise Arrangements in the Excluded Countries (but not including any <u>PULSE Assets, Technology Assets,</u> Patents, Copyrights or Trademarks or any Intellectual Property that is derivative of the Securitization IP) created, developed or acquired by or on behalf of the Overseas Entities after the Initial<u>Series 2007-1</u> Closing Date <u>(but prior to the Series</u> <u>2012-Closing Date)</u> and owned by any of the Overseas Entities in accordance with the terms of the Overseas IP Holder Asset Sale and IP License Agreement.

"<u>Contributed Third-Party Supply Agreements</u>" means each Existing Third-Party Supply Agreement contributed on the Initial Closing Date by Domino's International to the SPV Guarantor listed on Schedule 4.1(i)(x)(1) to the Domino's International Contribution Agreement.

"<u>Domestic Franchise Arrangements</u>" means, depending on the context in which it is used, the Existing Domestic Franchise Arrangements and the New Domestic Franchise Arrangements or the rights and obligations of the applicable franchisor under each such agreement.

"<u>Domino's IP</u>" means, collectively, the Securitization IP, the Overseas IP and the After-Acquired Overseas IP.

"<u>Excluded Countries</u>" means, collectively, any country or territory other than the Domestic Territory or an Included Country.

"<u>Existing Canadian Requirements Agreements</u>" means any requirements and profit sharing agreement (including any open purchase orders) entered into by a Franchisee or any other Person, and which is listed on Schedule 4.1(i)(i)(1) to the Canadian Distribution Assets Sale Agreement pursuant to which such Franchisee or such other Person purchases Products from, prior to the Initial Closing Date, any Domino's Entity and, after the Initial Closing Date, any Distributor<u>Supply Chain Holder</u>; provided, however, that no Existing Requirements Agreement shall be deemed to be an Existing Canadian Requirements Agreement.

"<u>Existing Canadian Third-Party Supply Agreements</u>" means any supply agreement (including any open purchase orders) between any Domino's Entity and any third party that is not a Domino's Entity, and which is listed on Schedule 4.1(i)(i)(2) to the Canadian Distribution Assets Sale Agreement pursuant to which such third party supplies Products for sale to Franchisees, owners of Company-Owned Stores and other Persons; provided, however, that no Existing Third-Party Supply Agreement shall be deemed to be an Existing Canadian Third-Party Supply Agreement.

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"<u>Existing Domestic</u> <u>Distribution</u><u>Supply Chain</u> <u>Agreements</u>" means, collectively, the Existing Third-Party Supply Agreements, the Existing Requirements Agreements and the Company- Owned<u>Company-Owned</u> Stores Requirements Agreement.

"<u>Existing Domestic Franchise Arrangements</u>" means, depending on the context in which it is used, each franchise agreement, development agreement, license agreement, area agreement or similar agreement (together with any Franchisee Promissory Note in respect of any such agreement) pursuant to which a Franchisee operates a Store in the Domestic Territory or is given the right to sub-franchise or develop and operate one or more Stores of the Domino's Brand in a specific geographic area within the Domestic Territory, and which is listed on Schedule 4.1(i)(i)(1) to the Domino's International Contribution and Sale Agreement or the rights and obligations of the Master Issuer under each such agreement.

"<u>Existing Franchise Arrangements</u>" means, collectively, the Existing Domestic Franchise Arrangements and the Existing International Franchise Arrangements.

"<u>Existing International Franchise Agreement</u>" means, depending on the context in which it is used, each franchise agreement, development agreement, license agreement, area agreement or similar agreement and any related know-how transfer, technical assistance and management agreements pursuant to which a Franchisee operates a Store in any Included Country, and which is listed on Schedule 4.1(i)(i)(2) of the Domino's International Contribution and Sale Agreement or the rights and obligations of the International Franchisor under each such agreement.

"<u>Existing International Franchise Arrangements</u>" means, depending on the context in which it is used, the Existing International Franchise Agreements and the Existing International Master Franchise Agreements or the rights and obligations of the International Franchisor under each such agreement.

"<u>Existing International Master Franchise Agreement</u>" means, depending on the context in which it is used, each master franchise agreement or area development agreement and any related know-how transfer, technical assistance and management agreements pursuant to which a Franchisee is given the right to sub-franchise or develop and operate one or more Stores of the Domino's Brand in a specific geographic area within any Included Country, and which is listed on Schedule 4.1(i)(i)(2) of the Domino's International Contribution and Sale Agreement or the rights and obligations of the International Franchisor under each such agreement.

"<u>Existing Overseas Franchise Agreement</u>" means, depending on the context in which it is used, each franchise agreement, development agreement, license agreement, area agreement or similar agreement pursuant to which a Franchisee operates a Store in any Excluded Country, and which is listed on Schedule 1.1 of the Overseas IP Holder Asset Sale and IP License Agreement or the rights and obligations of the Overseas Franchisor under each such agreement.

"<u>Existing Overseas Franchise Arrangements</u>" means, depending on the context in which it is used, the Existing Overseas Franchise Agreements and the Existing Overseas Master Franchise Agreements or the rights and obligations of the Overseas Franchisor under each such agreement.

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"<u>Existing Overseas Master Franchise Agreement</u>" means, depending on the context in which it is used, each master franchise agreement, development agreement, license agreement, area agreement or similar agreement pursuant to which a Franchisee is given the right to sub-franchise or develop and operate one or more Stores in a specific geographic area within any Excluded Country, and which is listed on Schedule 1.1 of the Overseas IP Holder Asset Sale and IP License Agreement or the rights and obligations of the Overseas Franchisor under each such master franchise agreement, development agreement, license agreement, area agreement or similar agreement.

"<u>Existing Requirements Agreements</u>" means any requirements and profit sharing agreement (including any open purchase orders) entered into by a Franchisee, an owner of a Company-Owned Store or any other Person, and which is listed on Schedule 4.1(i)(xi)(1) to the Domino's International Contribution and Sale Agreement pursuant to which such Franchisee, owner of a Company-Owned Store or such other Person purchases Products from, prior to the Initial Closing Date, any Domino's Entity, and, after the Initial Closing Date, any Distributor<u>Supply Chain Holder</u>; provided, however, that no Existing Canadian Requirements Agreement shall be deemed to be an Existing Requirements Agreement.

"<u>Existing Third-Party License Agreements</u>" means any agreement entered into by and between any Domino's Entity and any third party that is not a Domino's Entity, and which is listed on the applicable schedule to the applicable Contribution and Sale Agreement pursuant to which such third party (a) is licensed to use any Domino's IP or (b) licenses any third-party Intellectual Property to a Domino's Entity.

"<u>Existing Third-Party Supply Agreements</u>" means any supply agreement (including any open purchase orders) between any Domino's Entity and any third party that is not a Domino's Entity, and which is listed on Schedule 4.1(i)(x)(1) to the Domino's International Contribution and Sale Agreement pursuant to which such third party supplies Products for sale to Franchisees, owners of Company-Owned Stores and other Persons; provided, however, that no Existing Canadian Third-Party Supply Agreement shall be deemed to be an Existing Third-Party Supply Agreement.

"<u>Future Brand</u>" means any brand other than the Domino's Brand under which any Domino's Entity sells or offers for sale any goods or services, or otherwise conducts business anywhere in the Domestic Territory or the Included Countries.

"<u>Initial Closing Date</u>" means April 16, 2007.

"<u>International Franchise Arrangements</u>" means, depending on the context in which it is used, the Existing International Franchise Arrangements and the New International Franchise Arrangements or the rights and obligations of the International Franchisor under each such agreement.

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"<u>International Franchisee PULSE Agreements</u>" means any agreement entered into by a Franchisee, and which is listed on Schedule 1.1(b) to the DPL Contribution and Sale Agreement pursuant to which such Franchisee licenses PULSE Assets from the Distributor.

"<u>International Franchisor Interests</u>" means all of any Former Transferor's or the Master Issuer's, as the case may be, ownership interest in the International Franchisor, which constitutes 100% of the issued and outstanding Equity Interests of the International Franchisor.

"<u>IP Holder Interests</u>" means all of any Former Transferor's or the Master Issuer's, as the case may be, ownership interest in the IP Holder, which constitutes 100% of the issued and outstanding Equity Interests of the IP Holder.

"<u>New Domestic Franchise Arrangements</u>" means, depending on the context in which it is used, each new franchise agreement, development agreement, license agreement, area agreement or similar agreement (together with any Franchisee Promissory Notes issued in respect of any such agreement) entered into by the Domestic Franchisor after the Initial Closing Date pursuant to which a master franchisor or area developer is given the right to franchise or a Franchisee is given the right to operate a Store(s) in the Domestic Territory or the rights and obligations of the Domestic Franchisor under each such agreement.

"<u>New Franchise Arrangements</u>" means, collectively, the New Domestic Franchise Arrangements and the New International Franchise Arrangements.

"<u>New International Franchise Arrangements</u>" means, depending on the context in which it is used, each new master franchise agreement, area development agreement, store franchise agreement or similar agreement (together with any Franchisee Promissory Notes issued in respect of any such agreement) entered into by the International Franchisor after the Initial Closing Date pursuant to which a master franchisor or area developer is given the right to franchise or a Franchisee is given the right to operate a Store(s) in an Included Country or the rights and obligations of the International Franchisor under each such agreement.

"<u>New Overseas Franchise Arrangements</u>" means, depending on the context in which it is used, each new master franchise agreement, area development agreement, store franchise agreement or similar agreement entered into by the Overseas Franchisor after the Initial Closing Date pursuant to which a master franchisor or area developer is given the right to franchise or a Franchisee is given the right to operate a Store(s) in an Excluded Country or the rights and obligations of the Overseas Franchisor under each such agreement.

"<u>New Requirements Agreements</u>" means, collectively, any requirements or rebate agreements (including any purchase orders) entered into after the Initial Closing Date by a Franchisee, an owner of a Company-Owned Store or any other Person pursuant to which such Franchisee, owner of a Company-Owned Store or such other Person purchases Products from any Distributor<u>Supply Chain Holder</u>.

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"<u>New Third-Party License Agreements</u>" means, collectively, any agreements entered into after the Initial Closing Date by and between any Domino's Entity and any third party that is not a Domino's Entity pursuant to which such third party (a) is licensed to use any Domino's IP or (b) licenses any third-party Intellectual Property to a Domino's Entity.

"<u>New Third-Party Supply Agreements</u>" means, collectively, any agreements (including any purchase orders) entered into after the Initial Closing Date between any Distributor<u>Supply Chain Holder</u> and any third party that is not a Domino's Entity pursuant to which such third party supplies Products for sale to Franchisees, owners of Company-Owned Stores or any other Person for the account of such Distributor<u>Supply Chain Holder</u>.

"<u>Overseas Franchise Arrangement</u>" means, depending on the context in which it is used, the Existing Overseas Franchise Arrangements and the New Overseas Franchise Arrangements or the rights and obligations of the Overseas Franchisor under each such agreement.

"<u>Overseas IP</u>" means the Know-How specific to the operation of Stores and Franchise Arrangements in the Excluded Countries (but not including any Patents, Copyrights or Trademarks) licensed to the Overseas IP Holder pursuant to the Overseas IP Holder Asset Sale and IP License Agreement. For the avoidance of doubt, the Overseas IP does not include any After-Acquired Overseas IP.

"<u>Overseas Payments</u>" means any amounts payable under the Overseas IP Holder License Agreement or the Overseas IP Holder Asset Sale and IP License Agreement.

"<u>Securitization IP</u>" means all of the IP Holder's right, title and interest in and to all Intellectual Property used in connection with the sale or offering for sale of goods or services under the Domino's Brand and any Future Brand including, without limitation, all After-Acquired IP Assets and the right to bring an action at law or in equity for any infringement, dilution, or violation of, and to collect all damages, settlement and proceeds relating to, any of the foregoing; provided, however, that the Securitization IP shall not include (i) the Overseas IP, (ii) After-Acquired Overseas IP or (iii) any third-party Intellectual Property except (x) as expressly included in the Securitization IP pursuant to the applicable Pre-Securitization Contribution and Sale Agreements, and the Domino's International Contribution and Sale Agreement and (y) as included in any After-Acquired IP Assets.

"<u>Securitization IP License Agreements</u>" means, collectively, the Master Issuer IP License Agreement, the International Franchisor IP License Agreement, the Domestic Franchisor IP License Agreement, the Domestic Distributor<u>Supply Chain Holder</u> IP License Agreement, the Canadian Distributor IP License Agreement and any similar agreement entered into after the Initial Closing Date with respect to the Domino's Brand or any Future Brand.

"<u>Technology Assets</u>" means software assets used in the provision of technology- related services by Domino's to Franchisees.

"<u>Third-Party Supply Agreements</u>" means, collectively, all Existing Third-Party Supply Agreements, all New Third-Party Supply Agreements and all Existing Canadian Third- Party Supply Agreements.

------

**<u>Exhibit A</u>**

Form of Weekly Manager's Certificate

*[Updated version on file with the Master Issuer.]* 

------

**<u>Exhibit B-1</u>**

Form of Quarterly Manager's Certificate

*[Updated version on file with the Master Issuer.]* 

B-1-1

------

**<u>Exhibit B-2</u>**

Form of Quarterly Noteholders' Statement

*[Updated version on file with the Master Issuer.]* 

B-2-1

------

**<u>Exhibit C-2</u>**

Form of Monthly Supply Chain Profit Certificate (Canadian Distributor)

*[Updated version on file with the Master Issuer.]* 

C-2-1

------

**<u>Exhibit F</u>**

Form of Permitted Recipient Certification

Citibank, N.A., as Trustee

388 Greenwich St.

New York, NY 10013

Attention: Agency & Trust - Domino's Pizza Master Issuer LLC

Email: Esotericabs@citi.com and CST@citi.com or call (888) 855-9695 to obtain Citibank, N.A. account manager's email address

Pursuant to <u>Section 4.4</u> of the Amended and Restated Base Indenture, dated as of March 15, 2012, by and among Domino's Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), Domino's IP Holder LLC, a Delaware limited liability company (the "<u>IP Holder</u>"), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Holder</u>"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "<u>PFS Domestic Supply Chain Holder</u>"), and Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>SPV Canadian Holdco</u>" and together with the Master Issuer, the IP Holder, the PFS Domestic Supply Chain Holder and the Domestic Supply Chain Holder, the "<u>Co-Issuers</u>") and Citibank, N.A., as Trustee and Securities Intermediary (the "<u>Trustee</u>") (the "<u>2012 Base Indenture</u>"), as amended by the First Supplement thereto, dated as of September 16, 2013 (the "<u>First Supplement</u>"), the Second Supplement thereto, dated as of October 21, 2015 (the "<u>Second Supplement</u>"), the Third Supplement thereto, dated as of October 21, 2015 (the "<u>Third Supplement</u>"), the Fourth Supplement thereto, dated as of July 24, 2017 (the "<u>Fourth Supplement</u>"), the Fifth Supplement thereto, dated as of November 21, 2018 (the "<u>Fifth Supplement</u>"), the Sixth Supplement thereto, dated as of April 16, 2021 (the "<u>Sixth Supplement</u>"), the Seventh Supplement thereto, dated as of December 30, 2021 (the "<u>Seventh Supplement</u>"), the Eighth Supplement thereto, dated as of September 16, 2022 and the Ninth Supplement thereto, dated as of September 5, 2025, and the 2012 Base Indenture, as so amended, the "<u>Base Indenture</u>"), as supplemented by each Series Supplement thereto (each as amended, amended and restated, supplemented or otherwise modified from time to time, a "<u>Series Supplement</u>"), by and among the Co-Issuers and the Trustee, the undersigned hereby certifies and agrees to the following conditions. Capitalized terms used herein but not otherwise defined herein shall have the respective meanings ascribed thereto in <u>Annex A</u> to the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is a [Noteholder][Note Owner][prospective investor] of Series [ ] [[ ]% Fixed Rate Senior Secured Notes][Variable Funding Senior Secured Notes], Class [ ] (the "<u>Notes</u>")[third-party investor diligence provider][third-party service provider].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In the case that the undersigned is a Note Owner, the undersigned is a beneficial owner of Notes. In the case that the undersigned is a prospective investor, the undersigned has been designated by a Noteholder or a Note Owner as a prospective transferee of Notes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The undersigned is requesting all information and copies of all documents that the Trustee is required to deliver to such Noteholder, Note Owner, prospective investor, or is otherwise a Permitted Recipient, as the case may be, pursuant to <u>Section 4.4</u> of the Base Indenture. In the case that the undersigned is a Noteholder or a Note Owner, pursuant to <u>Section 4.4</u> of the Base Indenture, the undersigned is also requesting access for the undersigned to the password-protected area of the Trustee's website at www.sf.citidirect.com (or such other address as the Trustee may specify from time to time) relating to the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The undersigned is requesting such information solely for use in [evaluating the undersigned's investment or potential investment, as applicable, in the Notes (or is otherwise a Permitted Recipient)][its capacity as a third-party investor diligence provider] [its capacity as a third-party service provider].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The undersigned is not a Competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The undersigned understands that [the documents it has requested][and][the Trustee's website] contains confidential information, and may contain material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In consideration of the Trustee's disclosure to the undersigned, the undersigned will keep the information strictly confidential, and such information will not be disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives in any manner whatsoever, without the prior written consent of the Trustee or used for any purpose other than evaluating the undersigned's investment or possible investment in the Notes; provided, however, that the undersigned shall be permitted to disclose such information to: (A) to (1) those personnel employed by it who need to know such information which have agreed to keep such information confidential and to treat the information as confidential information, (2) its attorneys and outside auditors which have agreed to keep such information confidential and to treat the information as confidential information, or (3) a regulatory or self-regulatory authority pursuant to applicable Requirements of Law or (B) by judicial process; provided, that it may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions and any related tax strategies to the extent necessary to prevent the transaction from being described as a "confidential transaction" under U.S. Treasury regulation Section 1.6011-4(b)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The undersigned will not use or disclose the information in any manner which could result in a violation of any provision of the 1933 Act or the Exchange Act or would require registration of any non-registered security pursuant to the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The undersigned acknowledges and agrees that each time it accesses any of the items requested or other information through the Trustee's website or via Bloomberg, Intex or any other third-party investor diligence or service provider, the undersigned will be deemed to have confirmed the representations and certifications included in this certification as of the date thereof.

------

IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized officer.

[Name of [Noteholder][Note Owner][prospective investor][third-party investor diligence provider][third-party service provider]]

---

| | | | |
|:---|:---|:---|:---|
| By: |  |  | Date: |
|  | Name: |  |  |
|  |  | Title: |  |

---

------

**<u>Exhibit P</u>**

FORM OF CCR NOMINATION NOTICE

CITIBANK, N.A.

DOMINO'S PIZZA MASTER ISSUER LLC

NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT NOTES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER.

Notice Date:

Notice Record Date:

Responses due by: 5:00 p.m. (New York City time) on [insert date five (5) Business Days after the date of this notice]

Re: <u>Nomination for Controlling Class Representative</u>

To Controlling Class Members described below<sup>1</sup>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Class | CUSIP |

---

Dear Noteholder:

Reference is hereby made to the Amended and Restated Base Indenture, dated as of March 15, 2012, by and among Domino's Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), Domino's IP Holder LLC, a Delaware limited liability company (the "<u>IP Holder</u>"), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Holder</u>"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "<u>PFS Domestic Supply Chain Holder</u>"), and Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>SPV Canadian Holdco</u>" and together with the Master Issuer, the IP Holder, the PFS Domestic Supply Chain Holder and the Domestic Supply Chain Holder, the "<u>Co-Issuers</u>") and Citibank, N.A., as Trustee and Securities Intermediary (the "<u>Trustee</u>") (the "<u>2012 Base Indenture</u>"), as amended by the First Supplement thereto, dated as of September 16, 2013 (the "<u>First Supplement</u>"), the Second Supplement thereto, dated as of October 21, 2015

<sup>1</sup> No representation is made as to the correctness or accuracy of the CUSIP numbers either as printed on the Notes or as contained in this Notice. Such numbers are included solely for the convenience of the Holders.

------

(the "<u>Second Supplement</u>"), the Third Supplement thereto, dated as of October 21, 2015 (the "<u>Third Supplement</u>"), the Fourth Supplement thereto, dated as of July 24, 2017 (the "<u>Fourth Supplement</u>"), the Fifth Supplement thereto, dated as of November 21, 2018 (the "<u>Fifth Supplement</u>"), the Sixth Supplement thereto, dated as of April 16, 2021 (the "<u>Sixth Supplement</u>"), the Seventh Supplement thereto, dated as of December 30, 2021 (the "<u>Seventh Supplement</u>"), the Eighth Supplement thereto, dated as of September 16, 2022 and the Ninth Supplement thereto, dated as of September 5, 2025, and the 2012 Base Indenture, as so amended, the "<u>Base Indenture</u>"), as supplemented by each Series Supplement thereto (each as amended, amended and restated, supplemented or otherwise modified from time to time, a "<u>Series Supplement</u>"), by and among the Co-Issuers and the Trustee. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings assigned to such terms in the Base Indenture and the Series Supplements, as applicable.

Pursuant to <u>Section 11.1(a)</u> of the Base Indenture, you are hereby notified that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There will be an election for a Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [The Existing CCR will automatically be listed as a nominee, unless such Existing CCR notifies the Trustee
during the CCR Nomination Period that it does not wish to continue as Controlling Class
Representative.]<sup><u>2</u></sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If you wish to make a nomination, please do so by submitting a completed nomination form in the form of <u>Exhibit Q</u> to the Base Indenture by [insert date five (5) Business Days after the date of this notice]<sup>3</sup> in pdf format by email to the below address:

Email: Esotericabs@citi.com or call

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888) 855-9695 to obtain Citibank, N.A.

account manager's email address

For assistance in completing the nomination form, please reference Frequently Asked Questions: CCR Nominations, which is attached as <u>Annex I</u> hereto.

Each CCR nomination shall become irrevocable upon receipt by the Trustee of a valid and complete CCR Nomination.

This Notice shall be construed in accordance with, and this Notice and any matters arising out of or relating in any way whatsoever to this Notice (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York.

**[Signature Page Follows]** 

<sup>2</sup> To be included if there is an Existing CCR.

<sup>3</sup> See Section 11(a) of the Base Indenture.

------

---

| | |
|:---|:---|
| Very truly yours,<br>CITIBANK, N.A., as Trustee | Very truly yours,<br>CITIBANK, N.A., as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

cc: Domino's Pizza Master Issuer LLC

<u>Domino's Pizza LLC</u>, as Manager

------

**<u>ANNEX I to EXHIBIT P</u>** 

**<u>FREQUENTLY ASKED QUESTIONS: CCR NOMINATIONS</u>**

---

| | |
|:---|:---|
| **Q1:** | **Are originals of the CCR Nominations required?**  |

---

A1: No, original copies of the CCR Nominations are not required.

---

| | |
|:---|:---|
| **Q2:** | **Are PDF copies of the CCR Nominations acceptable? If so, what time are they due on the due date?**  |

---

A2: Yes, PDF copies of the CCR Nominations are acceptable. Please email a PDF copy of the completed CCR Nomination to Esotericabs@citi.com by 5:00 p.m. (Eastern) on the date indicated in the CCR Nomination Notice.

---

| | |
|:---|:---|
| **Q3:** | **Is a notarization required for a CCR Nomination?**  |

---

A3: No, the CCR Nomination is not required to be notarized.

---

| | |
|:---|:---|
| **Q4:** | **Is a medallion stamp required for a CCR Nomination?**  |

---

A4: No, the CCR Nomination is not required to be medallion stamped.

---

| | |
|:---|:---|
| **Q5:** | **Will an e-signature be accepted on a CCR Nomination?**  |

---

A5: Yes, the CCR Nomination may be executed with an e-signature.

---

| | |
|:---|:---|
| **Q6:** | **Do we need to list the name of the Beneficial Owner on the CCR Nomination?**  |

---

A6: Yes, please indicate the name of the Beneficial Owner on the line next to "Nominee:" on the CCR Nomination. It is not sufficient for the manager or adviser of the Beneficial Owner to be indicated as the Beneficial Owner.

---

| | |
|:---|:---|
| **Q7:** | **Do we need to list the CCR Candidate's position on the CCR Nomination?**  |

---

---

| | |
|:---|:---|
| A7: | Yes, in completing a CCR Nomination, the Controlling Class Member (or its DTC custodian on its behalf) shall indicate the full Outstanding Principal Amount (or, with respect to Class A-1 Senior Notes, the Class A-1 Senior Notes Voting Amount) of Notes of the Controlling Class specified in the CCR Nomination.  |

---

---

| | |
|:---|:---|
| **Q8:** | **Is a custodian permitted to complete and execute the CCR Nomination on behalf of the Beneficial Owner?**  |

---

---

| | |
|:---|:---|
| A8: | Yes, a custodian of a Beneficial Owner of a book-entry position is permitted to complete and execute the CCR Nomination on behalf of the Beneficial Owner. However, if a custodian is completing the CCR Nomination on behalf of the Beneficial Owner, the custodian is required to indicate the name of the Beneficial Owner on the CCR Nomination and the CCR Nomination shall be invalid without this information.  |

---

------

---

| | |
|:---|:---|
| **Q9:** | **May a CCR Nomination be withdrawn after being submitted?**  |

---

---

| | |
|:---|:---|
| A9: | No, a valid and complete CCR Nomination may not be withdrawn upon receipt by the Trustee. In completing the CCR Nomination, the Controlling Class Member will be required to certify that they have consulted with their nominee and that their nominee has confirmed that they are either a Controlling Class Member or an Eligible Third-Party Candidate and, if elected, are willing to serve as Controlling Class Representative.  |

---

------

**<u>Exhibit Q</u>**

FORM OF NOMINATION FOR

CONTROLLING CLASS REPRESENTATIVE

Date: [Insert date that is five (5) Business Days from the date of the CCR Nomination Notice]

I hereby submit the following nomination for election as the Controlling Class Representative:

Nominee:

By my signature below, I, (please print name)<u> </u> hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As of CCR Nomination Record Date1, I was the (please check one):

☐ Note Owner<sup>2</sup> (Beneficial Owner:)

or

☐ Noteholder<sup>3</sup> (Beneficial Owner:)

or ☐ The DTC custodian (Bank:<u> </u>; DTC number:) of the

☐ Noteholder (Beneficial Owner:<u> </u>)

☐ Note Owner (Beneficial Owner:<u> </u>)

of the (please check one)

---

| | |
|:---|:---|
| ☐ CUSIP Information: | Outstanding Principal Amount of Notes: |
|  | $|

---

<sup>1</sup> The CCR Nomination Record Date shall be the date that is not more than ten (10) Business Days prior to the date of the CCR Nomination Notice.

<sup>2</sup> For your reference, "Note Owner" is defined as "with respect to 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)." 

<sup>3</sup> For your reference, "Noteholder" is defined as "the Person in whose name a Note is registered in the Note Register."

------

---

| | |
|:---|:---|
| ☐ Original Face Amount: | Class A-1 Senior Notes Voting Amount:<sup>4</sup> |
|  | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The candidate that I nominated above for election as Controlling Class Representative is (please check one):

☐ a Controlling Class Member

or

☐ Eligible Third-Party Candidate<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) I have consulted with the candidate I nominated in certification (2) above (the "<u>Nominee</u>") and that the Nominee has confirmed that it is either a Controlling Class Member or an Eligible Third-Party Candidate and, if elected, is willing to serve as Controlling Class Representative.

Contact Information for candidate nominated (it being acknowledged that such contact information will be posted on the Trustee's internet website):

Name of contact: [ ]

Email address of contact: [ ]

Phone number of contact: [ ]

PLEASE NOTE THAT ANY CCR NOMINATION WILL BE IRREVOCABLE UPON RECEIPT BY THE TRUSTEE OF A VALID AND COMPLETE CCR NOMINATION.

**[Signature Page Follows]** 

<sup>4</sup> In the case of Class A-1 Senior Notes. For your reference, the Class A-1 Senior Notes Voting Amount is, with respect to any Series of Class A-1 Senior Notes, the greater of (1) the Class A-1 Senior Notes Maximum Principal Amount for such Series (after giving effect to any cancelled commitments) and (2) the Outstanding Principal Amount of Class A-1 Senior Notes for such Series. 

<sup>5</sup> For your reference, an "Eligible Third-Party Candidate" is a candidate that is able to certify that (i) it is an established enterprise in the business of providing credit support, governance or other advisory services to holders of notes similar to the Notes issued by the Co-Issuers and (ii) it is not (w) a Competitor, (x) a Franchisee, (y) any of the certain disqualified Persons identified by the Manager to the Trustee on or before the Series 2025-1 Springing Amendments Implementation Date or (z) formed solely to act as the Controlling Class Representative. 

------

---

| | |
|:---|:---|
| By: |  |
|  | Name: |

---

Date submitted:<u> </u>

------

**<u>Exhibit R</u>**

FORM OF CCR BALLOT FOR

CONTROLLING CLASS REPRESENTATIVE

CITIBANK, N.A.

DOMINO'S PIZZA MASTER ISSUER LLC BALLOT FOR CONTROLLING CLASS REPRESENTATIVE

NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT NOTES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER.

Notice Date:

Notice Record Date:

Responses due by: 5:00 p.m. (New York City time) on [insert date five (5) Business Days after the date of this notice]1

Re: Election for Controlling Class Representative

To Controlling Class Members described below<sup>2</sup>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Class | CUSIP |

---

Dear Noteholder:

Reference is hereby made to the Amended and Restated Base Indenture, dated as of March 15, 2012, by and among Domino's Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), Domino's IP Holder LLC, a Delaware limited liability company (the "<u>IP Holder</u>"), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Holder</u>"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "<u>PFS Domestic Supply Chain Holder</u>"), and Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>SPV Canadian Holdco</u>" and together with the Master Issuer, the IP Holder, PFS Domestic Supply Chain Holder and the Domestic Supply Chain Holder, the "<u>Co-Issuers</u>")

<sup>1</sup> See Section 11.1(b) of the Base Indenture.

<sup>2</sup> No representation is made as to the correctness or accuracy of the CUSIP numbers either as printed on the Notes or as contained in this Notice. Such numbers are included solely for the convenience of the Holders.

------

and Citibank, N.A., as Trustee and Securities Intermediary (the "<u>Trustee</u>") (the "<u>2012 Base Indenture</u>"), as amended by the First Supplement thereto, dated as of September 16, 2013 (the "<u>First Supplement</u>"), the Second Supplement thereto, dated as of October 21, 2015 (the "<u>Second Supplement</u>"), the Third Supplement thereto, dated as of October 21, 2015 (the "<u>Third Supplement</u>"), the Fourth Supplement thereto, dated as of July 24, 2017 (the "<u>Fourth Supplement</u>"), the Fifth Supplement thereto, dated as of November 21, 2018 (the "<u>Fifth Supplement</u>"), the Sixth Supplement thereto, dated as of April 16, 2021 (the "<u>Sixth Supplement</u>"), the Seventh Supplement thereto, dated as of December 30, 2021 (the "<u>Seventh Supplement</u>"), the Eighth Supplement thereto, dated as of September 16, 2022 and the Ninth Supplement thereto, dated as of September 5, 2025, and the 2012 Base Indenture, as so amended, the "<u>Base Indenture</u>"), as supplemented by each Series Supplement thereto (each as amended, amended and restated, supplemented or otherwise modified from time to time, a "<u>Series Supplement</u>"), by and among the Co-Issuers and the Trustee. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings assigned to such terms in the Base Indenture and the Series Supplements, as applicable.

Pursuant to Section 11.1(b) of the Base Indenture, please indicate your vote by submitting the attached <u>Annex I</u> with respect to your vote for Controlling Class Representative within [insert date five (5) Business Days after the date of this notice] (the "<u>CCR Election Period</u>") to my attention by email to Esotericabs@citi.com or call the customer service desk at (888) 855-9695 to obtain Citibank, N.A. account manager's email address.

For assistance in completing the CCR ballot, please reference Frequently Asked Questions: CCR Elections, which is attached as <u>Annex II</u> hereto.

This Notice shall be construed in accordance with, and this Notice and any matters arising out of or relating in any way whatsoever to this Notice (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York.

---

| | |
|:---|:---|
| Very truly yours,<br>CITIBANK, N.A., as Trustee | Very truly yours,<br>CITIBANK, N.A., as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

cc: Domino's Pizza Master Issuer LLC

Domino's Pizza LLC, as Manager

------

ANNEX I to EXHIBIT R

**BALLOT FOR** 

**CONTROLLING CLASS REPRESENTATIVE** 

**DOMINO'S PIZZA MASTER ISSUER LLC** 

**Notice Date:** 

**Responses Due By:<sup>3</sup>** 

Please indicate your vote by checking the "Yes" or "No" box next to each candidate. You may only select "Yes" below for a single candidate.

The election outcome will be determined in accordance with Section 11.1(c) of the Base Indenture.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Yes** | **No** | **Nominee** | **All Book-Entry Notes:<br>List CUSIP and<br>Outstanding Principal<br>Amount of the<br>Controlling Class<br>Member submitting this<br>CCR Ballot** | **All Definitive Notes or<br>Class A-1 Senior Notes:<br>List Outstanding<br>Principal Amount or<br>Class A-1 Senior Notes<br>Voting Amount, as<br>applicable, of the<br>Controlling Class<br>Member submitting this<br>CCR Ballot** |
|  ☐ | ☐ | [Nominee 1] |  |  |
|  ☐ | ☐ | [Nominee 2] |  |  |
|  ☐ | ☐ | [Nominee 3] |  |  |
|  ☐ | ☐ | [Existing CCR, if any] |  |  |

---

Please check one (if applicable):

☐ The beneficial owner of a book-entry position is completing this and the beneficial owner's DTC custodian's information below. (To avoid duplication of your vote, please do not respond additionally via your custodian.)

Bank: DTC #<u> </u>

☐ The DTC custodian of a beneficial owner of a book-entry position is completing this and the DTC custodian's information is below.

DTC #<u> </u> Beneficial Owner:<u> </u>

<sup>3</sup> Insert date that is five (5) Business Days of the date of the CCR Ballot.

------

By my signature below, I, (please print name) , hereby certify that as of the date hereof I am:

☐ an owner or beneficial owner

☐ a custodian on behalf of the owner or beneficial owner

of the

☐ Outstanding Principal Amount of Notes<sup>4</sup>

☐ Class A-1 Senior Notes Voting Amount<sup>5</sup>

of the Controlling Class indicated above.

PLEASE NOTE THAT ANY CCR BALLOT WILL BE IRREVOCABLE UPON RECEIPT BY THE TRUSTEE.

**[Signature Page Follows]** 

By:

Name:

 <br> Date submitted:

[add medallion/notary block]

<sup>4</sup> For your reference, the "Outstanding Principal Amount" means, with respect to each Series, Class or Tranche of Notes, the amount calculated in accordance with the applicable Series Supplement. 

<sup>5</sup> In the case of Class A-1 Senior Notes. For your reference, the Class A-1 Senior Notes Voting Amount is with respect to any Series of Class A-1 Senior Notes, the greater of (1) the Class A-1 Senior Notes Maximum Principal Amount for such Series (after giving effect to any cancelled commitments) and (2) the Outstanding Principal Amount of Class A-1 Senior Notes for such Series. 

------

**<u>ANNEX II to EXHIBIT R</u>**

**<u>FREQUENTLY ASKED QUESTIONS: CCR ELECTIONS</u>**

---

| | |
|:---|:---|
| **Q1:** | **Are originals of the CCR Ballots required?**  |

---

A1: No, original copies of the CCR Ballots are not required.

---

| | |
|:---|:---|
| **Q2:** | **Are PDF copies of the CCR Ballots acceptable? If so, what time are they due on the due date?**  |

---

A2: Yes, PDF copies of the CCR Ballots are acceptable. Please email a PDF copy of the completed CCR Ballot to Esotericabs@citi.com by 5:00 p.m. (Eastern) on the date indicated in the Notice Regarding CCR Election.

---

| | |
|:---|:---|
| **Q3:** | **Is a notarization required for a CCR Ballot? If so, will a medallion stamp be accepted in lieu of a notarization?**  |

---

A3: Yes, the CCR ballot requires <u>either</u> a notarization <u>or</u> a medallion signature guarantee.

---

| | |
|:---|:---|
| **Q4:** | **Is a medallion stamp required for a CCR Ballot? If so, what is the Medallion stamp representing?**  |

---

A4: Yes, the CCR ballot requires <u>either</u> a notarization <u>or</u> a medallion signature guarantee. The medallion stamp authenticates the signer's signature, and ensures that they have the legal authority and capacity to sign.

---

| | |
|:---|:---|
| **Q5:** | **Do we need to list the name of the Beneficial Owner on the CCR Ballot?**  |

---

---

| | |
|:---|:---|
| A5: | Yes, please indicate the name of the Beneficial Owner on the line next to "(please print name):" (if the Beneficial Owner is completing) or "Beneficial Owner:" (if the custodian is completing) on the CCR Ballot. It is not sufficient for the manager or adviser of the Beneficial Owner to be indicated as the Beneficial Owner.  |

---

---

| | |
|:---|:---|
| **Q6:** | **Do we need to list the CCR Candidate's position on the CCR Ballot?**  |

---

---

| | |
|:---|:---|
| A6: | Yes, in completing a CCR Ballot, the Controlling Class Member (or its DTC custodian on its behalf) shall indicate the full Outstanding Principal Amount (or, with respect to Class A-1 Senior Notes, the Class A-1 Senior Notes Voting Amount) of Notes of the Controlling Class specified in the CCR Ballot to one (1) candidate. For the avoidance of doubt, no more than one (1) candidate shall be indicated per CUSIP.  |

---

------

---

| | |
|:---|:---|
| **Q7:** | **Is a custodian permitted to complete and execute the CCR Ballot on behalf of the Beneficial Owner?**  |

---

---

| | |
|:---|:---|
| A7: | Yes, a custodian of a Beneficial Owner of a book-entry position is permitted to complete and execute the CCR Ballot on behalf of the Beneficial Owner. However, if a custodian is completing the CCR Ballot on behalf of the Beneficial Owner, the custodian is required to indicate the name of the Beneficial Owner on the CCR Ballot and the CCR Ballot shall be invalid without this information.  |

---

---

| | |
|:---|:---|
| **Q8:** | **May a CCR Ballot be withdrawn after being submitted?**  |

---

A8: No, a valid and complete CCR Ballot may not be withdrawn upon receipt by the Trustee.

------

**<u>Exhibit S</u>**

FORM OF NOTICE REGARDING CCR ELECTION CITIBANK, N.A.

DOMINO'S PIZZA MASTER ISSUER LLC

NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT NOTES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER.

Notice Date:

Re: Election for Controlling Class Representative

To Controlling Class Members described below<sup>1</sup>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Class | CUSIP |

---

Dear Noteholder:

Reference is hereby made to (i) the Amended and Restated Base Indenture, dated as of March 15, 2012, by and among Domino's Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), Domino's IP Holder LLC, a Delaware limited liability company (the "<u>IP Holder</u>"), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Holder</u>"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "<u>PFS Domestic Supply Chain Holder</u>"), and Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>SPV Canadian Holdco</u>" and together with the Master Issuer, the IP Holder, PFS Domestic Supply Chain Holder and the Domestic Supply Chain Holder, the "<u>Co-Issuers</u>") and Citibank, N.A., as Trustee and Securities Intermediary (the "<u>Trustee</u>") (the "<u>2012 Base Indenture</u>"), as amended by the First Supplement thereto, dated as of September 16, 2013 (the "<u>First Supplement</u>"), the Second Supplement thereto, dated as of October 21, 2015 (the "<u>Second Supplement</u>"), the Third Supplement thereto, dated as of October 21, 2015 (the "<u>Third Supplement</u>"), the Fourth Supplement thereto, dated as of July 24, 2017 (the "<u>Fourth Supplement</u>"), the Fifth Supplement thereto, dated as of November 21, 2018 (the "<u>Fifth Supplement</u>"), the Sixth Supplement thereto, dated as of April 16, 2021 (the "<u>Sixth Supplement</u>"), the Seventh Supplement thereto, dated as of December 30, 2021 (the "<u>Seventh Supplement</u>"), the Eighth Supplement thereto, dated as of September 16, 2022 and the Ninth Supplement thereto, dated as of September 5, 2025, and the 2012 Base Indenture, as so amended, the "<u>Base Indenture</u>"), as supplemented by

<sup>1</sup> No representation is made as to the correctness or accuracy of the CUSIP numbers either as printed on the Notes or as contained in this Notice. Such numbers are included solely for the convenience of the Holders.

------

each Series Supplement thereto (each as amended, amended and restated, supplemented or otherwise modified from time to time, a "<u>Series Supplement</u>"), by and among the Co-Issuers and the Trustee, (ii) the CCR Nomination Notice, dated [ ] (the "<u>CCR Nomination Notice</u>") pursuant to which the Trustee provided notice of an election for a Controlling Class Representative and requested that any nominations for a Controlling Class Representative be submitted to the Trustee no later than five (5) Business Days from the date thereof [and (iii) the CCR Ballot for Controlling Class Representative, dated [ ] (the "<u>CCR Ballot</u>"), pursuant to which the Trustee provided a ballot for the proposed election of a Controlling Class Representative]<sup>2</sup>. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings assigned to such terms in the Base Indenture and the Series Supplements, as applicable.

[Trustee to include one of the following]

[Pursuant to Section 11.1(b) of the Base Indenture, you are hereby notified that the Trustee received no valid nominations for the Controlling Class Representative and therefore, no CCR Election will occur. Since there is no Existing CCR, there will be no Controlling Class Representative unless and until one is elected following a CCR Re-election Event, and the Control Party shall exercise the rights of the Controlling Class Representative.]

[Pursuant to Section 11.1(b) of the Base Indenture, you are hereby notified that the Trustee received no valid nominations for the Controlling Class Representative and therefore, no CCR Election will occur. Since the Existing CCR, [did not execute a CCR Acceptance Letter][declined to continue to serve as Controlling Class Representative], the Existing CCR shall cease to be the Controlling Class Representative and there will be no Controlling Class Representative unless and until one is elected following a CCR Re-election Event, and the Control Party shall exercise the rights of the Controlling Class Representative]

[ Pursuant to Section 11.1(b) of the Base Indenture, you are hereby notified that the Trustee received no valid nominations for the Controlling Class Representative and therefore, no CCR Election will occur. The Existing CCR has executed a CCR Acceptance Letter, and as such, the Existing Controlling Class Representative shall be deemed re-elected and shall continue to serve as the Controlling Class Representative.]]<sup>3</sup>]<sup>4</sup>

[Pursuant to Section 11.1(c) of the Base Indenture, you are hereby notified that [no CCR Candidate (as set forth in the CCR Ballot) received votes representing at least 50% of the CCR Voting Amount] [votes were submitted by less than the CCR Quorum Amount]. Accordingly, pursuant to Section 11.1(c) of the Base Indenture, the Existing CCR, if any, shall cease to be the Controlling Class Representative and a new Controlling Class Representative will not be elected. In addition, pursuant to Section 11.1(c) of the

<sup>2</sup> Insert if ballots were sent.

<sup>3</sup> Insert if there is an existing Controlling Class Representative.

<sup>4</sup> Insert if no CCR nominations were received by the date indicated in the CCR Nomination Notice.

------

Base Indenture, a Controlling Class Representative will not be elected until a CCR Re-election Event occurs and a new Controlling Class Representative is elected or selected pursuant to the terms set forth in Article XI of the Base Indenture. Unless otherwise expressly provided in the Related Documents, the Control Party shall exercise the rights of the Controlling Class Representative in accordance with the Servicing Standard and any deliverable or notice that is required to be provided to the Controlling Class Representative under a Related Document shall be delivered to the Control Party.]<sup>5</sup>

[Pursuant to Section 11.1(d) of the Base Indenture, you are hereby notified that<u> </u> has been elected to serve as Controlling Class Representative effective<u> </u> until a CCR Re-election Event occurs, Contact information for the Controlling Class Representative is as follows: ]

This Notice shall be construed in accordance with, and this Notice and any matters arising out of or relating in any way whatsoever to this Notice (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York.

---

| | |
|:---|:---|
| Very truly yours,<br>CITIBANK, N.A., as Trustee | Very truly yours,<br>CITIBANK, N.A., as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

cc: Domino's Pizza Master Issuer LLC

Domino's Pizza LLC, as Manager

[add each Securitization entity, the Servicer, the Back-Up Manager, the Control Party and each Rating Agency]

<sup>5</sup> Insert if no CCR Candidate received the requisite percentage of votes. 

------

**<u>Exhibit T</u>**

FORM OF CCR ACCEPTANCE LETTER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u> </u>,<u> </u>

Citibank, N.A., as Trustee

388 Greenwich St.

New York, NY 10013

Attention: Agency & Trust - Domino's Pizza Master Issuer LLC

Re: <u>Acceptance Letter for Controlling Class Representative</u>

Dear Citibank, N.A.:

Reference is hereby made to the Amended and Restated Base Indenture, dated as of March 15, 2012, by and among Domino's Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), Domino's IP Holder LLC, a Delaware limited liability company (the "<u>IP Holder</u>"), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Holder</u>"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "<u>PFS Domestic Supply Chain Holder</u>"), and Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>SPV Canadian Holdco</u>" and together with the Master Issuer, the IP Holder, PFS Domestic Supply Chain Holder and the Domestic Supply Chain Holder, the "<u>Co-Issuers</u>") and Citibank, N.A., as Trustee and Securities Intermediary (the "<u>Trustee</u>") (the "<u>2012 Base Indenture</u>"), as amended by the First Supplement thereto, dated as of September 16, 2013 (the "<u>First Supplement</u>"), the Second Supplement thereto, dated as of October 21, 2015 (the "<u>Second Supplement</u>"), the Third Supplement thereto, dated as of October 21, 2015 (the "<u>Third Supplement</u>"), the Fourth Supplement thereto, dated as of July 24, 2017 (the "<u>Fourth Supplement</u>"), the Fifth Supplement thereto, dated as of November 21, 2018 (the "<u>Fifth Supplement</u>"), the Sixth Supplement thereto, dated as of April 16, 2021 (the "<u>Sixth Supplement</u>"), the Seventh Supplement thereto, dated as of December 30, 2021 (the "<u>Seventh Supplement</u>"), the Eighth Supplement thereto, dated as of September 16, 2022 and the Ninth Supplement thereto, dated as of September 5, 2025, and the 2012 Base Indenture, as so amended, the "<u>Base Indenture</u>"), as supplemented by each Series Supplement thereto (each as amended, amended and restated, supplemented or otherwise modified from time to time, a "<u>Series Supplement</u>"), by and among the Co-Issuers and the Trustee. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings assigned to such terms in the Base Indenture and the Series Supplements, as applicable.

[New CCR: Pursuant to Section 11.1(d) of the Base Indenture, the undersigned, as the [elected][appointed] Controlling Class Representative, hereby agrees to (i) act as the Controlling Class Representative and (ii) provide its name and contact information in the space provided below and permit such information to be shared with the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the Controlling Class Members. In addition, the undersigned, as the [elected][appointed] Controlling Class Representative, hereby represents and warrants that it is [a Controlling Class Member][an Eligible Third-Party Candidate].]

------

[Existing CCR: Pursuant to Section 11.1(d) of the Base Indenture, the undersigned has been appointed to continue acting as Controlling Class Representative. By execution hereof, the undersigned agrees to (i) act as the Controlling Class Representative and (ii) provide its name and contact information in the space provided below and permit such information to be shared with the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the Controlling Class Members. In addition, as the appointed Controlling Class Representative, the undersigned represents and warrants that it is [a Controlling Class Member][an Eligible Third-Party Candidate].]

Kindly submit this completed acceptance letter within five (5) Business Days of receipt hereof.

**[Signature Page Follows]** 

------

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| By: |  |
|  | Name: |
|  | Title: Controlling Class Representative |

---

---

| |
|:---|
| Contact Information: |
| Address: |
| Telephone: |
| E-mail: |

---

Email Address for return of this letter: Esotericabs@citi.com

## Exhibit 4.2

**Exhibit 4.2** 

Execution Version

**DOMINO'S PIZZA MASTER ISSUER LLC,** 

**DOMINO'S PIZZA DISTRIBUTION LLC,** 

**DOMINO'S IP HOLDER LLC,** 

**DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC and** 

**DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,** 

**each as Co-Issuer,** 

**and** 

**CITIBANK, N.A.,** 

**as Trustee and Series 2025-1 Securities Intermediary** 

**SERIES 2025-1 SUPPLEMENT** 

**Dated as of September 5, 2025** 

**to** 

**AMENDED AND RESTATED BASE INDENTURE** 

**Dated as of March 15, 2012** 

$320,000,000 Series 2025-1 Variable Funding Senior Secured Notes, Class A-1

$500,000,000 Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A-2-I

$500,000,000 Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A-2-II

------

**Table of Contents** 

**Page** 

---

| | | |
|:---|:---|:---|
|  Article I DEFINITIONS | Article I DEFINITIONS | 1 |
|  Article II INITIAL ISSUANCE, INCREASES AND DECREASES OF SERIES 2025-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT AND COMMITMENT AMOUNTS | Article II INITIAL ISSUANCE, INCREASES AND DECREASES OF SERIES 2025-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT AND COMMITMENT AMOUNTS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01 | Procedures for Issuing and Increasing the Series 2025-1 Class A-1 |  |
|  | Outstanding Principal Amount | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02 | Procedures for Decreasing the Series 2025-1 Class A-1 Outstanding |  |
|  | Principal Amount | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03 | Procedures for Increasing the Series 2025-1 Class A-1 Maximum Principal Amount | 4 |
|  Article III SERIES 2025-1 ALLOCATIONS; PAYMENTS | Article III SERIES 2025-1 ALLOCATIONS; PAYMENTS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01 | Allocations with Respect to the Series 2025-1 Senior Notes | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.02 | Application of Weekly Collections on Weekly Allocation Dates to the Series |  |
|  | 2025-1 Senior Notes; Quarterly Payment Date Applications | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.03 | Certain Distributions from Series 2025-1 Distribution Accounts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.04 | Series 2025-1 Class A-1 Interest and Certain Fees | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.05 | Series 2025-1 Class A-2 Interest | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.06 | Payment of Series 2025-1 Note Principal | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.07 | Series 2025-1 Class A-1 Distribution Account | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.08 | Series 2025-1 Class A-2 Distribution Account | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.09 | Trustee as Securities Intermediary | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10 | Manager | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11 | Replacement of Ineligible Accounts | 18 |
|  Article IV FORM OF SERIES 2025-1 Senior Notes | Article IV FORM OF SERIES 2025-1 Senior Notes | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.01 | Issuance of Series 2025-1 Class A-1 Notes | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.02 | Issuance of Series 2025-1 Class A-2 Notes | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.03 | Transfer Restrictions of Series 2025-1 Class A-1 Notes | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.04 | Transfer Restrictions of Series 2025-1 Class A-2 Notes | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.05 | Note Owner Representations and Warranties | 29 |
|  Article V GENERAL | Article V GENERAL | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.01 | Information | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.02 | Exhibits | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.03 | Ratification of Base Indenture | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.04 | Certain Notices to the Rating Agencies | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.05 | Prior Notice by Trustee to the Controlling Class Representative and Control Party | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.06 | Counterparts | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.07 | Governing Law | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.08 | Amendments | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.09 | Termination of Series Supplement | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10 | Electronic Signatures and Transmission. | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.11 | Entire Agreement | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.12 | Fiscal Year End | 33 |

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(i) ------

---

| | |
|:---|:---|
| **ANNEXES** | |
| Annex A | Series 2025-1 Supplemental Definitions List |
| **EXHIBITS** |  |
| Exhibit A-1-1 | Form of Series 2025-1 Class A-1 Advance Note |
| Exhibit A-1-2 | Form of Series 2025-1 Class A-1 Swingline Note |
| Exhibit A-1-3 | Form of Series 2025-1 Class A-1 L/C Note |
| Exhibit A-2-1 | Form of Restricted Global Series 2025-1 Class A-2-I Note |
| Exhibit A-2-2 | Form of Regulation S Global Series 2025-1 Class A-2-I Note |
| Exhibit A-2-3 | Form of Unrestricted Global Series 2025-1 Class A-2-I Note |
| Exhibit A-2-4 | Form of Restricted Global Series 2025-1 Class A-2-II Note |
| Exhibit A-2-5 | Form of Regulation S Global Series 2025-1 Class A-2-II Note |
| Exhibit A-2-6 | Form of Unrestricted Global Series 2025-1 Class A-2-II Note |
| Exhibit B-1 | Form of Transfer Certificate for Transfers of Series 2025-1 Class |
|  | A-1 Notes |
| Exhibit B-2 | Form of Transferee Certificate for Series 2025-1 Class A-2-I |
|  | Notes or Series 2025-1 Class A-2-II Notes for Transfers of |
|  | Interests in Restricted Global Notes to Interests in Regulation S |
|  | Global Notes |
| Exhibit B-3 | Form of Transferee Certificate for Series 2025-1 Class A-2-I |
|  | Notes or Series 2025-1 Class A-2-II Notes for Transfers of |
|  | Interests in Restricted Global Notes to Interests in Unrestricted |
|  | Global Notes |
| Exhibit B-4 | Form of Transferee Certificate for Series 2025-1 Class A-2-I |
|  | Notes or Series 2025-1 Class A-2-II Notes for Transfers of Interest |
|  | in Regulation S Global Notes or Unrestricted Global Notes to |
|  | Persons Taking Delivery in the Form of an Interest in a Restricted |
|  | Global Note |
| Exhibit C | Form of Quarterly Noteholders' Statement |
| Exhibit D | Form of Confirmation of Registration |
| Exhibit E | Form of Mandatory/Voluntary Decrease Notice |

---

(ii) ------

SERIES 2025-1 SUPPLEMENT, dated as of September 5, 2025 (this "<u>Series Supplement</u>"), by and among DOMINO'S PIZZA MASTER ISSUER LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), DOMINO'S PIZZA DISTRIBUTION LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Holder</u>"), DOMINO'S IP HOLDER LLC, a Delaware limited liability company (the "<u>IP Holder</u>"), DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a Delaware limited liability company (the "<u>PFS Domestic Supply Chain Holder</u>") and DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a Delaware corporation (the "<u>SPV Canadian Holdco</u>" and, together with the Master Issuer, the Domestic Supply Chain Holder, the PFS Domestic Supply Chain Holder and the IP Holder, collectively, the "<u>Co-Issuers</u>" and each, a "<u>Co-Issuer</u>"), each as a Co-Issuer, and CITIBANK, N.A., a national banking association, as trustee (in such capacity, the "<u>Trustee</u>") and as Series 2025-1 Securities Intermediary, to the Amended and Restated Base Indenture, dated as of March 15, 2012, by and among the Co-Issuers and CITIBANK, N.A., as Trustee and Securities Intermediary (as amended, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>").

<u>PRELIMINARY STATEMENT</u> 

WHEREAS, <u>Section</u> <u>2.02</u> and <u>13.1</u> of the Base Indenture provide, among other things, that the Co-Issuers 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 <u>Annex</u> <u>A</u> of the Base Indenture) upon satisfaction of the conditions set forth therein; and

WHEREAS, all such conditions have been met for the issuance of the Series of Notes authorized hereunder.

NOW, THEREFORE, the parties hereto agree as follows:

<u>DESIGNATION</u> 

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2025-1 Supplement, and such Series of Notes shall be designated as Series 2025-1 Senior Notes. On the Series 2025-1 Closing Date, the following subclasses of Notes of such Series shall be issued: (a) $320,000,000 Series 2025-1 Variable Funding Senior Secured Notes, Class A-1 (as referred to herein, the "<u>Series 2025-1 Class</u> <u>A-1 Notes</u>" or the "<u>Series 2025-1 Variable Funding Senior Notes, Class</u> <u>A-1</u>"), which shall be issued in three Subclasses consisting of (i) the Series 2025-1 Class A-1 Advance Notes (as referred to herein, the "<u>Series 2025-1 Class</u> <u>A-1 Advance Notes</u>"), (ii) the Series 2025-1 Class A-1 Swingline Notes (as referred to herein, the "<u>Series 2025-1 Class</u> <u>A-1 Swingline Notes</u>") and (iii) the Series 2025-1 Class A- 1 L/C Notes (as referred to herein, the "<u>Series 2025-1 Class</u> <u>A-1 L/C Notes</u>"), (b) $500,000,000 Series 2025- 1 4.930% Fixed Rate Senior Secured Notes, Class A-2-I (as referred to herein, the "<u>Series 2025-1 Class</u> <u>A-</u> <u>2-I Notes</u>"), and (c) $500,000,000 Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A-2-II (as referred to herein, the "<u>Series 2025-1 Class</u> <u>A-2-II Notes</u>" and together with the Series 2025-1 Class A-1 Notes and the Series 2025-1 Class A-2-I Notes, the "<u>Series 2025-1 Senior Notes</u>"). For purposes of the Base Indenture, the Series 2021-1 Class A-1 Notes, the Class A-2-I Notes and the Series 2025-1 Class A-2-II Notes shall be deemed to be "<u>Senior Notes</u>." Each Subclass of the Series 2025-1 Senior Notes may also be referred to as a "<u>Tranche</u>."

**ARTICLE I** 

**DEFINITIONS** 

All capitalized terms used herein (including in the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Series 2025-1 Supplemental Definitions List attached hereto as <u>Annex A</u> (the "<u>Series 2025-1 Supplemental Definitions List</u>") as such Series 2025-1 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 therein shall have the meanings assigned thereto in the Base Indenture Definitions List attached to the Base Indenture as <u>Annex A</u> thereto, as such 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 Base Indenture or this Series 2025-1 Supplement (as indicated herein). 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 2025-1 Senior Notes and not to any other Series of Notes issued by the Co-Issuers. The rule of construction set forth in Section 1.4 of the Base Indenture shall apply for all purposes under this Series 2025-1 Supplement.

**ARTICLE II** 

**INITIAL ISSUANCE, INCREASES AND DECREASES OF** 

**SERIES 2025-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT AND** 

**COMMITMENT AMOUNTS** 

**Section 2.01 <u>Procedures for Issuing and Increasing the Series 2025-1 Class A-1 Outstanding Principal Amount</u>**. (a) Subject to satisfaction of the conditions precedent to the making of Series 2025-1 Class A-1 Advances set forth in the Series 2025-1 Class A-1 Note Purchase Agreement, (i) on the Series 2025-1 Closing Date, the Master Issuer may cause the Series 2025-1 Class A-1 Initial Advance Principal Amount to become outstanding by drawing ratably, at par, the initial principal amounts of the Series 2025-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2025- 1 Class A-1 Advances made on the Series 2025-1 Closing Date (the "<u>Series 2025-1 Class</u> <u>A-1 Initial Advance</u>") and (ii) on any Business Day during the Commitment Term that does not occur during a Cash Trapping Period, the Co-Issuers may increase the Series 2025-1 Class A-1 Outstanding Principal Amount (such increase referred to as an "<u>Increase</u>"), by drawing ratably (or as otherwise set forth in the Series 2025- 1 Class A-1 Note Purchase Agreement), at par, additional principal amounts on the Series 2025-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2025-1 Class A-1 Advances made on such Business Day; <u>provided</u> that at no time may the Series 2025-1 Class A-1 Outstanding Principal Amount exceed the Series 2025-1 Class A-1 Maximum Principal Amount. The Series 2025-1 Class A-1 Initial Advance and each Increase shall be made in accordance with the provisions of <u>Sections 2.02</u> and <u>2.03</u> of the Series 2025-1 Class A-1 Note Purchase Agreement and shall be ratably (except as otherwise set forth in the Series 2025-1 Class A-1 Note Purchase Agreement) allocated among the Series 2025-1 Class A-1 Noteholders (other than the Series 2025-1 Class A-1 Subfacility Noteholders in their capacity as such) as provided therein. Proceeds from the Series 2025-1 Class A-1 Initial Advance and each Increase shall be paid as directed by the Co-Issuers in the applicable Series 2025-1 Class A-1 Advance Request or as otherwise set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to satisfaction of the applicable conditions precedent set forth in the Series 2025-1 Class A-1 Note Purchase Agreement, on the Series 2025-1 Closing Date, the Co-Issuers may cause (i) the Series 2025-1 Class A-1 Initial Swingline Principal Amount to become outstanding by drawing, at par, the initial principal amounts of the Series 2025-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Series 2025-1 Class A-1 Swingline Loans made on the Series 2025-1 Closing Date pursuant to <u>Section</u> <u>2.06</u> of the Series 2025-1 Class A-1 Note Purchase Agreement (the "<u>Series 2025-1 Class</u> <u>A-1 Initial Swingline Loan</u>") and (ii) the Series 2025-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount to become outstanding by drawing, at par, the initial principal amounts of the Series 2025-1 Class A-1 L/C Notes corresponding to the aggregate Undrawn L/C Face Amount of the Letters of Credit issued on the Series 2025-1 Closing Date pursuant to <u>Section</u> <u>2.07</u> of the Series 2025-1 Class A-1 Note Purchase Agreement; <u>provided</u> that at no time may the Series 2025-1 Class A-1 Outstanding Principal Amount exceed the Series 2025-1 Class A-1 Maximum Principal Amount. The procedures relating to increases in the Series 2025-1 Class A-1 Outstanding Subfacility Amount (each such increase referred to as a "<u>Subfacility Increase</u>") through borrowings of Series 2025-1 Class A-1 Swingline Loans and issuance or incurrence of Series 2025-1 Class A-1 L/C Obligations are set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

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**Section 2.02 <u>Procedures for Decreasing the Series 2025-1 Class A-1 Outstanding Principal Amount</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory</u><u> </u><u>Decrease</u>. Whenever a Series 2025-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following the date on which the Manager or any Co-Issuer obtains knowledge of such Series 2025-1 Class A-1 Excess Principal Event, the Co-Issuers shall deposit in the Series 2025-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with <u>Section 4.02</u> of the Series 2025-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 2025-1 Class A-1 Outstanding Principal Amount by the <u>lesser</u> of (x) the amount necessary, so that after giving effect to such decrease of the Series 2025-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2025-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 2025-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 2025-1 Class A-1 Outstanding Principal Amount pursuant to this <u>Section</u> <u>2.02(a)</u>, or any other required payment of principal in respect of the Series 2025-1 Class A-1 Notes pursuant to <u>Section 3.06</u> of this Series 2025-1 Supplement, a "<u>Mandatory Decrease</u>"), plus (ii) any associated Series 2025-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2025-1 Class A-1 Note Purchase Agreement). Such Mandatory Decrease shall be allocated among the Series 2025-1 Class A-1 Noteholders in accordance with the order of distribution of principal payments set forth in <u>Section 4.02</u> of the Series 2025-1 Class A-1 Note Purchase Agreement in accordance with <u>Section</u> <u>2.02(c)</u> hereof. Upon obtaining knowledge of such a Series 2025-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of <u>Exhibit E</u> hereto (by e-mail of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 2025-1 Class A-1 Administrative Agent (with copy to the Servicer and the Back-Up Manager). In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Voluntary Decrease</u>. On any Business Day, upon at least three (3) Business Days' prior written notice substantially in the form of <u>Exhibit E</u> hereto to each Series 2025-1 Class A-1 Investor, the Series 2025-1 Class A-1 Administrative Agent and the Trustee (with copy to the Servicer and the Back- Up Manager), the Co-Issuers may decrease the Series 2025-1 Class A-1 Outstanding Principal Amount (each such decrease of the Series 2025-1 Class A-1 Outstanding Principal Amount pursuant to this <u>Section</u> <u>2.02(b)</u>, a "<u>Voluntary Decrease</u>") by depositing in the Series 2025-1 Class A-1 Distribution Account not later than 10 a.m. (New York City time) on the date specified as the decrease date in the prior written notice referred to above and providing a written report to the Trustee directing the Trustee to distribute in accordance with the order of distribution of principal payments set forth in <u>Section 4.02</u> of the Series 2025-1 Class A-1 Note Purchase Agreement which report shall include the calculation of such amounts and the portion thereof payable to each Series 2025-1 Class A-1 Noteholder and instructions for the distributions thereof (i) an amount (subject to the last sentence of this <u>Section</u> <u>2.02(b)</u>) up to the Series 2025-1 Class A-1 Outstanding Principal Amount equal to the amount of such Voluntary Decrease, <u>plus</u> (ii) any associated Series 2025-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2025-1 Class A-1 Note Purchase Agreement); <u>provided</u>, that to the extent the deposit into the Series 2025-1 Class A-1 Distribution Account described above is not made by 10 a.m. (New York City time) on a Business Day, the same shall be deemed to be deposited on the following Business Day. Each such Voluntary Decrease shall be in a minimum principal amount as provided in the Series 2025-1 Class A-1 Note Purchase Agreement. In connection with any Voluntary Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with each Decrease, the Trustee shall remit the applicable amounts of principal of the Series 2025-1 Class A-1 Advance Notes to the Holders thereof based solely on the information set forth in the Quarterly Noteholders' Statement, Quarterly Manager's Certificate, Weekly Manager's Certificate or other written report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Series 2025-1 Class A-1 Note Purchase Agreement sets forth additional procedures relating to decreases in the Series 2025-1 Class A-1 Outstanding Subfacility Amount (each such decrease, together with any Voluntary Decrease or Mandatory Decrease allocated to the Series 2025-1 Class A-1 Subfacility Noteholders, referred to as a "<u>Subfacility</u><u> </u><u>Decrease</u>") through (i) borrowings of Series 2025- 1 Class A-1 Advances to repay Series 2025-1 Class A-1 Swingline Loans and Series 2025-1 Class A-1 L/C Obligations or (ii) optional prepayments of Series 2025-1 Class A-1 Swingline Loans on same day notice. Upon receipt of written notice from the Co-Issuers or the Series 2025-1 Class A-1 Administrative Agent, the Trustee shall indicate any increase or decrease in the Class A-1 Notes Maximum Principal Amount in its books and records, <u>provided</u> that the Series 2025-1 Class A-1 Administrative Agent's books and records shall be controlling for all Increases and Decreases in respect of the Series 2025-1 Class A-1 Notes.

**Section 2.03 <u>Procedures for Increasing the Series 2025-1 Class A-1 Maximum Principal Amount</u>**. The Co-Issuers may increase and/or add Commitments and Commitment Amounts by either (a) entering into an Investor Group Supplement with the applicable Investor Group or (b) entering into a Joinder Agreement to the Variable Funding Note Purchase Agreement with an Investor Group, and delivering a copy of such Investor Group Supplement or Joinder Agreement to the Series 2025-1 Class A-1 Administrative Agent and the Trustee at least five (5) Business Days prior to the effective date of such increase or addition. Subject to satisfaction of the applicable conditions precedent set forth in <u>Section</u> <u>2.02</u> of the Base Indenture, the Trustee shall authenticate additional Series 2025-1 Class A-1 Notes as directed by the Master Issuer. Each such increase or addition shall be in a minimum principal amount of at least $5 million. On the applicable Additional Issuance Date, the Co-Issuers shall deposit funds into the Senior Notes Interest Reserve Account, the Subordinated Notes Interest Account, as applicable, an/or arrange for the issuance of one or more Interest Reserve Letter of Credit in accordance with <u>Section</u> <u>5.17</u> of the Base Indenture and <u>Section</u> <u>2.07</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, in an aggregate amount equal to the excess, if any, by which the Series 2025-1 Notes Interest Reserve Amount (calculated after giving effect to the issuance of such additional Series 2025-1 Class A-1 Notes) exceeds the Series 2025-1 Available Senior Notes Interest Reserve Account Amount.

**ARTICLE III** 

**<u>SERIES 2025-1 ALLOCATIONS; PAYMENTS</u>**

With respect to the Series 2025-1 Senior Notes only, the following shall apply:

**Section 3.01 <u>Allocations with Respect to the Series 2025-1 Senior Notes</u>**. On the Series 2025- 1 Closing Date, $97,062.63 of the net proceeds from the initial sale of the Series 2025-1 Senior Notes will be deposited into the Senior Notes Interest Reserve Account and the remainder of the net proceeds from the sale of the Series 2025-1 Senior Notes will be paid to, or at the direction of, the Co-Issuers.

**Section 3.02 <u>Application of Weekly Collections on Weekly Allocation Dates to the Series 2025-1 Senior Notes; Quarterly Payment Date Applications</u>**. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to allocate from the Collection Account all amounts relating to the Series 2025-1 Senior Notes pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments, including the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Series 2025-1 Senior Notes Quarterly Interest</u>. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to allocate from the Collection Account to the Senior Notes Interest Account the Series 2025-1 Class A-1 Quarterly Interest and the Series 2025-1 Class A-2 Quarterly Interest deemed to be "Senior Notes Quarterly Interest" pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-1 Class</u> <u>A-1 Quarterly Commitment Fees</u>. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to allocate from the Collection Account to the Class A-1 Senior Notes Commitment Fees Account the Series 2025-1 Class A-1 Quarterly Commitment Fees deemed to be "Class A-1 Senior Notes Quarterly Commitment Fees" pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2025-1 Class</u> <u>A-1 Administrative Expenses</u>. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to pay to the Series 2025-1 Class A-1 Administrative Agent from the Collection Account the Series 2025-1 Class A-1 Administrative Expenses deemed to be "Class A-1 Senior Notes Administrative Expenses" pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments (it being understood that Series 2025-1 Class A-1 Administrative Expenses that are due on a quarterly or other periodic basis will only be paid to the related Class A-1 Administrative Agent pursuant to the Priority of Payments on the Weekly Allocation Date immediately following such due date and in full).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2025-1 Notes Interest Reserve Amount</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Co-Issuers shall maintain an amount on deposit in the Senior Notes Interest Reserve Account and/or maintain one or more Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior Noteholders, in each case with respect to the Series 2025-1 Senior Notes, in an aggregate amount equal to the Series 2025-1 Notes Interest Reserve Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If on any Weekly Allocation Date there is a Series 2025-1 Notes Interest Reserve Account Deficiency, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to deposit into the Senior Notes Interest Reserve Account an amount equal to the Series 2025- 1 Notes Interest Reserve Account Deficit Amount pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On each Accounting Date preceding the first Quarterly Payment Date following a Series 2025-1 Interest Reserve Release Event or on which a Series 2025-1 Interest Reserve Release Event occurs, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing in accordance with the applicable Quarterly Manager's Certificate to withdraw the Series 2025-1 Interest Reserve Release Amount, if any, from the Senior Notes Interest Reserve Account on the applicable Quarterly Payment Date and to deposit such amounts into the Collection Account in accordance with <u>Section</u> <u>5.10(a)(xxix)</u> of the Base Indenture; <u>provided</u> that immediately after giving effect to any withdrawal of funds from the Senior Notes Interest Reserve Account pursuant to <u>Section</u> <u>5.10(a)(xxix)</u> of the Base Indenture in connection with such Series 2025-1 Interest Reserve Release Event, there shall be no Series 2025-1 Notes Interest Reserve Account Deficit Amount outstanding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Series 2025-1 Senior Notes Rapid Amortization Principal Amounts</u>. If any Weekly Allocation Date occurs during a Rapid Amortization Period or Series 2025-1 Class A-1 Senior Notes Amortization Period, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to allocate from the Collection Account for payment of principal on the Series 2025-1 Senior Notes the amounts contemplated by the Priority of Payments for such principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Series 2025-1 Class</u> <u>A-2 Scheduled Principal Payments</u>. On each Weekly Allocation Date prior to the occurrence of a Rapid Amortization Event as set forth in clause (e) of <u>Section 9.1</u> of the Base Indenture, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to allocate from the Collection Account to the Senior Notes Principal Payments Account the Series 2025-1 Class A-2 Scheduled Principal Payments Amounts deemed to be "Senior Notes Scheduled Principal Payments" pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Series 2025-1 Class</u> <u>A-2 Scheduled Principal Payment Deficiency Amount</u>. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to allocate from the Collection Account to the Senior Notes Principal Payments Account the portion of the Senior Notes Scheduled Principal Payments Deficiency Amount attributable to the Series 2025-1 Class A-2 Notes pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Series 2025-1 Class</u> <u>A-1 Senior Notes Other Amounts</u>. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to pay to the Series 2025-1 Class A-1 Administrative Agent from the Collection Account the Series 2025-1 Class A-1 Senior Notes Other Amounts deemed to be "Class A-1 Senior Notes Other Amounts" pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Series 2025-1 Senior Notes Quarterly Post-Renewal Contingent Interest</u>. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to allocate from the Collection Account to the Senior Notes Post-Renewal Contingent Interest Account the Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest and the Series 2025-1 Class A-2 Post-Renewal Contingent Interest deemed to be "Senior Notes Quarterly Post-Renewal Contingent Interest" pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Series 2025-1 Class</u> <u>A-2 Make-Whole Prepayment Premium</u>. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing in accordance with the applicable Weekly Manager's Certificate to allocate from the Collection Account to the Senior Notes Principal Payments Account the Series 2025-1 Class A-2 Make-Whole Prepayment Premium deemed to be "unpaid premiums and make-whole prepayment premiums" pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Application Instructions</u>. The Control Party is hereby authorized (but shall not be obligated) to deliver any instruction contemplated in this <u>Section</u> <u>3.02</u> that is not timely delivered by or on behalf of any Co-Issuer.

**Section 3.03 <u>Certain Distributions from Series 2025-1 Distribution Accounts</u>**. On each Quarterly Payment Date, based solely upon the most recent Quarterly Manager's Certificate, the Trustee shall, in accordance with <u>Section</u> <u>6.1</u> of the Base Indenture, remit (i) to the Series 2025-1 Class A-1 Distribution Account and then to the Series 2025-1 Class A-1 Noteholders, the amounts withdrawn from the Senior Notes Interest Account, Class A-1 Senior Notes Commitment Fees Account and Senior Notes

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Principal Payments Account, pursuant to <u>Section</u> <u>5.12(a)</u>, <u>(d)</u>, or <u>(g)</u>, as applicable, of the Base Indenture, for the payment of interest and fees and, to the extent applicable, principal on such Quarterly Payment Date and (ii) to the Series 2025-1 Class A-2 Distribution Account and then to the Series 2025-1 Class A-2 Noteholders from, the amounts withdrawn from the Senior Notes Interest Account and Senior Notes Principal Payments Account, as applicable, pursuant to <u>Section</u> <u>5.12(a)</u>, <u>(c)</u> or <u>(g)</u>, as applicable, of the Base Indenture, for the payment of interest and, to the extent applicable, principal on such Quarterly Payment Date.

**Section 3.04 <u>Series 2025-1 Class A-1 Interest and Certain Fees</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Series 2025-1 Class</u> <u>A-1 Note Rate and L/C Fees</u>. From and after the Series 2025- 1 Closing Date, the applicable portions of the Series 2025-1 Class A-1 Outstanding Principal Amount will accrue (i) interest at the Series 2025-1 Class A-1 Note Rate and (ii) Series 2025-1 Class A-1 L/C Fees at the applicable rates provided therefor in the Series 2025-1 Class A-1 Note Purchase Agreement. Such accrued interest and fees 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 Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with <u>Section</u> <u>5.12</u> of the Base Indenture, commencing with the Quarterly Payment Date occurring in October 2025; <u>provided</u> that in any event all accrued but unpaid interest and fees with respect to the Series 2025-1 Class A-1 Notes shall be paid in full on the Series 2025-1 Legal Final Maturity Date, on any Series 2025-1 Prepayment Date with respect to a prepayment in full of the Series 2025-1 Class A-1 Notes, on any day when the Commitments are terminated in full or on any other day on which all of the Series 2025-1 Class A-1 Outstanding Principal Amount is required to be paid in full. To the extent any such amount is not paid when due, such unpaid amount will accrue interest at the Series 2025-1 Class A-1 Note Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Undrawn Commitment Fees</u>. From and after the Series 2025-1 Closing Date, Undrawn Commitment Fees will accrue as provided in the Series 2025-1 Class A-1 Note Purchase Agreement. Such accrued fees 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 Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with <u>Section</u> <u>5.12</u> of the Base Indenture, commencing with the Quarterly Payment Date occurring in October 2025. To the extent any such amount is not paid when due, such unpaid amount will accrue interest at the Series 2025-1 Class A-1 Note Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2025-1 Class</u> <u>A-1 Post-Renewal Date Contingent Interest</u>. From and after the Series 2025-1 Class A-1 Senior Notes Renewal Date, if the Series 2025-1 Final Payment has not been made, additional interest will accrue on the Series 2025-1 Class A-1 Outstanding Principal Amount (excluding any Undrawn L/C Face Amounts included therein) at an annual rate equal to 5% per annum (the "<u>Series 2025-1 Class</u> <u>A-1 Post-Renewal Date Contingent Interest Rate</u>") in addition to the regular interest that will continue to accrue at the Series 2025-1 Class A-1 Note Rate. All computations of Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest shall be made on the basis of a 360-day year consisting of twelve 30-day months. Any Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest will be due and payable on any applicable Quarterly Payment Date, as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with <u>Section</u> <u>5.12</u> of the Base Indenture, in the amount so made available, and failure to pay any Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest in excess of such amounts will not be an Event of Default and interest will not accrue on any unpaid portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2025-1 Class</u> <u>A-1 Initial Interest Period</u>. The initial Interest Period for the Series 2025-1 Class A-1 Notes shall commence on the Series 2025-1 Closing Date and end on (but exclude) the day that is two (2) Business Days prior to the Accounting Date with respect to the Quarterly Payment Date occurring in October 2025.

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**Section 3.05 <u>Series 2025-1 Class A-2 Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Series 2025-1 Class</u> <u>A-2 Note Rate</u>. From the Series 2025-1 Closing Date until the Series 2025-1 Class A-2 Outstanding Principal Amount with respect to a Subclass has been paid in full, the Outstanding Principal Amount of such Subclass of the Series 2025-1 Class A-2 Notes (after giving effect to all payments of principal made to Series 2025-1 Noteholders as of the first day of such Interest Period and also giving effect to payments, repurchases and cancellations of Series 2025-1 Class A-2 Notes during such Interest Period) shall accrue interest at the Series 2025-1 Class A-2 Note Rate applicable to such Subclass for such Interest Period. Such accrued interest shall be due and payable in arrears on each Quarterly Payment Date, from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with <u>Section</u> <u>5.12</u> of the Base Indenture, commencing with the Quarterly Payment Date occurring in October 2025; <u>provided</u> that in any event (x) all accrued but unpaid interest with respect to each Subclass shall be due and payable in full on the Series 2025-1 Legal Final Maturity Date, on any Series 2025-1 Prepayment Date with respect to a prepayment in full of the Outstanding Principal Amount of such Subclass of the Series 2025-1 Class A-2 Notes or on any other day on which all of the Series 2025-1 Class A-2 Outstanding Principal Amount of such Subclass is required to be paid in full and (y) in the event of a prepayment, in full or in part, of the Series 2025-1 Class A-2 Notes, all accrued and unpaid interest on the principal amount so prepaid shall be paid on the applicable Series 2025-1 Prepayment Date. To the extent any interest accruing on a Subclass at the Series 2025-1 Class A-2 Note Rate is not paid when due, such unpaid interest shall accrue interest at the Series 2025-1 Class A-2 Note Rate for such Subclass. Computations of interest at the Series 2025-1 Class A-2 Note Rate shall be calculated on the basis of a 360- day year consisting of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-1 Class</u> <u>A-2 Post-Renewal Contingent Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Post-Renewal Contingent Interest</u>. From and after the Series 2025-1 Anticipated Repayment Date applicable to a Subclass of the Series 2025-1 Class A-2 Notes until the Series 2025-1 Class A-2 Outstanding Principal Amount with respect to such Subclass has been paid in full, additional interest (the "<u>Series 2025-1 Class</u> <u>A-2 Post-Renewal Contingent Interest</u>") shall accrue on the Outstanding Principal Amount of such Subclass at an annual interest rate (the "<u>Series 2025-1 Class</u> <u>A-2 Post-Renewal Contingent Interest Rate</u>") which for the Series 2025-1 Class A-2-I Notes and the Series 2025-1 Class A-2-II Notes shall be equal to the greater of (a) 5% per annum and (b) a per annum rate equal to the excess, if any, by which (i) the sum of the yield to maturity (adjusted to a quarterly bond-equivalent basis), on such Subclass' Series 2025-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years <u>plus</u> 5% <u>plus</u> (A) with respect to the Series 2025-1 Class A-2-I Notes, 1.15% and (B) with respect to the Series 2025-1 Class A-2-II Notes, 1.25% <u>exceeds</u> (ii) the Series 2025-1 Class A-2 Note Rate for such Subclass. Computations of Series 2025-1 Class A-2 Post- Renewal Contingent Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payment of Series 2025-1 Class</u> <u>A-2 Post-Renewal Contingent Interest</u>. Any Series 2025-1 Class A-2 Post-Renewal Contingent Interest shall be due and payable on any applicable Quarterly Payment Date only as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with <u>Section</u> <u>5.12</u> of the Base Indenture, in the amount so available. The failure to pay any Series 2025-1 Class A- 2 Post-Renewal Contingent Interest on any applicable Quarterly Payment Date (including on the Series 2025-1 Legal Final Maturity Date) in excess of amounts available therefor in accordance with the Priorities of Payment will not be an Event of Default and interest will not accrue on any unpaid portion thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series 2025-1 Class</u> <u>A-2 Initial Interest Period</u>. The initial Interest Period for the Series 2025-1 Class A-2 Notes shall commence on the Series 2025-1 Closing Date and end on (but exclude) October 25, 2025.

**Section 3.06 <u>Payment of Series 2025-1 Note Principal</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Series 2025-1 Senior Notes Principal Payment at Legal Maturity</u>. The Series 2025- 1 Outstanding Principal Amount shall be due and payable on the Series 2025-1 Legal Final Maturity Date. The Series 2025-1 Outstanding Principal Amount is not prepayable, in whole or in part, except as set forth in this <u>Section</u> <u>3.06</u> and, in respect of the Series 2025-1 Class A-1 Outstanding Principal Amount, <u>Section 2.02</u> of this Series 2025-1 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-1 Anticipated Repayment</u>. The Series 2025-1 Final Payment is anticipated to occur (i) with respect to the Series 2025-1 Class A-1 Notes, on or before the Series 2025-1 Class A-1 Senior Notes Renewal Date, (ii) with respect to the Series 2025-1 Class A-2-I Notes, on or before the Quarterly Payment Date occurring in July 2030 and (iii) with respect to the Series 2025-1 Class A-2-II Notes, on or before the Quarterly Payment Date occurring in July 2032 (each such Quarterly Payment Date, the "<u>Series 2025-1 Anticipated Repayment Date</u>" with respect to such Subclass). The initial Series 2025-1 Class A-1 Senior Notes Renewal Date will be the Quarterly Payment Date occurring in July 2030, unless extended as provided below in this <u>Section</u> <u>3.06(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>First Extension Election</u>. Subject to the conditions set forth in <u>Section</u> <u>3.06(b)(iii)</u> of this Series 2025-1 Supplement, the Manager shall have the option on or before the Quarterly Payment Date occurring in July 2030 to elect (the "<u>Series 2025-1 First Extension Election</u>") to extend the Series 2025-1 Class A- 1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in July 2031 by delivering written notice to the Trustee and the Control Party (with copy to the Back-Up Manager); <u>provided</u> that upon such extension, the Quarterly Payment Date occurring in July 2031 shall become the Series 2025-1 Class A-1 Senior Notes Renewal Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Second Extension Election</u>. Subject to the conditions set forth in <u>Section</u> <u>3.06(b)(iii)</u> of this Series 2025-1 Supplement, if the Series 2025-1 First Extension Election has been made and has become effective, the Manager shall have the option on or before the Quarterly Payment Date occurring in July 2031 to elect (the "<u>Series 2025-1 Second Extension Election</u>") to extend the Series 2025-1 Class A-1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in July 2032 by delivering written notice to the Trustee and the Control Party (with copy to the Back-Up Manager); <u>provided</u> that upon such extension, the Quarterly Payment Date occurring in July 2032 shall become the Series 2025-1 Class A-1 Senior Notes Renewal Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Conditions Precedent to Extension Elections</u>. It shall be a condition to the effectiveness of the Series 2025-1 Extension Elections that, in the case of the Series 2025-1 First Extension Election, on the Quarterly Payment Date occurring in July 2030, or in the case of the Series 2025-1 Second Extension Election, on the Quarterly Payment Date occurring in July 2031, (a) the Quarterly DSCR is greater than or equal to 2.75 (calculated with respect to the most recently ended Quarterly Collection Period), (b) either (1) the rating assigned to the Series 2025-1 Class A-2 Notes by S&P has not been downgraded below "BBB+" or withdrawn or (2) the Series 2025-1 Class A-2 Notes have been downgraded below "BBB+" by S&P or their rating has been withdrawn by S&P but such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any entity other than an Affiliate of Holdco. Any notice given pursuant to <u>Section</u> <u>3.06(b)(i)</u> or <u>(ii)</u> of this Series 2025-1 Supplement shall be irrevocable and (c) the Co-Issuers have paid the related Extension Fee (as defined in the Series 2025-1 Class of A-1 VFN Fee Letter) pursuant to the terms of the Series 2025-1 Class A-1 VFN Fee Letter; <u>provided</u> that if the conditions set forth in this <u>Section</u> <u>3.06(b)(iii)</u> are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment of Series 2025-1 Class</u> <u>A-2 Scheduled Principal Payments</u>. Series 2025- 1 Class A-2 Scheduled Principal Payments with respect to each Subclass will be due and payable on any applicable Quarterly Payment Date, commencing with the Quarterly Payment Date occurring in January 2026, as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with <u>Section</u> <u>5.12</u> of the Base Indenture, in the amount so available, and failure to pay any Series 2025-1 Class A-2 Scheduled Principal Payment in excess of such amounts will not be an Event of Default; <u>provided</u>, that no Series 2025-1 Class A-2 Scheduled Principal Payment will be due and payable on any Quarterly Payment Date if the Series Non-Amortization Test is met with respect to such date; and <u>provided</u>, <u>further</u>, that, even if the Series Non-Amortization Test is met with respect to such date, at the option of the Master Issuer, and prior to the Series 2025-1 Anticipated Repayment Date for such Subclass, all or part of the Series 2025-1 Class A-2 Scheduled Principal Payment Amount with respect to such Subclass may be paid on any Quarterly Payment Date. If no Series 2025-1 Class A-2 Scheduled Principal Payment is required to be made on any Quarterly Payment Date due to satisfaction of the Series 2025-1 Non-Amortization Test with respect to the Series 2025-1 Class A-2 Notes, and such test is subsequently no longer satisfied, no "catch-up" payments will be required to be made in respect of prior Quarterly Payment Dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Series 2025-1 Senior Notes Mandatory Payments of Principal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior to the Series 2025-1 Springing Amendments Implementation Date, if a Change of Control to which the Control Party (acting at the direction of the Controlling Class Representative) has not waived or provided its prior written consent occurs, the Co-Issuers shall prepay all the Series 2025-1 Senior Notes in full by (A) depositing within ten Business Days of the date on which such Change of Control occurs an amount equal to the Series 2025-1 Outstanding Principal Amount and all other amounts that are or will be due and payable with respect to each Subclass of the Series 2025-1 Senior Notes under the Indenture Documents as of the applicable Series 2025-1 Prepayment Date referred to in <u>clause (D)</u> below (including all interest and fees accrued to such date and any associated Series 2025-1 Class A-1 Breakage Amounts incurred as a result of such prepayment (calculated in accordance with the Series 2025-1 Class A-1 Note Purchase Agreement)) in the applicable Series 2025-1 Distribution Accounts, (B) reimbursing the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate), (C) delivering Prepayment Notices in accordance with <u>Section</u> <u>3.06(g)</u> of this Series 2025-1 Supplement and (D) directing the Trustee to distribute such amount set forth in <u>clause (A)</u> to the Series 2025-1 Noteholders of each Subclass on the Series 2025-1 Prepayment Date specified in such Prepayment Notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) During any Rapid Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the applicable Subclass of Series 2025-1 Senior Notes as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with <u>Section</u> <u>5.12</u> of the Base Indenture, in the amount so available. Such payments shall be (A) in the case of the Series 2025-1 Class A-1 Noteholders, allocated in accordance with the order of distribution of principal payments set forth in <u>Section</u> <u>4.02</u> of the Series 2025-1 Class A-1 Note Purchase Agreement and (B) in the case of the Noteholders of the Series 2025-1 Class A- 2 Notes, ratably allocated among the Series 2025-1 Noteholders within such Subclass based on their respective portion of the Series 2025-1 Outstanding Principal Amount of such Subclass.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) During any Series 2025-1 Class A-1 Senior Notes Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the applicable Series 2025-1 Class A-1 Notes as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with <u>Section</u> <u>5.12</u> of the Base Indenture, in the amount so available. Such payments shall be allocated among the Series 2025-1 Class A-1 Noteholders, in accordance with the order of distribution of principal payments set forth in <u>Section 4.02</u> of the Series 2025-1 Class A-1 Note Purchase Agreement and the related Weekly Manager's Certificate, Quarterly Manager's Certificate or Quarterly Noteholders' Statement, as applicable, provided to the Trustee for such allocation. For the avoidance of doubt, no Series 2025-1 Class A-2 Make-Whole Prepayment Premium will be due in connection with any principal payments on the Series 2025-1 Class A-1 Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Series 2025-1 Class</u> <u>A-2 Make-Whole Prepayment Premium Payments</u>. In connection with any mandatory prepayment of any Series 2025-1 Class A-2 Notes made pursuant to <u>Section</u> <u>3.06(i)</u> of this Series 2025-1 Supplement in connection with any Real Estate Disposition Proceeds, or in connection with any optional prepayment of any Subclass of the Series 2025-1 Class A-2 Notes made pursuant to <u>Section</u> <u>3.06(f)</u> of this Series 2025-1 Supplement, in each case prior to the applicable Series 2025-1 Anticipated Repayment Date (each, a "<u>Series</u> <u>2025-1</u><u> </u><u>Prepayment</u>"), the Co-Issuers shall pay, in the manner described herein, the Series 2025-1 Class A-2 Make-Whole Prepayment Premium to the Series 2025-1 Class A-2 Noteholders of each such Subclass being prepaid with respect to the applicable Series 2025-1 Prepayment Amount; <u>provided</u> that no such Series 2025-1 Class A-2 Make-Whole Prepayment Premium shall be payable in connection (A) (i) with respect to the Series 2025-1 Class A-2-I Notes, prepayments made on or after the Quarterly Payment Date in January 2028 and (ii) with respect to the Series 2025-1 Class A-2-II Notes, prepayments made on or after the Quarterly Payment Date in July 2029 (with respect to each Subclass, the dates set forth in clauses (i) and (ii), the "<u>Make-Whole End Date</u>" for such Subclass), (B) with any prepayment made in connection with Indemnification Payments, (C) with Series 2025-1 Class A-2 Scheduled Principal Payments (including those paid at the election of the Master Issuer if the Series Non-Amortization Test is satisfied) and any Series 2025-1 Class A-2 Scheduled Principal Deficiency Amounts, (D) mandatory prepayments made in connection with a Rapid Amortization Event pursuant to <u>Section</u> <u>3.06(d)(ii)</u> or, prior to the Series 2025-1 Springing Amendments Implementation Date, a Change of Control pursuant to <u>Section</u> <u>3.06(d)(i)</u>, (E) prepayments made with funds in the Cash Trap Reserve Account (other than optional prepayments of Series 2025-1 Class A-2 Notes prior to the applicable Make-Whole End Date at the sole discretion of the Master Issuer in accordance with the CTOP Payment Priority, for which the Series 2025-1 Class A-2 Make-Whole Prepayment Premium will be payable); (F) prepayments pursuant to the EU/UK Applicable Investor Put Option, and (G) cancellations of repurchased Series 2025-1 Class A-2 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Optional</u><u> </u><u>Prepayment</u><u> </u><u>of</u><u> </u><u>Series</u> <u>2025-1</u><u> </u><u>Class</u> <u>A-2</u><u> </u><u>Notes</u>. Subject to <u>Section</u> <u>3.06(e)</u> and <u>(g)</u> of this Series 2025-1 Supplement, the Co-Issuers shall have the option to prepay the Outstanding Principal Amount of a Subclass of the Series 2025-1 Class A-2 Notes in full or in part on any Business Day, including on any date a mandatory prepayment may be made and that is specified as the Series 2025- 1 Prepayment Date in the applicable Prepayment Notices; <u>provided</u>, that no such optional prepayment may be made unless (i) the funds on deposit in the Senior Notes Principal Payments Account that are allocable to the Subclass or Subclasses of the Series 2025-1 Class A-2 Notes to be prepaid are sufficient to pay the principal amount of the Subclass or Subclasses of Series 2025-1 Class A-2 Notes to be prepaid and the Series 2025-1 Class A-2 Make-Whole Prepayment Premium required pursuant to <u>Section</u> <u>3.06(e)</u>, in each case, payable on the relevant Series 2025-1 Prepayment Date; (ii) the funds on deposit in the Senior Notes Interest Account that are allocable to the Series 2025-1 Class A-2 Outstanding Principal Amount to be prepaid are sufficient to pay (A) the Series 2025-1 Class A-2 Quarterly Interest to but excluding the relevant Series 2025-1 Prepayment Date relating to the Series 2025-1 Class A-2 Outstanding Principal Amount to be prepaid and (B) only if such optional prepayment is a prepayment in full of all Series 2025-1 Senior Notes, (x) the Series 2025-1 Class A-2 Post-Renewal Contingent Interest and (y) all Securitization Operating Expenses, to the extent attributable to the Series 2025-1 Class A-2 Notes; and (iii) the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate). The Co-Issuers may prepay a Series of Notes in full at any time regardless of the number of prior optional prepayments or any minimum payment requirement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notices of Prepayments</u>. The Co-Issuers shall give prior written notice (each, a "<u>Prepayment Notice</u>") at least ten (10) Business Days but not more than twenty (20) Business Days prior to any Series 2025-1 Prepayment pursuant to <u>Section</u> <u>3.06(d)(i)</u> or <u>Section</u> <u>3.06(f)</u> of this Series 2025-1 Supplement to each Series 2025-1 Noteholder of the Subclass to receive such Series 2025-1 Prepayment, each of the Rating Agencies, the Servicer, the Control Party and the Trustee (with copy to the Back-Up Manager); <u>provided</u> that at the request of the Co-Issuers, such notice to the Series 2025-1 Noteholders receiving such Series 2025-1 Prepayment shall be given by the Trustee in the name and at the expense of the Co-Issuers. In connection with any such Prepayment Notice, the Co-Issuers shall provide a written report to the Trustee directing the Trustee to distribute such prepayment in accordance with the applicable provisions of <u>Section</u> <u>3.06(j)</u> of this Series 2025-1 Supplement. With respect to each such Series 2025-1 Prepayment, the related Prepayment Notice shall, in each case, specify (A) the Series 2025-1 Prepayment Date on which such prepayment will be made, which in all cases shall be a Business Day and, in the case of a mandatory prepayment upon a Change of Control pursuant to <u>Section</u> <u>3.06(d)(i)</u>, shall be no more than 10 Business Days after the occurrence of such event, (B) the aggregate principal amount of the applicable Subclass to be prepaid on such date (such amount for each Subclass, together with all accrued and unpaid interest thereon to such date, a "<u>Series 2025-1 Prepayment Amount</u>") and (C) the date on which the applicable Series 2025-1 Class A-2 Make-Whole Prepayment Premium, if any, to be paid in connection therewith will be calculated, which calculation date shall be no earlier than the fifth Business Day before such Series 2025-1 Prepayment Date (the "<u>Series 2025-1 Make-Whole Premium Calculation Date</u>"). Any such optional prepayment and Prepayment Notice may, in the Co-Issuers' discretion, be subject to the satisfaction of one or more conditions precedent (including the contemporaneous closing of a financing the proceeds of which will be used to fund all or a portion of such prepayment). The Co-Issuers shall have the option, by written notice to the Trustee, the Control Party, the Rating Agencies and the Series 2025-1 Noteholders expected to receive such Series 2025-1 Prepayment (with copy to the Back-Up Manager), to revoke, or amend the Series 2025-1 Prepayment Date set forth in (x) any Prepayment Notice relating to an optional prepayment at any time up to the second Business Day before the Series 2025-1 Prepayment Date set forth in such Prepayment Notice and (y) subject to the requirements of the preceding sentence, any Prepayment Notice relating to mandatory prepayment upon a Change of Control at any time up to the earlier of (I) the occurrence of such event and (II) the second Business Day before the Series 2025-1 Prepayment Date set forth in such Prepayment Notice; <u>provided</u> that in no event shall any Series 2025-1 Prepayment Date be amended to a date earlier than the second Business Day after such amended notice is given. Any Prepayment Notice shall become irrevocable two Business Days prior to the date specified in the Prepayment Notice as the Series 2025-1 Prepayment Date. All Prepayment Notices shall be (i) posted to the Trustee's Website, transmitted by email to (A) each Series 2025-1 Noteholder of the Subclass subject to such Prepayment Notice to the extent such Series 2025-1 Noteholder has provided an email address to the Trustee and (B) to each of the Rating Agencies, the Servicer and the Trustee, and distributed through the Applicable Procedures of DTC and (ii) sent by registered mail to each affected Series 2025-1 Noteholder that holds a Definitive Note. For the avoidance of doubt, a Voluntary Decrease in respect of the Series 2025-1 Class A-1 Notes is governed by <u>Section</u> <u>2.02</u> of this Series 2025-1 Supplement and not by this <u>Section</u> <u>3.06</u>. A Prepayment Notice may be revoked or amended by any Co-Issuer if the Trustee receives written notice of such revocation or amendment no later than 10:00 a.m. (New York City time) two Business Days prior to such Series 2025-1 Prepayment Date. The Co-Issuers shall give written notice of such revocation to the Servicer, and at the request of the Co-Issuers, the Trustee shall forward the notice of revocation or amendment to the Series 2025-1 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Series 2025-1 Prepayments</u>. On each Series 2025-1 Prepayment Date with respect to any Series 2025-1 Prepayment, the Series 2025-1 Prepayment Amount and the Series 2025-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2025-1 Class A-1 Breakage Amounts applicable to such Series 2025-1 Prepayment shall be due and payable. The Co-Issuers shall pay the Series 2025-1 Prepayment Amount together with the applicable Series 2025-1 Class A-2 Make-Whole Prepayment Premium, if any, with respect to such Series 2025-1 Prepayment Amount, by, to the extent not already deposited therein pursuant to <u>Section</u> <u>3.06</u><u>(f)</u> of this Series 2025-1 Supplement, depositing such amounts in the applicable Series 2025-1 Distribution Account on or prior to the related Series 2025-1 Prepayment Date to be distributed in accordance with <u>Section</u> <u>3.06(j)</u> of this Series 2025-1 Supplement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnification Payments; Real Estate Disposition Proceeds</u>. Any Indemnification Payments or Real Estate Disposition Proceeds allocated to the Senior Notes Principal Payments Account in accordance with <u>Section</u> <u>5.11(i)</u> of the Base Indenture shall be withdrawn from the Senior Notes Principal Payments Account in accordance with <u>Section</u> <u>5.12(g)</u> of the Base Indenture, and any funds allocable to the Series 2025-1 Senior Notes shall be deposited in the applicable Series 2025-1 Distribution Accounts and used to prepay <u>first</u>, if a Series 2025-1 Class A-1 Senior Notes Amortization Period is continuing, the Series 2025-1 Class A-1 Notes (in accordance with the order of distribution of principal payments set forth in <u>Section</u> <u>4.02</u> of the Series 2025-1 Class A-1 Note Purchase Agreement), <u>second</u>, to each Subclass of the Series 2025-1 Class A-2 Notes *pro rata* (based on their respective portion of the Series 2025-1 Class A-2 Outstanding Principal Amount), and <u>third</u>, <u>provided</u> that clause first does not apply, the Series 2025-1 Class A-1 Notes (in accordance with the order of distribution of principal payments set forth in <u>Section</u> <u>4.02</u> of the Series 2025-1 Class A-1 Note Purchase Agreement), on the Quarterly Payment Date immediately succeeding such deposit. In connection with any prepayment made with Indemnification Payments pursuant to this <u>Section</u> <u>3.06(i)</u>, the Co-Issuers shall not be obligated to pay any prepayment premium. The Co-Issuers shall, however, be obligated to pay any applicable Series 2025- 1 Class A-2 Make-Whole Prepayment Premium required to be paid pursuant to <u>Section</u> <u>3.06(e)</u> of this Series 2025-1 Supplement in connection with any prepayment made with Real Estate Disposition Proceeds pursuant to this <u>Section</u> <u>3.06(i)</u>; <u>provided</u>, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2025-1 Class A-2 Make-Whole Prepayment Premium is not paid because insufficient funds are available to pay such Series 2025-1 Class A-2 Make-Whole Prepayment Premium, in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Series 2025-1 Prepayment</u><u> </u><u>Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On the Series 2025-1 Prepayment Date for each Series 2025-1 Prepayment to be made pursuant to this <u>Section</u> <u>3.06</u> in respect of the Series 2025-1 Class A-1 Notes, the Trustee shall, in accordance with <u>Section</u> <u>6.1</u> 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 2025-1 Prepayment Date and references to the Record Date shall be deemed to be references to the Prepayment Record Date) and based solely upon the applicable written report provided to the Trustee pursuant to <u>Section</u> <u>3.06(g)</u> of this Series 2025-1 Supplement, wire transfer to the Series 2025-1 Class A-1 Noteholders of record on the applicable Prepayment Record Date, in accordance with the order of distribution of principal payments set forth in <u>Section 4.02</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, the amount deposited in the Series 2025-1 Class A-1 Distribution Account pursuant to this <u>Section</u> <u>3.06</u>, if any, in order to repay the applicable portion of the Series 2025-1 Class A-1 Outstanding Principal Amount and pay all accrued and unpaid interest thereon up to such Series 2025-1 Prepayment Date and any associated Series 2025-1 Class A-1 Breakage Amounts incurred as a result of such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the Series 2025-1 Prepayment Date for each Series 2025-1 Prepayment to be made pursuant to this <u>Section</u> <u>3.06</u> in respect of the Series 2025-1 Class A-2 Notes, the Trustee shall, in accordance with <u>Section</u> <u>6.1</u> 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 2025-1 Prepayment Date and references to the Record Date shall be deemed to be references to the Prepayment Record Date) and based solely upon the applicable written report provided to the Trustee pursuant to <u>Section</u> <u>3.06(g)</u> of this Series 2025-1 Supplement, for each Subclass receiving a Series 2025-1 Prepayment, wire transfer to the Series 2025-1 Class A-2 Noteholders of record on the preceding Prepayment Record Date for such Subclass on a <u>pro rata</u> basis, based on their respective portion of the Series 2025-1 Class A-2 Outstanding Principal Amount, the amount deposited in the Series 2025-1 Class A-2 Distribution Account pursuant to this <u>Section</u> <u>3.06</u>, if any, in order to repay the applicable portion of the Series 2025-1 Class A-2 Outstanding Principal Amount of such Subclass and pay all accrued and unpaid interest thereon up to such Series 2025-1 Prepayment Date and any Series 2025-1 Class A-2 Make-Whole Prepayment Premium due to Series 2025-1 Class A-2 Noteholders of such Subclass payable on such date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Series 2025-1 Notices of Final Payment</u>. The Co-Issuers shall notify the Trustee, the Servicer and each of the Rating Agencies (with copy to the Back-Up Manager) on or before the Prepayment Record Date preceding the Series 2025-1 Prepayment Date that will be the Series 2025-1 Final Payment Date for a Subclass; <u>provided</u>, <u>however, that</u> with respect to any Series 2025-1 Final Payment that is made in connection with any mandatory or optional prepayment in full, the Co-Issuers shall not be obligated to provide any additional notice to the Trustee or the Rating Agencies of such Series 2025-1 Final Payment beyond the notice required to be given in connection with such prepayment pursuant to <u>Section</u> <u>3.06(g)</u> of this Series 2025-1 Supplement. The Trustee shall provide any written notice required under this <u>Section</u> <u>3.06(j)</u> to each Person in whose name a Series 2025-1 Senior Note for such Subclass is registered at the close of business on such Prepayment Record Date of the Series 2025-1 Prepayment Date that will be the Series 2025-1 Final Payment Date. Such written notice to be sent to the Series 2025-1 Noteholders of such Subclass shall be made at the expense of the Co-Issuers and shall be mailed by the Trustee within five (5) Business Days of receipt of notice from the Co-Issuers indicating that the Series 2025-1 Final Payment will be made and shall specify that such Series 2025-1 Final Payment shall be payable only upon presentation and surrender (or deregistration, in the case of Uncertificated Notes) of the Series 2025-1 Senior Notes of such Subclass, which such surrender shall also constitute a general release by the applicable Noteholder from any claims against the Securitization Entities, the Manager, the Back-Up Manager, the Trustee, the Servicer (including in its capacity as Control Party) and their respective affiliates, and shall specify the place where the Series 2025-1 Senior Notes of such Subclass may be presented and surrendered (or deregistered, in the case of Uncertificated Notes) for such Series 2025-1 Final Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Calculation of DSCR</u>. "Quarterly DSCR" shall have the meaning set forth in the Base Indenture; provided that, for purposes of calculating the Quarterly DSCR:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as of the first Quarterly Payment Date following the Series 2025-1 Closing Date, "Debt Service" applicable to the Series 2025-1 Class A-2 Notes will be deemed to be the sum of (a) the product of (x) the sum of the amounts referred to in clause (i)(a) (or, on and after the Series 2021-1 Springing Amendments Implementation Date, clause (ii)(a)) of the definition of "Debt Service" applicable to the Series 2025-1 Class A-2 Notes, multiplied by (y) a fraction the numerator of which is 90 and the denominator of which is the actual number of days elapsed during the period commencing on and including the Series 2025-1 Closing Date and ending on but excluding the first Quarterly Payment Date after the Series 2025-1 Closing Date, plus (b) the amount referred to in clause (i)(b) (or, on and after the Series 2021-1 Springing Amendments Implementation Date, clause (ii)(b)) of the definition of "Debt Service" applicable to the Series 2025-1 Class A-2 Notes, assuming for purposes of this calculation only that a Scheduled Principal Payment is due and payable on the first Quarterly Payment Date after the Series 2025-1 Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the first four Quarterly Payment Dates following the Series 2025-1 Closing Date, "Net Cash Flow" will be deemed to be $246,156,571.20 for the Quarterly Collection Period ended September 8, 2024, $328,598,655.34 for the Quarterly Collection Period ended December 29, 2024, $250,790,374.74 for the Quarterly Collection Period ended March 23, 2025, and $266,097,513.42 for the Quarterly Collection Period ended June 15, 2025. Further, the calculation of Net Cash Flow for the Quarterly Collection Period ending on September 7, 2025, may be adjusted to reflect the Manager's good faith estimate (in accordance with the Management Standard) of what Net Cash Flow would have been for the portion of such Quarterly Collection Period occurring prior to the Series 2025-1 Closing Date if the calculation of "Net Cash Flow" set forth in the Base Indenture had been in effect prior to the Series 2025-1 Closing Date; <u>provided</u>, <u>however</u>, that such calculation of Net Cash Flow may be further adjusted as set forth in the proviso to the definition of DSCR set forth in the Base Indenture to give pro forma effect to one or more additional acquisitions or investments that are consummated in the applicable period for which Net Cash Flow is being measured.

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**Section 3.07 <u>Series 2025-1 Class A-1 Distribution Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2025-1 Class</u> <u>A-1 Distribution Account</u>. The Master Issuer has established and shall maintain with the Trustee in the name of the Master Issuer subject to the lien of the Trustee for the benefit of the Series 2025-1 Class A-1 Noteholders an account (the "<u>Series</u> <u>2025- 1</u><u> </u><u>Class</u> <u>A-1</u><u> </u><u>Distribution</u><u> </u><u>Account</u>"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2025-1 Class A-1 Noteholders. The Series 2025-1 Class A-1 Distribution Account shall be an Eligible Account. Initially, the Series 2025-1 Class A-1 Distribution Account will be established with the Trustee. Any amounts held in the Series 2025-1 Class A-1 Distribution Account shall be held in cash and shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-1 Class</u> <u>A-1 Distribution Account Constitutes Additional Collateral for Series 2025-1 Class</u> <u>A-1 Notes</u>. In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2025-1 Class A-1 Notes, the Co-Issuers hereby grant a security interest in and assign, pledge, grant, transfer and set over to the Trustee, for the benefit of the Series 2025- 1 Class A-1 Noteholders, all of the Co-Issuers' right, title and interest in and to the following (whether now or hereafter existing or acquired): (i) the Series 2025-1 Class A-1 Distribution Account, including any security entitlement with respect thereto; (ii) all funds and other property (including, without limitation, Financial Assets) on deposit therein from time to time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2025-1 Class A-1 Distribution Account or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in the Series 2025-1 Class A-1 Distribution Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2025-1 Class A-1 Distribution Account, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing <u>clauses (i)</u> through <u>(vi)</u> are referred to, collectively, as the "<u>Series 2025-1 Class</u> <u>A-1 Distribution Account</u><u> </u><u>Collateral</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination of Series 2025-1 Class</u> <u>A-1 Distribution Account</u>. On or after the date on which (1) all accrued and unpaid interest on and principal of all Outstanding Series 2025-1 Class A-1 Notes have been paid, (2) all Undrawn L/C Face Amounts have expired or have been cash collateralized in accordance with the terms of the Series 2025-1 Class A-1 Note Purchase Agreement (after giving effect to the provisions of <u>Section 4.04</u> of the Series 2025-1 Class A-1 Note Purchase Agreement), (3) all fees and expenses and other amounts then due and payable under the Series 2025-1 Class A-1 Note Purchase Agreement have been paid and (4) all Series 2025-1 Class A-1 Commitments have been terminated in full, the Trustee, acting in accordance with the written instructions of the Master Issuer, shall withdraw from the Series 2025-1 Class A-1 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments and all Liens, if any, created in favor of the Trustee for the benefit of the Series 2025-1 Class A-1 Noteholders under the Base Indenture with respect to Series 2025-1 Class A-1 Distribution Account shall be automatically released, and the Trustee, upon written request of the Co-Issuers, at the written direction of the Control Party, shall execute and deliver to the Co-Issuers any and all documentation reasonably requested and prepared by the Co-Issuers at the Co- Issuers' expense to effect or evidence the release by the Trustee of the Series 2025-1 Class A-1 Noteholders' security interest in the Series 2025-1 Class A-1 Distribution Account Collateral.

**Section 3.08 <u>Series 2025-1 Class A-2 Distribution Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series 2025-1 Class</u> <u>A-2 Distribution Account</u>. The Master Issuer has established and shall maintain with the Trustee in the name of the Master Issuer subject to the lien of the Trustee for the benefit of the Series 2025-1 Class A-2 Noteholders an account (the "<u>Series</u><u> </u><u>2025- 1</u> <u>Class</u> <u>A-2</u><u> </u><u>Distribution</u><u> </u><u>Account</u>"), bearing a designation clearly indicating that the funds deposited therein

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are held for the benefit of the Series 2025-1 Class A-2 Noteholders. The Series 2025-1 Class A-2 Distribution Account shall be an Eligible Account. Initially, the Series 2025-1 Class A-2 Distribution Account will be established with the Trustee. Any amounts held in the Series 2025-1 Class A-2 Distribution Account shall be held in cash and shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series 2025-1 Class</u> <u>A-2 Distribution Account Constitutes Additional Collateral for Series 2025-1 Class</u> <u>A-2 Notes</u>. In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2025-1 Class A-2 Notes, the Co-Issuers hereby grant a security interest in and assign, pledge, grant, transfer and set over to the Trustee, for the benefit of the Series 2025- 1 Class A-2 Noteholders, all of the Co-Issuers' right, title and interest in and to the following (whether now or hereafter existing or acquired): (i) the Series 2025-1 Class A-2 Distribution Account, including any security entitlement with respect thereto; (ii) all funds and other property (including, without limitation, Financial Assets) on deposit therein from time to time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2025-1 Class A-2 Distribution Account or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in the Series 2025-1 Class A-2 Distribution Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2025-1 Class A-2 Distribution Account, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing <u>clauses (i)</u> through <u>(vi)</u> are referred to, collectively, as the "<u>Series 2025-1 Class</u> <u>A-2 Distribution Account</u><u> </u><u>Collateral</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination of Series 2025-1 Class</u> <u>A-2 Distribution Account</u>. On or after the date on which all accrued and unpaid interest on and principal of all Outstanding Series 2025-1 Class A-2 Notes have been paid, the Trustee, acting in accordance with the written instructions of the Master Issuer, shall withdraw from the Series 2025-1 Class A-2 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments and all Liens, if any, created in favor of the Trustee for the benefit of the Series 2025-1 Noteholders under the Base Indenture with respect to Series 2025-1 Class A-2 Distribution Account shall be automatically released, and the Trustee, upon written request of the Co- Issuers, at the written direction of the Control Party, shall execute and deliver to the Co-Issuers any and all documentation reasonably requested and prepared by the Co-Issuers at the Co-Issuers' expense to effect or evidence the release by the Trustee of the Series 2025-1 Noteholders' security interest in the Series 2025-1 Class A-2 Distribution Account Collateral.

**Section 3.09 <u>Trustee as Securities Intermediary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee or other Person holding the Series 2025-1 Distribution Account shall be the "<u>Series 2025-1 Securities Intermediary</u>." If the Series 2025-1 Securities Intermediary in respect of the Series 2025-1 Distribution Accounts is not the Trustee, the Master Issuer shall obtain the express agreement of such other Person to the obligations of the Series 2025-1 Securities Intermediary set forth in this <u>Section</u> <u>3.09</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Series 2025-1 Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-1 Distribution Accounts are accounts to which Financial Assets will or may be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Series 2025-1 Distribution Accounts are "securities accounts" within the meaning of Section 8-501 of the New York UCC and the Series 2025-1 Securities Intermediary qualifies as a "securities intermediary" under Section 8-102(a) of the New York UCC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All securities or other property (other than cash) underlying any Financial Assets credited to any Series 2025-1 Distribution Account shall be registered in the name of the Series 2025-1 Securities Intermediary, indorsed to the Series 2025-1 Securities Intermediary or in blank or credited to another securities account maintained in the name of the Series 2025-1 Securities Intermediary, and in no case will any Financial Asset credited to any Series 2025-1 Distribution Account be registered in the name of the Master Issuer, payable to the order of the Master Issuer or specially indorsed to the Master Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All property delivered to the Series 2025-1 Securities Intermediary pursuant to this Series 2025-1 Supplement will be promptly credited to the appropriate Series 2025-1 Distribution Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each item of property (whether investment property, security, instrument or cash) credited to any Series 2025-1 Distribution Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If at any time the Series 2025-1 Securities Intermediary shall receive any entitlement order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Series 2025-1 Distribution Accounts, the Series 2025-1 Securities Intermediary shall comply with such entitlement order without further consent by the Master Issuer, any other Securitization Entity or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) The Series 2025-1 Distribution Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement; (B) for purposes of all applicable UCCs, the State of New York shall be deemed to be the Series 2025-1 Securities Intermediary's jurisdiction and the Series 2025-1 Distribution Accounts (as well as the "security entitlements" (as defined in Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York; (C) with respect to each Trustee Account, the law in force in the State of New York is applicable to all issues specified in Article 2(1) of the Hague Securities Convention; and (D) the Securities Intermediary represents that, on the date hereof, it has an office in the State of New York which is engaged in a business or other regular activity of maintaining securities accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Series 2025-1 Securities Intermediary has not entered into, and until termination of this Series 2025-1 Supplement, will not enter into, any agreement with any other Person relating to the Series 2025-1 Distribution Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the New York UCC) of such other Person, and the Series 2025-1 Securities Intermediary has not entered into, and until the termination of this Series 2025-1 Supplement will not enter into, any agreement with the Master Issuer purporting to limit or condition the obligation of the Series 2025-1 Securities Intermediary to comply with entitlement orders as set forth in <u>Section</u> <u>3.09(b)(vi)</u> of this Series 2025-1 Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Except for the claims and interest of the Trustee, the Secured Parties and the Securitization Entities in the Series 2025-1 Distribution Accounts, neither the Series 2025-1 Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to, or interest in, any Series 2025-1 Distribution Account or any Financial Asset credited thereto. If the Series 2025-1 Securities Intermediary or, in the case of the Trustee, a Trust Officer has actual knowledge of the assertion by any other person of any Lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2025-1 Distribution Account or any Financial Asset carried therein, the Series 2025-1 Securities Intermediary will promptly notify the Trustee, the Manager, the Servicer and the Master Issuer thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time after the occurrence and during the continuation of an Event of Default, the Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2025-1 Distribution Accounts and in all proceeds thereof, and shall (acting at the direction of the Control Party (at the direction of the Controlling Class Representative)) be the only Person authorized to originate entitlement orders in respect of the Series 2025-1 Distribution Accounts; <u>provided</u>, <u>however</u>, that at all other times the Master Issuer shall be authorized to instruct the Trustee to originate entitlement orders in respect of the Series 2025-1 Distribution Accounts.

**Section 3.10 <u>Manager</u>**. Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices, instructions and other services on behalf of the Master Issuer, Holdco and the other Co-Issuers. The Series 2025-1 Noteholders by their acceptance of the Series 2025-1 Senior Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Master Issuer, Holdco or any other Co-Issuer. Any such reports and notices that are required to be delivered to the Series 2025-1 Noteholders hereunder shall be made available on the Trustee's website in the manner set forth in <u>Section 4.04</u> of the Base Indenture.

**Section 3.11 <u>Replacement of Ineligible Accounts</u>**. If, at any time, either of the Series 2025-1 Class A-1 Distribution Account or the Series 2025-1 Class A-2 Distribution Account shall cease to be an Eligible Account (each, a "<u>Series 2025-1 Ineligible Account</u>"), the Master Issuer or any other Co-Issuer shall (i) within five (5) Business Days of obtaining knowledge thereof, notify the Control Party and the Trustee thereof and (ii) within sixty (60) days of obtaining knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Series 2025-1 Ineligible Account, (B) following the establishment of such new Eligible Account, transfer or, with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing to transfer all cash and investments from such Series 2025-1 Ineligible Account into such new Eligible Account and (C) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and, if such new Eligible Account is not established with the Trustee, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party and the Trustee. The Trustee shall have no obligation to determine whether a Series 2025-1 Distribution Account is or continues to be an Eligible Account.

**ARTICLE IV** 

**<u>FORM OF SERIES 2025-1 SENIOR NOTES</u>**

**Section 4.01 <u>Issuance of Series 2025-1 Class A-1 Notes</u>**. (a) The Series 2025-1 Class A-1 Advance Notes will, at the election of the Holder, either (i) be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in <u>Exhibit A-1-1</u> hereto, and will be issued to the Series 2025-1 Class A-1 Noteholders (other than the Series 2025-1 Class A-1 Subfacility Noteholders) pursuant to and in accordance with the Series 2025-1 Class A-1 Note Purchase Agreement and shall be duly executed by the Co-Issuers and authenticated by the Trustee in the manner set forth in <u>Section</u> <u>2.4</u> of the Base Indenture or (ii) be Uncertificated Notes. Other than in accordance with this Series 2025-1 Supplement and the Series 2025-1 Class A-1 Note Purchase Agreement, the Series 2025- 1 Class A-1 Advance Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by such Series 2025-1 Class A-1 Noteholders. The Series 2025-1 Class A-1 Advance Notes shall bear a face amount equal in the aggregate to up to the then-applicable Series 2025-1 Class A-1 Maximum Principal Amount, and shall be initially issued on the Series 2025-1 Closing Date in an aggregate outstanding principal amount equal to the Series 2025-1 Class A-1 Initial Advance Principal Amount pursuant to <u>Section</u> <u>2.01(a)</u> of this Series 2025-1 Supplement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Series 2025-1 Class A-1 Swingline Notes will be issued in the form of definitive notes in fully registered form without interest coupons (other than any Uncertificated Notes), substantially in the form set forth in <u>Exhibit A-1-2</u> hereto, and will be issued to the Swingline Lender pursuant to and in accordance with the Series 2025-1 Class A-1 Note Purchase Agreement and shall be duly executed by the Co-Issuers and authenticated by the Trustee in the manner set forth in <u>Section</u> <u>2.4</u> of the Base Indenture. Other than in accordance with this Series 2025-1 Supplement and the Series 2025-1 Class A-1 Note Purchase Agreement, the Series 2025-1 Class A-1 Swingline Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the Swingline Lender. The Series 2025-1 Class A-1 Swingline Note shall bear a face amount equal in the aggregate to up to the Swingline Commitment as of the Series 2025-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series 2025-1 Class A-1 Initial Swingline Principal Amount pursuant to<u> </u><u>Section</u> <u>2.01(b)</u><u>(i)</u> of this Series 2025-1 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Series 2025-1 Class A-1 L/C Notes will, at the election of the Holder, either (i) be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in <u>Exhibit A-1-3</u> hereto, and will be issued to the L/C Provider pursuant to and in accordance with this Series 2025-1 Supplement and the Series 2025-1 Class A-1 Note Purchase Agreement and shall be duly executed by the Co-Issuers and authenticated by the Trustee in the manner set forth in <u>Section</u> <u>2.4</u> of the Base Indenture or (ii) be Uncertificated Notes. Other than in accordance with this Series 2025-1 Supplement and the Series 2025-1 Class A-1 Note Purchase Agreement, the Series 2025-1 Class A- 1 L/C Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the L/C Provider. The Series 2025-1 Class A-1 L/C Notes shall bear a face amount equal in the aggregate to up to the L/C Commitment as of the Series 2025-1 Closing Date, and shall be initially issued in an aggregate amount equal to the Series 2025-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount pursuant to <u>Section</u> <u>2.01(b)</u><u>(ii)</u> of this Series 2025-1 Supplement. All Undrawn L/C Face Amounts shall be deemed to be "principal" outstanding under the Series 2025-1 Class A-1 L/C Note for all purposes of the Indenture and the other Related Documents other than for purposes of accrual of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt, notwithstanding that the aggregate face amount of the Series 2025-1 Class A-1 Notes will exceed the Series 2025-1 Class A-1 Maximum Principal Amount, at no time will the principal amount actually outstanding of the Series 2025-1 Class A-1 Advance Notes, the Series 2025-1 Class A-1 Swingline Notes and the Series 2025-1 Class A-1 L/C Notes in the aggregate exceed the Series 2025-1 Class A-1 Maximum Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Series 2025-1 Class A-1 Notes may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Authorized Officers executing such Series 2025-1 Class A-1 Notes, as evidenced by their execution of the Series 2025-1 Class A-1 Notes. The Series 2025-1 Class A-1 Notes may be produced in any manner, all as determined by the Authorized Officers executing such Series 2025-1 Class A-1 Notes, as evidenced by their execution of such Series 2025-1 Class A-1 Notes. The initial sale of the Series 2025-1 Class A-1 Notes is limited to Persons who have executed the Series 2025-1 Class A-1 Note Purchase Agreement. The Series 2025-1 Class A-1 Notes may be resold only to the Master Issuer, its Affiliates, and Persons who are not Competitors (except that Series 2025-1 Class A-1 Notes may be resold to Competitors with the written consent of the Co-Issuers) in compliance with the terms of the Series 2025-1 Class A-1 Note Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Uncertificated Notes</u>. At the request of a Holder or transferee of Series 2025-1 Class A-1 Notes, the Series 2025-1 Class A-1 Notes may be issued in the form of Uncertificated Notes. With respect to any Uncertificated Note, the Trustee shall provide to the beneficial owner promptly after registration of the Uncertificated Note in the Note Register by the Registrar a Confirmation of Registration, the form of which shall be set forth in <u>Exhibit D</u> hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as otherwise expressly provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Uncertificated Notes registered in the name of a Person shall be considered "held" by such Person for all purposes of this Series 2025-1 Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) with respect to any Uncertificated Note, (a) references herein to authentication and delivery of a Note shall be deemed to refer to creation of an entry for such Note in the Note Register and registration of such Note in the name of the owner, (b) references herein to cancellation of a Note shall be deemed to refer to deregistration of such Note and (c) references herein to the date of authentication of a Note shall refer to the date of registration of such Note in the Note Register in the name of the owner thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) references to execution of Notes by the Co-Issuers, to surrender of the Notes and to presentment of the Notes shall be deemed not to refer to Uncertificated Notes; <u>provided</u> that the provisions of <u>Section</u> <u>4.03</u> relating to surrender of the Notes shall apply equally to deregistration of Uncertificated Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) for the avoidance of doubt, no Confirmation of Registration shall be required to be surrendered (x) in connection with a transfer of the related Uncertificated Note or (y) in connection with the final payment of the related Uncertificated Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Note Register shall be conclusive evidence of the ownership of an Uncertificated Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each of the Series 2025-1 Class A-1 Notes in the form of a definitive note may also be exchanged in its entirety for an Uncertificated Note and, upon complete exchange thereof, such Series 2025- 1 Class A-1 Notes shall be cancelled and deregistered by the Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each of the Uncertificated Notes may be exchanged in its entirety for a Series 2025-1 Class A-1 Note in the form of a definitive note and, upon complete exchange thereof, such Uncertificated Note shall be deregistered by the Registrar.

**Section 4.02 <u>Issuance of Series 2025-1 Class A-2 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Series 2025-1 Class A-2 Notes may be offered and sold in the aggregate Series 2025-1 Class A-2 Initial Principal Amount on the Series 2025-1 Closing Date by the Co-Issuers pursuant to the Series 2025-1 Class A-2 Note Purchase Agreement. The Series 2025-1 Class A-2 Notes will be resold initially only to the Master Issuer or its Affiliates or (A) in the United States, to a Person that is not a Competitor and that is a QIB in a transaction meeting the requirements of Rule 144A, (B) outside the United States, to a Person that is not a Competitor and that is not a U.S. person (as defined in Regulation S) (a "<u>U.S. Person</u>") in a transaction meeting the requirements of Regulation S or (C) to a Person that is not a Competitor in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, and the applicable securities laws of any state of the United States and any other jurisdiction, in each such case in accordance with the Base Indenture and any applicable securities laws of any state of the United States. The Series 2025-1 Class A-2 Notes may thereafter be transferred in reliance on Rule 144A and/or Regulation S and in accordance with the procedure described herein. The Series 2025-1 Class A-2 Notes shall be Book-Entry Notes and DTC shall be the Depository for the Series 2025-1 Class A-2 Notes. The Applicable Procedures shall be applicable to transfers of beneficial interests in the Series 2025-1 Class A-2 Notes. The Series 2025-1 Class A-2 Notes shall be issued in minimum denominations of $25,000 and integral multiples of $1,000 in excess thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restricted Global Notes</u>. The Series 2025-1 Class A-2 Notes offered and sold in their initial distribution in reliance upon Rule 144A shall be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth in <u>Exhibit A-2-1,</u> <u>Exhibit A- 2-4</u>, or <u>Exhibit A-2-7</u> hereto, registered in the name of Cede & Co. ("<u>Cede</u>"), as nominee of DTC, and deposited with the Trustee, as custodian for DTC (collectively, for purposes of this <u>Section 4.02</u> and <u>Section 4.04</u> the "<u>Restricted Global Notes</u>"). The aggregate initial principal amount of the Restricted 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 in the aggregate initial principal amount of the corresponding class of Regulation S Global Notes or the Unrestricted Global Notes, as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Regulation S Global Notes and Unrestricted Global Notes</u>. Any Series 2025-1 Class A-2 Notes offered and sold on the Series 2025-1 Closing Date in reliance upon Regulation S shall be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the forms set forth in <u>Exhibit</u><u> </u><u>A-2-2</u>, <u>Exhibit</u><u> </u><u>A-2-5</u>, or <u>Exhibit</u><u> </u><u>A-2-8</u> 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 2025-1 Class A-2 Note, such Series 2025-1 Class A-2 Notes shall be referred to herein collectively, for purposes of this <u>Section 4.02</u> and <u>Section 4.04</u> as the "<u>Regulation S Global Notes</u>." After such time as the Restricted Period shall have terminated, the 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 forms set forth in <u>Exhibit</u><u> </u><u>A-2-3</u>, <u>Exhibit</u><u> </u><u>A-2-6</u>, or <u>Exhibit</u><u> </u><u>A- 2-9</u> hereto, as hereinafter provided (collectively, for purposes of this <u>Section 4.02</u> and <u>Section 4.04</u> the "<u>Unrestricted Global Notes</u>"). The aggregate principal amount of the Regulation S Global Notes or the Unrestricted 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 Restricted Global Notes, as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Definitive Notes</u>. The Series 2025-1 Global Notes shall be exchangeable in their entirety for one or more definitive notes in registered form, without interest coupons (collectively, for purposes of this <u>Section 4.02</u> and <u>Section 4.04</u> of this Series 2025-1 Supplement, the "<u>Definitive Notes</u>") pursuant to <u>Section</u> <u>2.13</u> of the Base Indenture and this <u>Section 4.02(d)</u> in accordance with their terms and, upon complete exchange thereof, such Series 2025-1 Global Notes shall be surrendered for cancellation at the applicable Corporate Trust Office.

**Section 4.03 <u>Transfer Restrictions of Series 2025-1 Class A-1 Notes</u>**. (a) Subject to the terms of the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement, the holder of any Series 2025- 1 Class A-1 Advance Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination, by surrendering (or deregistering, in the case of Uncertificated Notes) such Series 2025-1 Class A-1 Advance Note at the applicable Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Co-Issuers and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by a certificate substantially in the form of <u>Exhibit</u> <u>B-1</u> hereto; <u>provided</u> that if the holder of any Series 2025-1 Class A-1 Advance Note transfers, in whole or in part, its interest in any Series 2025-1 Class A-1 Advance Note pursuant to (i) an Assignment and Assumption Agreement substantially in the form of <u>Exhibit</u> <u>B</u> to the Series 2025-1 Class A-1 Note Purchase Agreement or (ii) an Investor Group Supplement substantially in the form of <u>Exhibit</u> <u>C</u> to the Series 2025-1 Class A-1 Note Purchase Agreement, then such Series 2025-1 Class A-1 Noteholder will not be required to submit a certificate substantially in the form of <u>Exhibit B-1</u> hereto upon transfer of its interest in such Series 2025-1 Class A-1 Advance Note. In exchange for any Series 2025-1 Class A-1 Advance Note properly presented for

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transfer along with the appropriately completed transfer certificate, Assignment and Assumption Agreement or Investor Group Supplement pursuant to the requirements of this Section 4.03(a), the Co-Issuers shall execute and deliver a Company Order to the Trustee authorizing and directing the authentication and delivery of such Notes and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Series 2025-1 Class A-1 Advance Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series 2025-1 Class A-1 Advance Note in part, the Co-Issuers shall execute and deliver a Company Order to the Trustee authorizing and directing the authentication and delivery of such Notes and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Series 2025-1 Class A-1 Notes for the aggregate principal amount that was not transferred. No transfer of any Series 2025-1 Class A-1 Advance Note shall be made unless the request for such transfer is made by the Series 2025-1 Class A-1 Noteholder at such office. In the case of a transfer to a Holder electing to take such Note in the form of an Uncertificated Note, the Co-Issuers shall execute and deliver a Company Order directing the registration of such Notes and the Trustee shall deliver a Confirmation of Registration to the transferee upon request. Neither the Co-Issuers nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of transferred Series 2025-1 Class A-1 Advance Notes, the Trustee shall recognize the holders of such Series 2025-1 Class A-1 Advance Note as Series 2025-1 Class A-1 Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms of the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement, the Swingline Lender may transfer any Series 2025-1 Class A-1 Swingline Note in whole but not in part by surrendering (or deregistering, in the case of Uncertificated Notes) such Series 2025-1 Class A-1 Swingline Note at the applicable Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Co-Issuers and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the STAMP or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to <u>Section</u> <u>9.17(d)</u> of the Series 2025-1 Class A-1 Note Purchase Agreement. In exchange for any Series 2025-1 Class A-1 Swingline Note properly presented for transfer along with the appropriately completed transfer certificate, Assignment and Assumption Agreement or Investor Group Supplement pursuant to the requirements of this Section 4.03(a), the Co-Issuers shall execute and deliver a Company Order to the Trustee authorizing and directing the authentication and delivery of such Notes and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, a Series 2025-1 Class A-1 Swingline Note for the same aggregate principal amount as was transferred. No transfer of any Series 2025-1 Class A-1 Swingline Note shall be made unless the request for such transfer is made by the Swingline Lender at such office. In the case of a transfer to a Holder electing to take such Note in the form of an Uncertificated Note, Co-Issuers shall execute and deliver a Company Order directing the registration of such Notes and the Trustee shall deliver a Confirmation of Registration to the transferee upon request. Neither the Co-Issuers nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of any transferred Series 2025-1 Class A-1 Swingline Note, the Trustee shall recognize the holder of such Series 2025-1 Class A-1 Swingline Note as a Series 2025-1 Class A-1 Noteholder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms of the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement, the L/C Provider may transfer any Series 2025-1 Class A-1 L/C Note in whole or in part, in an amount equivalent to an authorized denomination, by surrendering (or deregistering, in the case of Uncertificated Notes) such Series 2025-1 Class A-1 L/C Note at the applicable Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Co-Issuers and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the STAMP or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to <u>Section</u> <u>9.17(e)</u> of the Series 2025-1 Class A-1 Note Purchase Agreement. In exchange for any Series 2025-1 Class A-1 L/C Note properly presented for transfer along with the appropriately completed transfer certificate, Assignment and Assumption Agreement or Investor Group Supplement pursuant to the requirements of this Section 4.03(a), the Co-Issuers shall execute and deliver a Company Order to the Trustee authorizing and directing the authentication and delivery of such Notes and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Series 2025-1 Class A-1 L/C Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series 2025-1 Class A-1 L/C Note in part, the Co-Issuers shall execute and the Trustee shall promptly authenticate and deliver a Company Order to the Trustee authorizing and directing the authentication and delivery of such Notes and deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Series 2025-1 Class A-1 L/C Notes for the aggregate principal amount that was not transferred. No transfer of any Series 2025-1 Class A-1 L/C Note shall be made unless the request for such transfer is made by the L/C Provider at such office. In the case of a transfer to a Holder electing to take such Note in the form of an Uncertificated Note, the Co-Issuers shall execute and deliver a Company Order directing the registration of such Notes and the Trustee shall deliver a Confirmation of Registration to the transferee upon request. Neither the Co-Issuers nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of any transferred Series 2025-1 Class A-1 L/C Note, the Trustee shall recognize the holder of such Series 2025-1 Class A-1 L/C Note as a Series 2025-1 Class A-1 Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Series 2025-1 Class A-1 Note (other than any Uncertificated Note) shall bear the following legend:

THE ISSUANCE AND SALE OF THIS SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTE, CLASS A-1 ("<u>THIS NOTE</u>") HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF THE CO-ISSUERS HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>"). THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO PERSONS WHO ARE NOT COMPETITORS (AS DEFINED IN THE INDENTURE), UNLESS THE CO-ISSUERS GIVE WRITTEN CONSENT TO SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER, AND IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-1 NOTE PURCHASE AGREEMENT, DATED AS OF SEPTEMBER 5, 2025 BY AND AMONG THE CO-ISSUERS, THE GUARANTORS, THE MANAGER, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS AND THE FUNDING AGENTS NAMED THEREIN AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS ADMINISTRATIVE AGENT.

The required legend set forth above shall not be removed from the Series 2025-1 Class A-1 Notes except as provided herein.

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**Section 4.04 <u>Transfer Restrictions of Series 2025-1 Class A-2 Notes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Series 2025-1 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 <u>Section 4.04(a)</u> shall not prohibit any transfer of a Series 2025-1 Class A-2 Note that is issued in exchange for a Series 2025-1 Global Note in accordance with <u>Section</u> <u>2.8</u> of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Series 2025-1 Global Note effected in accordance with the other provisions of this <u>Section 4.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by a Series 2025-1 Note Owner holding a beneficial interest in a Class A-2 Note in the form of a Restricted Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Restricted Global Note 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 Co-Issuers 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Series 2025-1 Note Owner holding a beneficial interest in a Class A-2 Note in the form of a Restricted Global Note wishes at any time to exchange its interest in such Restricted Global Note for an interest in the Regulation S 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 Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this<u> </u><u>Section</u> <u>4.04(c)</u>. Upon receipt by the 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 Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such Restricted 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 <u>Exhibit</u><u> </u><u>B-2</u> hereto given by the Series 2025-1 Class A-2 Note Owner holding such beneficial interest in such Restricted Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of the Restricted Global Note, and to increase the principal amount of the Regulation S Global Note, by the principal amount of the beneficial interest in such Restricted 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 Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such Restricted Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Series 2025-1 Class A-2 Note Owner holding a beneficial interest in a Restricted Global Note wishes at any time to exchange its interest in such Restricted Global Note for an interest in the Unrestricted 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 Unrestricted Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section</u> <u>4.04(d)</u>. Upon receipt by the 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 Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Unrestricted Global Note in a principal amount equal to that of the beneficial interest in such

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Restricted 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 <u>Exhibit B-3</u> hereto given by the Series 2025-1 Class A-2 Note Owner holding such beneficial interest in such Restricted Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Restricted Global Note, and to increase the principal amount of the Unrestricted Global Note, by the principal amount of the beneficial interest in such Restricted 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 Unrestricted Global Note having a principal amount equal to the amount by which the principal amount of such Restricted Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Series 2025-1 Class A-2 Note Owner holding a beneficial interest in a Regulation S Global Note or an Unrestricted Global Note wishes at any time to exchange its interest in such Regulation S Global Note or such Unrestricted Global Note for an interest in the Restricted 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 Restricted Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section</u> <u>4.04(e)</u>. Upon receipt by the 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 Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Restricted Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note or such Unrestricted 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 Regulation S Global Note (but not such Unrestricted Global Note), a certificate in substantially the form set forth in <u>Exhibit B-4</u> hereto given by such Series 2025-1 Class A-2 Note Owner holding such beneficial interest in such Regulation S Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note or such Unrestricted Global Note, as the case may be, and to increase the principal amount of the Restricted Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note or such Unrestricted 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 the Restricted Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note or such Unrestricted Global Note, as the case may be, was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that a Series 2025-1 Global Note or any portion thereof is exchanged for Series 2025-1 Class A-2 Notes other than Series 2025-1 Global Notes, such other Series 2025-1 Class A-2 Notes may in turn be exchanged (upon transfer or otherwise) for Series 2025-1 Class A-2 Notes that are not Series 2025-1 Global Notes or for a beneficial interest in a Series 2025-1 Global Note (if any is then outstanding) only in accordance with such procedures as may be adopted from time to time by the Co- Issuers and the Registrar, which shall be substantially consistent with the provisions of <u>Section 4.04(a)</u> through <u>Section</u> <u>4.04(e)</u> and <u>Section</u> <u>4.04(g)</u> of this Series 2025-1 Supplement (including the certification requirement intended to ensure that transfers and exchanges of beneficial interests in a Series 2025-1 Global Note comply with Rule 144A or Regulation S under the Securities Act, as the case may be) and any Applicable Procedures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Until the termination of the Restricted Period with respect to any Series 2025-1 Class A-2 Note, interests in the Regulation S Global Notes representing such Series 2025-1 Class A-2 Note may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and Clearstream; <u>provided</u> that this <u>Section</u> <u>4.04(g)</u> shall not prohibit any transfer in accordance with <u>Section</u> <u>4.04(d)</u> of this Series 2025-1 Supplement. After the expiration of the applicable Restricted Period, interests in the Unrestricted Global Notes may be transferred without requiring any certifications other than those set forth in this <u>Section 4.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Series 2025-1 Class A-2 Notes in the form of Restricted Global Notes, Regulation S Global Notes or Unrestricted Global Notes shall bear the following legend:

THE ISSUANCE AND SALE OF THIS SERIES 2025-1 CLASS A-2 NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO'S PIZZA MASTER ISSUER LLC, DOMINO'S PIZZA DISTRIBUTION LLC, DOMINO'S IP HOLDER LLC AND DOMINO'S SPV CANADIAN HOLDING COMPANY INC. (THE "CO-ISSUERS") HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY ACT"). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO DOMINO'S PIZZA MASTER ISSUER LLC OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS NOT A COMPETITOR AND IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NEITHER A COMPETITOR NOR A "U.S. PERSON" AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S"), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, AND 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 OF THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

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

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EACH INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER 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 INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A [REGULATION S GLOBAL NOTE] [RESTRICTED GLOBAL NOTE] OR [AN UNRESTRICTED 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 SHALL BE OF NO FORCE AND EFFECT AND WILL BE VOID <u>AB</u> <u>INITIO</u> AND SHALL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY.

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF THE TRANSFER.

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) A "U.S. PERSON" THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) EITHER IS A QUALIFIED INSTITUTIONAL BUYER OR NOT A "U.S. PERSON" IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR A U.S. PERSON.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-1 Class A-2 Notes in the form of Regulation S Global Notes shall also bear the following legend:

UNTIL 40 DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE "<u>RESTRICTED PERIOD</u>") 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 NOT A "U.S.

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PERSON" AS DEFINED IN REGULATION S, THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A PERSON THAT IS NOT A "U.S. PERSON" AS DEFINED IN REGULATION S, THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER AND IN COMPLIANCE WITH THE SECURITIES 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 SECURITIES ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Series 2025-1 Global Notes issued in connection with the Series 2025-1 Class A-2 Notes shall bear the following legend:

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 10004, 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 CO-ISSUERS OR THE 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The required legends set forth above shall not be removed from the applicable Series 2025-1 Class A-2 Notes except as provided herein. The legend required for a Series 2025-1 Class A-2 Note in the form of a Restricted Global Note may be removed from such Series 2025-1 Class A-2 Note if there is delivered to the Co-Issuers and the Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by the Co-Issuers that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Series 2025-1 Class A- 2 Note will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, the Trustee at the direction of the Master Issuer, on behalf of the Co-Issuers, shall authenticate and deliver in exchange for such Series 2025-1 Class A-2 Note a Series 2025-1 Class A-2 Note or Series 2025-1 Class A-2 Notes having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Series 2025-1 Class A-2 Note in the form of a Restricted Global Note has been removed from a Series 2025-1 Class A-2 Note as provided above, no other Series 2025-1 Class A-2 Note issued in exchange for all or any part of such Series 2025-1 Class A-2 Note shall bear such legend, unless the Co-Issuers have reasonable cause to believe that such other Series 2025-1 Class A-2 Note is a "restricted security" within the meaning of Rule 144 under the Securities Act and instructs the Trustee to cause a legend to appear thereon.

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**Section 4.05 <u>Note Owner Representations and Warranties</u>**. Each Person who becomes a Note Owner of a beneficial interest in a Series 2025-1 Note pursuant to the Offering Memorandum shall be deemed to represent, warrant and agree on the date that such Person acquires any interest in any Series 2025-1 Note as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to any purchase of Series 2025-1 Senior Notes pursuant to Rule 144A, it is a QIB pursuant to Rule 144A and is aware that any sale of Series 2025-1 Senior Notes to it will be made in reliance on Rule 144A. Its acquisition of Series 2025-1 Senior Notes in any such sale will be for its own account or for the account of another QIB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any purchase of Series 2025-1 Senior Notes pursuant to Regulation S, at the time the buy order for such Series 2025-1 Senior Notes was originated, it was outside the United States and it was not a U.S. Person, and was not purchasing for the account or benefit of a U.S. Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has not been formed for the purpose of investing in the Series 2025-1 Senior Notes, except where each beneficial owner is a QIB (for Series 2025-1 Senior Notes acquired in the United States) or not a U.S. Person (for Series 2025-1 Senior Notes acquired outside the United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Series 2025-1 Senior Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It understands that the Co-Issuers, the Manager and the Servicer may receive a list of participants holding positions in the Series 2025-1 Senior Notes from one or more book-entry depositories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It understands that the Manager, the Co-Issuers and the Servicer may receive 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It shall provide to each person to whom it transfers Series 2025-1 Senior Notes notices of any restrictions on transfer of such Series 2025-1 Senior Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It understands that (i) the Series 2025-1 Senior Notes are being offered in a transaction not involving any public offering in the United States within the meaning of the Securities Act, (ii) the Series 2025-1 Senior Notes have not been registered under the Securities Act, (iii) the Series 2025-1 Senior Notes may be offered, resold, pledged or otherwise transferred only (A) to the Master Issuer or an Affiliate of the Master Issuer, (B) in the United States to a Person who the seller reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A and that is not a Competitor, (C) outside the United States to a Person that is not a U.S. Person in a transaction meeting the requirements of Regulation S and that is not a Competitor or (D) to a Person that is not a Competitor in a transaction exempt from the registration requirements of the Securities Act and the applicable securities laws of any state of the United States and any other jurisdiction, in each such case in accordance with the Indenture and any applicable securities laws of any state of the United States and (iv) it shall, and each subsequent holder of a Series 2025- 1 Note is required to, notify any subsequent purchaser of a Series 2025-1 Note of the resale restrictions set forth in <u>clause (iii)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It understands that the certificates evidencing the Restricted Global Notes will bear legends substantially similar to those set forth in <u>Section</u> <u>4.04(h)</u> of this Series 2025-1 Supplement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) It understands that the certificates evidencing the Regulation S Global Notes will bear legends substantially similar to those set forth in <u>Section</u> <u>4.04(i)</u> of this Series 2025-1 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) It understands that the certificates evidencing the Unrestricted Global Notes will bear legends substantially similar to those set forth in <u>Section</u> <u>4.04(j)</u> of this Series 2025-1 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Either (i) it is not acquiring or holding the Series 2025-1 Senior Notes (or any interest therein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of the Series 2025-1 Senior Notes or any interest therein does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) It understands that any subsequent transfer of the Series 2025-1 Senior 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 2025-1 Senior Notes or any interest therein except in compliance with such restrictions and conditions and the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) It is not a Competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) If it is an ERISA Plan or is purchasing or holding the Series 2025-1 Senior Notes on behalf of or with "plan assets" of any ERISA Plan, it shall be deemed to represent, warrant and agree that (i) none of the Co-Issuers, the Guarantors or the Initial Purchasers, nor any of their affiliates, has provided, and none of them will provide, any investment advice to it or to any fiduciary or other person investing the assets of the ERISA Plan ("<u>Plan Fiduciary</u>"), in connection with its decision to invest in the Series 2025-1 Senior Notes, and they are not otherwise acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the ERISA Plan or the Plan Fiduciary in connection with the ERISA Plan's acquisition of the Series 2025-1 Senior Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Series 2025-1 Senior Notes.

**ARTICLE V** 

**<u>GENERAL</u>**

**Section 5.01 <u>Information</u>**. On or before the date that is three (3) Business Days prior to each Quarterly Payment Date, the Co-Issuers shall furnish, or cause to be furnished, a Quarterly Noteholders' Statement with respect to the Series 2025-1 Senior Notes to the Trustee and to the Rating Agencies with a copy to each of the Servicer, the Manager and the Back-Up Manager, substantially in the form of <u>Exhibit</u> <u>C</u> hereto, setting forth, <u>inter</u> alia, the following information with respect to such Quarterly Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the total amount available to be distributed to each Subclass of Series 2025-1 Noteholders on such Quarterly Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of such distribution allocable to the payment of interest on each Subclass of the Series 2025-1 Senior Notes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount of such distribution allocable to the payment of principal of each Subclass of the Series 2025-1 Senior Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amount of such distribution allocable to the payment of any Series 2025-1 Class A-2 Make-Whole Prepayment Premium, if any, on each Subclass of the Series 2025-1 Class A-2 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amount of such distribution allocable to the payment of any fees or other amounts due to the Series 2025-1 Class A-1 Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) whether, to the Actual Knowledge of the Co-Issuers, any Potential Rapid Amortization Event, Rapid Amortization Event, Default, Event of Default, Potential Manager Termination Event or Manager Termination Event has occurred as of the related Accounting Date or any Cash Trapping Period is in effect, as of such Accounting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) prior to the Series 2021-1 Springing Amendments Implementation Date, the Quarterly DSCR for such Quarterly Payment Date and the three Quarterly Payment Dates immediately preceding such Quarterly Payment Date, and (B) on and after the Series 2021-1 Springing Amendments Implementation Date, the DSCR for such Quarterly Payment Date and the three Quarterly Payment Dates immediately preceding such Quarterly Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the number of Open Domino's Stores as of the last day of the preceding Quarterly Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the amount of Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Series 2025-1 Available Senior Notes Interest Reserve Account Amount and the amount on deposit in the Cash Trap Reserve Account, if any, in each case, as of the close of business on the last Business Day of the preceding Quarterly Collection Period.

Any Series 2025-1 Noteholder may obtain copies of each Quarterly Noteholders' Statement in accordance with the procedures set forth in <u>Section 4.04</u> of the Base Indenture.

**Section 5.02 <u>Exhibits</u>.** 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.

**Section 5.03 <u>Ratification of Base Indenture</u>.** As supplemented by this Series 2025-1 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2025-1 Supplement shall be read, taken and construed as one and the same instrument.

**Section 5.04 <u>Certain Notices to the Rating Agencies</u>.** The Co-Issuers shall provide to each Rating Agency a copy of each Opinion of Counsel and Officer's Certificate delivered to the Trustee pursuant to this Series 2025-1 Supplement or any other Related Document.

**Section 5.05 <u>Prior Notice by Trustee to the Controlling Class</u> Representative and Control Party.** Subject to <u>Section</u> <u>10.1</u> of the Base Indenture, the Trustee agrees that it shall not exercise any rights or remedies available to it as a result of the occurrence of a Rapid Amortization Event or an Event of Default until after the Trustee has given prior written notice thereof to the Controlling Class Representative and the Control Party and obtained the direction of the Control Party (subject to <u>Section</u> <u>11.4(e)</u> of the Base Indenture, at the direction of the Controlling Class Representative).

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**Section 5.06 <u>Counterparts</u>**. This Series 2025-1 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 5.07 <u>Governing Law</u>**. THIS SERIES 2025-1 SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

**Section 5.08 <u>Amendments</u>**. This Series 2025-1 Supplement may not be modified or amended except in accordance with the terms of the Base Indenture.

**Section 5.09 <u>Termination of Series Supplement</u>**. This Series 2025-1 Supplement shall cease to be of further effect when (i) all Outstanding Series 2025-1 Senior Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2025-1 Senior Notes that have been replaced or paid) to the Trustee for cancellation (or deregistered, in the case of Uncertificated Notes) and all Letters of Credit have expired, have been cash collateralized in full pursuant to the terms of the Series 2025-1 Class A-1 Note Purchase Agreement or are deemed to no longer be outstanding in accordance with <u>Section 4.04</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, (ii) all fees and expenses and other amounts under the Series 2025-1 Class A-1 Note Purchase Agreement have been paid in full and all Series 2025-1 Class A-1 Commitments have been terminated and (iii) the Co-Issuers have paid all sums payable hereunder.

**Section 5.10 <u>Electronic Signatures and Transmission</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Series Supplement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission. "<u>Electronic Transmission</u>" means any form of communication not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process. The Trustee is authorized to accept written instructions, directions, reports, notices or other communications delivered by Electronic Transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission, and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any requirement in the Indenture that a document, is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit signature to be by facsimile or electronic signature and shall not be deemed to prohibit delivery thereof by Electronic Transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Series Supplement, any and all communications (both text and attachments) by or from the Trustee that the Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic Transmission will be encrypted. The recipient of the Electronic Transmission will be required to complete a one-time registration process.

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**Section 5.11 <u>Entire Agreement</u>**. This Series 2025-1 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 5.12 <u>Fiscal Year End</u>**. The Co-Issuers shall not change their fiscal year end from the Sunday on or nearest to December 31 to any other date.

**[Signature Pages Follow]** 

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IN WITNESS WHEREOF, each of the Co-Issuers, the Trustee and the Series 2025-1 Securities Intermediary have caused this Series 2025-1 Supplement to be duly executed by its respective duly authorized officer as of the day and year first written above.

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| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PIZZA DISTRIBUTION LLC,<br> as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC,<br> as Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S IP HOLDER LLC,<br> as Co-Issuer | DOMINO'S IP HOLDER LLC,<br> as Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC,<br> as Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC,<br> as Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

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*[Signature Page to Series 2025-1 Supplement]* 

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---

| | |
|:---|:---|
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,<br> as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,<br> as Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

---

*[Signature Page to Series 2025-1 Supplement]* 

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---

| | |
|:---|:---|
| CITIBANK, N.A., in its capacity as Trustee and as Series 2025-1 Securities Intermediary | CITIBANK, N.A., in its capacity as Trustee and as Series 2025-1 Securities Intermediary |
| By: | /s/ Anthony Bausa |
|  | Name: Anthony Bausa |
|  | Title: Senior Trust Officer |

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*[Signature Page to Series 2025-1 Supplement]* 

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<u>ANNEX A</u> 

**<u>SERIES 2025-1</u>** 

**<u>SUPPLEMENTAL DEFINITIONS LIST</u>** 

"<u>Administrative Agent</u>" means Coöperatieve Rabobank U.A., New York Branch. For purposes of the Base Indenture, the "Administrative Agent" shall be deemed to be a "Class A-1 Administrative Agent."

"<u>Administrative Agent Fees</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Advance</u>" has the meaning set forth in the recitals to the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Advance Request</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Assignment and Assumption Agreement</u>" has the meaning set forth in the Series 2025-1 Class A- 1 Note Purchase Agreement.

"<u>Base Rate</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement. "<u>Base Rate Advance</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase

Agreement.

"<u>Benchmark Replacement Date</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Breakage Amount</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Cede</u>" has the meaning set forth in <u>Section</u> <u>4.02(b)</u> of the Series 2025-1 Supplement.

"<u>Change in Law</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Change in Management</u>" means, prior to the Series 2025-1 Springing Amendments Implementation Date, the event that will occur if either (i) more than 50% of the Leadership Team is terminated and/or resigns within 24 months of a Trigger Event, (ii) the chief executive officer and the chief financial officer of Holdco are terminated and/or resign within 24 months of a Trigger Event or (iii) there are five or fewer Continuing Directors within 24 months of a Trigger Event; <u>provided</u>, with respect to clauses (i) and (ii), that termination of such officer will not include (a) a change in such officer's status in the ordinary course of succession so long as such officer continues to be a member of DPL's Leadership Team and continues to be associated with Holdco, Intermediate Holdco or DPL or their subsidiaries as an officer or director, or in a similar capacity, (b) retirement of such officer or (c) death or incapacitation of such officer..

"<u>Change of Control</u>" means, prior to the Series 2025-1 Springing Amendments Implementation Date, such event that will occur if a Trigger Event occurs other than (a) through purchases of securities on a public securities exchange that does not result in a Change in Management or (b) in connection with an acquisition by any person or group that does not result in a Change in Management and as to which the Control Party has provided its prior written consent.

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"<u>Class</u> <u>A-1 Amendment Expenses</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Commercial Paper</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Commitment Amount</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Commitment Fee Adjustment Amount</u>" means, for any Interest Period, the result (whether a positive or negative number) of (a) the aggregate of the Daily Commitment Fee Amounts for each day in such Interest Period <u>minus</u> (b) the aggregate of the Estimated Daily Commitment Fee Amounts for each day in such Interest Period. For purposes of the Base Indenture, the "Commitment Fee Adjustment Amount" shall be deemed to be the "Class A-1 Senior Notes Commitment Fee Adjustment Amount."

"<u>Commitment Percentage</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Commitment Term</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Commitment Termination Date</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Commitments</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Committed Note Purchaser</u>" has the meaning set forth in the preamble to the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Conduit Investor</u>" has the meaning set forth in the preamble to the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Confirmation of Registration</u>" means, with respect to an Uncertificated Note, a confirmation of registration, substantially in the form of <u>Exhibit D</u> hereto, provided to the owner thereof promptly after the registration of the Uncertificated Note in the Note Register by the Registrar.

"<u>Continuing Director</u>" means (i) an individual that was a member of the board of directors of Holdco immediately prior to a Trigger Event or (ii) an individual that becomes a member of the board of directors of Holdco after such Trigger Event whose nomination for election or election to the board of directors is recommended or approved by a majority of the Continuing Directors.

"<u>CP Advance</u>" means an Advance that bears interest at a rate of interest determined by reference to the CP Rate during such time as it bears interest at such rate, as provided in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>CP Funding Rate</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>CP Rate</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Daily Commitment Fee Amount</u>" means, for any day during any Interest Period, the Undrawn Commitment Fees that accrue for such day.

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"<u>Daily Interest Amount</u>" means, for any day during any Interest Period, the sum of the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any SOFR Advance outstanding on such day, the result of (i) the product of (x) the Term SOFR Rate in effect for such Interest Period and (y) the principal amount of such Advance outstanding as of the close of business on such day divided by (ii) 360; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Base Rate Advance outstanding on such day, the result of (i) the product of (x) the Base Rate in effect for such day and (y) the principal amount of such Advance outstanding as of the close of business on such day divided by (ii) 365 or 366, as applicable; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any CP Advance outstanding on such day, the result of (i) the product of (x) the CP Rate in effect for such Interest Period and (y) the principal amount of such Advance outstanding as of the close of business on such day divided by (ii) 360; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to any Swingline Loans or Unreimbursed L/C Drawings outstanding on such day, the result of (i) the product of (x) the Base Rate in effect for such day and (y) the principal amount of such Class A-1 Swingline Loans and Unreimbursed L/C Drawings outstanding as of the close of business on such day divided by (ii) 365 or 366, as applicable; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to any Undrawn L/C Face Amounts outstanding on such day, the L/C Quarterly Fees and L/C Fronting Fees (if any) that accrue thereon for such day.

"<u>Daily Post-Renewal Date Contingent Interest Amount</u>" means, for any day during any Interest Period commencing on or after the Series 2025-1 Class A-1 Senior Notes Renewal Date, the sum of (a) the result of (i) the product of (x) the Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest Rate and (y) the Series 2025-1 Class A-1 Outstanding Principal Amount (excluding any Base Rate Advances and Undrawn L/C Face Amounts included therein) as of the close of business on such day divided by (ii) 360 and (b) the result of (i) the product of (x) the Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest Rate and (y) any Base Rate Advances included in the Series 2025-1 Class A-1 Outstanding Principal Amount as of the close of business on such day divided by (ii) 365 or 366, as applicable.

"<u>Decrease</u>" means a Mandatory Decrease or a Voluntary Decrease, as applicable.

"<u>Definitive Notes</u>" has the meaning set forth in <u>Section</u> <u>4.02(d)</u> of the Series 2021-1 Supplement. "<u>DOL</u>" means the U.S. Department of Labor.

"<u>DTC</u>" means The Depository Trust Company, and any successor thereto.

"<u>Electronic Transmission</u>" has the meaning set forth in <u>Section</u> <u>5.10</u> of this Series 2025-1 Supplement.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>ERISA Plans</u>" has the meaning set forth in <u>Section</u> <u>4.05(l)</u> of the Series 2025-1 Supplement.

"<u>Estimated Daily Interest Amount</u>" means (a) for any day during the first Interest Period, $0 and (b) for any day during any other Interest Period, the average of the Daily Interest Amounts for each day during the immediately preceding Interest Period.

"<u>Estimated Daily Commitment Fee Amount</u>" means (a) for any day during the first Interest Period, $0 and (b) for any day during any other Interest Period, the average of the Daily Commitment Fee Amounts for each day during the immediately preceding Interest Period.

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"<u>EU/UK Applicable Investor Put Option</u>" has the meaning set forth in the EU/UK Retention Letter, dated as of the Series 2025-1 Closing Date, from Domino's International to the Manager, the Administrative Agent, the L/C Provider, the Swingline Lender and the Committed Note Purchasers.

"<u>F.R.S. Board</u>" means the Board of Governors of the Federal Reserve System.

"<u>Federal Funds Rate</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Fitch</u>" means Fitch, Inc., doing business as Fitch Ratings, or any successor thereto.

"<u>Floor</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Funding Agent</u>" has the meaning set forth in the preamble to the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Hague Securities Convention</u>" means the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary, concluded 5 July 2006.

"<u>Increase</u>" has the meaning set forth in <u>Section</u> <u>2.01(a)</u> of the Series 2025-1 Supplement.

"<u>Initial Purchasers</u>" means, collectively, Guggenheim Securities, LLC and Barclays Capital Inc.

"<u>Interest Adjustment Amount</u>" means, for any Interest Period, the result (whether a positive or negative number) of (a) the aggregate of the Daily Interest Amounts for each day in such Interest Period <u>minus</u> (b) the aggregate of the Estimated Daily Interest Amounts for each day in such Interest Period. For purposes of the Base Indenture, the "Interest Adjustment Amount" for any Interest Period shall be deemed to be a "Class A-1 Senior Notes Interest Adjustment Amount" for such Interest Period.

"<u>Investor</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Investor Group</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Investor Group Increase Amount</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Investor Group Principal Amount</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Investor Group Supplement</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Joinder Agreement</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>L/C Commitment</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>L/C Fronting Fees</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement, if such fees are applicable.

"<u>L/C Obligations</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>L/C Provider</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

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"<u>L/C Quarterly Fees</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>L/C Reimbursement Amount</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Leadership Team</u>" means, prior to the Series 2025-1 Springing Amendments Implementation Date, the President and Chief Executive Officer, Executive Vice President and Chief Financial Officer, President of Domino's International, Executive Vice President of Supply Chain Services, Executive Vice President of Team U.S.A., Executive Vice President of Franchise Operations and Development, Executive Vice President of Communication, Investor Relations and Legislative Affairs, Executive Vice President and General Counsel, Executive Vice President and Chief Information Officer, President of Domino's USA, and Executive Vice President and Chief People Officer of Holdco or any other position that contains substantially the same responsibilities as any of the positions listed above or reports to the President and Chief Executive Officer.

"<u>Letter of Credit</u>" has the meaning set forth in <u>Section</u> <u>2.07(a)</u> of the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Make-Whole End Date</u>" has the meaning set forth in <u>Section</u> <u>3.06(e)</u> of the Series 2025-1 Supplement.

"<u>Mandatory Decrease</u>" has the meaning set forth in <u>Section</u> <u>2.02(a)</u> of the Series 2025-1 Supplement.

"<u>Maximum Investor Group Principal Amount</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Moody's</u>" means Moody's Investors Service, Inc. or any successor thereto.

"<u>Offering Memorandum</u>" means the Offering Memorandum, dated August 12, 2025, for the offering of the Series 2025-1 Class A-2-I Notes and the Series 2025-1 Class A-2-II Notes, prepared by the Co-Issuers.

"<u>Official Body</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Outstanding Series 2025-1 Class</u> <u>A-1 Notes</u>" means with respect to the Series 2025-1 Class A-1 Notes, all Series 2025-1 Class A-1 Notes theretofore authenticated and delivered under the Base Indenture, <u>except</u> (a) Series 2025-1 Class A-1 Notes theretofore cancelled or delivered to the Registrar for cancellation (or deregistered, in the case of Uncertificated Notes), (b) Series 2025-1 Class A-1 Notes that have not been presented for payment but funds for the payment in full of which are on deposit in the Series 2025-1 Class A-1 Distribution Account and are available for payment of such Series 2025-1 Class A-1 Notes and the Commitments with respect to which have terminated, (c) Series 2025-1 Class A-1 Notes that have been defeased in accordance with <u>Section</u> <u>12.1</u> of the Base Indenture and (d) Series 2025-1 Class A-1 Notes in exchange for or in lieu of other Series 2025-1 Class A-1 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2025-1 Class A-1 Notes are held by a purchaser for value.

"<u>Outstanding Series 2025-1 Class</u> <u>A-2 Notes</u>" means with respect to the Series 2025-1 Class A-2- I Notes and the Series 2025-1 Class A-2-II Notes, all such Notes theretofore authenticated and delivered under the Base Indenture, <u>except</u> (a) Series 2025-1 Class A-2-I Notes and Series 2025-1 Class A-2-II Notes, theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2025-1 Class A-2-I Notes and Series 2025-1 Class A-2-II Notes that have not been presented for payment but funds for the payment in

------

full of which are on deposit in the Series 2025-1 Class A-2 Distribution Account and are available for payment of such Series 2025-1 Class A-2-I Notes and Series 2025-1 Class A-2-II Notes, (c) Series 2025-1 Class A-2-I Notes and Series 2025-1 Class A-2-II Notes that have been defeased in accordance with <u>Section</u> <u>12.1</u> of the Base Indenture, and (d) Series 2025-1 Class A-2-I Notes and Series 2025-1 Class A-2-II Notes in exchange for or in lieu of other Series 2025-1 Class A-2-I Notes and Series 2025-1 Class A-2-II Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any such Series 2025-1 Class A-2-I Notes and Series 2025-1 Class A-2-II Notes are held by a purchaser for value.

"<u>Outstanding Series 2025-1 Senior Notes</u>" means, collectively, all Outstanding Series 2025-1 Class A-1 Notes and Series 2025-1 Class A-2 Notes.

"<u>Plan Fiduciary</u>" has the meaning set forth in <u>Section 4.05(o)</u> of the Series 2025-1 Supplement.

"<u>Prepayment Notice</u>" has the meaning set forth in <u>Section</u> <u>3.06(g)</u> of the Series 2025-1 Supplement.

"<u>Prepayment Record Date</u>" means, with respect to the date of any Series 2025-1 Prepayment, the last day of the calendar month immediately preceding the date of such Series 2025-1 Prepayment unless such last day is less than ten (10) Business Days prior to the date of such Series 2025-1 Prepayment, in which case the "Prepayment Record Date" will be the last day of the second calendar month immediately preceding the date of such Series 2025-1 Prepayment.

"<u>Prime Rate</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Program Support Agreement</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Program Support Provider</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Qualified Institutional Buyer</u>" or "<u>QIB</u>" means a Person who is a "qualified institutional buyer" as defined in Rule 144A.

"<u>Rating Agency</u>" means, with respect to each Subclass of Series 2025-1 Senior Notes, S&P and any other nationally recognized rating agency then rating any such Subclass of Series 2025-1 Senior Notes at the request of the Co-Issuers.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Notes</u>" has the meaning set forth in <u>Section</u> <u>4.02(c)</u> of the Series 2025-1 Supplement.

"<u>Restricted Global Notes</u>" has the meaning set forth in <u>Section</u> <u>4.02(b)</u> of the Series 2025-1 Supplement.

"<u>Restricted Period</u>" means, with respect to any Series 2025-1 Class A-2-I Notes and Series 2025-1 Class A-2-II Notes sold pursuant to Regulation S, the period commencing on such Series 2025-1 Closing Date and ending on the 40th day after the Series 2025-1 Closing Date.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>Series 2025-1 Anticipated Repayment Date</u>" has the meaning set forth in <u>Section</u> <u>3.06(b)</u> of the Series 2025-1 Supplement.

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"<u>Series 2025-1 Available Senior Notes Interest Reserve Account Amount</u>" means, when used with respect to any date, the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account pursuant to Section 3.02(a) of the Series 2025-1 Supplement after giving effect to any withdrawals therefrom on such date with respect to the Series 2025-1 Senior Notes pursuant to Section 5.12 of the Base Indenture and (b) the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior Noteholders outstanding on such date after giving effect to any draws thereon on such date with respect to the Series 2025-1 Senior Notes pursuant to <u>Section</u> <u>5.12</u> of the Base Indenture.

"<u>Series 2025-1 Class</u> <u>A-1 Administrative Agent</u>" has the meaning set forth under "Administrative Agent" in this <u>Annex A.</u>

"<u>Series 2025-1 Class</u> <u>A-1 Administrative Expenses</u>" means, for any Weekly Allocation Date, the aggregate amount of any Administrative Agent Fees and Class A-1 Amendment Expenses then due and payable and not previously paid. For purposes of the Base Indenture, the "Series 2025-1 Class A-1 Administrative Expenses" shall be deemed to be "Class A-1 Senior Notes Administrative Expenses."

"<u>Series 2025-1 Class</u> <u>A-1 Advance</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Series 2025-1 Class</u> <u>A-1 Advance Notes</u>" has the meaning set forth in "Designation" in the Series 2025-1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-1 Advance Request</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Series 2025-1 Class</u> <u>A-1 Breakage Amount</u>" has the meaning set forth under "Breakage Amount" in this <u>Annex A</u>.

"<u>Series 2025-1 Class</u> <u>A-1 Commitments</u>" has the meaning set forth under "Commitments" in this Annex A.

"<u>Series 2025-1 Class A-1 Distribution Account</u>" has the meaning set forth in <u>Section</u> <u>3.07(a)</u> of the Series 2025-1 Supplement.

"<u>Series 2025-1 Class A-1 Distribution Account Collateral</u>" has the meaning set forth in Section 3.07(b) of the Series 2025-1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-1 Excess Principal Event</u>" shall be deemed to have occurred if, on any date, the Series 2025-1 Class A-1 Outstanding Principal Amount exceeds the Series 2025-1 Class A-1 Maximum Principal Amount.

"Series 2025-1 Class A-1 Initial Advance" has the meaning set forth in Section 2.01(a) of the Series 2025-1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-1 Initial Advance Principal Amount</u>" means the aggregate initial outstanding principal amount of the Series 2025-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2025-1 Class A-1 Initial Advances made on the Series 2025-1 Closing Date pursuant to Section 2.01(a) of the Series 2025-1 Supplement, which is $0.

"<u>Series 2025-1 Class</u> <u>A-1 Initial Aggregate Undrawn L/C Face Amount</u>" means the aggregate initial outstanding principal amount of the Series 2025-1 Class A-1 L/C Note of the L/C Provider corresponding to the aggregate Undrawn L/C Face Amounts of the Letters of Credit issued on the Series 2025-1 Closing Date pursuant to <u>Section</u> <u>2.07</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, which is $0.

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"<u>Series 2025-1 Class</u> <u>A-1 Initial Swingline Principal Amount</u>" means the aggregate initial outstanding principal amount of the Series 2025-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Swingline Loans made on the Series 2025-1 Closing Date pursuant to <u>Section</u> <u>2.06</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, which is $0.

"<u>Series 2025-1 Class</u> <u>A-1 Investor</u>" has the meaning set forth under "Investor" in this <u>Annex A</u>.

"<u>Series 2025-1 Class</u> <u>A-1 L/C Fees</u>" means the L/C Quarterly Fees and the L/C Fronting Fees. For purposes of the Base Indenture, the Series 2025-1 Class A-1 L/C Fees shall be deemed to be "Senior Notes Quarterly Interest."

"<u>Series 2025-1 Class</u> <u>A-1 L/C Notes</u>" has the meaning set forth in "Designation" in the Series 2025- 1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-1 L/C Obligations</u>" has the meaning set forth under "L/C Obligations" in this <u>Annex A</u>.

"<u>Series 2025-1 Class</u> <u>A-1 Maximum Principal Amount</u>" means, as of any time, the aggregate Commitment Amount provided under the Series 2025-1 Class A-1 Notes.

"<u>Series 2025-1 Class</u> <u>A-1 Note Purchase Agreement</u>" means the Class A-1 Note Purchase Agreement, dated as of September 5, 2025, by and among the Co-Issuers, the Guarantors, the Manager, the Series 2025-1 Class A-1 Investors, the Series 2025-1 Class A-1 Noteholders and Coöperatieve Rabobank U.A., New York Branch, as administrative agent thereunder, pursuant to which the Series 2025-1 Class A- 1 Noteholders have agreed to purchase the Series 2025-1 Class A-1 Notes from the Co-Issuers, subject to the terms and conditions set forth therein, as amended, supplemented or otherwise modified from time to time. For purposes of the Base Indenture, the "Series 2025-1 Class A-1 Note Purchase Agreement" shall be deemed to be a "Variable Funding Note Purchase Agreement."

"<u>Series 2025-1 Class</u> <u>A-1 Note Rate</u>" means, for any day, (a) with respect to that portion of the Series 2025-1 Class A-1 Outstanding Principal Amount resulting from Advances that bear interest on such day at the CP Rate in accordance with <u>Section</u> <u>3.01</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, the CP Rate in effect for such day; (b) with respect to that portion of the Series 2025-1 Class A-1 Outstanding Principal Amount resulting from Advances that bear interest on such day at the Term SOFR Rate in accordance with <u>Section</u> <u>3.01</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, the Term SOFR Rate in effect for the SOFR Interest Accrual Period that includes such day; (c) with respect to that portion of the Series 2025-1 Class A-1 Outstanding Principal Amount resulting from Advances that bear interest on such day at the Base Rate in accordance with <u>Section</u> <u>3.01</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, the Base Rate in effect for such day; (d) with respect to that portion of the Series 2025-1 Class A-1 Outstanding Principal Amount consisting of Swingline Loans or Unreimbursed L/C Drawings outstanding on such day, the Base Rate in effect for such day; and (e) with respect to any other amounts that any Related Document provides is to bear interest by reference to the Series 2025-1 Class A- 1 Note Rate, the Base Rate in effect for such day; in each case, computed on the basis of a year of 360 (or, in the case of the Base Rate, 365 or 366, as applicable) days and the actual number of days elapsed; <u>provided</u>, <u>however</u>, that the Series 2025-1 Class A-1 Note Rate will in no event be higher than the maximum rate permitted by applicable law.

"<u>Series 2025-1 Class</u> <u>A-1 Noteholder</u>" means the Person in whose name a Series 2025-1 Class A- 1 Note is registered in the Note Register.

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"<u>Series 2025-1 Class</u> <u>A-1 Notes</u>" has the meaning set forth in "Designation" in the Series 2025-1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-1 Outstanding Principal Amount</u>" means, when used with respect to any date, an amount equal to (a) the Series 2025-1 Class A-1 Initial Advance Principal Amount, if any, <u>minus</u> (b) the amount of principal payments (whether pursuant to a Decrease, a prepayment, a redemption or otherwise) made on the Series 2025-1 Class A-1 Advance Notes on or prior to such date plus (c) any Increases in the Series 2025-1 Class A-1 Outstanding Principal Amount pursuant to Section 2.01 of the Series 2025-1 Supplement resulting from Series 2025-1 Class A-1 Advances made on or prior to such date and after the Series 2025-1 Closing Date <u>plus</u> (d) any Series 2025-1 Class A-1 Outstanding Subfacility Amount on such date; <u>provided</u> that, at no time may the Series 2025-1 Class A-1 Outstanding Principal Amount exceed the Series 2025-1 Class A-1 Maximum Principal Amount. For purposes of the Base Indenture, the "Series 2025-1 Class A-1 Outstanding Principal Amount" shall be deemed to be an "Outstanding Principal Amount."

"<u>Series 2025-1 Class</u> <u>A-1 Outstanding Subfacility Amount</u>" means, when used with respect to any date, the aggregate principal amount of any Series 2025-1 Class A-1 Swingline Notes and Series 2025-1 Class A-1 L/C Notes outstanding on such date (after giving effect to Subfacility Increases or Subfacility Decreases therein to occur on such date pursuant to the terms of the Series 2025-1 Class A-1 Note Purchase Agreement or the Series 2025-1 Supplement).

"<u>Series 2025-1 Class</u> <u>A-1 Post-Renewal Date Contingent Interest</u>" means, for any Interest Period commencing on or after the Series 2025-1 Class A-1 Senior Notes Renewal Date, an amount equal to the sum of the aggregate of the Daily Post-Renewal Date Contingent Interest Amounts for each day in such Interest Period. For purposes of the Base Indenture, Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest shall be deemed to be "Senior Notes Quarterly Post-Renewal Contingent Interest."

"<u>Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest Rate</u>" has the meaning set forth in <u>Section 3.04(c)</u> of the Series 2025-1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-1 Quarterly Commitment Fees</u>" means, as of any date of determination for any Interest Period, an amount equal to the sum of (a) the aggregate of the Estimated Daily Commitment Fee Amounts for each day in such Interest Period, (b) if such date of determination occurs on or after the last day of such Interest Period, the Commitment Fee Adjustment Amount with respect to such Interest Period, and (c) the amount of any Class A-1 Senior Notes Commitment Fees Shortfall Amount with respect to the Series 2025-1 Class A-1 Notes (as determined pursuant to <u>Section</u> <u>5.12(e)</u> of the Base Indenture), for the immediately preceding Interest Period together with Additional Class A-1 Senior Notes Commitment Fee Shortfall Interest (as determined pursuant to <u>Section</u> <u>5.12(e)</u> of the Base Indenture) on such Class A-1 Senior Notes Commitment Fees Shortfall Amount. For purposes of the Base Indenture, the "Series 2025- 1 Class A-1 Quarterly Commitment Fees" shall be deemed to be "Class A-1 Senior Notes Quarterly Commitment Fees."

"<u>Series 2025-1 Class</u> <u>A-1 Quarterly Interest</u>" means, as of any date of determination for any Interest Period, an amount equal to the sum of (a) the aggregate of the Estimated Daily Interest Amounts for each day in such Interest Period, (b) if such date of determination occurs on or after the last day of such Interest Period, the Interest Adjustment Amount with respect to such Interest Period, and (c) the amount of any Senior Notes Interest Shortfall Amount with respect to the Series 2025-1 Class A-1 Notes (as determined pursuant to <u>Section</u> <u>5.12(b)</u> of the Base Indenture), for the immediately preceding Interest Period (together with Additional Senior Notes Interest Shortfall Interest (as determined pursuant to <u>Section</u> <u>5.12(b)</u> of the Base Indenture) on such Senior Notes Interest Shortfall Amount. For purposes of the Base Indenture, the "Series 2025-1 Class A-1 Quarterly Interest" shall be deemed to be "Senior Notes Quarterly Interest."

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"<u>Series 2025-1 Class</u> <u>A-1 Senior Notes Amortization Event</u>" means the circumstance in which the Outstanding Principal Amount of the Series 2025-1 Class A-1 Notes is not paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof) on or prior to the Series 2025- 1 Class A-1 Senior Notes Renewal Date. For purposes of the Base Indenture, a "Series 2025-1 Class A-1 Senior Notes Amortization Event" shall be deemed to be a "Class A-1 Senior Notes Amortization Event."

"<u>Series 2025-1 Class</u> <u>A-1 Senior Notes Amortization Period</u>" means the period commencing on the date on which a Series 2025-1 Class A-1 Senior Notes Amortization Event occurs and ending on the date on which there are no Series 2025-1 Class A-1 Notes Outstanding. For purposes of the Base Indenture, a "Series 2025-1 Class A-1 Senior Notes Amortization Period" shall be deemed to be a "Class A-1 Amortization Period."

"<u>Series 2025-1 Class</u> <u>A-1 Senior Notes Other Amounts</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement. For purposes of the Base Indenture, the "Series 2025-1 Class A-1 Other Amounts" shall be deemed to be "Class A-1 Senior Notes Other Amounts."

"<u>Series 2025-1 Class</u> <u>A-1 Senior Notes Renewal Date</u>" means the Quarterly Payment Date in July 2030 (which date may be extended at such time until the Quarterly Payment Date in July 3031, and may be further extended until the Quarterly Payment Date in July 2032, in each case pursuant to <u>Section 3.06(b)</u> of the Series 2025-1 Supplement). For purposes of the Base Indenture, the "Series 2025-1 Class A-1 Senior Notes Renewal Date" shall be deemed to be a "Class A-1 Senior Notes Renewal Date."

"<u>Series 2025-1 Class</u> <u>A-1 Subfacility Noteholder</u>" means the Person in whose name a Series 2025- 1 Class A-1 Swingline Note or Series 2025-1 Class A-1 L/C Note is registered in the Note Register. For purposes of the Base Indenture, the "Series 2025-1 Class A-1 Subfacility Noteholders" shall be deemed to be "Class A-1 Subfacility Noteholders."

"<u>Series 2025-1 Class</u> <u>A-1 Swingline Loan</u>" has the meaning set forth in the Series 2025-1 Class A- 1 Note Purchase Agreement.

"<u>Series 2025-1 Class</u> <u>A-1 Swingline Notes</u>" has the meaning set forth in "Designation" of the Series 2025-1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-1 VFN Fee Letter</u>" has the meaning given to such term in the Series 2025- 1 Class A-1 Note Purchase Agreement.

"<u>Series 2025-1 Class</u> <u>A-2 Distribution Account</u>" has the meaning set forth in <u>Section 3.08(a)</u> of the Series 2025-1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-2 Distribution Account Collateral</u>" has the meaning set forth in <u>Section 3.08(b)</u> of the Series 2025-1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-2-I Initial Principal Amount</u>" means the aggregate initial outstanding principal amount of the Series 2025-1 Class A-2-I Notes, which is $500,000,000.

"<u>Series 2025-1 Class</u> <u>A-2-II Initial Principal Amount</u>" means the aggregate initial outstanding principal amount of the Series 2025-1 Class A-2-II Notes, which is $500,000,000.

"<u>Series 2025-1 Class</u> <u>A-2 Make-Whole Prepayment Premium</u>" means, with respect to any Series 2025-1 Prepayment Amount in respect of the applicable Subclass of the Series 2025-1 Class A-2 Notes on which any prepayment premium is due, an amount (not less than zero) calculated by the Manager, on behalf of the Issuer, equal to(i) the discounted present value as of the relevant Series 2025-1 Make-Whole Premium Calculation Date for such Subclass of all future installments of interest and principal that the Co-Issuers would otherwise be required to pay on such Subclass (or such portion thereof to be prepaid), from the

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applicable Series 2025-1 Prepayment Date to and including the applicable Make-Whole End Date, assuming all Series 2025-1 Class A-2 Scheduled Principal Payments are made pursuant to the then-applicable schedule of payments (giving effect to any ratable reductions in the Series 2025-1 Class A-2 Scheduled Principal Payments due to optional and mandatory prepayments, including prepayments in connection with a Rapid Amortization Event, and cancellations of repurchased Notes prior to the date of such prepayment and assuming the Series 2025-1 Class A-2 Notes Scheduled Principal Payments (or ratable amounts thereof based on the principal of such Subclass (or portion thereof) being prepaid) are to be made on each Quarterly Payment Date prior to such Make-Whole End Date and the entire remaining unpaid principal amount of such Subclass of Series 2025-1 Class A-2 Notes (or a portion thereof) is paid on the applicable Make-Whole End Date for such Subclass <u>minus</u> (ii) the Outstanding Principal Amount of the Series 2025-1 Class A-2 Notes of such Subclass (or portion thereof) being prepaid.

For the purposes of the calculation of the discounted present value in <u>clause (i)</u> above, such present value shall be determined by the Manager, on behalf of the Master Issuer, using a discount rate equal to the sum of: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 2025-1 Make- Whole Premium Calculation Date for such Subclass, of the United States Treasury Security having a maturity closest to the Make-Whole End Date for such Subclass <u>plus</u> (y) 0.50%. For purposes of the Base Indenture, "Series 2025-1 Class A-2 Make-Whole Prepayment Premium" shall be deemed to be a "Prepayment Premium," and shall be deemed to be "unpaid premiums and make-whole prepayment premiums" for purposes of the Priority of Payments.

"<u>Series 2025-1 Class</u> <u>A-2 Note Purchase Agreement</u>" means the Purchase Agreement, dated August 12, 2025, by and among the Initial Purchasers, the Co-Issuers, the Guarantors, the Manager, Holdco and Intermediate Holdco, as amended, supplemented or otherwise modified from time to time, relating to the Series 2025-1 Class A-2-I Notes and the Series 2025-1 Class A-2-II Notes.

"<u>Series 2025-1 Class</u> <u>A-2 Note Rate</u>" means, (a) with respect to the Series 2025-1 Class A-2-I Notes, a fixed rate of 4.930% per annum and (b) with respect to the Series 2025-1 Class A-2-II Notes, a fixed rate of 5.217% per annum.

"<u>Series 2025-1 Class</u> <u>A-2 Noteholder</u>" means the Person in whose name a Series 2025-1 Class A- 2 Note is registered in the Note Register.

"<u>Series 2025-1 Class</u> <u>A-2-I Notes</u>" has the meaning specified in "Designation" of the Series 2025- 1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-2-II Notes</u>" has the meaning specified in "Designation" of the Series 2025- 1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-2 Post-Renewal Contingent Interest</u>" has the meaning set forth in Section 3.05(b)(i) of the Series 2025-1 Supplement. For purposes of the Base Indenture, Series 2025-1 Class A-2 Post-Renewal Contingent Interest shall be deemed to be "Senior Notes Quarterly Post-Renewal Contingent Interest."

"<u>Series 2025-1 Class</u> <u>A-2 Post-Renewal Contingent Interest Rate</u>" has the meaning set forth in Section 3.05(b)(i) of the Series 2025-1 Supplement.

"<u>Series 2025-1 Class</u> <u>A-2 Quarterly Interest</u>" means, with respect to each Subclass and any Interest Period for the Series 2025-1 Class A-2 Notes, an amount equal to the sum of (a) the accrued interest at the applicable Series 2025-1 Class A-2 Note Rate on such Subclass' Outstanding Principal Amount (as of the first day of such Interest Period after giving effect to all payments of principal made to holders of such Subclass of the Series 2025-1 Class A-2 Notes on such day and also giving effect to repurchases and cancellations of such Series 2025-1 Class A-2 Notes during such Interest Period), calculated based on a

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360-day year consisting of twelve 30-day months and (b) the amount of any Senior Notes Interest Shortfall Amount with respect to such Subclass (as determined pursuant to <u>Section</u> <u>5.12(b)</u> of the Base Indenture), for the immediately preceding Interest Period together with Additional Senior Notes Interest Shortfall Interest (as determined pursuant to <u>Section</u> <u>5.12(b)</u> of the Base Indenture) on such Senior Notes Interest Shortfall Amount. For purposes of the Base Indenture, "Series 2025-1 Class A-2 Quarterly Interest" shall be deemed to be "Senior Notes Quarterly Interest."

"<u>Series 2025-1 Class</u> <u>A-2 Scheduled Principal Deficiency Amount</u>" means the amount, if positive, equal to the difference between (i) the Series 2025-1 Class A-2 Scheduled Principal Payments Amount for any Quarterly Payment Date <u>plus</u> any Series 2025-1 Class A-2 Scheduled Principal Payments Amounts due but unpaid from any previous Quarterly Payment Dates and (ii) the amount of funds on deposit in the Senior Notes Principal Payments Account with respect to the Series 2025-1 Class A-2 Notes.

"<u>Series 2025-1 Class</u> <u>A-2 Scheduled Principal Payment</u>" means any payment of principal with respect to each Subclass of Series 2025-1 Class A-2 Notes made pursuant to <u>Section 3.02(f)</u> of the Series 2025-1 Supplement. For purposes of the Base Indenture, the "Series 2025-1 Class A-2 Scheduled Principal Payments" shall be deemed to be "Scheduled Principal Payments."

"<u>Series 2025-1 Class</u> <u>A-2 Scheduled Principal Payments Amount</u>" means, beginning on the Quarterly Payment Date occurring in January 2026, with respect to each Subclass, an amount based on a 1.00% scheduled annual amortization, equal to 0.25% of the initial outstanding principal amount of such Subclass. In connection with (a) any mandatory prepayment of principal of a Subclass of the Series 2025- 1 Class A-2 Notes (including mandatory prepayments in connection with a Rapid Amortization Event), (b) any optional prepayment of principal of a Subclass of the Series 2025-1 Class A-2 Notes, (c) any Indemnification Payment or Real Estate Dispositions applied to reduce the principal of a Subclass of Series 2025-1 Class A-2 Notes or (d) any repurchase and cancellation of a Subclass of Series 2025-1 Class A-2 Notes, the Series 2025-1 Class A-2 Scheduled Principal Payments Amount for each remaining Quarterly Payment Date for such Subclass will be reduced ratably based on the amount of such prepayment, repurchase or cancellation allocated to such Subclass relative to the Outstanding Principal Amount of such Subclass immediately prior to such prepayment, repurchase or cancellation.

"<u>Series 2025-1 Closing Date</u>" means September 5, 2025.

"<u>Series 2025-1 Distribution Accounts</u>" means, collectively, the Series 2025-1 Class A-1 Distribution Account and the Series 2025-1 Class A-2 Distribution Account.

"<u>Series 2025-1 Extension Elections</u>" means, collectively, the Series 2025-1 First Extension Election and the Series 2025-1 Second Extension Election.

"<u>Series 2025-1 Final Payment</u>" means, with respect to a Subclass, the payment of all accrued and unpaid interest on and principal of all Outstanding Series 2025-1 Senior Notes of such Subclass, and, in the case of the Series 2025-1 Class A-1 Notes, the expiration or cash collateralization in accordance with the terms of the Series 2025-1 Class A-1 Note Purchase Agreement of all Undrawn L/C Face Amounts (after giving effect to the provisions of <u>Section</u> <u>4.04</u> of the Series 2025-1 Class A-1 Note Purchase Agreement), the payment of all fees and expenses and other amounts then due and payable under the Series 2025-1 Class A-1 Note Purchase Agreement and the termination in full of all Series 2025-1 Class A-1 Commitments.

"<u>Series 2025-1 Final Payment Date</u>" means, with respect to a Subclass, the date on which the Series 2025-1 Final Payment for such Subclass is made.

"<u>Series 2025-1 First Extension Election</u>" has the meaning set forth in <u>Section 3.06(b)(i)</u> of the Series 2025-1 Supplement.

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"<u>Series 2025-1 Global Notes</u>" means, collectively, the Regulation S Global Notes, the Unrestricted Global Notes and the Restricted Global Notes.

"<u>Series 2025-1 Ineligible Account</u>" has the meaning set forth in <u>Section 3.11</u> of the Series 2025-1 Supplement.

"<u>Series 2025-1 Interest Reserve Release Amount</u>" means, as of any Accounting Date, the excess, if any, of (i) the Series 2025-1 Available Senior Notes Interest Reserve Account Amount over (ii) the Series 2025-1 Notes Interest Reserve Amount required to be on deposit on the immediately following Quarterly Payment Date.

"<u>Series 2025-1 Interest Reserve Release Event</u>" means (i) the Manager provides a certification to the Trustee on or before the Accounting Date that the Series 2025-1 Available Senior Notes Interest Reserve Account Amount will exceed the Series 2025-1 Notes Interest Reserve Amount required to be on deposit on the immediately following Quarterly Payment Date or (ii) the Outstanding Principal Amount of the Series 2025-1 Senior Notes is reduced. The provision of the Quarterly Noteholders' Statement by the Manager shall be deemed to satisfy clause (i) of this definition. For purposes of the Base Indenture, the "Series 2025-1 Interest Reserve Release Event" shall be deemed to be an "Interest Reserve Release Event."

"<u>Series 2025-1 Legal Final Maturity Date</u>" means the Quarterly Payment Date in July 2055. For purposes of the Base Indenture, the "Series 2025-1 Legal Final Maturity Date" shall be deemed to be a "Series Legal Final Maturity Date."

"<u>Series 2025-1 Make-Whole Premium Calculation Date</u>" has the meaning set forth in <u>Section 3.06(g)</u> of the Series 2025-1 Supplement.

"<u>Series 2025-1 Note Owner</u>" means, with respect to a Series 2025-1 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).

"<u>Series 2025-1 Noteholders</u>" means, collectively, the Series 2025-1 Class A-1 Noteholders and the Series 2025-1 Class A-2 Noteholders.

"<u>Series 2025-1 Notes Interest Reserve Account Deficiency</u>" means, when used with respect to any date, that on such date the Series 2025-1 Notes Interest Reserve Amount <u>exceeds</u> the Series 2025-1 Available Senior Notes Interest Reserve Account Amount.

"<u>Series 2025-1 Notes Interest Reserve Account Deficit Amount</u>" means, on any Weekly Allocation Date with respect to a Quarterly Collection Period, the amount, if any, by which (a) the Series 2025-1 Notes Interest Reserve Amount <u>exceeds</u> (b) the Series 2025-1 Available Senior Notes Interest Reserve Account Amount on such date; <u>provided</u>, <u>however</u>, with respect to any Weekly Allocation Date that occurs during the Quarterly Collection Period immediately preceding the Series 2025-1 Final Payment Date or the Series 2025-1 Legal Final Maturity Date, the Series 2025-1 Notes Interest Reserve Account Deficit Amount shall be zero.

"<u>Series 2025-1 Notes Interest Reserve Amount</u>" means, with respect to each Quarterly Payment Date (and any Weekly Allocation Date with respect to the related Quarterly Collection Period), the amount equal to the sum of (i) the Series 2025-1 Class A-1 Quarterly Interest, (ii) the Series 2025-1 Class A-2 Quarterly Interest for each Subclass of the Series 2025-1 Class A-2 Notes and (iii) the Series 2025-1 Class A-1 Quarterly Commitment Fees, in each case that is due on such Quarterly Payment Date (with the Series 2025-1 Class A-1 Quarterly Interest and Series 2025-1 Class A-1 Quarterly Commitment Fees payable with respect to the Series 2025-1 Class A-1 Notes on such Quarterly Payment Date being based on the good

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faith utilization estimate of the Manager as set forth in the applicable Weekly Manager's Certificate) or such greater amount as the Master Issuer (or the Manager acting on its behalf) elects from time to time, which amount will increase or decrease in accordance with any increase or reduction in the Outstanding Principal Amount of the Series 2025-1 Senior Notes or in accordance with the Manager's good faith utilization estimate with respect to the Series 2025-1 Class A-1 Notes as set forth in the applicable Weekly Manager's Certificate.

"<u>Series 2025-1 Outstanding Principal Amount</u>" means, with respect any date, the sum of the Series 2025-1 Class A-1 Outstanding Principal Amount <u>plus</u> with respect to each Subclass of the Series 2025-1 Class A-2 Notes, when used with respect to any date, an amount equal to (a) the Initial Principal Amount of such Subclass, minus (b) the aggregate amount of principal payments (whether pursuant to Series 2025- 1 Class A-2 Scheduled Principal Payment, a prepayment, a purchase and cancellation, a redemption or otherwise) made to the Series 2025-1 Noteholders with respect to such Subclass on or prior to such date. For purposes of the Base Indenture, the "Series 2025-1 Outstanding Principal Amount" shall be deemed to be an "Outstanding Principal Amount."

"<u>Series 2025-1 Prepayment</u>" has the meaning set forth in <u>Section</u> <u>3.06(e)</u> of the Series 2025-1 Supplement.

"<u>Series 2025-1 Prepayment Amount</u>" has the meaning set forth in <u>Section</u> <u>3.06(g)</u> of the Series 2025-1 Supplement.

"<u>Series 2025-1 Prepayment Date</u>" means the date on which any prepayment on the Series 2025-1 Class A-1 Notes or the Series 2025-1 Class A-2 Notes is made pursuant to <u>Section</u> <u>3.06(d)(i)</u><u>,</u> <u>Section</u> <u>3.06(d)(ii)</u><u>,</u> <u>Section</u> <u>3.06(f)</u> or <u>Section</u> <u>3.06(i)</u> of the Series 2025-1 Supplement, which shall be, with respect to any Series 2025-1 Prepayment pursuant to <u>Section</u> <u>3.06(d)(i)</u> or <u>Section</u> <u>3.06(f)</u> of the Series 2025-1 Supplement, the date specified as such in the applicable Prepayment Notice and, with respect to any Series 2025-1 Prepayment in connection with a Rapid Amortization Period or Real Estate Disposition Proceeds, the immediately succeeding Quarterly Payment Date.

"<u>Series 2025-1 Second Extension Election</u>" has the meaning set forth in <u>Section</u> <u>3.06(b)(ii)</u> of the Series 2025-1 Supplement.

"<u>Series 2025-1 Securities Intermediary</u>" has the meaning set forth in <u>Section</u> <u>3.09(a)</u> of the Series 2025-1 Supplement.

"<u>Series 2025-1 Senior Notes</u>" has the meaning set forth in "Designation" in the Series 2025-1 Supplement.

"<u>Series 2025-1 Supplement</u>" means the Series 2025-1 Supplement, dated as of the Series 2025-1 Closing Date by and among the Co-Issuers, the Trustee and the Series 2025-1 Securities Intermediary, as amended, supplemented or otherwise modified from time to time.

"<u>Series 2025-1 Supplemental Definitions List</u>" has the meaning set forth in Article I of the Series 2025-1 Supplement.

"<u>Series Non-Amortization Test</u>" means, with respect to the Series 2025-1 Senior Notes, a test that will be satisfied on any Quarterly Payment Date if (i) either the Holdco Leverage Ratio or the Senior ABS Leverage Ratio is less than or equal to 5.5x as of the Accounting Date preceding such Quarterly Payment Date and (ii) no Rapid Amortization Event has occurred and is continuing.

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"<u>Similar Law</u>" means any federal, state, local, non-U.S. or other laws or regulations governing investments by plans, accounts and arrangements not subject to the fiduciary responsibility provisions of ERISA or the provisions of Section 4975 of the Code (including governmental plans, certain church plans and non-U.S. plans), and the conduct of the fiduciaries of such plans, accounts and arrangements.

"<u>SOFR</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>SOFR Administrator</u> has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>SOFR Advance</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>SOFR Interest Accrual Period</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>STAMP</u>" has the meaning set forth in <u>Section</u> <u>4.03(a)</u> of the Series 2025-1 Supplement.

"<u>Subfacility Decrease</u>" has the meaning set forth in <u>Section</u> <u>2.02(d)</u> of the Series 2025-1 Supplement.

"<u>Subfacility Increase</u>" has the meaning set forth in <u>Section</u> <u>2.01(b)</u> of the Series 2025-1 Supplement.

"<u>Swingline Commitment</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Swingline Lender</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Swingline Loans</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Term SOFR</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Term SOFR Administrator</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Term SOFR Rate</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Term SOFR Reference Rate</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Trigger Event</u>" means, prior to the Series 2025-1 Spring Amendments Implementation Date, an event or series of events by which (1) any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan; <u>provided</u> that such person does not have the right to direct the voting of securities included in such employee benefit plan) acquires ownership or control, either directly or indirectly, of more than 35% of the Equity Interests of the Master Issuer or an amount of Equity Interests of the Master Issuer that entitles such "person" or "group" to exercise more than 35% of the voting power in the Equity Interests of the Master Issuer (including by reason of a change in the ownership of the Equity Interests in, or voting power of, Holdco, Intermediate Holdco, DPL or the SPV Guarantor).

"<u>Uncertificated Note</u>" means any Note issued in uncertificated, fully registered form evidenced by entry in the Note Register.

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"<u>Undrawn Commitment Fees</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Undrawn L/C Face Amounts</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>Unreimbursed L/C Drawings</u>" has the meaning set forth in the Series 2025-1 Class A-1 Note Purchase Agreement.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income department of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>Unrestricted Global Notes</u>" has the meaning set forth in <u>Section</u> <u>4.02(c)</u> of the Series 2025-1 Supplement.

"<u>U.S. Person</u>" has the meaning set forth in <u>Section 4.02</u> of the Series 2025- 1 Supplement.

"<u>Voluntary Decrease</u>" has the meaning set forth in <u>Section</u> <u>2.02(b)</u> of the Series 2025-1 Supplement.

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EXECUTION VERSION

EXHIBIT A-1-1

FORM OF SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTE, CLASS A-1

SUBCLASS: SERIES 2025-1 CLASS A-1 ADVANCE NOTE

THE ISSUANCE AND SALE OF THIS SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTE, CLASS A-1 (THIS "<u>NOTE</u>"), WHICH IS A SERIES 2025-1 CLASS A-1 ADVANCE NOTE, HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO'S PIZZA MASTER ISSUER LLC, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, DOMINO'S PIZZA DISTRIBUTION LLC AND DOMINO'S IP HOLDER LLC (THE "<u>CO-</u><u>ISSUERS</u>") HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>"). THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO PERSONS WHO ARE NOT COMPETITORS (AS DEFINED IN THE INDENTURE), UNLESS THE CO-ISSUERS GIVE WRITTEN CONSENT TO SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER, AND IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-1 NOTE PURCHASE AGREEMENT, DATED AS OF SEPTEMBER 5, 2025 BY AND AMONG THE CO-ISSUERS, THE GUARANTORS, DOMINO'S PIZZA LLC, AS THE MANAGER, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS AND THE FUNDING AGENTS NAMED THEREIN AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS ADMINISTRATIVE AGENT.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN AND SUBJECT TO INCREASES AND DECREASES 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.

REGISTERED

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| | |
|:---|:---|
| No. R-A- | up to $[<u> ]</u> |

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SEE REVERSE FOR CERTAIN CONDITIONS

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, and

DOMINO'S IP HOLDER LLC

SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTE, CLASS A-1

SUBCLASS: SERIES 2025-1 CLASS A-1 ADVANCE NOTE

DOMINO'S PIZZA MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a corporation incorporated under the laws of the State of Delaware, DOMINO'S PIZZA DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, and DOMINO'S IP HOLDER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, collectively, as the "<u>Co-Issuers</u>"), for value received, hereby jointly and severally promise to pay to [<u> </u>] or registered assigns, up to the principal sum of

Exh A-1-1-1

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[<u> </u>] DOLLARS ($[<u> </u>]) or such lesser amount as shall equal the portion of the Series 2025-1 Class A-1 Outstanding Principal Amount evidenced by this Note as provided in the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; <u>provided</u>, <u>however</u>, that the entire unpaid principal amount of this Note shall be due on July 26, 2055 (the "<u>Series 2025-1 Legal</u> <u>Final Maturity Date</u>"). Pursuant to the Series 2025-1 Class A-1 Note Purchase Agreement and the Series 2025-1 Supplement, the principal amount of this Note may be subject to Increases or Decreases on any Business Day during the Commitment Term, and principal with respect to the Series 2025-1 Class A-1 Notes may be paid earlier than the Series 2025-1 Legal Final Maturity Date as described in the Indenture. The Co-Issuers will pay interest on this Series 2025-1 Class A-1 Advance Note (this "<u>Note</u>") at the Series 2025-1 Class A-1 Note Rate for each Interest Period in accordance with the terms of the Indenture. Such amounts due on this Note will be payable in arrears on each Quarterly Payment Date, which will be on the 25th day (or, if such 25th day is not a Business Day, the next succeeding Business Day) of each January, April, July and October, commencing with the Quarterly Payment Date occurring in October 2025 (each, a "<u>Quarterly Payment Date</u>"). Such amounts due on this Note will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including September 5, 2025 to but excluding the day that is two (2) Business Days prior to the first Accounting Date and (ii) thereafter, any period commencing on and including the day that is two (2) Business Days prior to an Accounting Date and ending on but excluding the day that is two (2) Business Days prior to the next succeeding Accounting Date (each, an "<u>Interest</u> <u>Period</u>"). Such amounts due on this Note (and interest on any defaulted payments of amounts due on this Note at the same rate) will be computed in accordance with the Indenture. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay contingent interest on this Note at the Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. In addition to and not in limitation of the foregoing and the provisions of the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement, the Co-Issuers further jointly and severally agree to pay to the holder of this Note such holder's portion of other fees, costs and expense reimbursements, indemnification amounts and other amounts, if any, due and payable in accordance with the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement.

The holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof the date and amount of each Increase and Decrease with respect thereto and the Series 2025-1 Class A-1 Note Rate applicable thereto. Each such endorsement shall constitute <u>prima facie</u> evidence of the accuracy of the information endorsed. The failure to make any such endorsement or any error in any such endorsement shall not affect the obligations of the Co-Issuers in respect of the Series 2025-1 Class A-1 Outstanding Principal Amount.

The amounts due on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture.

This Note is subject to mandatory and optional prepayment as set forth in the Indenture.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust — Domino's Pizza Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern.

Exh A-1-1-2

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Subject to the next following paragraph, the Co-Issuers hereby certify and declare that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Co-Issuers enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual, electronic or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

[Remainder of page intentionally left blank]

Exh A-1-1-3

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IN WITNESS WHEREOF, each of the Co-Issuers has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

Date:<u> </u> 

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| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,<br> as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC,<br> as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC,<br> as Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S IP HOLDER LLC,<br> as Co-Issuer | DOMINO'S IP HOLDER LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-1-1-4

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CERTIFICATE OF AUTHENTICATION

This is one of the Series 2025-1 Class A-1 Advance Notes issued under the within-mentioned Indenture.

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| | |
|:---|:---|
| CITIBANK, N.A.,<br> as Trustee | CITIBANK, N.A.,<br> as Trustee |
| By: |  |
|  | Authorized Signatory |

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Exh A-1-1-5

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Series 2025-1 Class A-1 Notes of the Co-Issuers designated as their Series 2025-1 Variable Funding Senior Secured Notes, Class A-1 (herein called the "<u>Series 2025-1 Class</u> <u>A-1 Notes</u>"), and is one of the Subclass thereof designated as the Series 2025-1 Class A-1 Advance Notes (herein called the "<u>Series 2025-1 Class</u> <u>A-1 Advance Notes</u>"), all issued under (i) the Amended and Restated Base Indenture, dated as of March 15, 2012 (such Amended and Restated Base Indenture, as amended, supplemented or modified, is herein called the "<u>Base Indenture</u>"), among the Co- Issuers and Citibank, N.A., as trustee (the "<u>Trustee</u>", which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) a Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>"), among the Co-Issuers, the Trustee, and Citibank, N.A., as Series 2025-1 Securities Intermediary. The Base Indenture and the Series 2025-1 Supplement are referred to herein as the "<u>Indenture</u>". The Series 2025-1 Class A-1 Advance Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended.

The Series 2025-1 Class A-1 Advance Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture.

As provided for in the Indenture, the Series 2025-1 Class A-1 Advance Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2025-1 Class A-1 Advance Notes are subject to mandatory prepayment as provided for in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2025-1 Legal Final Maturity Date. Subject to the terms and conditions of the Series 2025-1 Class A-1 Note Purchase Agreement, all payments of principal of the Series 2025-1 Class A-1 Advance Notes will be made <u>pro</u> <u>rata</u> to the holders of Series 2025-1 Class A-1 Advance Notes entitled thereto based on the amounts due to such holders.

Amounts due on this Note which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be.

Interest and contingent interest, if any, will each accrue on the Series 2025-1 Class A-1 Advance Notes at the rates set forth in the Indenture. Such amounts will be computed on the basis set forth in the Indenture. Amounts payable on the Series 2025-1 Class A-1 Advance Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture.

Payments of amounts due on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments.

If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the effect provided in the Indenture.

Unless otherwise specified in the Series 2025-1 Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the Series 2025-1 Class A-1 Noteholders of record on the preceding Record Date the amounts payable thereto by wire transfer in immediately available funds released by the Paying Agent from the Series 2025-1 Class A-1 Distribution Account no later than 12:30 p.m. (New York City time) if a Series 2025-1 Class A-1 Noteholder has provided to the Paying Agent and the Trustee wiring instructions at least five (5) Business Days prior to the applicable Quarterly Payment Date; <u>provided</u>, <u>however</u>, that the final principal payment due on a Series 2025-1 Class A-1 Note shall only be paid upon due presentment and surrender of such Series 2025-1 Class A-1 Note for cancellation in accordance with the provisions of the Series 2025-1 Class A-1 Note at the applicable Corporate Trust Office.

Exh A-1-1-6

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As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note shall be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Series 2025-1 Class A-1 Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2025-1 Supplement, and thereupon one or more new Series 2025-1 Class A-1 Advance Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each Series 2025-1 Class A-1 Noteholder, by acceptance of a Series 2025-1 Class A-1 Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one year and one day after the payment in full of the latest maturing note issued under the Indenture, such Series 2025-1 Class A-1 Noteholder will not 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; <u>provided</u>, <u>however</u>, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document.

It is the intent of the Co-Issuers and each Series 2025-1 Class A-1 Noteholder that, for federal, state and local income and franchise tax purposes only, the Series 2025-1 Class A-1 Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2025-1 Class A-1 Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for purposes of federal, state and local income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity, such other entity.

The Indenture permits certain amendments to be made thereto without the consent of the Control Party, the Controlling Class Representative or any Series 2025-1 Class A-1 Noteholders, <u>provided</u> that certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Co-Issuers and the rights of the Series 2025-1 Class A-1 Noteholders under the Indenture at any time by the Co-Issuers with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any Series 2025-1 Class A-1 Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive compliance by the Co-Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series 2025-1 Class A-1 Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2025-1 Class A-1 Noteholder and upon all future Series 2025-1 Class A-1 Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts

Exh A-1-1-7

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and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA</u> <u>Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of this Note (or any interest herein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

The term "<u>Co-Issuer</u>" as used in this Note includes any successor to the Co-Issuers and any Additional Co-Issuers under the Indenture.

The Series 2025-1 Class A-1 Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Co-Issuers, which is absolute and unconditional, to pay the amounts due on this Note at the times, place and rate, and in the coin or currency herein prescribed.

[Remainder of page intentionally left blank]

Exh A-1-1-8

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:<u> </u> FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto<u> </u> 

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints <u>,</u> attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:<u> </u> 

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| | |
|:---|:---|
| By: | <sup>1</sup> |
|  | Signature Guaranteed: |

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<sup>1</sup> NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note, without alteration, enlargement or any change whatsoever.

Exh A-1-1-9

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**INCREASES AND DECREASES** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Unpaid<br>Principal<br>Amount** | **Increase** | **Decrease** | **Total** | **Series 2025-1**<br> **Class A- 1 Note<br>Rate** | **Interest Period (if<br>applicable)** | **Notation<br>Made By** |

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Exh A-1-1-10

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EXHIBIT A-1-2

FORM OF SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTE, CLASS A-1

SUBCLASS: SERIES 2025-1 CLASS A-1 SWINGLINE NOTE

THE ISSUANCE AND SALE OF THIS SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTE, CLASS A-1 (THIS "<u>NOTE</u>"), WHICH IS A SERIES 2025-1 CLASS A-1 SWINGLINE NOTE, HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO'S PIZZA MASTER ISSUER LLC, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., DOMINO'S PIZZA DISTRIBUTION LLC, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC AND DOMINO'S IP HOLDER LLC (THE "<u>CO-</u><u>ISSUERS</u>") HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>"). THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO PERSONS WHO ARE NOT COMPETITORS (AS DEFINED IN THE INDENTURE), UNLESS THE CO-ISSUERS GIVE WRITTEN CONSENT TO SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER, AND IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-1 NOTE PURCHASE AGREEMENT, DATED AS OF SEPTEMBER 5, 2025 BY AND AMONG THE CO-ISSUERS, THE GUARANTORS, DOMINO'S PIZZA LLC, AS THE MANAGER, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS AND THE FUNDING AGENTS NAMED THEREIN AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS ADMINISTRATIVE AGENT.

Exh A-1-2-1

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THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN AND SUBJECT TO SUBFACILITY INCREASES AND SUBFACILITY DECREASES 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.

REGISTERED

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| | |
|:---|:---|
| No. R-S- | up to $[<u> </u>] |

---

SEE REVERSE FOR CERTAIN CONDITIONS

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC and

DOMINO'S IP HOLDER LLC

SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTE, CLASS A-1

SUBCLASS: SERIES 2025-1 CLASS A-1 SWINGLINE NOTE

DOMINO'S PIZZA MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a corporation incorporated under the laws of the State of Delaware, DOMINO'S PIZZA DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, and DOMINO'S IP HOLDER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, collectively, as the "<u>Co-Issuers</u>"), for value received, hereby jointly and severally promise to pay to [<u> </u>] or registered assigns, up to the principal sum of [<u> </u>] DOLLARS ($[<u> </u>]) or such lesser amount as shall equal the portion of the Series 2025-1 Class A-1 Outstanding Principal Amount evidenced by this Note as provided in the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; <u>provided</u>, <u>however</u>, that the entire unpaid principal amount of this Note shall be due on July 26, 2055 (the "<u>Series 2025-1 Legal</u> <u>Final Maturity Date</u>"). Pursuant to the Series 2025-1 Class A-1 Note Purchase Agreement and the Series 2025-1 Supplement, the principal amount of this Note may be subject to Subfacility Increases or Subfacility Decreases on any Business Day during the Commitment Term, and principal with respect to the Series 2025-1 Class A-1 Notes may be paid earlier than the Series 2025-1 Legal Final Maturity Date as described in the Indenture. The Co-Issuers will pay interest on this Series 2025-1 Class A-1 Swingline Note (this "<u>Note</u>") at the Series 2025-1 Class A-1 Note Rate for each Interest Period in accordance with the terms of the Indenture. Such amounts due on this Note will be payable in arrears on each Quarterly Payment Date, which will be on the 25th day (or, if such 25th day is not a Business Day, the next succeeding Business Day) of each January, April, July and October, commencing with the Quarterly Payment Date occurring in October 2025 (each, a "<u>Quarterly Payment Date</u>"). Such amounts due on this Note will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including September 5, 2025 to but excluding the day that is two (2) Business Days prior to the first Accounting Date and (ii) thereafter, any period commencing on and including the day that is two (2) Business Days prior to an Accounting Date and ending on but excluding the day that is two (2) Business Days prior to the next succeeding Accounting Date (each, an "<u>Interest Period</u>"). Such amounts due on this Note (and interest on any defaulted payments of amounts due on this Note at the same rate) will be computed in accordance with the Indenture. In

Exh A-1-2-2

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addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay contingent interest on this Note at the Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. In addition to and not in limitation of the foregoing and the provisions of the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement, the Co-Issuers further jointly and severally agree to pay to the holder of this Note such holder's portion of the other fees, costs and expense reimbursements, indemnification amounts and other amounts, if any, due and payable in accordance with the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement.

The holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof the date and amount of each Subfacility Increase and Subfacility Decrease with respect thereto and the Series 2025-1 Class A-1 Note Rate applicable thereto. Each such endorsement shall constitute <u>prima facie</u> evidence of the accuracy of the information endorsed. The failure to make any such endorsement or any error in any such endorsement shall not affect the obligations of the Co-Issuers in respect of the Series 2025-1 Class A-1 Outstanding Principal Amount.

The amounts due on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture.

This Note is subject to mandatory and optional prepayment as set forth in the Indenture. Reference is made to the further provisions of this Note set forth on the reverse hereof,

which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust — Domino's Pizza Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern.

Subject to the next following paragraph, the Co-Issuers hereby certify and declare that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Co-Issuers enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual, electronic or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

[Remainder of page intentionally left blank]

Exh A-1-2-3

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IN WITNESS WHEREOF, each of the Co-Issuers has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

Date:<u> </u> 

---

| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-1-2-4

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| | |
|:---|:---|
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S IP HOLDER LLC, as Co-Issuer | DOMINO'S IP HOLDER LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-1-2-5

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CERTIFICATE OF AUTHENTICATION

This is one of the Series 2025-1 Class A-1 Swingline Notes issued under the within-mentioned Indenture.

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| | |
|:---|:---|
|  CITIBANK, N.A., as Trustee | CITIBANK, N.A., as Trustee |
|  By: |  |
|  | Authorized Signatory |

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Exh A-1-2-6

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Series 2025-1 Class A-1 Notes of the Co- Issuers designated as their Series 2025-1 Variable Funding Senior Secured Notes, Class A-1 (herein called the "<u>Series 2025-1 Class</u> <u>A-1 Notes</u>"), and is one of the Subclass thereof designated as the Series 2025-1 Class A-1 Swingline Notes (herein called the "<u>Series 2025-1 Class</u> <u>A-1 Swingline Notes</u>"), all issued under (i) the Amended and Restated Base Indenture, dated as of March 15, 2012 (such Amended and Restated Base Indenture, as amended, supplemented or modified, is herein called the "<u>Base Indenture</u>"), among the Co-Issuers and Citibank, N.A., as trustee (the "<u>Trustee</u>", which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) a Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. The Base Indenture and the Series 2025-1 Supplement are referred to herein as the "<u>Indenture</u>". The Series 2025-1 Class A-1 Swingline Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended.

The Series 2025-1 Class A-1 Swingline Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture.

As provided for in the Indenture, the Series 2025-1 Class A-1 Swingline Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2025-1 Class A-1 Swingline Notes are subject to mandatory prepayment as provided for in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2025-1 Legal Final Maturity Date. Subject to the terms and conditions of the Series 2025-1 Class A-1 Note Purchase Agreement, all payments of principal of the Series 2025-1 Class A-1 Swingline Notes will be made <u>pro rata</u> to the holders of Series 2025-1 Class A-1 Swingline Notes entitled thereto based on the amounts due to such holders.

Amounts due on this Note which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be.

Interest and contingent interest, if any, will each accrue on the Series 2025-1 Class A-1 Swingline Notes at the rates set forth in the Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. Amounts payable on the Series 2025-1 Class A-1 Swingline Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture.

Payments of amounts due on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments.

If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the effect provided in the Indenture.

Unless otherwise specified in the Series 2025-1 Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the Series 2025-1 Class A-1 Noteholders of record on the preceding Record Date the amounts payable thereto by wire transfer in immediately available funds released by the Paying Agent from the Series 2025-1 Class A-1 Distribution Account no later than 12:30 p.m. (New York City time) if a Series 2025-1 Class A-1 Noteholder has provided to the Paying Agent and the Trustee wiring instructions at least five (5) Business Days prior to the applicable Quarterly Payment Date; <u>provided</u>, <u>however</u>, that the final principal payment due on a Series 2025-1 Class A-1 Note shall only be paid upon due presentment and surrender of such Series 2025-1 Class A-1 Note for cancellation in accordance with the provisions of the Series 2025-1 Class A-1 Note at the applicable Corporate Trust Office.

Exh A-1-2-7

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As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Series 2025-1 Class A-1 Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2025-1 Supplement, and thereupon one or more new Series 2025-1 Class A-1 Swingline Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each Series 2025-1 Class A-1 Noteholder, by acceptance of a Series 2025-1 Class A-1 Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one year and one day after the payment in full of the latest maturing note issued under the Indenture, such Series 2025-1 Class A-1 Noteholder will not 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; <u>provided, however</u>, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document.

It is the intent of the Co-Issuers and each Series 2025-1 Class A-1 Noteholder that, for federal, state and local income and franchise tax purposes only, the Series 2025-1 Class A-1 Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2025-1 Class A-1 Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for purposes of federal, state and local income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity, such other entity.

The Indenture permits certain amendments to be made thereto without the consent of the Control Party, the Controlling Class Representative or any Series 2025-1 Class A-1 Noteholders, <u>provided</u> that certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Co-Issuers and the rights of the Series 2025-1 Class A-1 Noteholders under the Indenture at any time by the Co-Issuers with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any Series 2025-1 Class A-1 Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive compliance by the Co-Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series 2025-1 Class A-1 Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2025-1 Class A-1 Noteholder and upon all future Series 2025-1 Class A-1 Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Exh A-1-2-8

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Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of this Note (or any interest herein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

The term "<u>Co-Issuer</u>" as used in this Note includes any successor to the Co-Issuers and any Additional Co-Issuers under the Indenture.

The Series 2025-1 Class A-1 Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Co-Issuers, which is absolute and unconditional, to pay the amounts due on this Note at the times, place and rate, and in the coin or currency herein prescribed.

[Remainder of page intentionally left blank]

Exh A-1-2-9

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:<u> </u>FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto<u> </u> 

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:<u> </u> 

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| | |
|:---|:---|
|  By: | <u><sup>2</sup></u> |
|  | Signature Guaranteed: |

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<sup>2</sup> NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note, without alteration, enlargement or any change whatsoever.

Exh A-1-2-10

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**INCREASES AND DECREASES** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Unpaid<br>Principal<br>Amount** | **Subfacility<br>Increase** | **Subfacility<br>Decrease** | **Total** | **Series 2025-1**<br> **Class A- 1 Note<br>Rate** | **Interest Period (if<br>applicable)** | **Notation<br>Made By** |

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Exh A-1-2-11

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Unpaid<br>Principal<br>Amount** | **Subfacility<br>Increase** | **Subfacility<br>Decrease** | **Total** | **Series 2025-1**<br> **Class A- 1 Note<br>Rate** | **Interest Period (if<br>applicable)** | **Notation<br>Made By** |

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Exh A-1-2-12

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EXHIBIT A-1-3

FORM OF SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTE, CLASS A-1

SUBCLASS: SERIES 2025-1 CLASS A-1 L/C NOTE

THE ISSUANCE AND SALE OF THIS SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTE, CLASS A-1 (THIS "<u>NOTE</u>"), WHICH IS A SERIES 2025-1 CLASS A-1 L/C NOTE, HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO'S PIZZA MASTER ISSUER LLC, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., DOMINO'S PIZZA DISTRIBUTION LLC, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC AND DOMINO'S IP HOLDER LLC (THE "<u>CO-</u><u>ISSUERS</u>") HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>"). THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO PERSONS WHO ARE NOT COMPETITORS (AS DEFINED IN THE INDENTURE), UNLESS THE CO-ISSUERS GIVE WRITTEN CONSENT TO SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER, AND IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-1 NOTE PURCHASE AGREEMENT, DATED AS OF SEPTEMBER 5, 2025 BY AND AMONG THE CO-ISSUERS, THE GUARANTORS, DOMINO'S PIZZA LLC, AS THE MANAGER, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS AND THE FUNDING AGENTS NAMED THEREIN AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS ADMINISTRATIVE AGENT.

Exh A-1-3-1

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THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN AND SUBJECT TO SUBFACILITY INCREASES AND SUBFACILITY DECREASES 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. ALL L/C OBLIGATIONS RELATING TO LETTERS OF CREDIT ISSUED BY THE HOLDER OF THIS NOTE (WHETHER IN RESPECT OF UNDRAWN L/C FACE AMOUNTS OR UNREIMBURSED L/C DRAWINGS) SHALL BE DEEMED TO BE PRINCIPAL OUTSTANDING UNDER THIS NOTE FOR ALL PURPOSES OF THE SERIES 2025-1 CLASS A-1 NOTE PURCHASE AGREEMENT, THE INDENTURE AND THE OTHER RELATED DOCUMENTS OTHER THAN, IN THE CASE OF UNDRAWN L/C FACE AMOUNTS, FOR PURPOSES OF ACCRUAL OF INTEREST. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE.

REGISTERED

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| | |
|:---|:---|
| No. R-L- | up to $[<u> </u>] |

---

SEE REVERSE FOR CERTAIN CONDITIONS

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC and

DOMINO'S IP HOLDER LLC

SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTE, CLASS A-1

SUBCLASS: SERIES 2025-1 CLASS A-1 L/C NOTE

DOMINO'S PIZZA MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a corporation incorporated under the laws of the State of Delaware, DOMINO'S PIZZA DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, and DOMINO'S IP HOLDER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, collectively, as the "<u>Co-Issuers</u>"), for value received, hereby jointly and severally promise to pay to [] or registered assigns, up to the principal sum of [<u> </u>] DOLLARS ($[<u> </u>]) or such lesser amount as shall equal the portion of the Series 2025-1 Class A-1 Outstanding Principal Amount evidenced by this Note as provided in the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; <u>provided</u>, <u>however</u>, that the entire unpaid principal amount of this Note shall be due on July 26, 2055 (the "<u>Series 2025-1 Legal Final Maturity Date</u>"). The initial outstanding principal amount of this Note shall equal the Series 2025-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount. Pursuant to the Series 2025-1 Class A-1 Note Purchase Agreement and the Series 2025-1 Supplement, the principal amount of this Note may be subject to Subfacility Increases or Subfacility Decreases on any Business Day during the Commitment Term, and principal with respect to the Series 2025-1 Class A-1 Notes may be paid earlier than the Series 2025-1 Legal Final Maturity Date as described in the Indenture. The Co-Issuers will pay (i) interest on this Series 2025-1 Class A-1 L/C Note (this "<u>Note</u>") at the Series 2025-1 Class A-1 Note Rate and (ii) the Series 2025-1 Class A-1 L/C Fees, in each case, for each Interest Period in accordance with the terms of the Indenture. Such amounts due on this Note will be payable in arrears on each Quarterly Payment Date, which will be on the 25th day (or, if such 25th day is not a Business Day, the next succeeding Business

Exh A-1-3-2

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Day) of each January, April, July and October, commencing with the Quarterly Payment Date occurring in October 2025 (each, a "<u>Quarterly Payment Date</u>"). Such amounts due on this Note will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including September 5, 2025 to but excluding the day that is two (2) Business Days prior to the first Accounting Date and (ii) thereafter, any period commencing on and including the day that is two (2) Business Days prior to an Accounting Date and ending on but excluding the day that is two (2) Business Days prior to the next succeeding Accounting Date (each, an "<u>Interest Period</u>"). Such amounts due on this Note (and interest on any defaulted payments of amounts due on this Note at the same rate) will be computed in accordance with the Indenture. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay contingent interest and fees on this Note at the Series 2025-1 Class A-1 Post-Renewal Date Contingent Interest Rate, and such contingent interest and fees shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. In addition to and not in limitation of the foregoing and the provisions of the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement, the Co-Issuers further jointly and severally agree to pay to the holder of this Note such holder's portion of the other fees, costs and expense reimbursements, indemnification amounts and other amounts, if any, due and payable in accordance with the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement.

The holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof the date and amount of each Subfacility Increase and Subfacility Decrease with respect thereto and the Series 2025-1 Class A-1 Note Rate applicable thereto. Each such endorsement shall constitute <u>prima facie</u> evidence of the accuracy of the information endorsed. The failure to make any such endorsement or any error in any such endorsement shall not affect the obligations of the Co-Issuers in respect of the Series 2025-1 Class A-1 Outstanding Principal Amount.

The amounts due on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture.

This Note is subject to mandatory and optional prepayment as set forth in the Indenture.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust — Domino's Pizza Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern.

Subject to the next following paragraph, the Co-Issuers hereby certify and declare that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Co-Issuers enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual, electronic or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

Exh A-1-3-3

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[Remainder of page intentionally left blank]

Exh A-1-3-4

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IN WITNESS WHEREOF, each of the Co-Issuers has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

Date:<u> </u> 

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| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-1-3-5

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| | |
|:---|:---|
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, |
| as Co-Issuer | as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S IP HOLDER LLC,<br> as Co-Issuer | DOMINO'S IP HOLDER LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-1-3-6

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CERTIFICATE OF AUTHENTICATION

This is one of the Series 2025-1 Class A-1 L/C Notes issued under the within-mentioned Indenture.

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| | |
|:---|:---|
| CITIBANK, N.A.,<br> as Trustee | CITIBANK, N.A.,<br> as Trustee |
| By: |  |
|  | Authorized Signatory |

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Exh A-1-3-7

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Series 2025-1 Class A-1 Notes of the Co- Issuers designated as their Series 2025-1 Variable Funding Senior Secured Notes, Class A-1 (herein called the "<u>Series 2025-1 Class</u> <u>A-1 Notes</u>"), and is one of the Subclass thereof designated as the Series 2025-1 Class A-1 L/C Notes (herein called the "<u>Series 2025-1 Class</u> <u>A-1 L/C Notes</u>"), all issued under (i) the Amended and Restated Base Indenture, dated as of March 15, 2012 (such Amended and Restated Base Indenture, as amended, supplemented or modified, is herein called the "<u>Base Indenture</u>"), among the Co-Issuers and Citibank, N.A., as trustee (the "<u>Trustee</u>", which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) a Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. The Base Indenture and the Series 2025-1 Supplement are referred to herein as the "<u>Indenture</u>". The Series 2025-1 Class A-1 L/C Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended.

The Series 2025-1 Class A-1 L/C Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture.

All L/C Obligations relating to Letters of Credit issued by the holder of this Note (whether in respect of Undrawn L/C Face Amounts or Unreimbursed L/C Drawings) shall be deemed to be principal outstanding under this Note for all purposes of the Series 2025-1 Class A-1 Note Purchase Agreement, the Indenture and the other Related Documents other than, in the case of Undrawn L/C Face Amounts, for purposes of accrual of interest. As provided for in the Indenture, the Series 2025-1 Class A-1 L/C Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2025-1 Class A-1 L/C Notes are subject to mandatory prepayment as provided for in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2025-1 Legal Final Maturity Date. Subject to the terms and conditions of the Series 2025-1 Class A-1 Note Purchase Agreement, all payments of principal of the Series 2025-1 Class A-1 L/C Notes will be made <u>pro</u> <u>rata</u> to the holders of Series 2025-1 Class A-1 L/C Notes entitled thereto based on the amounts due to such holders.

Amounts due on this Note which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be.

Interest and fees and contingent interest, if any, will each accrue on the Series 2025-1 Class A-1 L/C Notes at the rates set forth in the Indenture. Such amounts will be computed on the basis set forth in the Indenture. Amounts payable on the Series 2025-1 Class A-1 L/C Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture.

Payments of amounts due on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments.

If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the effect provided in the Indenture.

Unless otherwise specified in the Series 2025-1 Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the Series 2025-1 Class A-1 Noteholders of record on the preceding Record Date the amounts payable thereto by wire transfer in immediately available funds released by the Paying Agent from the Series 2025-1 Class A-1 Distribution Account no later than 12:30 p.m. (New York City time) if a Series 2025-1 Class A-1 Noteholder has provided to the Paying Agent and the Trustee wiring

Exh A-1-3-8

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instructions at least five (5) Business Days prior to the applicable Quarterly Payment Date; <u>provided</u>, <u>however</u>, that the final principal payment due on a Series 2025-1 Class A-1 Note shall only be paid upon due presentment and surrender of such Series 2025-1 Class A-1 Note for cancellation in accordance with the provisions of the Series 2025-1 Class A-1 Note at the applicable Corporate Trust Office.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Series 2025-1 Class A-1 Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2025-1 Supplement, and thereupon one or more new Series 2025-1 Class A-1 L/C Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each Series 2025-1 Class A-1 Noteholder, by acceptance of a Series 2025-1 Class A-1 Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one year and one day after the payment in full of the latest maturing note issued under the Indenture, such Series 2025-1 Class A-1 Noteholder will not 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; <u>provided, however</u>, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document.

It is the intent of the Co-Issuers and each Series 2025-1 Class A-1 Noteholder that, for federal, state and local income and franchise tax purposes only, the Series 2025-1 Class A-1 Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2025-1 Class A-1 Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for purposes of federal, state and local income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity, such other entity.

The Indenture permits certain amendments to be made thereto without the consent of the Control Party, the Controlling Class Representative or any Series 2025-1 Class A-1 Noteholders, <u>provided</u> that certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Co-Issuers and the rights of the Series 2025-1 Class A-1 Noteholders under the Indenture at any time by the Co-Issuers with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any Series 2025-1 Class A-1 Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive compliance by the Co-Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series 2025-1 Class A-1 Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2025-1 Class A-1 Noteholder and upon all future Series 2025-1 Class A-1 Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Exh A-1-3-9

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Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of this Note (or any interest herein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

The term "<u>Co-Issuer</u>" as used in this Note includes any successor to the Co-Issuers and any Additional Co-Issuers under the Indenture.

The Series 2025-1 Class A-1 Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Co-Issuers, which is absolute and unconditional, to pay the amounts due on this Note at the times, place and rate, and in the coin or currency herein prescribed.

[Remainder of page intentionally left blank]

Exh A-1-3-10

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:<u> </u>______________________________________________________________ FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto_______________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints<u> </u>_______________ , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:<u> </u>___________

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| | |
|:---|:---|
| By: | <sup>3</sup> |
|  | Signature Guaranteed: |

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<sup>3</sup> NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note, without alteration, enlargement or any change whatsoever.

Exh A-1-3-11

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**INCREASES AND DECREASES** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Unpaid**<br> **Principal**<br> **Amount** | **Subfacility**<br> **Increase** | **Subfacility<br>Decrease** | **Total** | **Series 2025-1**<br> **Class A-1 Note<br>Rate** | **Interest Period (if<br>applicable)** | **Notation Made<br>By** |

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Exh A-1-3-12

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Unpaid**<br> **Principal**<br> **Amount** | **Subfacility**<br> **Increase** | **Subfacility<br>Decrease** | **Total** | **Series**<br> **2025-1**<br> **Class A-1**<br> **Note**<br> **Rate** | **Interest**<br> **Period (if<br>applicable)** | **Notation<br>Made By** |

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Exh A-1-3-13

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EXHIBIT A-2-1

THE ISSUANCE AND SALE OF THIS RESTRICTED GLOBAL SERIES 2025-1 CLASS A-2-I NOTE (THIS "<u>NOTE</u>") HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO'S PIZZA MASTER ISSUER LLC, DOMINO'S PIZZA DISTRIBUTION LLC, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, DOMINO'S IP HOLDER LLC AND DOMINO'S SPV CANADIAN HOLDING COMPANY INC. (THE "<u>CO-</u><u>ISSUERS</u>") HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>"). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO DOMINO'S PIZZA MASTER ISSUER LLC OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS NOT A COMPETITOR AND IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NEITHER A COMPETITOR NOR A "U.S. PERSON" AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S") ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, AND 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 OF THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

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

EACH INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER 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 INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE OR AN UNRESTRICTED 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.

Exh A-2-1-1

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ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING SHALL BE OF NO FORCE AND EFFECT AND WILL BE VOID <u>AB</u> <u>INITIO</u> AND SHALL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY.

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF THE TRANSFER.

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) A "U.S. PERSON" THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) EITHER IS A QUALIFIED INSTITUTIONAL BUYER OR NOT A "U.S. PERSON" IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR A "U.S. PERSON."

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 10004, 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 CO-ISSUERS OR THE 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.

Exh A-2-1-2

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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.

FORM OF RESTRICTED GLOBAL SERIES 2025-1 CLASS A-2-I NOTE

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| | |
|:---|:---|
| No. R-[_] | up to $[<u> </u>] |

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SEE REVERSE FOR CERTAIN CONDITIONS

CUSIP Number: 25755T

AQ3 ISIN Number: US25755TAQ31

Common Code: 316637108

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC and

DOMINO'S IP HOLDER LLC

SERIES 2025-1 4.930% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-I

DOMINO'S PIZZA MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a corporation incorporated under the laws of the State of Delaware, DOMINO'S PIZZA DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, and DOMINO'S IP HOLDER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, collectively, as the "<u>Co-Issuers</u>"), for value received, hereby promise to pay to CEDE & CO. or registered assigns, up to the principal sum of [ ] DOLLARS ($[<u> </u>]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; <u>provided</u>, <u>however</u>, that the entire unpaid principal amount of this Note shall be due on July 26, 2055 (the "<u>Series 2025-1 Legal Final Maturity Date</u>"). The Co-Issuers will pay interest on this Restricted Global Series 2025-1 Class A-2-I Note (this "<u>Note</u>") at the applicable Series 2025-1 Note Rate for each Interest Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment Date, which will be on the 25th day (or, if such 25th day is not a Business Day, the next succeeding Business Day) of each January, April, July and October, commencing with the Quarterly Payment Date occurring in October 2025 (each, a "<u>Quarterly Payment Date</u>"). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including September 5, 2025 to but excluding the first Quarterly Payment Date and (ii) thereafter, the period from and including a Quarterly Payment Date to but excluding the following Quarterly Payment Date (each, an "<u>Interest</u> <u>Period</u>"). Interest with respect to the Notes (and interest on any defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay contingent interest on this Note at the Series 2025-1 Class A-2 Post-ARD Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture.

Exh A-2-1-3

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This Note is subject to mandatory and optional prepayment as set forth in the Indenture.

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Regulation S Global Note or an Unrestricted Global Note; <u>provided</u> that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or transferable in whole but not in part for duly executed and issued registered Definitive Notes; <u>provided</u> that such transfer or exchange complies with Section 4.02(c) of the Series 2025-1 Supplement.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust — Domino's Pizza Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern.

Subject to the next following paragraph, the Co-Issuers hereby certify and declare that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Co-Issuers enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual, electronic or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

[Remainder of page intentionally left blank]

Exh A-2-1-4

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IN WITNESS WHEREOF, each of the Co-Issuers has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

Date:_________

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| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC,<br> as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-2-1-5

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| | |
|:---|:---|
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S IP HOLDER LLC, as Co-Issuer | DOMINO'S IP HOLDER LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-2-1-6

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CERTIFICATE OF AUTHENTICATION

This is one of the Series 2025-1 Class A-2-I Notes issued under the within-mentioned Indenture.

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| | |
|:---|:---|
| CITIBANK, N.A., as Trustee | CITIBANK, N.A., as Trustee |
| By: |  |
|  | Authorized Signatory |

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Exh A-2-1-7

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Series 2025-1 Class A-2-I Notes of the Co- Issuers designated as their $500,000,000 Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A- 2-I (herein called the "<u>Series 2025-1 Class</u> <u>A-2-I Notes</u>"), all issued under (i) the Amended and Restated Base Indenture, dated as of March 15, 2012 (such Amended and Restated Base Indenture, as amended, supplemented or modified, is herein called the "<u>Base Indenture</u>"), among the Co-Issuers and Citibank, N.A., as trustee (the "<u>Trustee</u>", which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) a Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. The Base Indenture and the Series 2025-1 Supplement are referred to herein as the "<u>Indenture</u>". The Series 2025-1 Class A-2-I Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended.

The Series 2025-1 Class A-2-I Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture.

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof.

As provided for in the Indenture, the Series 2025-1 Class A-2-I Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2025-1 Class A-2-I Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Co-Issuers will be obligated to pay the Series 2025-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2025-1 Class A-2-I Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2025-1 Legal Final Maturity Date. All payments of principal of the Series 2025-1 Class A-2-I Notes will be made <u>pro rata</u> to the Series 2025-1 Class A-2-I Noteholders entitled thereto.

Principal of and interest on this Note which is payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be.

Interest and contingent interest, if any, will each accrue on the Series 2025-1 Class A-2-I Notes at the rates set forth in the Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2025-1 Class A-2-I Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture.

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments.

If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the effect provided in the Indenture.

Amounts payable in respect of this Note shall be made by wire transfer of immediately available funds to the account designated by DTC or its nominee.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the

Exh A-2-1-8

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Series 2025-1 Class A-2-I Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2025-1 Supplement, and thereupon one or more new Series 2025-1 Class A-2-I Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each Series 2025-1 Class A-2-I Noteholder, by acceptance of a Series 2025-1 Class A-2-I Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one year and one day after the payment in full of the latest maturing note issued under the Indenture, such Series 2025-1 Class A-2-I Noteholder will not 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; <u>provided</u>, <u>however</u>, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document.

It is the intent of the Co-Issuers and each Series 2025-1 Class A-2-I Noteholder that, for federal, state and local income and franchise tax purposes only, the Series 2025-1 Class A-2-I Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2025-1 Class A-2-I Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for purposes of federal, state and local income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity, such other entity.

The Indenture permits certain amendments to be made thereto without the consent of the Control Party, the Controlling Class Representative or any Series 2025-1 Class A-2-I Noteholders, <u>provided</u> that certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Co-Issuers and the rights of the Series 2025-1 Class A-2-I Noteholders under the Indenture at any time by the Co-Issuers with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any Series 2025-1 Class A-2-I Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive compliance by the Co-Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series 2025-1 Class A-2-I Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2025-1 Class A-2-I Noteholder and upon all future Series 2025-1 Class A-2-I Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of this Note (or any interest herein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

Exh A-2-1-9

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The term "<u>Co-Issuer</u>" as used in this Note includes any successor to the Co-Issuers and any Additional Co-Issuers under the Indenture.

The Series 2025-1 Class A-2-I Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Co-Issuers, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

Exh A-2-1-10

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:<u> </u>_____________________________________________________________ FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto<u> </u>______________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints<u> </u>__________________

__________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:<u> </u>_____________

By: <sup>1</sup> Signature Guaranteed:

<sup>1</sup> NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note, without alteration, enlargement or any change whatsoever.

Exh A-2-1-11

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SCHEDULE OF EXCHANGES IN RESTRICTED GLOBAL SERIES 2025-1 CLASS A-2-I NOTE

The initial principal balance of this Restricted Global Series 2025-1 Class A-2-I Note is $[<u> </u>___________]. The following exchanges of an interest in this Restricted Global Series 2025-1 Class A-2-I Note for an interest in a corresponding Regulation S Global Series 2025-1 Class A-2-I Note or an Unrestricted Global Series 2025-1 Class A-2-I Note have been made:

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Amount of Increase (or Decrease)<br>in the Principal Amount of<br>this Restricted Global**<br> **Note** | **Remaining Principal**<br> **Amount of this<br>Restricted Global Note following<br>the Increase**<br> **or Decrease** | **Signature of Authorized Officer of**<br> **Trustee or Registrar** |

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Exh A-2-1-12

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EXHIBIT A-2-2

THE ISSUANCE AND SALE OF THIS REGULATION S GLOBAL SERIES 2025-1 CLASS A-2-I NOTE (THIS "<u>NOTE</u>") HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO'S PIZZA MASTER ISSUER LLC, DOMINO'S PIZZA DISTRIBUTION LLC, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, DOMINO'S IP HOLDER LLC AND DOMINO'S SPV CANADIAN HOLDING COMPANY INC. (THE "<u>CO-</u><u>ISSUERS</u>") HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>"). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO DOMINO'S PIZZA MASTER ISSUER LLC OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS NOT A COMPETITOR AND IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NEITHER A COMPETITOR NOR A "U.S. PERSON" AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S") ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, AND 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 OF THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

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

EACH INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER 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 INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE OR AN UNRESTRICTED 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.

Exh A-2-2-1

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ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING SHALL BE OF NO FORCE AND EFFECT AND WILL BE VOID <u>AB</u> <u>INITIO</u> AND SHALL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY.

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF THE TRANSFER.

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) A "U.S. PERSON" THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) EITHER IS A QUALIFIED INSTITUTIONAL BUYER OR NOT A "U.S. PERSON" IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR A "U.S. PERSON."

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 10004, 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 CO-ISSUERS OR THE 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.

UNTIL 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 NOT A "U.S. PERSON" AS DEFINED IN

Exh A-2-2-2

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REGULATION S, THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A PERSON THAT IS NOT A "U.S. PERSON" AS DEFINED IN REGULATION S, THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER AND IN COMPLIANCE WITH THE SECURITIES 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 SECURITIES ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT.

Exh A-2-2-3

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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.

FORM OF REGULATION S GLOBAL SERIES 2025-1 CLASS A-2-I NOTE

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| | |
|:---|:---|
| No. S-[_] | up to $[<u> </u>] |

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SEE REVERSE FOR CERTAIN CONDITIONS

CUSIP Number: U2583E AQ0

ISIN Number: USU2583EAQ09

Common Code: 316637175

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC and

DOMINO'S IP HOLDER LLC

SERIES 2025-1 4.930% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-I

DOMINO'S PIZZA MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a corporation incorporated under the laws of the State of Delaware, DOMINO'S PIZZA DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, and DOMINO'S IP HOLDER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, collectively, as the "<u>Co-Issuers</u>"), for value received, hereby promise to pay to CEDE & CO. or registered assigns, up to the principal sum of [ ] DOLLARS ($[<u> </u>]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; <u>provided</u>, <u>however</u>, that the entire unpaid principal amount of this Note shall be due on July 26, 2055 (the "<u>Series 2025-1 Legal Final Maturity Date</u>"). The Co-Issuers will pay interest on this Regulation S Global Series 2025-1 Class A-2-I Note (this "<u>Note</u>") at the applicable Series 2025-1 Note Rate for each Interest Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment Date, which will be on the 25th day (or, if such 25th day is not a Business Day, the next succeeding Business Day) of each January, April, July and October, commencing with the Quarterly Payment Date occurring in October 2025 (each, a "<u>Quarterly Payment Date</u>"). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including September 5, 2025 to but excluding the first Quarterly Payment Date and (ii) thereafter, the period from and including a Quarterly Payment Date to but excluding the following Quarterly Payment Date (each, an "<u>Interest</u> <u>Period</u>"). Interest with respect to the Notes (and interest on any defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay contingent interest on this Note at the Series 2025-1 Class A-2 Post-ARD Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture.

Exh A-2-2-4

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This Note is subject to mandatory and optional prepayment as set forth in the Indenture.

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Restricted Global Note or an Unrestricted Global Note; <u>provided</u> that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or transferable in whole but not in part for duly executed and issued registered Definitive Notes; <u>provided</u> that such transfer or exchange complies with Section 4.02(c) of the Series 2025-1 Supplement.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust — Domino's Pizza Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern.

Subject to the next following paragraph, the Co-Issuers hereby certify and declare that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Co-Issuers enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual, electronic or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

[Remainder of page intentionally left blank]

Exh A-2-2-5

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IN WITNESS WHEREOF, each of the Co-Issuers has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

Date:<u> </u> 

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| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

---

Exh A-2-2-6

------

---

| | |
|:---|:---|
| DOMINO'S IP HOLDER LLC, as Co-Issuer | DOMINO'S IP HOLDER LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

---

Exh A-2-2-7

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CERTIFICATE OF AUTHENTICATION

This is one of the Series 2025-1 Class A-2-I Notes issued under the within-mentioned Indenture.

---

| | |
|:---|:---|
|  CITIBANK, N.A., as Trustee | CITIBANK, N.A., as Trustee |
|  By: |  |
|  | Authorized Signatory |

---

Exh A-2-2-8

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Series 2025-1 Class A-2-I Notes of the Co- Issuers designated as their $500,000,000 Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A- 2-I (herein called the "<u>Series 2025-1 Class</u> <u>A-2-I Notes</u>"), all issued under (i) the Amended and Restated Base Indenture, dated as of March 15, 2012 (such Amended and Restated Base Indenture, as amended, supplemented or modified, is herein called the "<u>Base Indenture</u>"), among the Co-Issuers and Citibank, N.A., as trustee (the "<u>Trustee</u>", which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) a Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. The Base Indenture and the Series 2025-1 Supplement are referred to herein as the "<u>Indenture</u>". The Series 2025-1 Class A-2-I Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended.

The Series 2025-1 Class A-2-I Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture.

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof.

As provided for in the Indenture, the Series 2025-1 Class A-2-I Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2025-1 Class A-2-I Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Co-Issuers will be obligated to pay the Series 2025-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2025-1 Class A-2-I Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2025-1 Legal Final Maturity Date. All payments of principal of the Series 2025-1 Class A-2-I Notes will be made <u>pro rata</u> to the Series 2025-1 Class A-2-I Noteholders entitled thereto.

Principal of and interest on this Note which is payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be.

Interest and contingent interest, if any, will each accrue on the Series 2025-1 Class A-2-I Notes at the rates set forth in the Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2025-1 Class A-2-I Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture.

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments.

If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the effect provided in the Indenture.

Amounts payable in respect of this Note shall be made by wire transfer of immediately available funds to the account designated by DTC or its nominee.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the

Exh A-2-2-9

------

Series 2025-1 Class A-2-I Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2025-1 Supplement, and thereupon one or more new Series 2025-1 Class A-2-I Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each Series 2025-1 Class A-2-I Noteholder, by acceptance of a Series 2025-1 Class A-2-I Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one year and one day after the payment in full of the latest maturing note issued under the Indenture, such Series 2025-1 Class A-2-I Noteholder will not 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; <u>provided</u>, <u>however</u>, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document.

It is the intent of the Co-Issuers and each Series 2025-1 Class A-2-I Noteholder that, for federal, state and local income and franchise tax purposes only, the Series 2025-1 Class A-2-I Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2025-1 Class A-2-I Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for purposes of federal, state and local income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity, such other entity.

The Indenture permits certain amendments to be made thereto without the consent of the Control Party, the Controlling Class Representative or any Series 2025-1 Class A-2-I Noteholders, <u>provided</u> that certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Co-Issuers and the rights of the Series 2025-1 Class A-2-I Noteholders under the Indenture at any time by the Co-Issuers with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any Series 2025-1 Class A-2-I Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive compliance by the Co-Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series 2025-1 Class A-2-I Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2025-1 Class A-2-I Noteholder and upon all future Series 2025-1 Class A-2-I Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of this Note (or any interest herein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

Exh A-2-2-10

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The term "<u>Co-Issuer</u>" as used in this Note includes any successor to the Co-Issuers and any Additional Co-Issuers under the Indenture.

The Series 2025-1 Class A-2-I Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Co-Issuers, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

Exh A-2-2-11

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto<u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints<u> </u>, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:<u> </u> 

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| | |
|:---|:---|
| By: | <sup><u>1</u></sup> |
|  | Signature Guaranteed: |

---

<sup>1</sup> NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note, without alteration, enlargement or any change whatsoever.

Exh A-2-2-12

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SCHEDULE OF EXCHANGES IN REGULATION S GLOBAL SERIES 2025-1 CLASS A-2-I NOTE

The initial principal balance of this Regulation S Global Series 2025-1 Class A-2-I Note is $[<u> </u> ]. The following exchanges of an interest in this Regulation S Global Series 2025-1 Class A-2-I Note for an interest in a corresponding Restricted Global Series 2025-1 Class A-2-I Note or an Unrestricted Global Series 2025-1 Class A-2-I Note have been made:

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| | | | |
|:---|:---|:---|:---|
| Date | Amount of Increase (or<br> Decrease) in the<br> Principal Amount of<br> this Regulation S<br> Global Note | Remaining Principal<br> Amount of this<br> Regulation S Global<br> Note following the<br> Increase or Decrease | Signature of<br>Authorized Officer of<br>Trustee or Registrar |

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Exh A-2-2-13

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EXHIBIT A-2-3

THE ISSUANCE AND SALE OF THIS UNRESTRICTED GLOBAL SERIES 2025-1 CLASS A-2-I NOTE (THIS "<u>NOTE</u>") HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES</u> ACT"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO'S PIZZA MASTER ISSUER LLC, DOMINO'S PIZZA DISTRIBUTION LLC, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, DOMINO'S IP HOLDER LLC AND DOMINO'S SPV CANADIAN HOLDING COMPANY INC. (THE "<u>CO-</u><u>ISSUERS</u>") HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>"). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO DOMINO'S PIZZA MASTER ISSUER LLC OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS NOT A COMPETITOR AND IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NEITHER A COMPETITOR NOR A "U.S. PERSON" AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S") ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, AND 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 OF THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

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

EACH INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER 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 INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE OR AN UNRESTRICTED 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.

Exh A-2-3-1

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ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING SHALL BE OF NO FORCE AND EFFECT AND WILL BE VOID <u>AB</u> <u>INITIO</u> AND SHALL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY.

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF THE TRANSFER.

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) A "U.S. PERSON" THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) EITHER IS A QUALIFIED INSTITUTIONAL BUYER OR NOT A "U.S. PERSON" IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR A "U.S. PERSON."

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 10004, 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 CO-ISSUERS OR THE 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.

Exh A-2-3-2

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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.

FORM OF UNRESTRICTED GLOBAL SERIES 2025-1 CLASS A-2-I NOTE

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| | |
|:---|:---|
| No. U-[_] | up to $[<u> </u>] |

---

SEE REVERSE FOR CERTAIN CONDITIONS

CUSIP Number: U2583E AQ0

ISIN Number: USU2583EAQ09

Common Code: 316637175

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC and

DOMINO'S IP HOLDER LLC

SERIES 2025-1 4.930% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-I

DOMINO'S PIZZA MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a corporation incorporated under the laws of the State of Delaware, DOMINO'S PIZZA DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, and DOMINO'S IP HOLDER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, collectively, as the "<u>Co-Issuers</u>"), for value received, hereby promise to pay to CEDE & CO. or registered assigns, up to the principal sum of [ ] DOLLARS ($[<u> </u>]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; <u>provided</u>, <u>however</u>, that the entire unpaid principal amount of this Note shall be due on July 26, 2055 (the "<u>Series 2025-1 Legal Final Maturity Date</u>"). The Co-Issuers will pay interest on this Unrestricted Global Series 2025-1 Class A-2-I Note (this "<u>Note</u>") at the applicable Series 2025-1 Note Rate for each Interest Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment Date, which will be on the 25th day (or, if such 25th day is not a Business Day, the next succeeding Business Day) of each January, April, July and October, commencing with the Quarterly Payment Date occurring in October 2025 (each, a "<u>Quarterly Payment Date</u>"). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including September 5, 2025 to but excluding the first Quarterly Payment Date and (ii) thereafter, the period from and including a Quarterly Payment Date to but excluding the following Quarterly Payment Date (each, an "<u>Interest</u> <u>Period</u>"). Interest with respect to the Notes (and interest on any defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay contingent interest on this Note at the Series 2025-1 Class A-2 Post-ARD Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture.

Exh A-2-3-3

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This Note is subject to mandatory and optional prepayment as set forth in the Indenture.

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Restricted Global Note or a Regulation S Global Note; <u>provided</u> that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or transferable in whole but not in part for duly executed and issued registered Definitive Notes; <u>provided</u> that such transfer or exchange complies with Section 4.02(c) of the Series 2025-1 Supplement.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust — Domino's Pizza Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern.

Subject to the next following paragraph, the Co-Issuers hereby certify and declare that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Co-Issuers enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual, electronic or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

[Remainder of page intentionally left blank]

Exh A-2-3-4

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IN WITNESS WHEREOF, each of the Co-Issuers has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

Date:

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| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-2-3-5

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| | |
|:---|:---|
| DOMINO'S IP HOLDER LLC, as Co-Issuer | DOMINO'S IP HOLDER LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-2-3-6

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CERTIFICATE OF AUTHENTICATION

This is one of the Series 2025-1 Class A-2-I Notes issued under the within-mentioned Indenture.

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| | |
|:---|:---|
| CITIBANK, N.A., | CITIBANK, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Authorized Signatory |

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Exh A-2-3-7

------

[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Series 2025-1 Class A-2-I Notes of the Co- Issuers designated as their $500,000,000 Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A- 2-I (herein called the "<u>Series 2025-1 Class</u> <u>A-2-I Notes</u>"), all issued under (i) the Amended and Restated Base Indenture, dated as of March 15, 2012 (such Amended and Restated Base Indenture, as amended, supplemented or modified, is herein called the "<u>Base Indenture</u>"), among the Co-Issuers and Citibank, N.A., as trustee (the "<u>Trustee</u>", which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) a Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. The Base Indenture and the Series 2025-1 Supplement are referred to herein as the "<u>Indenture</u>". The Series 2025-1 Class A-2-I Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended.

The Series 2025-1 Class A-2-I Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture.

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof.

As provided for in the Indenture, the Series 2025-1 Class A-2-I Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2025-1 Class A-2-I Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Co-Issuers will be obligated to pay the Series 2025-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2025-1 Class A-2-I Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2025-1 Legal Final Maturity Date. All payments of principal of the Series 2025-1 Class A-2-I Notes will be made <u>pro rata</u> to the Series 2025-1 Class A-2-I Noteholders entitled thereto.

Principal of and interest on this Note which is payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be.

Interest and contingent interest, if any, will each accrue on the Series 2025-1 Class A-2-I Notes at the rates set forth in the Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2025-1 Class A-2-I Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture.

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments.

If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the effect provided in the Indenture.

Amounts payable in respect of this Note shall be made by wire transfer of immediately available funds to the account designated by DTC or its nominee.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Series 2025-1

Exh A-2-3-8

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Class A-2-I Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2025-1 Supplement, and thereupon one or more new Series 2025-1 Class A-2-I Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each Series 2025-1 Class A-2-I Noteholder, by acceptance of a Series 2025-1 Class A-2-I Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one year and one day after the payment in full of the latest maturing note issued under the Indenture, such Series 2025-1 Class A-2-I Noteholder will not 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; <u>provided</u>, <u>however</u>, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document.

It is the intent of the Co-Issuers and each Series 2025-1 Class A-2-I Noteholder that, for federal, state and local income and franchise tax purposes only, the Series 2025-1 Class A-2-I Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2025-1 Class A-2-I Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for purposes of federal, state and local income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity, such other entity.

The Indenture permits certain amendments to be made thereto without the consent of the Control Party, the Controlling Class Representative or any Series 2025-1 Class A-2-I Noteholders, <u>provided</u> that certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Co-Issuers and the rights of the Series 2025-1 Class A-2-I Noteholders under the Indenture at any time by the Co-Issuers with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any Series 2025-1 Class A-2-I Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive compliance by the Co-Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series 2025-1 Class A-2-I Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2025-1 Class A-2-I Noteholder and upon all future Series 2025-1 Class A-2-I Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of this Note (or any interest herein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

Exh A-2-3-9

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The term "<u>Co-Issuer</u>" as used in this Note includes any successor to the Co-Issuers and any Additional Co-Issuers under the Indenture.

The Series 2025-1 Class A-2-I Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Co-Issuers, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

Exh A-2-3-10

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints<u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:<u> </u> 

---

| | | |
|:---|:---|:---|
| By: |  | <sup>1</sup> |
|  | Signature Guaranteed: |  |

---

<sup>1</sup> NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note, without alteration, enlargement or any change whatsoever.

Exh A-2-3-11

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SCHEDULE OF EXCHANGES IN UNRESTRICTED GLOBAL SERIES 2025-1

CLASS A-2-I NOTE

The initial principal balance of this Unrestricted Global Series 2025-1 Class A-2-I Note is $[]. The following exchanges of an interest in this Unrestricted Global Series 2025-1 Class A-2-I Note for an interest in a corresponding Restricted Global Series 2025-1 Class A-2-I Note or a Regulation S Global Series 2025-1 Class A-2-I Note have been made:

---

| | | | |
|:---|:---|:---|:---|
| Date | Amount of Increase (or Decrease) in the<br>Principal Amount of<br> this Unrestricted<br> Global Note | Remaining Principal Amount of this<br>Unrestricted Global<br> Note following the Increase or<br>Decrease | Signature of Authorized Officer of<br>Trustee or Registrar |

---

Exh A-2-3-12

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EXHIBIT A-2-4

THE ISSUANCE AND SALE OF THIS RESTRICTED GLOBAL SERIES 2025-1 CLASS A-2-II NOTE (THIS "<u>NOTE</u>") HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO'S PIZZA MASTER ISSUER LLC, DOMINO'S PIZZA DISTRIBUTION LLC, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, DOMINO'S IP HOLDER LLC AND DOMINO'S SPV CANADIAN HOLDING COMPANY INC. (THE "<u>CO-ISSUERS</u>") HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>"). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO DOMINO'S PIZZA MASTER ISSUER LLC OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS NOT A COMPETITOR AND IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NEITHER A COMPETITOR NOR A "U.S. PERSON" AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S") ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, AND 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 OF THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

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

EACH INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER 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 INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE OR AN UNRESTRICTED 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.

Exh A-2-4-1

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ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING SHALL BE OF NO FORCE AND EFFECT AND WILL BE VOID <u>AB</u> <u>INITIO</u> AND SHALL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY.

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF THE TRANSFER.

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) A "U.S. PERSON" THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) EITHER IS A QUALIFIED INSTITUTIONAL BUYER OR NOT A "U.S. PERSON" IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR A "U.S. PERSON."

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 10004, 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 CO-ISSUERS OR THE 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.

Exh A-2-4-2

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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.

FORM OF RESTRICTED GLOBAL SERIES 2025-1 CLASS A-2-II NOTE

---

| | |
|:---|:---|
| No. R-[_] | up to $[<u> </u>] |

---

SEE REVERSE FOR CERTAIN CONDITIONS

CUSIP Number: 25755T AR1

ISIN Number: US25755TAR14

Common Code: 316637272

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC and

DOMINO'S IP HOLDER LLC

SERIES 2025-1 5.217% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-II

DOMINO'S PIZZA MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a corporation incorporated under the laws of the State of Delaware, DOMINO'S PIZZA DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, and DOMINO'S IP HOLDER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, collectively, as the "<u>Co-Issuers</u>"), for value received, hereby promise to pay to CEDE & CO. or registered assigns, up to the principal sum of [] DOLLARS ($[]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; <u>provided</u>, <u>however</u>, that the entire unpaid principal amount of this Note shall be due on July 26, 2055 (the "<u>Series 2025-1 Legal Final Maturity Date</u>"). The Co-Issuers will pay interest on this Restricted Global Series 2025-1 Class A-2-II Note (this "<u>Note</u>") at the applicable Series 2025-1 Note Rate for each Interest Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment Date, which will be on the 25th day (or, if such 25th day is not a Business Day, the next succeeding Business Day) of each January, April, July and October, commencing with the Quarterly Payment Date occurring in October 2025 (each, a "<u>Quarterly Payment Date</u>"). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including September 5, 2025 to but excluding the first Quarterly Payment Date and (ii) thereafter, the period from and including a Quarterly Payment Date to but excluding the following Quarterly Payment Date (each, an "<u>Interest</u> <u>Period</u>"). Interest with respect to the Notes (and interest on any defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay contingent interest on this Note at the Series 2025-1 Class A-2 Post-ARD Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture.

Exh A-2-4-3

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This Note is subject to mandatory and optional prepayment as set forth in the Indenture.

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Regulation S Global Note or an Unrestricted Global Note; <u>provided</u> that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or transferable in whole but not in part for duly executed and issued registered Definitive Notes; <u>provided</u> that such transfer or exchange complies with Section 4.02(c) of the Series 2025-1 Supplement.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust — Domino's Pizza Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern.

Subject to the next following paragraph, the Co-Issuers hereby certify and declare that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Co-Issuers enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual, electronic or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

[Remainder of page intentionally left blank]

Exh A-2-4-4

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IN WITNESS WHEREOF, each of the Co-Issuers has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

Date:

---

| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC., | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., |
| as Co-Issuer | as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC,<br> as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, |
| as Co-Issuer | as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

---

Exh A-2-4-5

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---

| | |
|:---|:---|
| DOMINO'S IP HOLDER LLC,<br> as Co-Issuer | DOMINO'S IP HOLDER LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-2-4-6

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CERTIFICATE OF AUTHENTICATION

This is one of the Series 2025-1 Class A-2-II Notes issued under the within-mentioned Indenture.

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| | |
|:---|:---|
| CITIBANK, N.A., | CITIBANK, N.A., |
| as Trustee | as Trustee |
| By: |  |
|  | Authorized Signatory |

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Exh A-2-4-7

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Series 2025-1 Class A-2-II Notes of the Co-Issuers designated as their $500,000,000 Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A- 2-II (herein called the "<u>Series 2025-1 Class</u> <u>A-2-II Notes</u>"), all issued under (i) the Amended and Restated Base Indenture, dated as of March 15, 2012 (such Amended and Restated Base Indenture, as amended, supplemented or modified, is herein called the "<u>Base Indenture</u>"), among the Co-Issuers and Citibank, N.A., as trustee (the "<u>Trustee</u>", which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) a Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. The Base Indenture and the Series 2025-1 Supplement are referred to herein as the "<u>Indenture</u>". The Series 2025-1 Class A-2-II Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended.

The Series 2025-1 Class A-2-II Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture.

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof.

As provided for in the Indenture, the Series 2025-1 Class A-2-II Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2025-1 Class A-2-II Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Co-Issuers will be obligated to pay the Series 2025-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2025-1 Class A-2-II Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2025-1 Legal Final Maturity Date. All payments of principal of the Series 2025-1 Class A-2-II Notes will be made <u>pro rata</u> to the Series 2025-1 Class A-2-II Noteholders entitled thereto.

Principal of and interest on this Note which is payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be.

Interest and contingent interest, if any, will each accrue on the Series 2025-1 Class A-2-II Notes at the rates set forth in the Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2025-1 Class A-2-II Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture.

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments.

If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the effect provided in the Indenture.

Amounts payable in respect of this Note shall be made by wire transfer of immediately available funds to the account designated by DTC or its nominee.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the

Exh A-2-4-8

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Series 2025-1 Class A-2-II Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2025-1 Supplement, and thereupon one or more new Series 2025-1 Class A-2-II Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each Series 2025-1 Class A-2-II Noteholder, by acceptance of a Series 2025-1 Class A-2- II Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one year and one day after the payment in full of the latest maturing note issued under the Indenture, such Series 2025-1 Class A-2-II Noteholder will not 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; <u>provided</u>, <u>however</u>, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document.

It is the intent of the Co-Issuers and each Series 2025-1 Class A-2-II Noteholder that, for federal, state and local income and franchise tax purposes only, the Series 2025-1 Class A-2-II Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2025-1 Class A-2-II Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for purposes of federal, state and local income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity, such other entity.

The Indenture permits certain amendments to be made thereto without the consent of the Control Party, the Controlling Class Representative or any Series 2025-1 Class A-2-II Noteholders, <u>provided</u> that certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Co- Issuers and the rights of the Series 2025-1 Class A-2-II Noteholders under the Indenture at any time by the Co-Issuers with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any Series 2025-1 Class A-2-II Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive compliance by the Co-Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series 2025-1 Class A- 2-II Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2025-1 Class A-2-II Noteholder and upon all future Series 2025- 1 Class A-2-II Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of this Note (or any interest herein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

Exh A-2-4-9

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The term "<u>Co-Issuer</u>" as used in this Note includes any successor to the Co-Issuers and any Additional Co-Issuers under the Indenture.

The Series 2025-1 Class A-2-II Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Co-Issuers, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

Exh A-2-4-10

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee: .

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints<u> </u>, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:<u> </u> 

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| | | |
|:---|:---|:---|
| By: |  | <sup>1</sup> |
|  | Signature Guaranteed: |  |

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<sup>1</sup> NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note, without alteration, enlargement or any change whatsoever.

Exh A-2-4-11

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SCHEDULE OF EXCHANGES IN RESTRICTED GLOBAL SERIES 2025-1

CLASS A-2-II NOTE

The initial principal balance of this Restricted Global Series 2025-1 Class A-2-II Note is $[]. The following exchanges of an interest in this Restricted Global Series 2025-1 Class A-2-II Note for an interest in a corresponding Regulation S Global Series 2025-1 Class A-2-II Note or an Unrestricted Global Series 2025-1 Class A-2-II Note have been made:

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| | | | |
|:---|:---|:---|:---|
| Date | Amount of Increase (or Decrease) in<br>the<br> Principal Amount of<br> this Restricted Global<br> Note | Remaining Principal<br> Amount of this<br> Restricted Global Note following the<br>Increase<br> or Decrease | Signature of<br> Authorized Officer of Trustee or<br>Registrar |

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Exh A-2-4-12

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EXHIBIT A-2-5

THE ISSUANCE AND SALE OF THIS REGULATION S GLOBAL SERIES 2025-1 CLASS A-2-II NOTE (THIS "<u>NOTE</u>") HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO'S PIZZA MASTER ISSUER LLC, DOMINO'S PIZZA DISTRIBUTION LLC, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, DOMINO'S IP HOLDER LLC AND DOMINO'S SPV CANADIAN HOLDING COMPANY INC. (THE "<u>CO-ISSUERS</u>") HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>"). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO DOMINO'S PIZZA MASTER ISSUER LLC OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS NOT A COMPETITOR AND IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NEITHER A COMPETITOR NOR A "U.S. PERSON" AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S") ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, AND 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 OF THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

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

EACH INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER 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 INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE OR AN UNRESTRICTED 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.

Exh A-2-5

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ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING SHALL BE OF NO FORCE AND EFFECT AND WILL BE VOID <u>AB</u> <u>INITIO</u> AND SHALL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY.

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF THE TRANSFER.

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) A "U.S. PERSON" THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) EITHER IS A QUALIFIED INSTITUTIONAL BUYER OR NOT A "U.S. PERSON" IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR A "U.S. PERSON."

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 10004, 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 CO-ISSUERS OR THE 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.

UNTIL 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 NOT A "U.S. PERSON" AS DEFINED IN

Exh A-2-5-2

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REGULATION S, THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A PERSON THAT IS NOT A "U.S. PERSON" AS DEFINED IN REGULATION S, THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER AND IN COMPLIANCE WITH THE SECURITIES 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 SECURITIES ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT.

Exh A-2-5-3

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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.

FORM OF REGULATION S GLOBAL SERIES 2025-1 CLASS A-2-II NOTE

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| | |
|:---|:---|
| No. S-[_] | up to $[<u> </u>] |

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SEE REVERSE FOR CERTAIN CONDITIONS

CUSIP Number: U2583E AR8

ISIN Number: USU2583EAR81

Common Code: 316637248

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC and

DOMINO'S IP HOLDER LLC

SERIES 2025-1 5.217% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-II

DOMINO'S PIZZA MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a corporation incorporated under the laws of the State of Delaware, DOMINO'S PIZZA DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, and DOMINO'S IP HOLDER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, collectively, as the "<u>Co-Issuers</u>"), for value received, hereby promise to pay to CEDE & CO. or registered assigns, up to the principal sum of [ ] DOLLARS ($<u>[</u> ]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; <u>provided</u>, <u>however</u>, that the entire unpaid principal amount of this Note shall be due on July 26, 2055 (the "<u>Series 2025-1 Legal Final Maturity Date</u>"). The Co-Issuers will pay interest on this Regulation S Global Series 2025-1 Class A-2-II Note (this "<u>Note</u>") at the applicable Series 2025-1 Note Rate for each Interest Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment Date, which will be on the 25th day (or, if such 25th day is not a Business Day, the next succeeding Business Day) of each January, April, July and October, commencing with the Quarterly Payment Date occurring in October 2025 (each, a "<u>Quarterly Payment Date</u>"). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including September 5, 2025 to but excluding the first Quarterly Payment Date and (ii) thereafter, the period from and including a Quarterly Payment Date to but excluding the following Quarterly Payment Date (each, an "<u>Interest</u> <u>Period</u>"). Interest with respect to the Notes (and interest on any defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay contingent interest on this Note at the Series 2025-1 Class A-2 Post-ARD Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture.

Exh A-2-5-4

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This Note is subject to mandatory and optional prepayment as set forth in the Indenture.

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Restricted Global Note or an Unrestricted Global Note; <u>provided</u> that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or transferable in whole but not in part for duly executed and issued registered Definitive Notes; <u>provided</u> that such transfer or exchange complies with Section 4.02(c) of the Series 2025-1 Supplement.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust — Domino's Pizza Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern.

Subject to the next following paragraph, the Co-Issuers hereby certify and declare that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Co-Issuers enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual, electronic or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

[Remainder of page intentionally left blank]

Exh A-2-5-5

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IN WITNESS WHEREOF, each of the Co-Issuers has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

Date:<u> </u> 

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| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,<br> as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-2-5-6

------

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| | |
|:---|:---|
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC,<br> as Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S IP HOLDER LLC,<br> as Co-Issuer | DOMINO'S IP HOLDER LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-2-5-7

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CERTIFICATE OF AUTHENTICATION

This is one of the Series 2025-1 Class A-2-II Notes issued under the within-mentioned Indenture.

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| | |
|:---|:---|
| CITIBANK, N.A.,<br> as Trustee | CITIBANK, N.A.,<br> as Trustee |
| By: |  |
|  | Authorized Signatory |

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Exh A-2-5-8

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Series 2025-1 Class A-2-II Notes of the Co- Issuers designated as their $500,000,000 Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A- 2-II (herein called the "<u>Series 2025-1 Class</u> <u>A-2-II Notes</u>"), all issued under (i) the Amended and Restated Base Indenture, dated as of March 15, 2012 (such Amended and Restated Base Indenture, as amended, supplemented or modified, is herein called the "<u>Base Indenture</u>"), among the Co-Issuers and Citibank, N.A., as trustee (the "<u>Trustee</u>", which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) a Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. The Base Indenture and the Series 2025-1 Supplement are referred to herein as the "<u>Indenture</u>". The Series 2025-1 Class A-2-II Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended.

The Series 2025-1 Class A-2-II Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture.

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof.

As provided for in the Indenture, the Series 2025-1 Class A-2-II Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2025-1 Class A-2-II Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Co-Issuers will be obligated to pay the Series 2025-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2025-1 Class A-2-II Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2025-1 Legal Final Maturity Date. All payments of principal of the Series 2025-1 Class A-2-II Notes will be made <u>pro rata</u> to the Series 2025-1 Class A-2-II Noteholders entitled thereto.

Principal of and interest on this Note which is payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be.

Interest and contingent interest, if any, will each accrue on the Series 2025-1 Class A-2-II Notes at the rates set forth in the Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2025-1 Class A-2-II Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture.

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments.

If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the effect provided in the Indenture.

Amounts payable in respect of this Note shall be made by wire transfer of immediately available funds to the account designated by DTC or its nominee.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the

Exh A-2-5-9

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Series 2025-1 Class A-2-II Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2025-1 Supplement, and thereupon one or more new Series 2025-1 Class A-2-II Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each Series 2025-1 Class A-2-II Noteholder, by acceptance of a Series 2025-1 Class A-2- II Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one year and one day after the payment in full of the latest maturing note issued under the Indenture, such Series 2025-1 Class A-2-II Noteholder will not 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; <u>provided</u>, <u>however</u>, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document.

It is the intent of the Co-Issuers and each Series 2025-1 Class A-2-II Noteholder that, for federal, state and local income and franchise tax purposes only, the Series 2025-1 Class A-2-II Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2025-1 Class A-2-II Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for purposes of federal, state and local income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity, such other entity.

The Indenture permits certain amendments to be made thereto without the consent of the Control Party, the Controlling Class Representative or any Series 2025-1 Class A-2-II Noteholders, <u>provided</u> that certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Co- Issuers and the rights of the Series 2025-1 Class A-2-II Noteholders under the Indenture at any time by the Co-Issuers with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any Series 2025-1 Class A-2-II Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive compliance by the Co-Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series 2025-1 Class A- 2-II Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2025-1 Class A-2-II Noteholder and upon all future Series 2025- 1 Class A-2-II Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of this Note (or any interest herein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

Exh A-2-5-10

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The term "<u>Co-Issuer</u>" as used in this Note includes any successor to the Co-Issuers and any Additional Co-Issuers under the Indenture.

The Series 2025-1 Class A-2-II Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Co-Issuers, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

Exh A-2-5-11

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:<u> </u> FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto<u> </u> 

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints <u>,</u> attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:<u> </u> 

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| | |
|:---|:---|
| By: | <sub>1</sub> |
|  | Signature Guaranteed: |

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1 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note, without alteration, enlargement or any change whatsoever.

Exh A-2-5-12

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SCHEDULE OF EXCHANGES IN REGULATION S GLOBAL SERIES 2025-1

CLASS A-2-II NOTE

The initial principal balance of this Regulation S Global Series 2025-1 Class A-2-II Note is $[]. The following exchanges of an interest in this Regulation S Global Series 2025-1 Class A-2-II Note for an interest in a corresponding Restricted Global Series 2025-1 Class A-2-II Note or an Unrestricted Global Series 2025-1 Class A-2-II Note have been made:

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Amount of Increase (or Decrease)<br>in the**<br> **Principal Amount of**<br> **this Regulation S**<br> **Global Note** | **Remaining Principal**<br> **Amount of this**<br> **Regulation S Global**<br> **Note following the**<br> **Increase or Decrease** | **Signature of**<br> **Authorized Officer of Trustee or<br>Registrar** |

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Exh A-2-5-13

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EXHIBIT A-2-6

THE ISSUANCE AND SALE OF THIS UNRESTRICTED GLOBAL SERIES 2025-1 CLASS A-2-II NOTE (THIS "<u>NOTE</u>") HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO'S PIZZA MASTER ISSUER LLC, DOMINO'S PIZZA DISTRIBUTION LLC, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, DOMINO'S IP HOLDER LLC AND DOMINO'S SPV CANADIAN HOLDING COMPANY INC. (THE "<u>CO-ISSUERS</u>") HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "<u>INVESTMENT COMPANY ACT</u>"). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO DOMINO'S PIZZA MASTER ISSUER LLC OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE THAT IS NOT A COMPETITOR AND IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NEITHER A COMPETITOR NOR A "U.S. PERSON" AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S") ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, AND 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 OF THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

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

EACH INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER 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 INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE OR AN UNRESTRICTED 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.

Exh A-2-6-1

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ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING SHALL BE OF NO FORCE AND EFFECT AND WILL BE VOID <u>AB</u> <u>INITIO</u> AND SHALL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY.

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF THE TRANSFER.

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE (I) A COMPETITOR OR (II) A "U.S. PERSON" THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER THAT IS (I) NOT A COMPETITOR AND (II) EITHER IS A QUALIFIED INSTITUTIONAL BUYER OR NOT A "U.S. PERSON" IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A TRANSFEREE TAKING DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE THAT IS DETERMINED TO HAVE BEEN A COMPETITOR OR A "U.S. PERSON."

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 10004, 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 CO-ISSUERS OR THE 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.

Exh A-2-6-2

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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.

FORM OF UNRESTRICTED GLOBAL SERIES 2025-1 CLASS A-2-II NOTE

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| | |
|:---|:---|
| No. U-[_] | up to $[<u> </u>] |

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SEE REVERSE FOR CERTAIN CONDITIONS

CUSIP Number: U2583E AP8

ISIN Number: USU2583EAR81

Common Code: 316637248

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC and

DOMINO'S IP HOLDER LLC

SERIES 2025-1 5.217% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-II

DOMINO'S PIZZA MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a corporation incorporated under the laws of the State of Delaware, DOMINO'S PIZZA DISTRIBUTION LLC, a limited liability company formed under the laws of the State of Delaware, DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC a limited liability company formed under the laws of the State of Delaware, and DOMINO'S IP HOLDER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, collectively, as the "<u>Co-Issuers</u>"), for value received, hereby promise to pay to CEDE & CO. or registered assigns, up to the principal sum of [ ] DOLLARS ($[<u> </u>]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; <u>provided</u>, <u>however</u>, that the entire unpaid principal amount of this Note shall be due on July 26, 2055 (the "<u>Series 2025-1 Legal Final Maturity Date</u>"). The Co-Issuers will pay interest on this Unrestricted Global Series 2025-1 Class A-2-II Note (this "<u>Note</u>") at the applicable Series 2025-1 Note Rate for each Interest Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment Date, which will be on the 25th day (or, if such 25th day is not a Business Day, the next succeeding Business Day) of each January, April, July and October, commencing with the Quarterly Payment Date occurring in October 2025 (each, a "<u>Quarterly Payment Date</u>"). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including September 5, 2025 to but excluding the first Quarterly Payment Date and (ii) thereafter, the period from and including a Quarterly Payment Date to but excluding the following Quarterly Payment Date (each, an "<u>Interest</u> <u>Period</u>"). Interest with respect to the Notes (and interest on any defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay contingent interest on this Note at the Series 2025-1 Class A-2 Post-ARD

Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture.

Exh A-2-6-3

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The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture.

This Note is subject to mandatory and optional prepayment as set forth in the Indenture.

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Restricted Global Note or a Regulation S Global Note; <u>provided</u> that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or transferable in whole but not in part for duly executed and issued registered Definitive Notes; <u>provided</u> that such transfer or exchange complies with Section 4.02(c) of the Series 2025-1 Supplement.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust — Domino's Pizza Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern.

Subject to the next following paragraph, the Co-Issuers hereby certify and declare that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Co-Issuers enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual, electronic or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

[Remainder of page intentionally left blank]

Exh A-2-6-4

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IN WITNESS WHEREOF, each of the Co-Issuers has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

Date:

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| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,<br> as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC,<br> as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-2-6-5

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| | |
|:---|:---|
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC,<br> as Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S IP HOLDER LLC,<br> as Co-Issuer | DOMINO'S IP HOLDER LLC,<br> as Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

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Exh A-2-6-6

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CERTIFICATE OF AUTHENTICATION

This is one of the Series 2025-1 Class A-2-II Notes issued under the within-mentioned Indenture.

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| | |
|:---|:---|
| CITIBANK, N.A.,<br> as Trustee | CITIBANK, N.A.,<br> as Trustee |
| By: |  |
|  | Authorized Signatory |

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Exh A-2-6-7

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Series 2025-1 Class A-2-II Notes of the Co- Issuers designated as their $500,000,000 Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A- 2-II (herein called the "<u>Series 2025-1 Class</u> <u>A-2-II Notes</u>"), all issued under (i) the Amended and Restated Base Indenture, dated as of March 15, 2012 (such Amended and Restated Base Indenture, as amended, supplemented or modified, is herein called the "<u>Base Indenture</u>"), among the Co-Issuers and Citibank, N.A., as trustee (the "<u>Trustee</u>", which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) a Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. The Base Indenture and the Series 2025-1 Supplement are referred to herein as the "<u>Indenture</u>". The Series 2025-1 Class A-2-II Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended.

The Series 2025-1 Class A-2-II Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture.

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof.

As provided for in the Indenture, the Series 2025-1 Class A-2-II Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2025-1 Class A-2-II Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Co-Issuers will be obligated to pay the Series 2025-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2025-1 Class A-2-II Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2025-1 Legal Final Maturity Date. All payments of principal of the Series 2025-1 Class A-2-II Notes will be made <u>pro rata</u> to the Series 2025-1 Class A-2-II Noteholders entitled thereto.

Principal of and interest on this Note which is payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be.

Interest and contingent interest, if any, will each accrue on the Series 2025-1 Class A-2-II Notes at the rates set forth in the Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2025-1 Class A-2-II Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture.

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments.

If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the effect provided in the Indenture.

Amounts payable in respect of this Note shall be made by wire transfer of immediately available funds to the account designated by DTC or its nominee.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the

Exh A-2-6-8

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Series 2025-1 Class A-2-II Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2025-1 Supplement, and thereupon one or more new Series 2025-1 Class A-2-II Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each Series 2025-1 Class A-2-II Noteholder, by acceptance of a Series 2025-1 Class A-2- II Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one year and one day after the payment in full of the latest maturing note issued under the Indenture, such Series 2025-1 Class A-2-II Noteholder will not 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; <u>provided</u>, <u>however</u>, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document.

It is the intent of the Co-Issuers and each Series 2025-1 Class A-2-II Noteholder that, for federal, state and local income and franchise tax purposes only, the Series 2025-1 Class A-2-II Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2025-1 Class A-2-II Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for purposes of federal, state and local income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity, such other entity.

The Indenture permits certain amendments to be made thereto without the consent of the Control Party, the Controlling Class Representative or any Series 2025-1 Class A-2-II Noteholders, <u>provided</u> that certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Co- Issuers and the rights of the Series 2025-1 Class A-2-II Noteholders under the Indenture at any time by the Co-Issuers with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any Series 2025-1 Class A-2-II Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive compliance by the Co-Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series 2025-1 Class A- 2-II Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2025-1 Class A-2-II Noteholder and upon all future Series 2025- 1 Class A-2-II Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of this Note (or any interest herein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

Exh A-2-6-9

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The term "<u>Co-Issuer</u>" as used in this Note includes any successor to the Co-Issuers and any Additional Co-Issuers under the Indenture.

The Series 2025-1 Class A-2-II Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Co-Issuers, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

Exh A-2-6-10

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto<u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints<u> </u> , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:<u> </u> 

---

| | |
|:---|:---|
| By: | <sup>1</sup> |
|  | Signature Guaranteed: |

---

<sup>1</sup> NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note, without alteration, enlargement or any change whatsoever.

Exh A-2-6-11

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SCHEDULE OF EXCHANGES IN UNRESTRICTED GLOBAL SERIES 2025-1

CLASS A-2-II NOTE

The initial principal balance of this Unrestricted Global Series 2025-1 Class A-2-II Note is $[ ]. The following exchanges of an interest in this Unrestricted Global Series 2025-1 Class A-2-II Note for an interest in a corresponding Restricted Global Series 2025-1 Class A-2-II Note or a Regulation S Global Series 2025-1 Class A-2-II Note have been made:

---

| | | | |
|:---|:---|:---|:---|
| Date | Amount of Increase (or<br> Decrease) in the<br> Principal Amount of<br> this Unrestricted<br> Global Note | Remaining Principal<br> Amount of this<br> Unrestricted Global<br> Note following the<br> Increase or Decrease | Signature of<br>Authorized Officer of<br>Trustee or Registrar |

---

Exh A-2-6-12

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EXHIBIT B-1

FORM OF TRANSFER CERTIFICATE FOR TRANSFERS

OF SERIES 2025-1 CLASS A-1 NOTES

Citibank, N.A.,

as Trustee

480 Washington Boulevard, 16<sup>th</sup> Floor

Jersey City, New Jersey 07310

Attention: Securities Window – Domino's Pizza Master Issuer LLC

Re: Domino's Pizza Master Issuer LLC; Domino's SPV Canadian Holding Company Inc.;

Domino's Pizza Distribution LLC; Domino's Progressive Foods Distribution LLC; Domino's IP Holder LLC Series 2025-1 Variable Funding Senior Notes, Class A-1 Subclass: Series 2025-1 Class A-1 [Advance] [Swingline] [L/C] Notes (the "<u>Notes</u>")

Reference is hereby made to (i) the Amended and Restated Base Indenture, dated as of March 15, 2012, as amended, restated, supplemented and otherwise modified from time to time (the "<u>Base</u> <u>Indenture</u>"), among Domino's Pizza Master Issuer LLC, Domino's Pizza Distribution LLC, Domino's IP Holder LLC, Domino's Progressive Foods Distribution LLC, and Domino's SPV Canadian Holding Company Inc., as co-issuers (the "<u>Co-Issuers</u>"), and Citibank, N.A., as trustee (the "<u>Trustee</u>") and as securities intermediary, and (ii) the Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>" and, together with the Base Indenture, the "<u>Indenture</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. Capitalized terms used but not defined herein shall have the meanings assigned to them pursuant to the Indenture or the Series 2025-1 Class A-1 Note Purchase Agreement identified in <u>Annex A</u> to the Series 2025-1 Supplement, as applicable.

This certificate relates to U.S. $[ <u>]</u> aggregate principal amount of Notes registered in the name of [<u> </u>] [name of transferor] (the "<u>Transferor</u>") and held in the form of [a definitive Note][an Uncertificated Note], who wishes to effect the transfer of such Notes in exchange for an equivalent principal amount of Notes of the same Subclass in the name of [<u> </u>] [name of transferee] (the "<u>Transferee</u>") to be held in the form of [a definitive Note][an Uncertificated Note].<sup>10</sup>

In connection with such request, and in respect of such Notes, the Transferee does hereby certify that either (A) it is the Master Issuer or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and the Series 2025-1 Class A-1 Note Purchase Agreement, (ii) pursuant to an exemption from registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction and (iii) to a Person who is not a Competitor.

In addition, the Transferee hereby represents, warrants and covenants for the benefit of the Co-Issuers and the Trustee that either it is the Master Issuer or an Affiliate of the Master Issuer, or:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Transferee has had an opportunity to discuss the Co-Issuers' and the Manager's business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Co-Issuers and the Manager and their respective representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Transferee is an "accredited investor" within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2025-1 Class A-1 Notes;

<sup>10</sup> In the case of a Transferee taking their interest in the applicable Series 2025-1 Class A-1 Note, following the transfer to such Transferee, the Trustee shall send to the Transferee a Confirmation of Registration pursuant to Section 4.01(f) of the Series 2025-1 Supplement.

Exh B-1-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Transferee is purchasing the Series 2025-1 Class A-1 Notes for its own account, or for the account of one or more "accredited investors" within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that meet the criteria described in paragraph (2) above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the Securities Act with respect to the Series 2025-1 Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the Transferee understands that (i) the Series 2025-1 Class A-1 Notes have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available, (ii) the Co-Issuers are not required to register the Series 2025-1 Class A-1 Notes, (iii) any transferee must not be a Competitor and (iv) any transfer must comply with the provisions of <u>Section</u> <u>2.8</u> of the Base Indenture, <u>Section</u> <u>4.03</u> of the Series 2025-1 Supplement and <u>Section</u> <u>9.03</u> or <u>9.17</u>, as applicable, of the Series 2025-1 Class A-1 Note Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the Transferee will comply with the requirements of <u>paragraph (4)</u> above in connection with any transfer by it of the Series 2025-1 Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the Transferee understands that the Series 2025-1 Class A-1 Notes will bear the legend set out in the applicable form of Series 2025-1 Class A-1 Notes attached to the Series 2025-1 Supplement and be subject to the restrictions on transfer described in such legend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. the Transferee will obtain for the benefit of the Co-Issuers from any purchaser of the Series 2025-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. the Transferee is not a Competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. either (i) the Transferee is not acquiring or holding the Notes (or any interest therein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of the Notes (or any interest therein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. if it is an ERISA Plan or is purchasing or holding the Series 2025-1 Notes on behalf of or with "plan assets" of any ERISA Plan, it shall be deemed to represent, warrant and agree that (i) none of the Co-Issuers, the Guarantors or the Initial Purchasers, nor any other person that provide marketing services, nor any of their affiliates, has provided, and none of them will provide, any investment recommendation or investment advice on which it, or any fiduciary or other person investing the assets of the ERISA Plan ("<u>Plan Fiduciary</u>"), has relied as primary basis in connection with its decision to invest in the Series 2025-1 Notes, and they are not otherwise acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the ERISA Plan or the Plan Fiduciary in connection with the ERISA Plan's acquisition of the Series 2025-1 Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Series 2025-1 Notes; and

Exh B-1-2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. the Transferee is:

(check if applicable) a "United States person" within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and a properly completed and signed Internal Revenue Service ("IRS") Form W-9 (or applicable successor form) is attached hereto; or

(check if applicable) not a "United States person" within the meaning of Section 7701(a)(30) of the Code and a properly completed and signed IRS Form W-8 (or applicable successor form) is attached hereto.

The Transferee understands that the Co-Issuers, the Trustee and their respective counsel will rely upon the accuracy and truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby, and the Transferee hereby consents to such reliance and authorization.

---

| | |
|:---|:---|
| [Name of Transferee] | [Name of Transferee] |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| Dated: _______________, |  |
| Taxpayer Identification Number: | Address for Notices: |
| Wire Instructions for Payments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank:<u> </u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address:<u> </u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank ABA #:<u> </u> | Tel: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account No.:<u> </u> | Fax: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAO:<u> </u> | Attn.: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:<u> </u> |  |

---

---

| | |
|:---|:---|
| Registered Name (if Nominee): | Registered Name (if Nominee): |
| cc: | Domino's Pizza Master Issuer LLC |
|  | Domino's Pizza Distribution LLC |
|  | Domino's Progressive Foods Distribution LLC |
|  | Domino's IP Holder LLC |
|  | Domino's SPV Canadian Holding Company Inc. |
|  | 24 Frank Lloyd Wright Drive |
|  | P.O. Box 485 |
|  | Ann Arbor, Michigan 48106 |

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Exh B-1-3

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EXHIBIT B-2

FORM OF TRANSFEREE CERTIFICATE FOR

SERIES 2025-1 CLASS A-2-I NOTES OR SERIES 2025-1 CLASS A-2-II NOTES

FOR TRANSFERS OF INTERESTS IN RESTRICTED GLOBAL NOTES TO INTERESTS IN

REGULATION S GLOBAL NOTES

Citibank, N.A.,

as Trustee

480 Washington Boulevard, 16<sup>th</sup> Floor

Jersey City, New Jersey 07310

Attention: Securities Window – Domino's Pizza Master Issuer LLC

Re: Domino's Pizza Master Issuer LLC; Domino's SPV Canadian Holding Company Inc.;

Domino's Pizza Distribution LLC; Domino's Progressive Foods Distribution LLC; Domino's IP

Holder LLC [$500,000,000 Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A-2- I][$500,000,000 Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A-2-II] (the "<u>Notes</u>")

Reference is hereby made to (i) the Amended and Restated Base Indenture, dated as of March 15, 2012, as amended, restated, supplemented and otherwise modified from time to time (the "<u>Base</u> <u>Indenture</u>"), among Domino's Pizza Master Issuer LLC, Domino's Pizza Distribution LLC, Domino's IP Holder LLC, Domino's Progressive Foods Distribution LLC, and Domino's SPV Canadian Holding Company Inc., as co-issuers (the "<u>Co-Issuers</u>"), and Citibank, N.A., as trustee (the "<u>Trustee</u>") and as securities intermediary, and (ii) the Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>" and, together with the Base Indenture, the "<u>Indenture</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. Capitalized terms used but not defined herein shall have the meanings assigned to them pursuant to the Indenture.

This certificate relates to U.S. $[<u> </u>] aggregate principal amount of Notes which are held in the form of an interest in a Restricted Global Note with DTC (CUSIP (CINS) No. [<u> </u>]) in the name of [<u> </u>] [name of transferor] (the "<u>Transferor</u>"), who wishes to effect the transfer of such Notes in exchange for an equivalent beneficial interest in a Regulation S Global Note in the name of [<u> </u>] [name of transferee] (the "<u>Transferee</u>").

In connection with such request, and in respect of such Notes, the Transferee does hereby certify that either (A) the Transferee is the Master Issuer or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum dated August 12, 2025, relating to the Notes, (ii) pursuant to an exemption from registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction and (iii) to a Person who is not a Competitor.

In addition, the Transferee hereby represents, warrants and covenants for the benefit of the Co-Issuers, the Registrar and the Trustee that either the Transferee is the Master Issuer or an Affiliate of the Master Issuer, or:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Transferee is not a "U.S. person" as defined in Regulation S under the Securities Act (a "U.S. Person");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. at the time the buy order was originated, the Transferee was outside of the United States and was not purchasing the interest in the Notes for a U.S. Person or for the account or benefit of a U.S. Person;

Exh B-2-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. no directed selling efforts have been made in contravention of the requirements of Rule 903(a) or 904(a) of Regulation S, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act, and the Transferee is aware that the sale to it is being made in reliance on an exemption from the registration requirements of the Securities Act provided by Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. if the sale is made during a restricted period and the provisions of Rule 903(b)(2) or (3) or Rule 904(b)(1) of Regulation S are applicable thereto, the Transferee confirms that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2) or (3) or Rule 904(b)(1), as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the Transferee is acquiring the Notes for its own account or the account of another person, who is not a U.S. Person, with respect to which it exercises sole investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. the Transferee is not purchasing the Notes with a view to the resale, distribution or other disposition thereof in the United States or to a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. the Transferee has not been formed for the purpose of investing in the Notes, except where each beneficial owner is not a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. the Transferee will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. the Transferee understands that the Manager, the Co-Issuers and the Servicer may receive a list of participants holding positions in the Notes from one or more book-entry depositories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. the Transferee understands that the Manager, the Co-Issuers and the Servicer may receive a list of Note Owners that have requested access to the password-protected website of the Trustee or that have voluntarily registered as a Note Owner with the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. the Transferee will provide to each person to whom it transfers Notes notices of any restrictions on transfer of such Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. the Transferee understands that (a) the Notes are being offered in a transaction not involving any public offering in the United States within the meaning of the Securities Act, (b) the Notes have not been registered under the Securities Act, (c) such Notes may be offered, resold, pledged or otherwise transferred only (i) to the Master Issuer or an Affiliate of the Master Issuer, (ii) in the United States to a Person who the seller reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A and who is not a Competitor, (iii) outside the United States to a Person who is not a U.S. Person in a transaction meeting the requirements of Regulation S and who is not a Competitor or (iv) to a Person that is not a Competitor in a transaction exempt from the registration requirements of the Securities Act and the applicable securities laws of any state of the United States and any other jurisdiction, in each such case in accordance with the Indenture and any applicable securities laws of any state of the United States and (d) the Transferee will, and each subsequent holder of a Note is required to, notify any subsequent purchaser of a Note of the resale restrictions set forth in clause (c) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. the Transferee understands that the Notes will bear the legend set out in the applicable form of Series 2025-1 Class A-2 Notes attached to the Series 2025-1 Supplement and be subject to the restrictions on transfer described in such legend;

Exh B-2-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. either (i) it is not acquiring or holding the Notes (or any interest therein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of the Notes (or any interest therein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. the Transferee understands that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the Transferee agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. the Transferee is not a Competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. if it is an ERISA Plan or is purchasing or holding the Series 2025-1 Notes on behalf of or with "plan assets" of any ERISA Plan, it shall be deemed to represent, warrant and agree that (i) none of the Co-Issuers, the Guarantors or the Initial Purchasers, nor any other person that provide marketing services, nor any of their affiliates, has provided, and none of them will provide, any investment advice to it or to any fiduciary or other person investing the assets of the ERISA Plan ("<u>Plan Fiduciary</u>"), in connection with its decision to invest in the Series 2025-1 Notes, and they are not otherwise acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the ERISA Plan or the Plan Fiduciary in connection with the ERISA Plan's acquisition of the Series 2025-1 Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Series 2025-1 Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. the Transferee is:

(check if applicable) a "United States person" within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and a properly completed and signed Internal Revenue Service ("IRS") Form W-9 (or applicable successor form) is attached hereto; or

(check if applicable) not a "United States person" within the meaning of Section 7701(a)(30) of the Code and a properly completed and signed IRS Form W-8 (or applicable successor form) is attached hereto.

The representations made pursuant to clause 5 above shall be deemed to be made on each day from the date the Transferee acquires any interest in any Note through and including the date on which such Transferee disposes of its interest in the applicable Note. The Transferee agrees to provide prompt written notice to each of the Co-Issuers, the Registrar and the Trustee of any change of the status of the Transferee that would cause it to breach the representations made in clause 5 above. The Transferee further agrees to indemnify and hold harmless the Co-Issuers, the Trustee, the Registrar and the Initial Purchasers and their respective affiliates from any cost, damage or loss incurred by them as a result of the inaccuracy or breach of the foregoing representations, warranties and agreements in this clause and clause 5 above. Any purported transfer of the Notes (or interest therein) that does not comply with the requirements of this clause and clause 5 above shall be null and void *<u>ab initio</u>*.

The Transferee understands that the Co-Issuers, the Trustee, the Registrar and their respective counsel will rely upon the accuracy and truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby, and the Transferee hereby consents to such reliance and authorization.

---

| | |
|:---|:---|
| [Name of Transferee] | [Name of Transferee] |
| By: |  |
|  | Name: |
|  | Title: |

---

Exh B-2-3

------

---

| | |
|:---|:---|
| Dated: _______________,______ |  |
| Taxpayer Identification Number: | Address for Notices: |
| Wire Instructions for Payments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank:_____________________________ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address:___________________________ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank ABA #:_______________________ | Tel:________________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account No.:_______________________ | Fax:________________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAO:_____________________________ | Attn.:_______________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention:__________________________ |  |

---

---

| | |
|:---|:---|
| Registered Name (if Nominee): | Registered Name (if Nominee): |
| cc: | Domino's Pizza Master Issuer LLC |
|  | Domino's Pizza Distribution LLC |
|  | Domino's Progressive Foods Distribution LLC |
|  | Domino's IP Holder LLC |
|  | Domino's SPV Canadian Holding Company Inc. |
|  | 24 Frank Lloyd Wright Drive |
|  | P.O. Box 485 |
|  | Ann Arbor, Michigan 48106 |

---

Exh B-2-4

------

EXHIBIT B-3

FORM OF TRANSFEREE CERTIFICATE FOR

SERIES 2025-1 CLASS A-2-I NOTES OR SERIES 2025-1 CLASS A-2-II NOTES

FOR TRANSFERS OF INTERESTS IN RESTRICTED GLOBAL NOTES TO INTERESTS IN

UNRESTRICTED GLOBAL NOTES

Citibank, N.A., as Trustee

480 Washington Boulevard, 16<sup>th</sup> Floor

Jersey City, New Jersey 07310

Attention: Securities Window – Domino's Pizza Master Issuer LLC

Re: Domino's Pizza Master Issuer LLC; Domino's SPV Canadian Holding Company Inc.;

Domino's Pizza Distribution LLC; Domino's Progressive Foods Distribution LLC; Domino's IP

Holder LLC [$500,000,000 Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A-2- I][$500,000,000 Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A-2-II] (the "<u>Notes</u>")

Reference is hereby made to (i) the Amended and Restated Base Indenture, dated as of March 15, 2012, as amended, restated, supplemented and otherwise modified from time to time (the "<u>Base</u> <u>Indenture</u>"), among Domino's Pizza Master Issuer LLC, Domino's Pizza Distribution LLC, Domino's IP Holder LLC, Domino's Progressive Foods Distribution LLC, and Domino's SPV Canadian Holding Company Inc., as co-issuers (the "<u>Co-Issuers</u>"), and Citibank, N.A., as trustee (the "<u>Trustee</u>") and as securities intermediary, and (ii) the Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>" and, together with the Base Indenture, the "<u>Indenture</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. Capitalized terms used but not defined herein shall have the meanings assigned to them pursuant to the Indenture.

This certificate relates to U.S. $[<u> </u>] aggregate principal amount of Notes which are held in the form of an interest in a Restricted Global Note with DTC (CUSIP (CINS) No. [<u> </u>]) in the name of [<u> </u>] [name of transferor] (the "<u>Transferor</u>"), who wishes to effect the transfer of such Notes in exchange for an equivalent beneficial interest in an Unrestricted Global Note in the name of [<u> </u>] [name of transferee] (the "<u>Transferee</u>").

In connection with such request, and in respect of such Notes, the Transferee does hereby certify that either (A) the Transferee is the Master Issuer or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum dated August 12, 2025, relating to the Notes, (ii) pursuant to an exemption from registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction and (iii) to a Person who is not a Competitor.

In addition, the Transferee hereby represents, warrants and covenants for the benefit of the Co-Issuers, the Registrar and the Trustee that either the Transferee is the Master Issuer or an Affiliate of the Master Issuer, or:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Transferee is not a "U.S. person" as defined in Regulation S under the Securities Act (a "<u>U.S. Person</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. at the time the buy order was originated, the Transferee was outside of the United States and was not purchasing the interest in the Notes for a U.S. Person or for the account or benefit of a U.S. Person;

Exh B-3-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. no directed selling efforts have been made in contravention of the requirements of Rule 903(a) or 904(a) of Regulation S, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act, and the Transferee is aware that the sale to it is being made in reliance on an exemption from the registration requirements of the Securities Act provided by Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the Transferee is acquiring the Notes for its own account or the account of another person, who is not a U.S. Person, with respect to which it exercises sole investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the Transferee is not purchasing the Notes with a view to the resale, distribution or other disposition thereof in the United States or to a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. the Transferee has not been formed for the purpose of investing in the Notes, except where each beneficial owner is not a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. the Transferee will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. the Transferee understands that the Manager, the Co-Issuers and the Servicer may receive a list of participants holding positions in the Notes from one or more book-entry depositories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. the Transferee understands that the Manager, the Co-Issuers and the Servicer may receive a list of Note Owners that have requested access to the password-protected website of the Trustee or that have voluntarily registered as a Note Owner with the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. the Transferee will provide to each person to whom it transfers Notes notices of any restrictions on transfer of such Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. the Transferee understands that (a) the Notes are being offered in a transaction not involving any public offering in the United States within the meaning of the Securities Act, (b) the Notes have not been registered under the Securities Act, (c) such Notes may be offered, resold, pledged or otherwise transferred only (i) to the Master Issuer or an Affiliate of the Master Issuer, (ii) in the United States to a Person who the seller reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A and who is not a Competitor, (iii) outside the United States to a Person who is not a U.S. Person in a transaction meeting the requirements of Regulation S and who is not a Competitor or (iv) to a Person that is not a Competitor in a transaction exempt from the registration requirements of the Securities Act and the applicable securities laws of any state of the United States and any other jurisdiction, in each such case in accordance with the Indenture and any applicable securities laws of any state of the United States and (d) the Transferee shall, and each subsequent holder of a Note is required to, notify any subsequent purchaser of a Note of the resale restrictions set forth in clause (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. the Transferee understands that the Notes will bear the legend set out in the applicable form of Series 2025-1 Class A-2 Notes attached to the Series 2025-1 Supplement and be subject to the restrictions on transfer described in such legend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. either (i) it is not acquiring or holding the Notes (or any interest therein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code, entities whose underlying assets are considered to include "plan assets" of such plans, accounts and arrangements under DOL regulations, as modified by Section 3(42) of ERISA (collectively, "<u>ERISA Plans</u>") or with the assets or any plan, account or other arrangement that is subject to the provisions under any Similar Law, or (ii) its purchase and holding of the Notes (or any interest therein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law;

Exh B-3-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. the Transferee understands that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the Transferee agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. the Transferee is not a Competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. if it is an ERISA Plan or is purchasing or holding the Series 2025-1 Notes on behalf of or with "plan assets" of any ERISA Plan, it shall be deemed to represent, warrant and agree that (i) none of the Co-Issuers, the Guarantors or the Initial Purchasers, nor any other person that provide marketing services, nor any of their affiliates, has provided, and none of them will provide, any investment advice to it or to any fiduciary or other person investing the assets of the ERISA Plan ("<u>Plan Fiduciary</u>"), in connection with its decision to invest in the Series 2025-1 Notes, and they are not otherwise acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the ERISA Plan or the Plan Fiduciary in connection with the ERISA Plan's acquisition of the Series 2025-1 Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Series 2025-1 Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. the Transferee is:

(check if applicable) a "United States person" within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and a properly completed and signed Internal Revenue Service ("IRS") Form W-9 (or applicable successor form) is attached hereto; or

(check if applicable) not a "United States person" within the meaning of Section 7701(a)(30) of the Code and a properly completed and signed IRS Form W-8 (or applicable successor form) is attached hereto.

The Transferee understands that the Co-Issuers, the Trustee, the Registrar and their respective counsel will rely upon the accuracy and truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby, and the Transferee hereby consents to such reliance and authorization.

---

| | |
|:---|:---|
| [Name of Transferee] | [Name of Transferee] |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| Dated: _______________,________ |  |
| Taxpayer Identification Number: | Address for Notices: |
| Wire Instructions for Payments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank: ___________________________________ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address: _________________________________ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank ABA #: _____________________________ | Tel: _______________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account No.: ______________________________ | Fax: _______________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAO: ____________________________________ | Attn.: ______________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention: ________________________________ |  |

---

Exh B-3-3

------

---

| | |
|:---|:---|
| Registered Name (if Nominee): | Registered Name (if Nominee): |
| cc: | Domino's Pizza Master Issuer LLC |
|  | Domino's Pizza Distribution LLC |
|  | Domino's Progressive Foods Distribution LLC |
|  | Domino's IP Holder LLC |
|  | Domino's SPV Canadian Holding Company Inc. |
|  | 24 Frank Lloyd Wright Drive |
|  | P.O. Box 485 |
|  | Ann Arbor, Michigan 48106 |

---

Exh B-3-4

------

EXHIBIT B-4

FORM OF TRANSFEREE CERTIFICATE FOR

SERIES 2025-1 CLASS A-2-I NOTES OR SERIES 2025-1 CLASS A-2-II NOTES

FOR TRANSFERS OF INTEREST IN REGULATION S GLOBAL NOTES OR

UNRESTRICTED GLOBAL NOTES TO PERSONS TAKING DELIVERY IN THE FORM OF

AN INTEREST IN A RESTRICTED GLOBAL NOTE

Citibank, N.A.,

as Trustee

480 Washington Boulevard, 16th Floor

Jersey City, New Jersey 07310

Attention: Securities Window – Domino's Pizza Master Issuer LLC

---

| | |
|:---|:---|
| Re: | Domino's Pizza Master Issuer LLC; Domino's SPV Canadian Holding Company Inc.; Domino's Pizza Distribution LLC; Domino's Progressive Foods Distribution LLC; Domino's IP Holder LLC [$500,000,000 Series 2025-1 4.930% Fixed Rate Senior Secured Notes, Class A-2- I][$500,000,000 Series 2025-1 5.217% Fixed Rate Senior Secured Notes, Class A-2-II] (the "<u>Notes</u>")  |

---

Reference is hereby made to (i) the Amended and Restated Base Indenture, dated as of March 15, 2012, as amended, restated, supplemented and otherwise modified from time to time (the "<u>Base</u> <u>Indenture</u>"), among Domino's Pizza Master Issuer LLC, Domino's Pizza Distribution LLC, Domino's IP Holder LLC, Domino's Progressive Foods Distribution LLC, and Domino's SPV Canadian Holding Company Inc., as co-issuers (the "<u>Co-Issuers</u>"), and Citibank, N.A., as trustee (the "<u>Trustee</u>") and as securities intermediary, and (ii) the Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>" and, together with the Base Indenture, the "<u>Indenture</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. Capitalized terms used but not defined herein shall have the meanings assigned to them pursuant to the Indenture.

This certificate relates to U.S. $[] aggregate principal amount of

Notes which are held in the form of [an interest in a Regulation S Global Note with DTC] [an interest in an Unrestricted Global Note with DTC] (CUSIP (CINS) No. [<u> </u>]) in the name of [<u> </u>] [name of transferor] (the "<u>Transferor</u>"), who wishes to effect the transfer of such Notes in exchange for an equivalent beneficial interest in a Restricted Global Note in the name of [<u> </u>] [name of transferee] (the "<u>Transferee</u>").

In connection with such request, and in respect of such Notes, the Transferee does hereby certify that either (A) the Transferee is the Master Issuer or an Affiliate of the Master Issuer or (B) such Notes are being transferred in accordance with (i) the applicable transfer restrictions set forth in the Indenture and in the Offering Memorandum dated August 12, 2025, relating to the Notes and (ii) Rule 144A under the Securities Act of 1933, as amended, (the "<u>Securities Act</u>") and any applicable securities laws of any state of the United States or any other jurisdiction, and that the Transferee is purchasing the Notes for its own account or one or more accounts with respect to which the Transferee exercises sole investment discretion, and the Transferee and any such account represent, warrant and agree that either it is the Master Issuer or an Affiliate of the Master Issuer or as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Transferee is (a) a Qualified Institutional Buyer, (b) aware that the sale to it is being made in reliance on Rule 144A of the Investment Company Act and (c) acquiring such Notes for its own account or for the account of another person who is a Qualified Institutional Buyer with respect to which it exercises sole investment discretion;

Exh B-4-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Transferee is not formed for the purpose of investing in the Notes, except where each beneficial owner is a Qualified Institutional Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Transferee will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the Transferee understands that the Manager, the Co-Issuers and the Servicer may receive a list of participants holding positions in the Notes from one or more book-entry depositories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the Transferee understands that that the Manager, the Co-Issuers and the Servicer may receive a list of Note Owners that have requested access to the password-protected website of the Trustee or that have voluntarily registered as a Note Owner with the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the Transferee will provide to each person to whom it transfers Notes notices of any restrictions on transfer of such Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. the Transferee is not a Competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. if it is an ERISA Plan or is purchasing or holding the Series 2025-1 Notes on behalf of or with "plan assets" of any ERISA Plan, it shall be deemed to represent, warrant and agree that (i) none of the Co-Issuers, the Guarantors or the Initial Purchasers, nor any other person that provide marketing services, nor any of their affiliates, has provided, and none of them will provide, any investment advice to it or to any fiduciary or other person investing the assets of the ERISA Plan ("<u>Plan Fiduciary</u>"), in connection with its decision to invest in the Series 2025-1 Notes, and they are not otherwise acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the ERISA Plan or the Plan Fiduciary in connection with the ERISA Plan's acquisition of the Series 2025-1 Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Series 2025-1 Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. the Transferee is:

(check if applicable) a "United States person" within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and a properly completed and signed Internal Revenue Service ("IRS") Form W-9 (or applicable form) is attached hereto; or

(check if applicable) not a "United States person" within the meaning of Section 7701(a)(30) of the Code and a properly signed IRS Form W-8 (or applicable successor form) is attached hereto.

The Transferee represents and warrants that either (i) it is not acquiring or holding the Notes (or any interest therein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Title I of ERISA, Section 4975 of the Code or provisions under any Similar Law or (ii) its purchase and holding of the Notes (or any interest therein) does not constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law.

The representations made pursuant to the preceding paragraphs shall be deemed to be made on each day from the date the Transferee acquires any interest in any Note through and including the date on which such Transferee disposes of its interest in the applicable Note. The Transferee agrees to provide prompt written notice to each of the Co-Issuers, the Registrar and the Trustee of any change of the status of the Transferee that would cause it to breach the representations made in the preceding paragraph. The Transferee further agrees to indemnify and hold harmless the Co-Issuers, the Registrar, the Trustee and the Initial Purchasers and their respective affiliates from any cost, damage or loss incurred by them as a result of the inaccuracy or breach of the foregoing representations, warranties and agreements. Any purported transfer of the applicable Notes (or interests therein) that does not comply with the requirements of this paragraph and the preceding paragraph shall be null and void *<u>ab initio</u>*.

Exh B-4-2

------

The Transferee understands that the Co-Issuers, the Trustee, the Registrar and their respective counsel will rely upon the accuracy and truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to any matter covered hereby, and the Transferee hereby consents and agrees to such reliance and authorization.

---

| |
|:---|
| [Name of Transferee] |
| By: |
| Name: |
| Title: |

---

---

| | |
|:---|:---|
| Dated: _______________, |  |
| Taxpayer Identification Number: | Address for Notices: |
| Wire Instructions for Payments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank: ____________________________________ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address: _________________________________ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank ABA #: _____________________________ | Tel: _______________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account No.: _____________________________ | Fax: _______________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAO: ___________________________________ | Attn.: ______________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention: ________________________________ |  |

---

---

| | |
|:---|:---|
| Registered Name (if Nominee): | Registered Name (if Nominee): |
| cc: | Domino's Pizza Master Issuer LLC |
|  | Domino's Pizza Distribution LLC |
|  | Domino's Progressive Foods Distribution LLC |
|  | Domino's IP Holder LLC |
|  | Domino's SPV Canadian Holding Company Inc. |
|  | 24 Frank Lloyd Wright Drive |
|  | P.O. Box 485 |
|  | Ann Arbor, Michigan 48106 |

---

Exh B-4-3

------

EXHIBIT C

FORM OF QUARTERLY NOTEHOLDERS' STATEMENT

[Attached]

Exh C-1

------

EXHIBIT D

FORM OF CONFIRMATION OF REGISTRATION

Date: ______________<u> </u>

[Name of Holder of Series 2025-1 Class A-1 Notes]

[Address of Holder of Series 2025-1 Class A-1 Notes]

Re: Domino's Pizza Master Issuer LLC; Domino's SPV Canadian Holding Company Inc.;

Domino's Pizza Distribution LLC; Domino's Progressive Foods Distribution LLC; Domino's IP

Holder LLC Series 2025-1 Variable Funding Senior Notes, Class A-1 Subclass: Series 2025-1

Class A-1 [Advance] [Swingline] [L/C] Notes (the "<u>Notes</u>")

Reference is hereby made to (i) the Amended and Restated Base Indenture, dated as of March 15, 2012 (as amended, modified or supplemented from time to time, the "<u>Base Indenture</u>"), among Domino's Pizza Master Issuer LLC, Domino's Pizza Distribution LLC, Domino's Progressive Foods Distribution LLC, Domino's IP Holder LLC, and Domino's SPV Canadian Holding Company Inc., as co-issuers (the "<u>Co-Issuers</u>"), and Citibank, N.A., as trustee (the "<u>Trustee</u>") and as securities intermediary, and (ii) the Series 2025-1 Supplement to the Base Indenture, dated as of September 5, 2025 (as amended, modified or supplemented from time to time, the "<u>Series 2025-1 Supplement</u>" and, together with the Base Indenture, the "<u>Indenture</u>"), among the Co-Issuers, the Trustee and Citibank, N.A., as Series 2025-1 Securities Intermediary. Capitalized terms used but not defined herein shall have the meanings assigned to them pursuant to the Indenture or the Series 2025-1 Class A-1 Note Purchase Agreement identified in <u>Annex A</u> to the Series 2025-1 Supplement, as applicable.

We hereby confirm that the Registrar has registered the aggregate principal amount of the Subclass of the Series 2025-1 Class A-1 Notes specified below, in the name specified below, in the Note Register. This Confirmation of Registration is provided for informational purposes only; ownership of each Uncertificated Series 2025-1 Class A-1 Note shall be determined conclusively by the Note Register. To the extent of any conflict between this Confirmation of Registration and the Note Register, the Note Register shall control. This is not a security certificate or evidence of ownership.

Uncertificated Series 2025-1 Class A-1 Notes: [Advance Note][Swingline Note][L/C Note]

Maximum Principal Amount: U.S.$[ ]

Registered Name: [ ]

---

| | |
|:---|:---|
| CITIBANK, N.A.,<br> as Trustee and Registrar | CITIBANK, N.A.,<br> as Trustee and Registrar |
| By: |  |
|  | Authorized Signatory |

---

Exh D-1

------

EXHIBIT E

FORM OF MANDATORY/VOLUNTARY DECREASE

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINOS PROGRESSIVE FOODS DISTRIBUTION LLC, and

DOMINO'S IP HOLDER LLC

SERIES 2025-1 VARIABLE FUNDING SENIOR SECURED NOTES, CLASS A-1

TO: Citibank, N.A., as Trustee

338 Greenwich Street,

New York, New York 10013

Attention: Agency & Trust – Domino's Pizza Master Issuer LLC

Email: <u>Esotericabs@citi.com</u> or call (888) 855-9695 to obtain Citibank, N.A. account manager's email address

CC: Cooperative Rabobank U.A., New York Branch, as Administrative Agent

Greetings:

Reference is made to (a) that certain Series 2025-1 Class A-1 Note Purchase Agreement, dated as of September 5, 2025 (as amended, supplemented, amended and restated or otherwise modified from time to time, the "<u>Series 2025-1 Class</u> <u>A-1 Note Purchase Agreement</u>"), by and among the Co-Issuers, Domino's Pizza LLC, as the Manager, the Guarantors, the Conduit Investors, the Committed Note Purchasers, the Funding Agents and Cooperative Rabobank U.A., New York Branch, as L/C Provider, Swingline Lender and Administrative Agent and (b) that certain Series 2025-1 Supplement, dated as of September 5, 2025 (the "<u>Series 2025-1 Supplement</u>") to the Amended and Restated Base Indenture, dated as of May 15, 2012 (as may be further amended, amended and restated, modified or supplemented from time to time, exclusive of Series Supplements, the "<u>Base Indenture</u>"), by and among the Co-Issuers and CITIBANK, N.A., as Trustee and as Securities Intermediary. Unless otherwise defined herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the Series 2025-1 Class A-1 Note Purchase Agreement or the Series 2025-1 Supplement, as applicable.

Pursuant to Section 2.02[(a)][(b)] of the Series 2025-1 Supplement and Section 2.02(d) of the Series 2025-1 Class A-1 Note Purchase Agreement, the undersigned hereby gives the Trustee and the Administrative Agent notice of a [Mandatory][Voluntary] Decrease and directs that the following amounts be paid on [ ] [(the "<u>Mandatory Decrease Date</u>")][(the "<u>Voluntary</u> <u>Decrease Date</u>")].

Principal: $

Exh E-1

------

To be allocated among the holders of the Class A-1 Notes as follows:

$<u> </u>______ to ______<u> </u>

$______ to<u> </u>______

Interest: $

To be allocated among the holders of the Class A-1 Notes as follows:

$______ to ______<u> </u>

$______ to ______<u> </u>

Breakage Amount (if any): $

To be allocated among the holders of the Class A-1 Notes as follows:

$______ to<u> </u>______

$______ to<u> </u>______

In furtherance of the above, the Trustee is hereby directed to transfer such amounts from the Collection Account to the Series 2025-1 Class A-1 Distribution Account not later than 12:00 p.m. (New York City time) on the [Mandatory][Voluntary] Decrease Date and to distribute such amounts to the Series 2025-1 Class A-1 Noteholders in accordance with the instruction on file with Citibank, N.A. as Note Registrar and Paying Agent.

For the avoidance of doubt, this repayment is a repayment and is not a permanent reduction in the Series 2025-1 Class A-1 Notes Maximum Principal Amount.

Exh E-2

------

The undersigned has executed and delivered this payment direction on the _____ day of____ ,____ .

---

| | |
|:---|:---|
| DOMINO'S PIZZA LLC, as Manager on behalf of the Co-Issuers | DOMINO'S PIZZA LLC, as Manager on behalf of the Co-Issuers |
| By: |  |
|  | Name: |
|  | Title: |

---

Exh E-3

## Exhibit 10.1

**Exhibit 10.1** 

**EXECUTION VERSION** 

**CLASS A-1 NOTE PURCHASE AGREEMENT** 

(SERIES 2025-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1)

dated as of September 5, 2025,

among

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

DOMINO'S PIZZA DISTRIBUTION LLC,

DOMINO'S IP HOLDER LLC and

DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC

each as a Co-Issuer,

DOMINO'S PIZZA FRANCHISING LLC,

DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC.,

DOMINO'S PIZZA CANADIAN DISTRIBUTION ULC,

DOMINO'S RE LLC,

DOMINO'S EQ LLC,

DOMINO'S PIZZA INTERNATIONAL FRANCHISING OF MICHIGAN LLC, and

DOMINO'S SPV GUARANTOR LLC

each as a Guarantor,

DOMINO'S PIZZA LLC,

as Manager,

CERTAIN CONDUIT INVESTORS,

each as a Conduit Investor,

CERTAIN FINANCIAL INSTITUTIONS,

each as a Committed Note Purchaser,

CERTAIN FUNDING AGENTS,

COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

as L/C Provider,

COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

as Swingline Lender,

and

COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

as Administrative Agent

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.01 | DEFINITIONS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.02 | DEFINED TERMS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.03 | BENCHMARK CALCULATIONS | 19 |
|  ARTICLE II PURCHASE AND SALE OF SERIES 2025-1 CLASS A-1 NOTES | ARTICLE II PURCHASE AND SALE OF SERIES 2025-1 CLASS A-1 NOTES | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.01 | THE ADVANCE NOTES | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.02 | ADVANCES | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.03 | BORROWING PROCEDURES | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.04 | THE SERIES 2025-1 CLASS A-1 NOTES | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.05 | REDUCTION IN COMMITMENTS | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.06 | SWINGLINE COMMITMENT | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.07 | L/C COMMITMENT | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.08 | L/C REIMBURSEMENT OBLIGATIONS | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.09 | L/C PARTICIPATIONS | 38 |
|  ARTICLE III INTEREST AND FEES | ARTICLE III INTEREST AND FEES | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.01 | INTEREST | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.02 | FEES | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.03 | SOFR LENDING UNLAWFUL | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.04 | BENCHMARK REPLACEMENT | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.05 | INCREASED COSTS, ETC. | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.06 | FUNDING LOSSES | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.07 | INCREASED CAPITAL OR LIQUIDITY COSTS | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.08 | TAXES | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.09 | CHANGE OF LENDING OFFICE | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.10 | REAFFIRMATION | 49 |
|  ARTICLE IV OTHER PAYMENT TERMS | ARTICLE IV OTHER PAYMENT TERMS | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.01 | TIME AND METHOD OF PAYMENT (AMOUNTS DISTRIBUTED BY THE ADMINISTRATIVE AGENT) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.02 | ORDER OF DISTRIBUTIONS (AMOUNTS DISTRIBUTED BY THE TRUSTEE OR THE PAYING AGENT) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.03 | L/C CASH COLLATERAL | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.04 | ALTERNATIVE ARRANGEMENTS WITH RESPECT TO LETTERS OF CREDIT | 53 |
|  ARTICLE V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS | ARTICLE V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.01 | AUTHORIZATION AND ACTION OF THE ADMINISTRATIVE AGENT | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.02 | DELEGATION OF DUTIES | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.03 | EXCULPATORY PROVISIONS | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.04 | RELIANCE | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.05 | NON-RELIANCE ON THE ADMINISTRATIVE AGENT AND OTHER PURCHASERS | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.06 | THE ADMINISTRATIVE AGENT IN ITS INDIVIDUAL CAPACITY | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.07 | SUCCESSOR ADMINISTRATIVE AGENT; DEFAULTING ADMINISTRATIVE AGENT | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.08 | AUTHORIZATION AND ACTION OF FUNDING AGENTS | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.09 | DELEGATION OF DUTIES | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.10 | EXCULPATORY PROVISIONS | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.11 | RELIANCE | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.12 | NON-RELIANCE ON THE FUNDING AGENT AND OTHER PURCHASERS | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.13 | THE FUNDING AGENT IN ITS INDIVIDUAL CAPACITY | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.14 | SUCCESSOR FUNDING AGENT | 58 |

---

------

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  ARTICLE VI REPRESENTATIONS AND WARRANTIES | ARTICLE VI REPRESENTATIONS AND WARRANTIES | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.01 | THE CO-ISSUERS AND GUARANTORS | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.02 | THE MANAGER | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.03 | LENDER PARTIES | 63 |
|  ARTICLE VII CONDITIONS | ARTICLE VII CONDITIONS | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.01 | CONDITIONS TO ISSUANCE AND EFFECTIVENESS | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.02 | CONDITIONS TO INITIAL EXTENSIONS OF CREDIT | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.03 | CONDITIONS TO EACH EXTENSION OF CREDIT | 65 |
|  ARTICLE VIII COVENANTS | ARTICLE VIII COVENANTS | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.01 | COVENANTS | 67 |
|  ARTICLE IX MISCELLANEOUS PROVISIONS | ARTICLE IX MISCELLANEOUS PROVISIONS | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.01 | AMENDMENTS | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.02 | NO WAIVER; REMEDIES | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.03 | BINDING ON SUCCESSORS AND ASSIGNS | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.04 | SURVIVAL OF AGREEMENT | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.05 | PAYMENT OF COSTS AND EXPENSES; INDEMNIFICATION | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.06 | CHARACTERIZATION AS RELATED DOCUMENT; ENTIRE AGREEMENT | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.07 | NOTICES | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.08 | SEVERABILITY OF PROVISIONS | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.09 | TAX CHARACTERIZATION | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.10 | NO PROCEEDINGS; LIMITED RECOURSE | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.11 | CONFIDENTIALITY | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SECTION 9.12** | **GOVERNING LAW; CONFLICTS WITH INDENTURE** | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SECTION 9.13** | **JURISDICTION** | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SECTION 9.14** | **WAIVER OF JURY TRIAL** | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.15 | COUNTERPARTS | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.16 | THIRD-PARTY BENEFICIARY | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.17 | ASSIGNMENT | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.18 | DEFAULTING INVESTORS | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.19 | NO FIDUCIARY DUTIES | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.20 | NO GUARANTEE BY THE MANAGER | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.21 | TERM; TERMINATION OF AGREEMENT | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.22 | ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN OF EEA FINANCIAL INSTITUTIONS | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.23 | [RESERVED] | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.24 | USA PATRIOT ACT | 85 |

---

(ii) ------

SCHEDULES AND EXHIBITS

---

| | |
|:---|:---|
| SCHEDULE I | Investor Groups and Commitments |
| SCHEDULE II | Notice Addresses for Lender Parties, Agents, Co-Issuers and Manager |
| SCHEDULE III | Additional Closing Conditions |
| SCHEDULE IV | Letters of Credit |
| EXHIBIT A-1 | Form of Advance Request |
| EXHIBIT A-2 | Form of Swingline Loan Request |
| EXHIBIT B | Form of Assignment and Assumption Agreement |
| EXHIBIT C | Form of Investor Group Supplement |
| EXHIBIT D | Form of Purchaser's Letter |
| EXHIBIT E | Form of Joinder Agreement |

---

(iii) ------

**CLASS A-1 NOTE PURCHASE AGREEMENT** 

THIS CLASS A-1 NOTE PURCHASE AGREEMENT, dated as of September 5, 2025 (as amended, supplemented, amended and restated or otherwise modified from time to time in accordance with the terms hereof, this "<u>Agreement</u>"), is made by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DOMINO'S PIZZA MASTER ISSUER LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), DOMINO'S SPV CANADIAN HOLDING COMPANY INC., a Delaware corporation (the "<u>SPV Canadian HoldCo</u>"), DOMINO'S PIZZA DISTRIBUTION LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Holder</u>"), DOMINO'S IP HOLDER LLC, a Delaware limited liability company (the "<u>IP Holder</u>"), and DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, a Delaware Limited Liability Company ("<u>Domino's Distribution</u>" and together with the Master Issuer, the SPV Canadian HoldCo, the Domestic Supply Chain Holder and the IP Holder, the "<u>Co-Issuers</u>" and each a "<u>Co-Issuer</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) DOMINO'S PIZZA FRANCHISING LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Master Issuer (the "<u>Domestic Franchisor</u>"), DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC., a Delaware corporation and a wholly-owned subsidiary of the Master Issuer (the "<u>International Franchisor</u>"), DOMINO'S PIZZA CANADIAN DISTRIBUTION ULC, a Nova Scotia unlimited company and a wholly-owned subsidiary of the SPV Canadian HoldCo (the "<u>Canadian Distributor</u>"), DOMINO'S RE LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Domestic Franchisor (the "<u>Domestic Distribution Real Estate Holder</u>"), DOMINO'S EQ LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Domestic Supply Chain Holder (the "<u>Domestic Distribution Equipment Holder</u>"), DOMINO'S PIZZA INTERNATIONAL FRANCHISING OF MICHIGAN LLC, a Michigan limited liability company (the "<u>International Franchisor (Michigan)</u>") and DOMINO'S SPV GUARANTOR LLC, a Delaware limited liability company (the "<u>SPV Guarantor</u>" and together with the Domestic Franchisor, the International Franchisor, the International Franchisor (Michigan), the Domestic Distribution Real Estate Holder, the Domestic Distribution Equipment Holder and the Canadian Distributor, the "<u>Guarantors</u>")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) DOMINO'S PIZZA LLC, a Michigan limited liability company, as the manager (the "<u>Manager</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the several commercial paper conduits listed on Schedule I as Conduit Investors and their respective permitted successors and assigns (each, a "<u>Conduit Investor</u>" and, collectively, the "<u>Conduit Investors</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the several financial institutions listed on Schedule I as Committed Note Purchasers and their respective permitted successors and assigns (each, a "<u>Committed Note Purchaser</u>" and, collectively, the "<u>Committed Note Purchasers</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for each Investor Group, the financial institution entitled to act on behalf of the Investor Group set forth opposite the name of such Investor Group on Schedule I as Funding Agent and its permitted successors and assigns (each, the "<u>Funding Agent</u>" with respect to such Investor Group and, collectively, the "<u>Funding Agents</u>"),

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH ("<u>Rabobank</u>"), as L/C Provider,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) RABOBANK, as Swingline Lender, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) RABOBANK, in its capacity as administrative agent for the Conduit Investors, the Committed Note Purchasers, the Funding Agents, the L/C Provider and the Swingline Lender (together with its permitted successors and assigns in such capacity, the "<u>Administrative Agent</u>").

**BACKGROUND** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. On or around September 5, 2025, the Co-Issuers and Citibank, N.A., as Trustee, expect to enter into the Series 2025-1 Supplement (as the same may be amended, supplemented, amended and restated or otherwise modified from time to time in accordance with the terms thereof, the "<u>Series 2025-1 Supplement</u>"), to the Amended and Restated Base Indenture, dated as of March 15, 2012 (as the same may be further amended, supplemented, amended and restated or otherwise modified from time to time in accordance with the terms thereof, the "<u>Base Indenture</u>" and, together with the Series 2025-1 Supplement and any other supplement to the Base Indenture, the "<u>Indenture</u>"), among the Co-Issuers and the Trustee, pursuant to which the Co-Issuers will issue the Series 2025-1 Class A-1 Notes (as defined in the Series 2025-1 Supplement), which may be issued in the form of Uncertificated Notes (as defined in the Series 2025-1 Supplement), in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Co-Issuers wish to (a) issue the Series 2025-1 Class A-1 Advance Notes to each Funding Agent on behalf of the Investors in the related Investor Group, and obtain the agreement of the applicable Investors to make loans from time to time (each, an "<u>Advance</u>" or a "<u>Series 2025-1 Class</u> <u>A-1 Advance</u>" and, collectively, the "<u>Advances</u>" or the "<u>Series 2025-1 Class</u> <u>A-1 Advances</u>") that will constitute the purchase of Series 2025-1 Class A-1 Outstanding Principal Amounts on the terms and conditions set forth in this Agreement; (b) issue the Series 2025-1 Class A-1 Swingline Note to the Swingline Lender and obtain the agreement of the Swingline Lender to make Swingline Loans on the terms and conditions set forth in this Agreement; and (c) issue the Series 2025-1 Class A-1 L/C Note to the L/C Provider and obtain the agreement of the L/C Provider to provide Letters of Credit on the terms and conditions set forth in this Agreement. L/C Obligations in connection with Letters of Credit issued pursuant to the Series 2025-1 Class A-1 L/C Note will constitute purchases of Series 2025-1 Class A-1 Outstanding Principal Amounts upon the incurrence of such L/C Obligations. The Series 2025-1 Class A-1 Advance Notes, the Series 2025-1 Class A-1 Swingline Note and the Series 2025-1 Class A-1 L/C Note constitute Series 2025-1 Class A-1 Notes. The Manager has joined in this Agreement to confirm certain representations, warranties and covenants made by it in favor of the Trustee for the benefit of the Noteholders in the Related Documents.

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**ARTICLE I** 

**<u>DEFINITIONS</u>** 

Section 1.01 <u>Definitions</u>. As used in this Agreement and unless the context requires a different meaning, capitalized terms used but not defined herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Series 2025-1 Supplemental Definitions List attached to the Series 2025-1 Supplement as <u>Annex A</u> thereto or in the Base Indenture Definitions List attached to the Base Indenture as <u>Annex A</u> thereto, as applicable. Certain definitions in the Series 2025-1 Supplemental Definitions List are repeated in <u>Section</u> <u>1.02</u> for convenience; <u>however</u>, in the event of any conflict between the definitions in the Series 2025-1 Supplemental Definitions List and the definitions in <u>Section</u> <u>1.02</u>, the Series 2025-1 Supplemental Definitions List shall govern except for the definition of "Change in Law". Unless otherwise specified herein, all Article, Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections of this Agreement.

Section 1.02 <u>Defined terms</u>.

"<u>Acquiring Committed Note Purchaser</u>" has the meaning set forth in <u>Section 9.17(a)</u>.

"<u>Acquiring Investor Group</u>" has the meaning set forth in <u>Section</u> <u>9.17(c)</u>.

"<u>Additional Committed Note Purchaser</u>" has the meaning set forth in <u>Section 2.02</u>.

"<u>Administrative Agent</u>" has the meaning set forth in the recitals.

"<u>Administrative Agent Fees</u>" has the meaning set forth in <u>Section</u> <u>3.03(a)</u>.

"<u>Administrative Agent Indemnified Parties</u>" has the meaning set forth in <u>Section 9.05(d)</u>.

"<u>Advance</u>" has the meaning set forth in the Recitals.

"<u>Advance Request</u>" has the meaning set forth in <u>Section</u> <u>7.03(d)</u>.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affected Person</u>" has the meaning set forth in <u>Section</u> <u>3.03</u>.

"<u>Agent Indemnified Liabilities</u>" has the meaning set forth in <u>Section</u> <u>9.05(c)</u>.

"<u>Agent Indemnified Parties</u>" has the meaning set forth in <u>Section</u> <u>9.05(c)</u>.

"<u>Aggregate Unpaids</u>" has the meaning set forth in <u>Section</u> <u>5.01</u>.

"<u>Annual Inspection Notice</u>" has the meaning set forth in <u>Section</u> <u>8.01(c)</u>.

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"<u>Anti-Corruption Laws</u>" means the laws, rules, and regulations of the jurisdictions applicable to any Co-Issuer or Guarantor or its subsidiaries from time to time concerning or relating to bribery or corruption, including the U.S. Foreign Corrupt Practices Act of 1977, as amended.

"<u>Anti-Terrorism Laws</u>" means any laws, regulations, or orders of any Governmental Authority of the United States, the United Nations, the United Kingdom, the European Union or the Netherlands relating to terrorism financing or money laundering, including, but not limited to, the International Emergency Economic Powers Act (50 U.S.C. § 1701 et seq.), the Trading With the Enemy Act (50 U.S.C. § 5 et seq.), the International Security Development and Cooperation Act (22 U.S.C. § 2349aa-9 et seq.), the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the "<u>USA Patriot Act</u>"), and any rules or regulations promulgated pursuant to or under the authority of any of the foregoing.

"<u>Applicable Agent Indemnified Liabilities</u>" has the meaning set forth in <u>Section 9.05(d)</u>.

"<u>Applicable Agent Indemnified Parties</u>" has the meaning set forth in <u>Section 9.05(d)</u>.

"<u>Application</u>" means an application, in such form as the applicable L/C Issuing Bank may specify from time to time, requesting such L/C Issuing Bank to issue a Letter of Credit.

"<u>Assignment and Assumption Agreement</u>" has the meaning set forth in <u>Section 9.17(a)</u>.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "SOFR Interest Accrual Period" pursuant to <u>Section</u> <u>3.10</u>.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

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"<u>Barclays</u>" means Barclays Bank PLC.

"<u>Base Indenture</u>" has the meaning set forth in the recitals hereto.

"<u>Base Rate</u>" means, on any day, a rate per annum equal to the sum of (a) 1.50% for an Advance and 1.30% for a Swingline Loan plus (b) the greatest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Rate in effect on such day plus 0.50% and (iii) Term SOFR for a one-month tenor in effect on such day plus 0.50%; <u>provided</u>, that any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Rate or Term SOFR shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the Federal Funds Rate or Term SOFR, respectively; <u>provided</u>, <u>further</u>, that changes in any rate of interest calculated by reference to the Base Rate shall take effect simultaneously with each change in the Base Rate; <u>provided</u>, <u>further</u>, that the Base Rate will in no event be higher than the maximum rate permitted by applicable law; <u>provided</u>, <u>further</u>, that in no event shall the Base Rate be less than the Floor.

"<u>Base Rate Advance</u>" means an Advance that bears interest at a rate of interest determined by reference to the Base Rate during such time as it bears interest at such rate, as provided in this Agreement.

"<u>Base Rate Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Benchmark</u>" means, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section</u> <u>3.04(a)</u>.

"<u>Benchmark Replacement</u>" means with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be determined by the Administrative Agent: (a) Daily Simple SOFR, and (b) the sum of: (x) the alternate benchmark rate that has been selected by the Administrative Agent and the Co-Issuers giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (y) the related Benchmark Replacement Adjustment; <u>provided</u> that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Related Documents.

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"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Co-Issuers giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event", the later of (A) the date of the public statement or publication of information referenced therein and (B) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of clause (c) of the definition of "Benchmark Transition Event", the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; <u>provided</u> that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Unavailability Period</u>" means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Related Document in accordance with <u>Section</u> <u>3.04</u> and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Related Document in accordance with <u>Section</u> <u>3.04</u>.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Rule.

"<u>Beneficial Ownership Rule</u>" means 31 C.F.R. § 1010.230.

"<u>Borrowing</u>" has the meaning set forth in <u>Section</u> <u>2.02(c)</u>.

"<u>Breakage Amount</u>" has the meaning set forth in <u>Section</u> <u>3.06</u>.

"<u>Cash Collateral Account</u>" has the meaning set forth in <u>Section</u> <u>4.03(b)</u>.

"<u>Change in Law</u>" 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 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

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or international accounting principles, in each case, whether foreign or domestic (each, an "<u>Official Body</u>") 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 Closing Date; <u>provided</u>, <u>however</u>, for purposes of this definition, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, rules, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof.

"<u>Class</u> <u>A-1 Amendment Expenses</u>" has the meaning set forth in <u>Section 9.05(a)(ii)</u>.

"<u>Class</u> <u>A-1 Taxes</u>" has the meaning set forth in <u>Section</u> <u>3.08(a)</u>.

"<u>Commercial Paper</u>" means, with respect to any Conduit Investor, the promissory notes issued in the commercial paper market by or for the benefit of such Conduit Investor.

"<u>Commitment Amount</u>" means, (a) as to Rabobank, the amount set forth on <u>Schedule</u> <u>I</u> opposite Rabobank's name as its Commitment Amount minus the then applicable L/C Commitment and (b) as to each other Committed Note Purchaser, the amount set forth on <u>Schedule</u> <u>I</u> opposite such Committed Note Purchaser's name as its Commitment Amount or, in the case of a Committed Note Purchaser that becomes a party to this Agreement pursuant to an Assignment and Assumption Agreement, an Investor Group Supplement or a Joinder Agreement, the amount set forth therein as such Committed Note Purchaser's Commitment Amount, in each case, as such amount may be (i) reduced pursuant to <u>Section</u> <u>2.05</u> or (ii) increased or reduced by any Assignment and Assumption Agreement or Investor Group Supplement entered into by such Committed Note Purchaser in accordance with the terms of this Agreement; <u>provided</u>, that if the Co-Issuers submit an Advance Request in an amount in excess of the aggregate Commitment Amount on such date and the Letters of Credit outstanding on such date are less than the L/C Commitment, the excess of the L/C Commitment over the Letters of Credit outstanding shall be included in Rabobank's Commitment Amount for purposes of such Advance.

"<u>Commitment Percentage</u>" means, on any date of determination, with respect to any Investor Group, the ratio, expressed as a percentage, which such Investor Group's Maximum Investor Group Principal Amount bears to the Series 2025-1 Class A-1 Maximum Principal Amount on such date.

"<u>Commitments</u>" means the obligations of each Committed Note Purchaser included in each Investor Group to fund Advances pursuant to <u>Section</u> <u>2.02(a)</u> and to participate in Swingline Loans and Letters of Credit pursuant to <u>Sections 2.06</u> and <u>2.08,</u> respectively, in an aggregate stated amount up to its Commitment Amount.

"<u>Commitment Term</u>" means the period from and including the Series 2025-1 Closing Date to but excluding the earlier of (a) the Commitment Termination Date and (b) the date on which the Commitments are terminated or reduced to zero in accordance with this Agreement.

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"<u>Commitment Termination Date</u>" means the Series 2025-1 Class A-1 Senior Notes Renewal Date (as such date may be extended pursuant to Section 3.06(b) of the Series 2025-1 Supplement).

"<u>Committed Note Purchaser</u>" has the meaning set forth in the preamble.

"<u>Committed Note Purchaser Percentage</u>" means, on any date of determination, with respect to any Committed Note Purchaser in any Investor Group, the ratio, expressed as a percentage, which the Commitment Amount of such Committed Note Purchaser bears to such Investor Group's Maximum Investor Group Principal Amount on such date.

"<u>Conduit Assignee</u>" means, with respect to any Conduit Investor, any commercial paper conduit whose Commercial Paper is rated by at least two of the Specified Rating Agencies and is rated at least "A-1" from S&P Global Ratings, "P-1" from Moody's and/or "F1" from Fitch, as applicable, that is administered by the Funding Agent with respect to such Conduit Investor or any Affiliate of such Funding Agent, in each case, designated by such Funding Agent to accept an assignment from such Conduit Investor of the Investor Group Principal Amount or a portion thereof with respect to such Conduit Investor pursuant to <u>Section</u> <u>9.17(b).</u>

"<u>Conduit Investor</u>" has the meaning set forth in the preamble.

"<u>Confidential Information</u>" for the purposes of this Agreement has the meaning set forth in <u>Section</u> <u>9.11</u>.

"<u>Conforming Changes</u>" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate", "CP Funding Rate", "Term SOFR Reference Rate", "SOFR Interest Accrual Period", "SOFR Advance", "Term SOFR Rate" or any similar or analogous definition (or the addition of a concept of "interest period") and "Term SOFR", timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of <u>Section</u> <u>3.06</u> and other technical, administrative or operational matters) that the Administrative Agent, in consultation with the Co-Issuers, decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Related Documents).

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"<u>CP Funding Rate</u>" means, with respect to each Conduit Investor, for any day during any Interest Period, for any portion of the Advances funded or maintained through the issuance of Commercial Paper by such Conduit Investor, the per annum rate equivalent to the weighted average cost (as determined by the related Funding Agent, and which shall include (without duplication) the fees and commissions of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by such Conduit Investor, other borrowings by such Conduit Investor and any other costs associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper that are allocated, in whole or in part, by such Conduit Investor or its related Funding Agent to fund or maintain such Advances for such Interest Period (and which may also be allocated in part to the funding of other assets of the Conduit Investor); provided, however, that if any component of any such rate is a discount rate, in calculating the "CP Funding Rate" for such Advances for such Interest Period, the related Funding Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum.

"<u>CP Rate</u>" means, on any day during any Interest Period, an interest rate per annum equal to the sum of (i) the CP Funding Rate for such Interest Period plus (ii) 1.50%; <u>provided</u> that the CP Rate will in no event be higher than the maximum rate permitted by applicable law, <u>provided</u>, <u>further</u>, that in no event shall the CP Rate be less than the Floor.

"<u>Daily Simple SOFR</u>" means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for syndicated business loans at such times; <u>provided</u> that if the Administrative Agent decides that any such convention is not administratively feasible for the Investor Groups, then the Administrative Agent may establish another convention in its reasonable discretion.

"<u>Defaulting Administrative Agent Event</u>" has the meaning set forth in <u>Section 5.07(b)</u>.

"<u>Defaulting Investor</u>" means any Investor that has (a) failed to make a payment required to be made by it under the terms of this Agreement within one (1) Business Day of the day such payment is required to be made by such Investor thereunder, (b) notified the Administrative Agent in writing that it does not intend to make any payment required to be made by it under the terms of this Agreement within one (1) Business Day of the day such payment is required to be made by such Investor thereunder or (c) become the subject of an Event of Bankruptcy.

"<u>Delayed Funding Date</u>" has the meaning set forth in <u>Section</u> <u>2.03(d)</u>.

"<u>Delayed Funding Notice</u>" has the meaning set forth in <u>Section</u> <u>2.03(d)</u>.

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"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Electronic Transmission</u>" has the meaning assigned to it in <u>Section</u> <u>9.16</u>. "<u>Eligible Conduit Investor</u>" means, at any time, any Conduit Investor whose Commercial Paper at such time is rated by at least two of the Specified Rating Agencies and is rated at least "A-1" from S&P Global Ratings, "P-1" from Moody's and/or "F1" from Fitch, as applicable.

"<u>Erroneous Payment</u>" has the meaning assigned to it in <u>Section</u> <u>5.15(a).</u>

"<u>Erroneous Payment Deficiency Assignment</u>" has the meaning assigned to it in <u>Section</u> <u>5.15(d)</u>.

"<u>Erroneous Payment Return Deficiency</u>" has the meaning assigned to it in <u>Section</u> <u>5.15(d)</u>.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Extension Fees</u>" has the meaning given to such term in the Class A-1 VFN Fee Letter.

"<u>FATCA</u>" means (a) Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future Treasury regulations thereunder or official interpretations thereof, (b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction with the purpose (in either case) of facilitating the implementation of (a) above, or (c) any agreement pursuant to the implementation of paragraphs (a) or (b) above with the U.S. Internal Revenue Service or any other Governmental Authority in the United States.

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"<u>Federal Funds Rate</u>" means, for any specified period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the overnight federal funds rates as published in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent (or, if such day is not a Business Day, for the next preceding Business Day), or if, for any reason, such rate is not available on any day, the rate determined, in the reasonable opinion of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. (New York City time).

"<u>Fitch</u>" means Fitch, Inc., doing business as Fitch Ratings, or any successor thereto. "F.R.S. Board" means the Board of Governors of the Federal Reserve System. "Funding Agent" has the meaning set forth in the preamble.

"<u>Floor</u>" means 0.0%.

"<u>Foreign</u> <u>Affected Person</u>" has the meaning set forth in <u>Section</u> <u>3.08(a)</u>.

"<u>Increased Capital Costs</u>" has the meaning set forth in <u>Section</u> <u>3.07</u>.

"<u>Increased Costs</u>" has the meaning set forth in <u>Section</u> <u>3.03</u>.

"<u>Increased Tax Costs</u>" has the meaning set forth in <u>Section</u> <u>3.08</u>.

"<u>Indemnified Liabilities</u>" has the meaning set forth in <u>Section</u> <u>9.05(b)</u>.

"<u>Indemnified Parties</u>" has the meaning set forth in <u>Section</u> <u>9.05(b)</u>.

"<u>Interest Reserve Letter of Credit</u>" means any letter of credit issued hereunder for the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable.

"<u>Investor</u>" means any one of the Conduit Investors and the Committed Note Purchasers and "Investors" means the Conduit Investors and the Committed Note Purchasers collectively.

"<u>Investor Group</u>" means (i) for each Conduit Investor, collectively, such Conduit Investor, the related Committed Note Purchaser(s) set forth opposite the name of such Conduit Investor on <u>Schedule</u> <u>I</u> (or, if applicable, set forth for such Conduit Investor in the Assignment and Assumption Agreement, Investor Group Supplement or Joinder Agreement pursuant to which such Conduit Investor or Committed Note Purchaser becomes a party thereto), any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series 2025-1 Class A-1 Noteholder for such Investor Group) and (ii) for each other Committed Note Purchaser that is not related to a Conduit Investor, collectively, such Committed Note Purchaser, any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series 2025-1 Class A-1 Noteholder for such Investor Group).

"<u>Investor Group Increase Amount</u>" means, with respect to any Investor Group, for any Business Day, the portion of the Increase, if any, actually funded by such Investor Group on such Business Day.

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"<u>Investor Group Principal Amount</u>" means, with respect to any Investor Group, (a) when used with respect to the Series 2025-1 Closing Date, an amount equal to (i) such Investor Group's Commitment Percentage of the Series 2025-1 Class A-1 Initial Advance Principal Amount, <u>plus</u> (ii) such Investor Group's Commitment Percentage of the Series 2025-1 Class A-1 Outstanding Subfacility Amount outstanding on the Series 2025-1 Closing Date, and (b) when used with respect to any other date, an amount equal to (i) the Investor Group Principal Amount with respect to such Investor Group on the immediately preceding Business Day (excluding any Series 2025-1 Class A-1 Outstanding Subfacility Amount included therein), <u>plus</u> (ii) the Investor Group Increase Amount with respect to such Investor Group on such date, <u>minus</u> (iii) the amount of principal payments made to such Investor Group on the Series 2025-1 Class A-1 Advance Notes on such date, <u>plus</u> (iv) such Investor Group's Commitment Percentage of the Series 2025-1 Class A-1 Outstanding Subfacility Amount outstanding on such date.

"<u>Investor Group Supplement</u>" has the meaning set forth in <u>Section</u> <u>9.17(c)</u>.

"<u>Joinder Agreement</u>" means a Joinder Agreement in the form attached hereto as <u>Exhibit E</u>.

"<u>L/C Commitment</u>" means the obligation of the L/C Provider to provide Letters of Credit pursuant to <u>Section</u> <u>2.07</u>, in an aggregate Undrawn L/C Face Amount, together with any Unreimbursed L/C Drawings, at any one time outstanding not to exceed $150,000,000 minus any Advance outstanding that has utilized any portion of the L/C Commitment as set forth in the definition of Commitment Amount, as such amount may be reduced or increased pursuant to <u>Section</u> <u>2.07(g)</u> or reduced pursuant to <u>Section</u> <u>2.05(b)</u>.

"<u>L/C Commitment Excess</u>" has the meaning set forth in <u>Section</u> <u>2.07(a)</u>.

"<u>L/C Issuing Bank</u>" has the meaning set forth in <u>Section</u> <u>2.07(h)</u>.

"<u>L/C Issuing Bank Rating Test</u>" has the meaning set forth in <u>Section</u> <u>2.07(g)</u>.

"<u>L/C Obligations</u>" means, at any time, an amount equal to the sum of (i) any Undrawn L/C Face Amounts outstanding at such time and (ii) any Unreimbursed L/C Drawings outstanding at such time.

"<u>L/C Other Reimbursement Costs</u>" has the meaning set forth in <u>Section</u> <u>2.08(a)</u>.

"<u>L/C Provider</u>" means Rabobank, in its capacity as provider of any Letter of Credit under this Agreement, and its permitted successors and assigns in such capacity.

"<u>L/C Quarterly Fees</u>" has the meaning set forth in <u>Section</u> <u>2.07(d)</u>.

"<u>L/C Reimbursement Amount</u>" has the meaning set forth in <u>Section</u> <u>2.08(a)</u>.

"<u>Lender Party</u>" means any Investor, the Swingline Lender or the L/C Provider and "<u>Lender Parties</u>" means the Investors, the Swingline Lender and the L/C Provider, collectively.

"<u>Letter of Credit</u>" has the meaning set forth in <u>Section 2.07(a)</u>.

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"<u>Manager</u>" has the meaning set forth in recitals.

"<u>Margin Stock</u>" means "margin stock" as defined in Regulation U of the F.R.S. Board, as amended from time to time.

"<u>Master Issuer</u>" has the meaning set forth in recitals.

"<u>Maximum Investor Group Principal Amount</u>" means, as to each Investor Group existing on the Series 2025-1 Closing Date, the amount set forth on <u>Schedule</u> <u>I</u> to this Agreement as such Investor Group's Maximum Investor Group Principal Amount or, in the case of any other Investor Group, the amount set forth as such Investor Group's Maximum Investor Group Principal Amount in the Assignment and Assumption Agreement, Investor Group Supplement or Joinder Agreement by which the members of such Investor Group become parties to this Agreement, in each case, as such amount may be (i) reduced pursuant to <u>Section</u> <u>2.05</u> of this Agreement or (ii) increased or reduced by any Assignment and Assumption Agreement, Investor Group Supplement or Joinder Agreement entered into by the members of such Investor Group in accordance with the terms of this Agreement.

"<u>Non-Excluded Taxes</u>" has the meaning set forth in <u>Section</u> <u>3.08(a)</u>.

"<u>Non-Funding Committed Notes Purchaser</u>" has the meaning set forth in <u>Section 2.02(a)</u>.

"<u>Official Body</u>" has the meaning set forth in the definition of "Change in Law."

"<u>Other Post-Closing Expenses</u>" has the meaning set forth in <u>Section</u> <u>9.05(a)</u>.

"<u>Out-of-Pocket Expenses</u>" has the meaning set forth in <u>Section</u> <u>9.05(a)</u>.

"<u>Parent Companies</u>" means, collectively, Domino's Pizza, Inc., a Delaware corporation, and Domino's Inc., a Delaware corporation.

"<u>Payment Recipient</u>" has the meaning assigned to it in <u>Section</u> <u>5.15(a)</u>.

"<u>Pre-Closing Costs</u>" has the meaning set forth in <u>Section</u> <u>9.05(a)(i)</u>.

"<u>Prime Rate</u>" means the rate of interest in effect from time to time as established by the Administrative Agent as its "prime rate" at its principal U.S. office.

"<u>Program Support Agreement</u>" means, with respect to any Investor, any agreement entered into by any Program Support Provider in respect of any Commercial Paper and/or Series 2025-1 Class A-1 Note of such Investor providing for the issuance of one or more letters of credit for the account of such Investor, the issuance of one or more insurance policies for which such Investor is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Investor to any Program Support Provider of the Series 2025-1 Class A-1 Notes (or portions thereof or interests therein) and/or the making of loans and/or other extensions of credit to such Investor in connection with such Investor's securitization program, together with any letter of credit, insurance policy or other instrument issued thereunder or guaranty thereof (but excluding any discretionary advance facility provided by a Committed Note Purchaser).

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"<u>Program Support Provider</u>" means, with respect to any Investor, any financial institutions and any other or additional Person now or hereafter extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, such Investor in respect of such Investor's Commercial Paper and/or Series 2025-1 Class A-1 Note, and/or agreeing to issue a letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such Investor's securitization program as it relates to any Commercial Paper issued by such Investor, and/or holding equity interests in such Investor, in each case pursuant to a Program Support Agreement, and any guarantor of any such Person.

"<u>Rabobank</u>" has the meaning set forth in the recitals.

"<u>reference amount</u>" has the meaning set forth in <u>Section</u> <u>2.03(b)</u>.

"<u>Reimbursement Obligation</u>" means the obligation of the Co-Issuers to reimburse the L/C Provider pursuant to <u>Section</u> <u>2.08</u> for amounts drawn under Letters of Credit.

"<u>Relevant Governmental Body</u>" means the Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board or the Federal Reserve Bank of New York, or any successor thereto.

"<u>Required Expiration Date</u>" had the meaning set forth in <u>Section</u> <u>2.07(a)</u>.

"<u>Required Investor Groups</u>" means the Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, three-fourths of the Commitments (provided, in either case, that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether such threshold percentage of Commitments has been met).

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Sale Notice</u>" has the meaning set forth in <u>Section</u> <u>9.18(b)</u>.

"<u>Sanctioned Person</u>" has the meaning set forth in <u>Section</u> <u>6.01(i)</u>.

"<u>Sanctions</u>" means any sanctions administered by or enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty's Treasury, the Netherlands, or other relevant sanctions authority.

"<u>Series 2025-1 Class</u> <u>A-1</u> <u>Advance</u>" has the meaning set forth in introduction.

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"<u>Series 2025-1 Class</u> <u>A-1 Advance Request</u>" has the meaning set forth in <u>Section 7.03(d)</u>.

"<u>Series 2025-1 Class</u> <u>A-1 Allocated Payment Reduction Amount</u>" has the meaning set forth in <u>Section</u> <u>2.05(b)(iv)</u>.

"<u>Series 2025-1 Class</u> <u>A-1 Senior Notes Other Amounts</u>" means, as of any date of determination, the aggregate unpaid Breakage Amount, Indemnified Liabilities, Agent Indemnified Liabilities, Increased Capital Costs, Increased Costs, Increased Tax Costs, Pre- Closing Costs, Other Post-Closing Expenses, Out-of-Pocket Expenses, Upfront Commitment Fees and Extension Fees then due and payable. For purposes of the Base Indenture, the "Series 2025-1 Class A-1 Senior Notes Other Amounts" shall be deemed to be "Class A-1 Notes Other Amounts."

"<u>Series 2025-1 Class</u> <u>A-1 VFN Fee Letter</u>" means that certain Class A-1 VFN Fee Letter, dated as of the date hereof, among the Co-Issuers, the Guarantors, Rabobank and Barclays. The Series 2025-1 Class A-1 VFN Fee Letter is a "VFN Fee Letter" for purposes of the Base Indenture.

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Advance</u>" means any Advance that bears interest at a rate based on Term SOFR, other than, in each case, pursuant to clause (b)(iii) of the definition of "Base Rate".

"<u>SOFR Interest Accrual Period</u>" means, as to any SOFR Advance, the period commencing on the date of such Advance and ending on the numerically corresponding day in the calendar month that is one (1), three (3) or six (6) months thereafter (subject to the availability thereof), as specified by the Co-Issuers; <u>provided</u> that (i) if any SOFR Interest Accrual Period would end on a day other than a Business Day, such SOFR Interest Accrual Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such SOFR Interest Accrual Period shall end on the immediately preceding Business Day, (ii) any SOFR Interest Accrual Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such SOFR Interest Accrual Period) shall end on the last Business Day of the last calendar month of such SOFR Interest Accrual Period, (iii) no SOFR Interest Accrual Period shall extend beyond the Series 2025-1 Legal Final Maturity Date and (iv) no tenor that has been removed from this definition pursuant to the terms hereof shall be available for specification in any Advance Request. For purposes hereof, the date of an Advance initially shall be the date on which such Advance is made and thereafter shall be the effective date of the most recent conversion or continuation of such Advance.

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"<u>Solvent</u>" means, with respect to any Person as of any date of determination, that on such date (i) the present fair market value (or present fair saleable value) of the assets of such Person are not less than the total amount required to pay the liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) assuming the completion of the transactions contemplated by the Related Documents, the Person is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature, (iv) the Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such entity is engaged, and (v) the Person is not a defendant in any civil action that would result in a judgment that such Person is or would become unable to satisfy.

"<u>Specified Rating Agencies</u>" means any of S&P Global Ratings, Moody's or Fitch, as applicable.

"<u>Swingline Commitment</u>" means the obligation of the Swingline Lender to make Swingline Loans pursuant to <u>Section</u> <u>2.06</u> in an aggregate principal amount at any one time outstanding not to exceed $30,000,000, as such amount may be reduced or increased pursuant to <u>Section</u> <u>2.06(i)</u> or reduced pursuant to <u>Section</u> <u>2.05(b)</u>.

"<u>Swingline Lender</u>" means Rabobank, in its capacity as maker of Swingline Loans, and its permitted successors and assigns in such capacity.

"<u>Swingline Loan</u>" has the meaning set forth in <u>Section</u> <u>2.06(a)</u>.

"<u>Swingline Loan Request</u>" has the meaning set forth in <u>Section</u> <u>2.06(b)</u>.

"<u>Swingline Participation Amount</u>" has the meaning set forth in <u>Section</u> <u>2.06(f).</u>

"<u>Term SOFR</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any calculation with respect to a SOFR Advance, the Term SOFR Reference Rate for a tenor comparable to the applicable SOFR Interest Accrual Period on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such SOFR Interest Accrual Period, as such rate is published by the SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any calculation with respect to an Base Rate Advance on any day, the Term SOFR Reference Rate for a tenor of one (1) month on the day (such day, the "<u>Base Rate Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day.

"<u>Term SOFR Rate</u>" means a rate per annum equal to the sum of (a) Term SOFR for the Interest Accrual Period therefor and (b) 1.50%; <u>provided</u> that in no event shall the Term SOFR Rate be less than the Floor.

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Undrawn Commitment Fees</u>" has the meaning set forth in <u>Section</u> <u>3.02(b)</u>.

"<u>Undrawn L/C Face Amounts</u>" means, at any time, the aggregate then undrawn and unexpired face amount of any Letters of Credit outstanding at such time.

"<u>Unreimbursed L/C Drawings</u>" means, at any time, the aggregate amount of any L/C Reimbursement Amounts that have not then been reimbursed pursuant to <u>Section</u> <u>2.08</u>.

"<u>Upfront Commitment Fee</u>" has the meaning given to such term in the Class A-1 VFN Fee Letter.

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"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income department of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>USA PATRIOT Act</u>" has the meaning given to such term in <u>Section</u> <u>9.24</u>.

"<u>Voluntary Cash Collateral</u>" has the meaning set forth in <u>Section</u> <u>4.03(a)</u>.

"<u>Write-down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.03 <u>Benchmark Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Administrative Agent or any Funding Agent warrants or accepts any responsibility for, and shall not have any liability with respect to, the continuation of, administration of, submission of, calculation of, or any other matter related to "Base Rate", "SOFR", "Term SOFR", "Term SOFR Reference Rate" or any component definition thereof or rates referenced in the definition thereof or any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any then-current Benchmark or any Benchmark Replacement, (ii) any alternative, successor or replacement rate implemented pursuant to Section 3.04, whether upon the occurrence of a Benchmark Transition Event and (iii) the effect, implementation or composition of any Conforming Changes, including without limitation, (A) whether the composition or characteristics of any such alternative, successor or replacement reference rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as the Base Rate, the existing Benchmark or any subsequent Replacement Benchmark prior to its discontinuance or unavailability (including Term SOFR, the Term SOFR Reference Rate or any other Benchmark), and (B) the impact or effect of such alternative, successor or replacement reference rate or Conforming Changes on any other financial products or agreements in effect or offered by or to the Co-Issuers, any Guarantor or Investor or any of their respective Affiliates). The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any Base Rate, Term SOFR Reference Rate, Term SOFR, Term SOFR or any Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Co-Issuers, the Manager, any Investor, Funding Agents, Program Support Providers or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or

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component thereof) provided by any such information source or service. The Administrative Agent and its affiliates or other related entities may engage in transactions unrelated to this Agreement that affect the calculation of Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) and any relevant adjustments thereto, in each case, in a manner adverse to the Co- Issuers.

**ARTICLE II** 

**<u>PURCHASE AND SALE OF SERIES 2025-1 CLASS A-1 NOTES</u>** 

Section 2.01 <u>The Advance Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Co-Issuers shall issue and shall request the Trustee to authenticate (in the case of Series 2025-1 Class A-1 Advance Notes in the form of definitive notes) or register as described in Section 4.01(f) of the Series 2025-1 Supplement (in the case of Uncertificated Notes) (i) the initial Series 2025-1 Class A-1 Advance Notes, which (in the case of Series 2025-1 Class A-1 Advance Notes in the form of definitive notes) the Co-Issuers shall deliver to each Funding Agent on behalf of the Investors in the related Investor Group on the Series 2025-1 Closing Date, and (ii) additional Series 2025-1 Class A-1 Advance Notes, which (in the case of Series 2025-1 Class A-1 Advance Notes in the form of definitive notes) the Co-Issuers shall deliver to each Funding Agent on behalf of the Investors in the related Investor Group that become a party to this Agreement by executing a Joinder Agreement upon execution thereof and satisfaction of the additional conditions set forth in Section 2.03 of the Series 2025-1 Supplement. Each Series 2025-1 Class A-1 Advance Note for each Investor Group shall be dated their date of authentication or, if an Uncertificated Note, registration, shall be registered in the name of the related Funding Agent or its nominee, as agent for the related Investors, or in such other name or nominee as such Funding Agent may request, shall have a maximum principal amount equal to the Maximum Investor Group Principal Amount for such Investor Group and (other than any Uncertificated Notes) shall be duly authenticated in accordance with the provisions of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Series 2025-1 Class A-1 Noteholder shall, acting solely for this purpose as an agent of the Master Issuer, maintain a register on which it enters the name and address of each related Lender Party (and, if applicable, Program Support Provider) and the applicable portions of the Series 2025-1 Class A-1 Outstanding Principal Amount (and stated interest) with respect to such Series 2025-1 Class A-1 Noteholder of each Lender Party (and, if applicable, Program Support Provider) that has an interest in such Series 2025-1 Class A-1 Noteholder's Series 2025-1 Class A-1 Notes (the "<u>Series 2025-1 Class</u> <u>A-1 Notes Register</u>"), provided that no Series 2025-1 Class A-1 Noteholder shall have any obligation to disclose all or any portion of the Series 2025-1 Class A-1 Notes Register to any Person except to the extent such that such disclosure is necessary to establish that such Series 2025-1 Class A-1 Notes are in registered form for U.S. federal income tax purposes.

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Section 2.02 <u>Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this Agreement and the Indenture, each Eligible Conduit Investor, if any, may and, if such Conduit Investor determines that it will not make (or it does not in fact make) an Advance or any portion of an Advance, its related Committed Note Purchaser(s) shall or, if there is no Eligible Conduit Investor with respect to any Investor Group, the Committed Note Purchaser(s) with respect to such Investor Group shall, upon the Co-Issuers' request delivered in accordance with the provisions of <u>Section</u> <u>2.03</u> and the satisfaction of all conditions precedent thereto (or under the circumstances set forth in <u>Sections 2.05</u>, <u>2.06</u> or <u>2.08)</u>, make Advances from time to time during the Commitment Term; <u>provided</u> that such Advances shall be made ratably by each Investor Group based on their respective Commitment Percentages and the portion of any such Advance made by any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor Group); <u>provided</u>, <u>further,</u> that if, as a result of any Committed Note Purchaser (a "<u>Non-Funding Committed Note Purchaser</u>") failing to make any previous Advance that such Non-Funding Committed Note Purchaser was required to make, or as a result of the addition of Investor Groups pursuant to Joinder Agreements ("<u>Additional Committed Note Purchasers</u>"), outstanding Advances are not held ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages at the time a request for Advances is made, (x) such Non-Funding Committed Note Purchaser or Additional Committed Note Purchasers, as applicable, shall make all of such Advances until outstanding Advances are held ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages and (y) further Advances shall be made ratably by each Investor Group based on their respective Commitment Percentages and the portion of any such Advance made by any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor Group); <u>provided</u>, <u>further,</u> that the failure of a Non-Funding Committed Note Purchaser to make Advances pursuant to the immediately preceding proviso shall not, subject to the immediately following proviso, relieve any other Committed Note Purchaser of its obligation hereunder, if any, to make Advances in accordance with <u>Section</u> <u>2.03(b)(i)</u>; <u>provided</u>, <u>further,</u> that, subject, in the case of <u>clause (i)</u> below, to <u>Section</u> <u>2.03(b)(ii),</u> no Advance shall be required or permitted to be made by any Investor on any date to the extent that, after giving effect to such Advance, (i) the related Investor Group Principal Amount would exceed the related Maximum Investor Group Principal Amount or (ii) the Series 2025-1 Class A-1 Outstanding Principal Amount would exceed the Series 2025-1 Class A-1 Maximum Principal Amount; and <u>provided</u>, <u>further</u>, notwithstanding any other provisions herein, to the extent possible, Advances pursuant to this <u>Section</u> <u>2.02</u> shall be made by, and allocated among, the Investor Groups in a manner such that each Investor Group achieves and maintains its pro rata share (based upon its Maximum Investor Group Principal Amount) of the Series 2025-1 Class A-1 Outstanding Principal Amount. By way of example, in a situation where there is a Letter of Credit outstanding, an Investor Group that does not include the Series 2025-1 Class A-1 Subfacility Noteholders shall be required to fund a percentage of an Advance greater than its Commitment Percentage (up to 100% of such Advance) in order to achieve its pro rata share of the Series 2025-1 Class A-1 Outstanding Principal Amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein or in any other Related Document to the contrary, at no time will a Conduit Investor be obligated to make Advances hereunder. If at any time any Conduit Investor is not an Eligible Conduit Investor, such Conduit Investor shall promptly notify the Administrative Agent (who shall promptly notify the related Funding Agent and the Master Issuer (on behalf of the Co-Issuers)) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Advances to be made on any date shall be made as part of a single borrowing (each such single borrowing being a "<u>Borrowing</u>"). The Advances made as part of the initial Borrowing on the Series 2025-1 Closing Date, if any, will be evidenced by the Series 2025-1 Class A-1 Advance Notes issued in connection herewith and will constitute purchases of Series 2025-1 Class A-1 Initial Advance Principal Amounts corresponding to the amount of such Advances. All of the other Advances will constitute Increases evidenced by the Series 2025-1 Class A-1 Advance Notes issued in connection herewith and will constitute purchases of Series 2025-1 Class A-1 Outstanding Principal Amounts corresponding to the amount of such Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 2.02(b) of the Series 2025-1 Supplement specifies the procedures to be followed in connection with any Voluntary Decrease of the Series 2025-1 Class A-1 Outstanding Principal Amount. Each such Voluntary Decrease in respect of any Advances shall be either (i) in an aggregate minimum principal amount of $200,000 and integral multiples of $100,000 in excess thereof or (ii) in such other amount necessary to reduce the Series 2025-1 Class A-1 Outstanding Principal Amount to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the terms of this Agreement and the Series 2025-1 Supplement, the aggregate principal amount of the Advances evidenced by the Series 2025-1 Class A-1 Advance Notes may be Increased (as defined in the Series 2025-1 Supplement) by Borrowings or decreased by Decreases (as defined in the Series 2025-1 Supplement) from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent shall record any Increases or Decreases with respect to the Series 2025-1 Class A-1 Outstanding Principal Amount such that, subject to <u>Section 4.01(d)</u> of the Series 2025-1 Supplement, the principal amount of the Series 2025-1 Class A-1 Advance Notes that are Outstanding accurately reflects all such Increases and Decreases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent shall record any Subfacility Increases or Subfacility Decreases with respect to the Swingline Loans such that, subject to <u>Section 4.01(d)</u> of the Series 2025-1 Supplement, the aggregate principal amount of the Series 2025-1 Class A-1 Swingline Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases.

Section 2.03 <u>Borrowing Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Co-Issuers wish to make a Borrowing, the Co-Issuers shall (or shall cause the Manager on their behalf to) notify the Administrative Agent (who shall promptly, and in any event by 4:00 p.m. (New York City time) on the same Business Day as its receipt of the same, notify each Funding Agent of its <u>pro</u> <u>rata</u> share thereof (or other required share, as required pursuant to <u>Section</u> <u>2.02(a)</u>) and notify the Trustee, the Control Party, the

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Swingline Lender and the L/C Provider in writing of such Borrowing) by written notice in the form of an Advance Request delivered to the Administrative Agent no later than 12:00 p.m. (New York City time) two (2) Business Days (or, in the case of any SOFR Advances for purposes of <u>Section</u> <u>3.01(b)</u>, three (3) U.S. Government Securities Business Days) prior to the date of Borrowing (unless a shorter period is agreed upon by the Administrative Agent and the L/C Provider, the L/C Issuing Bank, the Swingline Lender or the Funding Agents, as applicable), which date of Borrowing shall be a Business Day during the Commitment Term. Each such notice shall be irrevocable and shall in each case refer to this Agreement and specify (i) the Borrowing date, (ii) the aggregate amount of the requested Borrowing to be made on such date, (iii) the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings (if applicable) to be repaid with the proceeds of such Borrowing on the Borrowing date, which amount shall constitute all outstanding Swingline Loans and Unreimbursed L/C Drawings outstanding on the date of such notice that are not prepaid with other funds of the Co-Issuers available for such purpose, and (iv) sufficient instructions for application of the balance, if any, of the proceeds of such Borrowing on the Borrowing date (which proceeds shall be made available to the Master Issuer (on behalf of the Co-Issuers)). Requests for any Borrowing may not be made in an aggregate principal amount of less than $1,000,000 or in an aggregate principal amount that is not an integral multiple of $500,000 in excess thereof (except as otherwise provided herein with respect to Borrowings for the purpose of repaying then-outstanding Swingline Loans or Unreimbursed L/C Drawings). The Co-Issuers agree to cause requests for Borrowings to be made automatically (to the extent not deemed made pursuant to <u>Sections 2.05(b)(i)</u>, <u>2.05(b)(ii)</u> or <u>2.08</u>) upon notice of any drawing under a Letter of Credit and in any event at least one time per week if any Swingline Loans or Unreimbursed L/C Drawings are outstanding, in each case, in an amount at least sufficient to repay in full all Swingline Loans and Unreimbursed L/C Drawings outstanding on the date of the applicable request. Subject to the provisos to <u>Section</u> <u>2.02(a)</u>, each Borrowing shall be ratably allocated among the Investor Groups' respective Maximum Investor Group Principal Amounts. Each Funding Agent shall promptly advise its related Conduit Investor, if any, of any notice given pursuant to this <u>Section</u> <u>2.03(a)</u> and shall promptly thereafter (but in no event later than 10:00 a.m. (New York City time) on the date of Borrowing) notify the Administrative Agent, the Master Issuer (on behalf of the Co-Issuers) and the related Committed Note Purchaser(s) whether such Conduit Investor has determined to make all or any portion of the Advances in such Borrowing that are to be made by its Investor Group. On the date of each Borrowing and subject to the other conditions set forth herein and in the Series 2025-1 Supplement (and, if requested by the Administrative Agent, confirmation from the Swingline Lender and the L/C Provider, as applicable, as to (x) the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings to be repaid with the proceeds of such Borrowing on the Borrowing date, (y) the Undrawn L/C Face Amount of all Letters of Credit then outstanding and (z) the principal amount of any other Swingline Loans or Unreimbursed L/C Drawings then outstanding), the applicable Investors in each Investor Group shall make available to the Administrative Agent the amount of the Advances in such Borrowing that are to be made by such Investor Group by wire transfer in U.S. Dollars of such amount in same day funds no later than 10:00 a.m. (New York City time) on the date of such Borrowing, and upon receipt thereof the Administrative Agent shall make such proceeds available by 3:00 p.m. (New York City time), <u>first,</u> to the Swingline Lender and the L/C Provider for application to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such respective amounts, and, <u>second,</u> to the Master Issuer (on behalf of the Co-Issuers) or the Manager, if directed by the Master Issuer, as instructed in the applicable Advance Request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The failure of any Committed Note Purchaser to make the Advance to be made by it as part of any Borrowing shall not relieve any other Committed Note Purchaser (whether or not in the same Investor Group) of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Committed Note Purchaser shall be responsible for the failure of any other Committed Note Purchaser to make the Advance to be made by such other Committed Note Purchaser on the date of any Borrowing and (ii) in the event that one or more Committed Note Purchasers fails to make its Advance by 11:00 a.m. (New York City time) on the date of such Borrowing, the Administrative Agent shall notify each of the other Committed Note Purchasers not later than 1:00 p.m. (New York City time) on such date, and each of the other Committed Note Purchasers shall make available to the Administrative Agent a supplemental Advance in a principal amount (such amount, the "<u>reference amount</u>") equal to the lesser of (a) the aggregate principal Advance that was unfunded multiplied by a fraction, the numerator of which is the Commitment Amount of such Committed Note Purchaser and the denominator of which is the aggregate Commitment Amounts of all Committed Note Purchasers (less the aggregate Commitment Amount of the Committed Note Purchasers failing to make Advances on such date) and (b) the excess of (i) such Committed Note Purchaser's Commitment Amount over (ii) the product of such Committed Note Purchaser's related Investor Group Principal Amount multiplied by such Committed Note Purchaser's Committed Note Purchaser Percentage (after giving effect to all prior Advances on such date of Borrowing) <u>(provided</u> that a Committed Note Purchaser may (but shall not be obligated to), on terms and conditions to be agreed upon by such Committed Note Purchaser and the Co-Issuers, make available to the Administrative Agent a supplemental Advance in a principal amount in excess of the reference amount; <u>provided</u>, <u>however,</u> that no such supplemental Advance shall be permitted to be made to the extent that, after giving effect to such Advance, the Series 2025-1 Class A-1 Outstanding Principal Amount would exceed the Series 2025-1 Class A-1 Maximum Principal Amount). Such supplemental Advances shall be made by wire transfer in U.S. Dollars in same day funds no later than 3:00 p.m. (New York City time) one (1) Business Day following the date of such Borrowing, and upon receipt thereof the Administrative Agent shall immediately make such proceeds available, <u>first,</u> to the Swingline Lender and the L/C Provider for application to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such respective amounts, and, <u>second,</u> to the Master Issuer (on behalf of the Co-Issuers), as instructed in the applicable Advance Request. If any Committed Note Purchaser which shall have so failed to fund its Advance shall subsequently pay such amount, the Administrative Agent shall apply such amount <u>pro</u> <u>rata</u> to repay any supplemental Advances made by the other Committed Note Purchasers pursuant to this <u>Section</u> <u>2.03(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Administrative Agent shall have received notice from a Funding Agent prior to the date of any Borrowing that an applicable Investor in the related Investor Group will not make available to the Administrative Agent such Investor's share of the Advances to be made by such Investor Group as part of such Borrowing, the Administrative Agent may (but shall not be obligated to) assume that such Investor has made such share available to the Administrative Agent on the date of such Borrowing in accordance with <u>Section</u> <u>2.02(a)</u> and the Administrative Agent may (but shall not be obligated to), in reliance upon such

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assumption, make available to the Swingline Lender, the L/C Provider and/or the Master Issuer, as applicable, on such date a corresponding amount, and shall, if such corresponding amount has not been made available by the Administrative Agent, make available to the Swingline Lender, the L/C Provider and/or the Master Issuer, as applicable, on such date a corresponding amount once such Investor has made such portion available to the Administrative Agent. If and to the extent that any Investor shall not have so made such amount available to the Administrative Agent, such Investor and the Co-Issuers jointly and severally agree to repay (without duplication) to the Administrative Agent on the next Weekly Allocation Date such corresponding amount (in the case of the Co-Issuers, in accordance with the Priority of Payments), together with interest thereon, for each day from the date such amount is made available to the Master Issuer until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Co-Issuers, the interest rate applicable at the time to the Advances comprising such Borrowing and (ii) in the case of such Investor, the Federal Funds Rate and without deduction by such Investor for any withholding Taxes. If such Investor shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Investor's Advance as part of such Borrowing for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) After the Master Issuer delivers an Advance Request for a Borrowing pursuant to this <u>Section</u> <u>2.03</u>, Barclays, on behalf of the Investors in its Investor Group, may, not later than 4:00 p.m. New York City time on the date that is one (1) Business Day prior to the proposed Borrowing date, deliver a written notice (a "<u>Delayed Funding Notice</u>") to the Master Issuer and the Administrative Agent of their intention to fund the related Borrowing on a date (the date of such funding, the "<u>Delayed Funding Date</u>") that is on or before the thirty-fifth (35th) day following the date of such request for a Borrowing (or if such day is not a Business Day, then on the next succeeding Business Day) rather than on the requested Borrowing date. By delivery of a Delayed Funding Notice, Barclays, as Funding Agent, shall be deemed to represent and warrant that (x) charges relating to the "liquidity coverage ratio" under Basel III have been incurred on the related Committed Note Purchaser's interests or obligations hereunder and (y) it is seeking or has obtained a delayed funding option in transactions similar to the transactions contemplated hereby as of the date of such Delayed Funding Notice. If the conditions to any Borrowing described in Section 7.03 are satisfied on the requested Borrowing date, there shall be no conditions whatsoever (including, without limitation, the occurrence of a Rapid Amortization Period, notwithstanding any statement to the contrary in <u>Section</u> <u>7.03</u>) to the obligation of the Committed Note Purchasers to fund the requested amount on the related Delayed Funding Date.

Section 2.04 <u>The Series 2025-1 Class</u> <u>A-1 Notes</u>. On each date an Advance or Swingline Loan is made or a Letter of Credit is issued hereunder, and on each date the outstanding amount thereof is reduced, a duly authorized officer, employee or agent of the related Series 2025-1 Class A-1 Noteholder shall make appropriate notations in its books and records of the amount, evidenced by the related Series 2025-1 Class A-1 Advance Note, Series 2025-1 Class A-1 Swingline Note or Series 2025-1 Class A-1 L/C Note, of such Advance, Swingline Loan or Letter of Credit, as applicable, and the amount of such reduction, as applicable. The Co-Issuers hereby authorize each duly authorized officer, employee and agent of such Series 2025-1 Class A-1 Noteholder to make such notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be <u>prima</u> <u>facie</u> evidence of the accuracy of the information so recorded; <u>provided</u>, <u>however</u>, that in the event of a discrepancy between the books and records of such Series 2025-1 Class A-1

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Noteholder and the records maintained by the Trustee pursuant to the Indenture, (x) such discrepancy shall be resolved by such Series 2025-1 Class A-1 Noteholder, the Control Party and the Trustee, in consultation with the Co-Issuers (provided that such consultation with the Co- Issuers will not in any way limit or delay such Series 2025-1 Class A-1 Noteholder's, the Control Party's and the Trustee's ability to resolve such discrepancy), and such resolution shall control in the absence of manifest error and the Note Register shall be corrected as appropriate and (y) until any such discrepancy is resolved pursuant to clause (x), the Note Register shall control; <u>provided</u>, <u>further</u>, that the failure of any such notation to be made, or any finding that a notation is incorrect, in any such records shall not limit or otherwise affect the obligations of the Co- Issuers under this Agreement or the Indenture.

Section 2.05 <u>Reduction in Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may, upon three (3) Business Days' notice to the Administrative Agent (who shall promptly notify the Trustee, the Control Party, each Funding Agent and each Investor), effect a permanent reduction in the Series 2025-1 Class A-1 Maximum Principal Amount and a corresponding reduction in each Commitment Amount and Maximum Investor Group Principal Amount on a <u>pro</u> <u>rata</u> basis; <u>provided</u> that (i) any such reduction will be limited to the undrawn portion of the Commitments, although any such reduction may be combined with a Voluntary Decrease effected pursuant to and in accordance with Section 2.02(b) of the Series 2025-1 Supplement, (ii) any such reduction must be in a minimum amount of $5,000,000, (iii) after giving effect to such reduction, the Series 2025-1 Class A-1 Maximum Principal Amount equals or exceeds $5,000,000, unless reduced to zero, and (iv) no such reduction shall be permitted if, after giving effect thereto, (x) the aggregate Commitment Amounts would be less than the Series 2025-1 Class A-1 Outstanding Principal Amount (excluding any Undrawn L/C Face Amounts with respect to which cash collateral is held by the L/C Provider pursuant to <u>Section</u> <u>4.03(b))</u> or (y) the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment. Any reduction made pursuant to this Section 2.05(a) shall be made ratably among the Investor Groups on the basis of their respective Maximum Investor Group Principal Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any of the following events shall occur, then the Commitment Amounts shall be automatically reduced on the dates and in the amounts set forth below with respect to the applicable event and the other consequences set forth below with respect to the applicable event shall ensue (and the Co-Issuers shall give the Trustee, the Control Party, each Funding Agent and the Administrative Agent prompt written notice thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) if the Outstanding Principal Amount of the Series 2025-1 Class A-1 Notes has not been paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof) by the Business Day immediately preceding the Series 2025-1 Class A-1 Senior Notes Renewal Date, on such Business Day, (x) the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds of Advances made on such date (and the Co-Issuers shall be deemed to have delivered such Advance Requests under <u>Section</u> <u>2.03</u> as may be necessary to cause such Advances to be made), and (y) the Swingline Commitment and the L/C Commitment shall both be automatically and permanently reduced to zero; and (B) upon a Series 2025-1 Class A-1 Senior Notes Amortization

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Event, (x) the Commitments with respect to all undrawn Commitment Amounts shall automatically and permanently terminate and the Maximum Investor Group Principal Amounts shall be automatically and permanently reduced by a corresponding amount on a <u>pro</u> <u>rata</u> basis and (y) each payment of principal on the Series 2025-1 Class A-1 Outstanding Principal Amount occurring following such Series 2025-1 Class A-1 Senior Notes Amortization Event shall result automatically and permanently in a dollar-for-dollar reduction of the Series 2025-1 Class A-1 Maximum Principal Amount and a corresponding reduction in each Commitment Amount and each Maximum Investor Group Principal Amount on a <u>pro</u> <u>rata</u> basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Rapid Amortization Event occurs prior to the Series 2025-1 Class A-1 Senior Notes Renewal Date, then (A) on the date such Rapid Amortization Event occurs, the Commitments with respect to all undrawn Commitment Amounts shall automatically terminate, which termination shall be deemed to have occurred immediately following the making of Advances pursuant to <u>clause (b)</u> below, and the Maximum Investor Group Principal Amounts shall be automatically reduced by a corresponding amount on a <u>pro</u> <u>rata</u> basis; (B) no later than the second Business Day after the occurrence of such Rapid Amortization Event, the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings (to the extent not repaid pursuant to <u>Section</u> <u>2.08(a)</u> or <u>Section</u> <u>4.03(b))</u> shall be repaid in full with proceeds of Advances (and the Co-Issuers shall be deemed to have delivered such Advance Requests under <u>Section</u> <u>2.03</u> as may be necessary to cause such Advances to be made) and the Swingline Commitment shall be automatically reduced to zero and the L/C Commitment shall be automatically reduced by such amount of Unreimbursed L/C Drawings repaid by such Advances; and (C) each payment of principal (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face Amounts pursuant to <u>Sections Section</u> <u>4.02(b)</u>, <u>Section</u> <u>4.03(a)</u>, <u>Section</u> <u>4.03(b)</u> and <u>Section</u> <u>9.18(c)(ii)</u>) on the Series 2025-1 Class A-1 Outstanding Principal Amount occurring on or after the date of such Rapid Amortization Event (excluding the repayment of any outstanding Swingline Loans and Unreimbursed L/C Drawings with proceeds of Advances pursuant to <u>clause (b)</u> above) shall result automatically in a dollar-for-dollar reduction of the Series 2025-1 Class A-1 Maximum Principal Amount and a corresponding reduction in each Commitment Amount and each Maximum Investor Group Principal Amount on a <u>pro</u> <u>rata</u> basis; <u>provided</u> that if such Rapid Amortization Event shall cease to be in effect pursuant to Section 9.1(e) of the Base Indenture, then the Commitments, Commitment Amounts, Swingline Commitment, L/C Commitment, Series 2025-1 Class A-1 Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be restored to the amounts in effect immediately prior to the occurrence of such Rapid Amortization Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a Change of Control occurs prior to the Series 2025-1 Springing Amendments Implementation Date (unless the Control Party has provided its prior written consent thereto), then (A) on the date such Change of Control occurs, (x) all undrawn portions of the Commitments shall automatically and permanently terminate, which termination shall be deemed to have occurred immediately following the making of Advances pursuant to <u>clause (b)</u> below, and the Maximum Investor Group Principal Amounts shall be automatically and permanently reduced by a corresponding amount on a <u>pro</u> <u>rata</u> basis), (y) the Commitment Amounts shall automatically and permanently be

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reduced to zero, which reduction shall be deemed to have occurred immediately following the making of Advances pursuant to <u>clause (b)</u> below, and (z) the Swingline Commitment and the L/C Commitment shall both be automatically and permanently reduced to zero; (B) if the Series 2025-1 Prepayment Date specified in the applicable Prepayment Notice is scheduled to occur more than two Business Days after such occurrence, then no later than the second Business Day after the occurrence of such Change of Control, the principal amount of all then outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds of Advances (and the Co-Issuers shall be deemed to have delivered such Advance Requests under <u>Section</u> <u>2.03</u> as may be necessary to cause such Advances to be made); and (C) on the Series 2025-1 Prepayment Date specified in the applicable Prepayment Notice, (x) the Commitment Amounts and the Maximum Investor Group Principal Amounts shall all be automatically and permanently reduced to zero, and (y) the Co-Issuers shall cause the Series 2025-1 Class A-1 Outstanding Principal Amount to be paid in full (or, in the case of any then-outstanding Undrawn L/C Face Amounts, to be fully cash collateralized pursuant to <u>Section</u> <u>4.02</u> or <u>Section</u> <u>4.03</u>), together with accrued interest and fees and all other amounts then due and payable to the Lender Parties, the Administrative Agent and the Funding Agents under this Agreement and the other Related Documents and any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate), subject to and in accordance with the Priority of Payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if Indemnification Payments or Real Estate Disposition Proceeds are allocated to and deposited in the Series 2025-1 Class A-1 Distribution Account in accordance with Section 3.06(j) of the Series 2025-1 Supplement at a time when either (i) no Senior Notes other than Series 2025-1 Class A-1 Notes are Outstanding or (ii) if a Series 2025-1 Class A-1 Senior Notes Amortization Period is continuing, then the Series 2025-1 Class A-1 Maximum Principal Amount shall be automatically and permanently reduced on the date of such deposit by an amount (the "<u>Series 2025-1 Class</u> <u>A-1 Allocated Payment Reduction Amount</u>") equal to the amount of such deposit, and there shall be a corresponding reduction in each Commitment Amount and each Maximum Investor Group Principal Amount on a <u>pro</u> <u>rata</u> basis (and, if after giving effect to such reduction the Series 2025-1 Class A-1 Maximum Principal Amount would be less than the sum of the Swingline Commitment and the L/C Commitment, then the aggregate amount of the Swingline Commitment and the L/C Commitment shall be reduced by the amount of such difference, with such reduction to be allocated between them in accordance with the written instructions of the Co-Issuers delivered prior to such date; <u>provided</u> that after giving effect thereto the aggregate amount of the Swingline Loans and the L/C Obligations do not exceed the Swingline Commitment and the L/C Commitment, respectively, as so reduced; <u>provided</u>, <u>further,</u> that in the absence of such instructions, such reduction shall be allocated <u>first</u> to the Swingline Commitment and <u>then</u> to the L/C Commitment) and the Series 2025-1 Class A-1 Outstanding Principal Amount shall be repaid or prepaid (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face Amounts pursuant to <u>Sections 4.02(b)</u>, <u>4.03(a)</u>, <u>4.03(b)</u> and <u>9.18(c)(ii)</u>) in an aggregate amount equal to such Series 2025-1 Class A-1 Allocated Payment Reduction Amount on the date and in the order required by Section 3.06(j) of the Series 2025-1 Supplement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if any **Event of Default** shall occur and be continuing (and shall not have been waived in accordance with the Base Indenture) and as a result the payment of the Series 2025-1 Class A-1 Notes is accelerated pursuant to the terms of the Base Indenture (and such acceleration shall not have been rescinded in accordance with the Base Indenture), then in addition to the consequences set forth in <u>clause (ii)</u> above in respect of the Rapid Amortization Event resulting from such Event of Default, the Commitment Amounts, the Swingline Commitment, the L/C Commitment and the Maximum Investor Group Principal Amounts shall all be automatically and permanently reduced to zero upon such acceleration and the Co-Issuers shall cause (in accordance with the Series 2025-1 Supplement) the Series 2025-1 Class A-1 Outstanding Principal Amount to be paid in full (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face Amounts pursuant to <u>Sections 4.02(b)</u>, <u>4.03(a)</u>, <u>4.03(b)</u> and <u>9.18(c)(ii)</u>), together with accrued interest, Series 2025-1 Class A-1 Quarterly Commitment Fees, Series 2025-1 Class A-1 Other Amounts and all other amounts then due and payable to the Lender Parties, the Administrative Agent and the Funding Agents under this Agreement and the other Related Documents and any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate) subject to and in accordance with the Priority of Payments.

Section 2.06 <u>Swingline Commitment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Co-Issuers shall issue and shall cause the Trustee to authenticate the initial Series 2025-1 Class A-1 Swingline Note, which the Co-Issuers shall deliver to the Swingline Lender on the Series 2025-1 Closing Date; <u>provided</u> that, if such Series 2025-1 Class A-1 Swingline Note is an Uncertificated Note, the Trustee shall instead register it as described in Section 4.01(f) of the Series 2025-1 Supplement. Such initial Series 2025-1 Class A-1 Swingline Note shall be dated the Series 2025-1 Closing Date, shall be registered in the name of the Swingline Lender or its nominee, or in such other name as the Swingline Lender may request, shall have a maximum principal amount equal to the Swingline Commitment, shall have an initial outstanding principal amount equal to the Series 2025-1 Class A-1 Initial Swingline Principal Amount, and (unless it is an Uncertificated Note) shall be duly authenticated in accordance with the provisions of the Indenture. Subject to the terms and conditions hereof, the Swingline Lender, in reliance on the agreements of the Committed Note Purchasers set forth in this <u>Section</u> <u>2.06,</u> agrees to make swingline loans (each, a "<u>Swingline Loan</u>" or a "<u>Series 2025-1 Class</u> <u>A-1 Swingline Loan</u>" and, collectively, the "<u>Swingline Loans</u>" or the "<u>Series 2025-1 Class</u> <u>A-1 Swingline Loans</u>") to the Co-Issuers from time to time during the period commencing on the Series 2025-1 Closing Date and ending on the date that is two (2) Business Days prior to the Commitment Termination Date; <u>provided</u> that the Swingline Lender shall have no obligation or right to make any Swingline Loan if, after giving effect thereto, (i) the aggregate principal amount of Swingline Loans outstanding would exceed the Swingline Commitment then in effect (notwithstanding that the Swingline Loans outstanding at any time, when aggregated with the Swingline Lender's other outstanding Advances hereunder, may exceed the Swingline Commitment then in effect) or (ii) the Series 2025-1 Class A-1 Outstanding Principal Amount would exceed the Series 2025-1 Class A-1 Maximum Principal Amount. Each such borrowing of a Swingline Loan will constitute a Subfacility Increase in the outstanding principal amount evidenced by the Series 2025-1 Class A- 1 Swingline Note in an amount corresponding to such borrowing. Subject to the terms of this Agreement and the Series 2025-1 Supplement, the outstanding principal amount evidenced by the Series 2025-1 Class A-1 Swingline Note may be increased by borrowings of Swingline Loans or decreased by payments of principal thereon from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever the Co-Issuers desire that the Swingline Lender make Swingline Loans, they shall (or shall cause the Manager on their behalf to) give the Swingline Lender and the Administrative Agent irrevocable notice in writing not later than 11:00 a.m. (New York City time) on the proposed borrowing date, specifying (i) the amount to be borrowed, (ii) the requested borrowing date (which shall be a Business Day during the Commitment Term not later than the date that is two (2) Business Days prior to the Commitment Termination Date) and (iii) the payment instructions for the proceeds of such borrowing (which shall be consistent with the terms and provisions of this Agreement and the Indenture and which proceeds shall be made available to the Master Issuer (on behalf of the Co-Issuers)). Such notice shall be in the form of a Swingline Advance Request in the form attached hereto as <u>Exhibit A-2</u> (a "<u>Swingline Loan Request</u>"), Promptly upon receipt of any Swingline Loan Request (but in no event later than 2:00 p.m. (New York City time) on the date of such receipt), the Swingline Lender shall promptly notify the Control Party, the Trustee and the Administrative Agent thereof in writing. Each borrowing under the Swingline Commitment shall be in a minimum amount equal to $100,000. Promptly upon receipt of any Swingline Loan Request (but in no event later than 2:00 p.m. (New York City time) on the date of such receipt), the Administrative Agent (based, with respect to any portion of the Series 2025-1 Class A-1 Outstanding Subfacility Amount held by any Person other than the Administrative Agent, solely on written notices received by the Administrative Agent under this Agreement) will inform the Swingline Lender whether or not, after giving effect to the requested Swingline Loan, the Series 2025-1 Class A-1 Outstanding Principal Amount would exceed the Series 2025-1 Class A-1 Maximum Principal Amount. If the Administrative Agent confirms that the Series 2025-1 Class A-1 Outstanding Principal Amount would not exceed the Series 2025-1 Class A-1 Maximum Principal Amount after giving effect to the requested Swingline Loan, then not later than 3:00 p.m. (New York City time) on the borrowing date specified in the Swingline Loan Request, subject to the other conditions set forth herein and in the Series 2025-1 Supplement, the Swingline Lender shall make available to the Master Issuer (on behalf of the Co-Issuers) in accordance with the payment instructions set forth in such notice an amount in immediately available funds equal to the amount of the requested Swingline Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Co-Issuers hereby agree that each Swingline Loan made by the Swingline Lender to the Co-Issuers pursuant to <u>Section</u> <u>2.06(a)</u> shall constitute the promise and obligation of the Co-Issuers jointly and severally to pay to the Swingline Lender the aggregate unpaid principal amount of all Swingline Loans made by such Swingline Lender pursuant to <u>Section</u> <u>2.06(a),</u> which amounts shall be due and payable (whether at maturity or by acceleration) as set forth in this Agreement and in the Indenture for the Series 2025-1 Class A-1 Outstanding Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In accordance with <u>Section</u> <u>2.03(a)</u>, the Co-Issuers agree to cause requests for Borrowings to be made at least one time per week if any Swingline Loans are outstanding in amounts at least sufficient to repay in full all Swingline Loans outstanding on the date of the applicable request. In accordance with <u>Section</u> <u>3.01(c),</u> outstanding Swingline Loans shall bear interest at the Base Rate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If, prior to the time Advances would have otherwise been made pursuant to <u>Section</u> <u>2.06(d),</u> an Event of Bankruptcy shall have occurred and be continuing with respect to any Co-Issuer or Guarantor or if, for any other reason, as determined by the Swingline Lender in its sole and absolute discretion, Advances may not be made as contemplated by <u>Section</u> <u>2.06(d)</u>, each Committed Note Purchaser shall, on the date such Advances were to have been made pursuant to the notice referred to in <u>Section</u> <u>2.06(d)</u>, purchase for cash an undivided participating interest in the then-outstanding Swingline Loans by paying to the Swingline Lender an amount (the "<u>Swingline Participation Amount</u>") equal to (i) its Committed Note Purchaser Percentage, <u>multiplied by</u> (ii) the related Investor Group's Commitment Percentage, <u>multiplied by</u> (iii) the aggregate principal amount of Swingline Loans then outstanding that was to have been repaid with such Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever, at any time after the Swingline Lender has received from any Investor such Investor's Swingline Participation Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Investor its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Investor's participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Investor's <u>pro</u> <u>rata</u> portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline Loans then due); <u>provided</u>, <u>however,</u> that in the event that such payment received by the Swingline Lender is required to be returned, such Investor will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each applicable Investor's obligation to make the Advances referred to in <u>Section 2.06(d)</u> and each Committed Note Purchaser's obligation to purchase participating interests pursuant to <u>Section</u> <u>2.06(f)</u> shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Investor, Committed Note Purchaser or the Co-Issuers may have against the Swingline Lender, the Co-Issuers or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in <u>Article VII</u> other than at the time the related Swingline Loan was made; (iii) any adverse change in the condition (financial or otherwise) of the Co-Issuers; (iv) any breach of this Agreement or any other Indenture Document by any Co-Issuer or any other Person or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Co-Issuers may, upon three (3) Business Days' notice to the Administrative Agent and the Swingline Lender, effect a reduction in the Swingline Commitment; <u>provided</u> that any such reduction will be limited to the undrawn portion of the Swingline Commitment. If requested by the Co-Issuers in writing and with the prior written consent of the Administrative Agent, the Swingline Lender may (but shall not be obligated to) increase the amount of the Swingline Commitment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Co-Issuers may, upon notice to the Swingline Lender (who shall promptly notify the Administrative Agent and the Trustee thereof in writing), at any time and from time to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; <u>provided</u> that (x) such notice must be received by the Swingline Lender not later than 11:00 a.m. (New York City time) on the date of the prepayment, (y) any such prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then outstanding and (z) if the source of funds for such prepayment is not a Borrowing, there shall be no unreimbursed Servicing Advances or Manager Advances (or interest thereon) at such time. Each such notice shall specify the date and amount of such prepayment. If such notice is given, the Co-Issuers shall make such prepayment directly to the Swingline Lender and the payment amount specified in such notice shall be due and payable on the date specified therein.

Section 2.07 <u>L/C Commitment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions hereof, the L/C Provider (or its permitted assigns pursuant to <u>Section</u> <u>9.17</u>), in reliance on the agreements of the Committed Note Purchasers set forth in <u>Sections 2.08</u> and <u>2.09,</u> agrees to provide standby letters of credit, including Interest Reserve Letters of Credit (each, a "<u>Letter of Credit</u>" and, collectively, the "<u>Letters of Credit</u>") for the account of the Co-Issuers on any Business Day during the period commencing on the Series 2025-1 Closing Date and ending on the date that is ten (10) Business Days prior to the Commitment Termination Date to be issued in accordance with <u>Section</u> <u>2.07(h)</u> in such form as may be approved from time to time by the L/C Provider; <u>provided</u> that the L/C Provider shall have no obligation or right to provide any Letter of Credit on a requested issuance date if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the Series 2025-1 Class A-1 Outstanding Principal Amount would exceed the Series 2025-1 Class A-1 Maximum Principal Amount. Notwithstanding anything herein to the contrary, if a requested Letter of Credit would cause the Series 2025-1 Class A-1 Outstanding Principal Amount attributable to the L/C Provider (in its capacity as Committed Note Purchaser and L/C Provider) to exceed its Commitment Amount (an "<u>L/C Commitment Excess</u>"), the Investor Groups shall effectuate a reallocation of the Series 2025-1 Class A-1 Outstanding Principal Amounts to the extent necessary so that, immediately after such requested Letter of Credit is issued, no L/C Commitment Excess would exist; <u>provided</u> that the Co-Issuers shall not be liable for any Breakage Amounts resulting solely from any such reallocations.

Each Letter of Credit shall (x) be denominated in Dollars, (y) have a face amount of at least $25,000 or, if less than $25,000, shall bear a reasonable administrative fee to be agreed upon by the Co-Issuers and the L/C Provider and (z) expire no later than the earlier of (A) the first anniversary of its date of issuance and (B) the date that is five (5) Business Days prior to the Commitment Termination Date (the "<u>Required Expiration Date</u>"); <u>provided</u> that any Letter of Credit may provide for the automatic renewal thereof for additional periods, each individually not to exceed one year (which shall in no event extend beyond the Required Expiration Date) unless the L/C Provider notifies the beneficiary of such Letter of Credit at least 30 calendar days prior to the then-applicable expiration date (or no later than the applicable notice date, if earlier, as specified in such Letter of Credit) that such Letter of Credit shall not be renewed; <u>provided,</u> <u>further,</u> that any Letter of Credit may have an expiration date that is later than the Required Expiration Date so long as either (x) the Undrawn L/C Face Amount with respect to such Letter

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of Credit has been fully cash collateralized by the Co-Issuers in accordance with <u>Section</u> <u>4.02(b)</u> or <u>4.03</u> as of the Required Expiration Date or (y) other than with respect to Interest Reserve Letters of Credit, arrangements satisfactory to the L/C Provider in its sole and absolute discretion have been made with the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with respect to such Letter of Credit, the L/C Issuing Bank) pursuant to <u>Section</u> <u>4.04</u> such that such Letter of Credit shall cease to be deemed outstanding or to be deemed a "Letter of Credit" for purposes of this Agreement as of the Commitment Termination Date.

Additionally, each Interest Reserve Letter of Credit shall (1) name the Trustee, for the benefit of the Senior Noteholders or the Senior Subordinated Noteholders, as applicable, as the beneficiary thereof; (2) allow the Trustee or the Control Party on its behalf to submit a notice of drawing in respect of such Interest Reserve Letter of Credit whenever amounts would otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to the Indenture and (3) indicate by its terms that the proceeds in respect of drawings under such Interest Reserve Letter of Credit shall be paid directly into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable.

The L/C Provider shall not at any time be obligated to (I) provide any Letter of Credit hereunder if such issuance would violate, or cause any L/C Issuing Bank to exceed any limits imposed by, any applicable Requirement of Law or (II) amend any Letter of Credit hereunder if (1) the L/C Provider would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (2) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Co-Issuers shall issue and shall cause the Trustee to authenticate the initial Series 2025-1 Class A-1 L/C Note, which the Co-Issuers shall deliver to the L/C Provider on the Series 2025-1 Closing Date; <u>provided</u> that, if such Series 2025-1 Class A-1 L/C Note is an Uncertificated Note, the Trustee shall instead register it as described in Section 4.01(f) of the Series 2025-1 Supplement. Such initial Series 2025-1 Class A-1 L/C Note shall be dated the Series 2025-1 Closing Date, shall be registered in the name of the L/C Provider or in such other name or nominee as the L/C Provider may request, shall have a maximum principal amount equal to the L/C Commitment, shall have an initial outstanding principal amount equal to the Series 2025-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount, and (unless it is an Uncertificated Note) shall be duly authenticated in accordance with the provisions of the Indenture. Each issuance of a Letter of Credit after the Series 2025-1 Closing Date will constitute an Increase in the outstanding principal amount evidenced by the Series 2025-1 Class A-1 L/C Note in an amount corresponding to the Undrawn L/C Face Amount of such Letter of Credit. All L/C Obligations (whether in respect of Undrawn L/C Face Amounts or Unreimbursed L/C Drawings) shall be deemed to be principal outstanding under the Series 2025-1 Class A-1 L/C Note and shall be deemed to be Series 2025-1 Class A-1 Outstanding Principal Amounts for all purposes of this Agreement, the Indenture and the other Related Documents other than, in the case of Undrawn L/C Face Amounts, for purposes of accrual of interest. Subject to the terms of this Agreement and the Series 2025-1 Supplement, the outstanding principal amount evidenced by the Series 2025-1 Class A-1 L/C Note shall be increased by issuances of Letters of Credit or decreased by

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expirations thereof or reimbursements of drawings thereunder or other circumstances resulting in the permanent reduction in any Undrawn L/C Face Amounts from time to time. The L/C Provider and the Co-Issuers agree to promptly notify the Administrative Agent and the Trustee of any such decreases for which notice to the Administrative Agent is not otherwise provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Co-Issuers may (or shall cause the Manager on their behalf to) from time to time request that the L/C Provider provide a new Letter of Credit by delivering to the L/C Provider at its address for notices specified herein an Application therefor (in the form required by the applicable L/C Issuing Bank as notified to the Co-Issuers by the L/C Provider), completed to the satisfaction of the L/C Provider, and such other certificates, documents and other papers and information as the L/C Provider may request on behalf of the L/C Issuing Bank. Notwithstanding the foregoing sentence, the letters of credit set forth on <u>Schedule IV</u> hereto shall be deemed Letters of Credit provided and issued by the L/C Provider hereunder as of the Series 2025-1 Closing Date. Upon receipt of any completed Application, the L/C Provider will notify the Administrative Agent and the Trustee in writing of the amount, the beneficiary and the requested expiration of the requested Letter of Credit (which shall comply with <u>Sections 2.07(a)</u> and <u>(i)</u>) and, subject to the other conditions set forth herein and in the Series 2025-1 Supplement and upon receipt of written confirmation from the Administrative Agent (based, with respect to any portion of the Series 2025-1 Class A-1 Outstanding Subfacility Amount held by any Person other than the Administrative Agent, solely on written notices received by the Administrative Agent under this Agreement) that after giving effect to the requested issuance, the Series 2025-1 Class A-1 Outstanding Principal Amount would not exceed the Series 2025-1 Class A-1 Maximum Principal Amount <u>(provided</u> that the L/C Provider shall be entitled to rely upon any written statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons of the Administrative Agent for purposes of determining whether the L/C Provider received such prior written confirmation from the Administrative Agent with respect to any Letter of Credit), the L/C Provider will cause such Application and the certificates, documents and other papers and information delivered in connection therewith to be processed in accordance with the L/C Issuing Bank's customary procedures and shall promptly provide the Letter of Credit requested thereby (but in no event shall the L/C Provider be required to provide any Letter of Credit earlier than three (3) Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto, as provided in <u>Section</u> <u>2.07(a)</u>) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the L/C Provider and the Co-Issuers. The L/C Provider shall furnish a copy of such Letter of Credit to the Manager (with a copy to the Administrative Agent) promptly following the issuance thereof. The L/C Provider shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Funding Agents, the Investors, the Control Party and the Trustee, written notice of the issuance of each Letter of Credit (including the amount thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Co-Issuers shall jointly and severally pay ratably to the Committed Note Purchasers the L/C Quarterly Fees (as defined in the Series 2025-1 Class A-1 VFN Fee Letter, the "<u>L/C Quarterly Fees</u>") in accordance with the terms of the Series 2025-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this <u>Article II,</u> the provisions of this <u>Article II</u> shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Co-Issuers may, upon three (3) Business Days' notice to the Administrative Agent and the L/C Provider, effect a reduction in the L/C Commitment; <u>provided</u> that any such reduction will be limited to the undrawn portion of the L/C Commitment. If requested by the Co-Issuers in writing and with the prior written consent of the L/C Provider and the Administrative Agent, the L/C Provider may (but shall not be obligated to) increase the amount of the L/C Commitment; <u>provided</u> that, after giving effect thereto, the aggregate amount of the Swingline Commitment and the L/C Commitment does not exceed the aggregate Commitment Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The L/C Provider shall satisfy its obligations under this <u>Section</u> <u>2.07</u> with respect to providing any Letter of Credit hereunder by issuing such Letter of Credit itself or through an Affiliate, so long as the L/C Issuing Bank Rating Test is satisfied with respect to such Affiliate and the issuance of such Letter of Credit. If the L/C Issuing Bank Rating Test is not satisfied with respect to such Affiliate and the issuance of such Letter of Credit, the L/C Provider or a Person selected by (at the expense of the L/C Provider) the Co-Issuers shall issue such Letter of Credit; <u>provided</u> that such Person and issuance of such Letter of Credit satisfies the L/C Issuing Bank Rating Test (the L/C Provider (or such Affiliate of the L/C Provider) in its capacity as the issuer of such Letter of Credit or such other Person selected by the Co-Issuers being referred to as the "<u>L/C Issuing Bank</u>" with respect to such Letter of Credit). The "<u>L/C Issuing Bank Rating Test</u>" is a test that is satisfied with respect to a Person issuing a Letter of Credit if the Person is a U.S. commercial bank that has, at the time of the issuance of such Letter of Credit, (i) a short-term certificate of deposit rating of not less than "P-2" from Moody's and "A- 2" from S&P and (ii) a long-term unsecured debt rating of not less than "Baa2" from Moody's or "BBB" from S&P or such other minimum long-term unsecured debt rating as may be reasonably required by the beneficiary of such proposed Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The L/C Provider and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit, the L/C Issuing Bank shall be under no obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Provider or the L/C Issuing Bank, as applicable, from issuing the Letter of Credit or (ii) any law applicable to the L/C Provider or the L/C Issuing Bank, as applicable, or any request or directive (which request or directive, in the reasonable judgment of the L/C Provider or the L/C Issuing Bank, as applicable, has the force of law) from any Governmental Authority with jurisdiction over the L/C Provider or the L/C Issuing Bank, as applicable, shall prohibit the L/C Provider or the L/C Issuing Bank, as applicable, from issuing of letters of credit generally or the Letter of Credit in particular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Unless otherwise expressly agreed by the L/C Provider or the L/C Issuing Bank, as applicable, and the Co-Issuers when a Letter of Credit is issued, the rules of the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall apply to each standby Letter of Credit issued hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) For the avoidance of doubt, the L/C Commitment shall be a sub-facility limit of the Commitment Amounts and aggregate outstanding L/C Obligations as of any date of determination shall be a component of the Series 2025-1 Class A-1 Outstanding Principal Amount on such date of determination, pursuant to the definition thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If, on the date that is five (5) Business Days prior to the expiration of any Interest Reserve Letter of Credit, such Interest Reserve Letter of Credit has not been replaced or renewed and the Co-Issuers have not otherwise deposited funds into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in the amounts that would otherwise be required pursuant to the Indenture had such Interest Reserve Letter of Credit not been issued, the Master Issuer or the Control Party on its behalf will submit a notice of drawing under such Interest Reserve Letter of Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior Notes Interest Reserve Account Deficient Amount or the Senior Subordinated Notes Interest Reserve Account Deficient Amount, as applicable, on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Each of the parties hereto shall execute any amendments to this Agreement reasonably requested by the Co-Issuers in order to have any letter of credit issued by a Person selected by the Co-Issuers pursuant to <u>Section</u> <u>2.07(h)</u> hereto or Section 5.17 of the Base Indenture be a "Letter of Credit" that has been issued hereunder and such Person selected by the Co-Issuers be an "L/C Issuing Bank."

Section 2.08 <u>L/C Reimbursement Obligations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of reimbursing the payment of any draft presented under any Letter of Credit, the Co-Issuers jointly and severally agree to pay, as set forth in this <u>Section</u> <u>2.08,</u> the L/C Provider, for its own account or for the account of the L/C Issuing Bank, as applicable, within five Business Days after the day (subject to and in accordance with the Priority of Payments) on which the L/C Provider notifies the Co-Issuers and the Administrative Agent (and in each case the Administrative Agent shall promptly, and in any event by 3:00 p.m. (New York City time) on the same Business Day as its receipt of the same, notify the Funding Agents) of the date and the amount of such draft, an amount in U.S. Dollars equal to the sum of (i) the amount of such draft so paid (the "<u>L/C Reimbursement Amount</u>") and (ii) any taxes, fees, charges or other costs or expenses (including amounts payable pursuant to <u>Section</u> <u>3.02(c),</u> and collectively, the "<u>L/C Other Reimbursement Costs</u>") incurred by the L/C Issuing Bank in connection with such payment. Each drawing under any Letter of Credit shall (unless an Event of Bankruptcy shall have occurred and be continuing with respect to the Co-Issuers or any Guarantor, in which cases the procedures specified in <u>Section</u> <u>2.09</u> for funding by Committed Note Purchasers shall apply) constitute a request by the Co-Issuers to the Administrative Agent and each Funding Agent for a Base Rate Advance pursuant to <u>Section</u> <u>2.03</u> in the amount equal to the applicable L/C Reimbursement Amount and the Co-Issuers shall be deemed to have made such request pursuant to the procedures set forth in <u>Section</u> <u>2.03.</u> The applicable Investors in each Investor Group hereby agree to make Advances in an aggregate amount for each Investor Group equal to such Investor Group's Commitment Percentage of the L/C Reimbursement Amount to pay the L/C Provider. The Borrowing date with respect to such Borrowing shall be

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the first date on which a Base Rate Advance could be made pursuant to <u>Section</u> <u>2.03</u> if the Administrative Agent had received a notice of such Borrowing at the time the Administrative Agent receives notice from the L/C Provider of such drawing under such Letter of Credit. Such Investors shall make the amount of such Advances available to the Administrative Agent in immediately available funds not later than 3:00 p.m. (New York City time) on such Borrowing date, and the proceeds of such Advances shall be immediately made available by the Administrative Agent to the L/C Provider for application to the reimbursement of such drawing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers' obligations under <u>Section</u> <u>2.08(a)</u> shall be absolute and unconditional, and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances and irrespective of (i) any setoff, counterclaim or defense to payment that the Co-Issuers may have or have had against the L/C Provider, the L/C Issuing Bank, any beneficiary of a Letter of Credit or any other Person; (ii) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein; (iii) payment by the L/C Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit; (iv) payment by the L/C Issuing Bank under a Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under the Bankruptcy Code or any other liquidation, conservatorship, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of any jurisdictions, (v) any amendment or waiver of or consent to any departure from any or all of the Related Documents, (vi) the insolvency of any Person issuing any documents in connection with any Letter of Credit or (vii) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this <u>Section</u> <u>2.08(b),</u> constitute a legal or equitable discharge of, or provide a right of setoff against, any Co-Issuer's obligations hereunder. The Co-Issuers also agree that the L/C Provider and the L/C Issuing Bank shall not be responsible for, and the Co-Issuers' Reimbursement Obligations under <u>Section</u> <u>2.08(a)</u> shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Co-Issuers and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Co-Issuers against any beneficiary of such Letter of Credit or any such transferee. Neither the L/C Provider nor the L/C Issuing Bank shall be liable for any error, omission, interruption, loss or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Co- Issuers to the extent permitted by applicable law) caused by errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the L/C Provider or the L/C Issuing Bank, as the case may be. The Co-Issuers agree that any action taken or omitted by the L/C Provider or the L/C Issuing Bank, as the case may be, under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or willful misconduct and in accordance with the standards of care specified in the UCC of the State of New York, shall be binding on the Co-Issuers and shall not result in any liability of the L/C Provider or the L/C Issuing Bank to the Co-Issuers. As between the Co-Issuers and the L/C Issuing Bank, the Co-Issuers hereby assume

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all risks of the acts or omissions of any beneficiary or transferee with respect to such beneficiary's or transferee's use of any Letter of Credit. In furtherance of the foregoing and without limiting the generality thereof, the Co-Issuers agree with the L/C Issuing Bank that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the L/C Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any draft shall be presented for payment under any Letter of Credit, the L/C Provider shall promptly notify the Manager, the Co-Issuers and the Administrative Agent of the date and amount thereof. The responsibility of the applicable L/C Issuing Bank to the Co- Issuers in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit and, in paying such draft, such L/C Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of any Person(s) executing or delivering any such document.

Section 2.09 <u>L/C Participations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The L/C Provider irrevocably agrees to grant and hereby grants to each Committed Note Purchaser, and, to induce the L/C Provider to provide Letters of Credit hereunder (and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit, to induce the L/C Provider to agree to reimburse such L/C Issuing Bank for any payment of any drafts presented thereunder), each Committed Note Purchaser irrevocably and unconditionally agrees to accept and purchase and hereby accepts and purchases from the L/C Provider, on the terms and conditions set forth below, for such Committed Note Purchaser's own account and risk an undivided interest equal to its Committed Note Purchaser Percentage of the related Investor Group's Commitment Percentage of the L/C Provider's obligations and rights under and in respect of each Letter of Credit provided hereunder and the L/C Reimbursement Amount with respect to each draft paid or reimbursed by the L/C Provider in connection therewith. Subject to <u>Section</u> <u>2.07(c)</u>, each Committed Note Purchaser unconditionally and irrevocably agrees with the L/C Provider that, if a draft is paid under any Letter of Credit for which the L/C Provider is not paid in full by the Co-Issuers in accordance with the terms of this Agreement, such Committed Note Purchaser shall pay to the Administrative Agent upon demand of the L/C Provider an amount equal to its Committed Note Purchaser Percentage of the related Investor Group's Commitment Percentage of the L/C Reimbursement Amount with respect to such draft, or any part thereof, that is not so paid. For the avoidance of doubt, Undrawn L/C Face Amounts shall not be taken into account when calculating the Commitment Percentage of any Committed Note Purchaser other than a Committed Note Purchaser that is in the same Investor Group as the L/C Provider.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any amount required to be paid by any Committed Note Purchaser to the Administrative Agent for forwarding to the L/C Provider pursuant to <u>Section</u> <u>2.09(a)</u> in respect of any unreimbursed portion of any payment made or reimbursed by the L/C Provider under any Letter of Credit is paid to the Administrative Agent for forwarding to the L/C Provider within three (3) Business Days after the date such payment is due, such Committed Note Purchaser shall pay to Administrative Agent for forwarding to the L/C Provider on demand an amount equal to the <u>product</u> of (i) such amount, <u>times</u> (ii) the daily average Federal Funds Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the L/C Provider, <u>times</u> (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any Committed Note Purchaser pursuant to <u>Section</u> <u>2.09(a)</u> is not made available to the Administrative Agent for forwarding to the L/C Provider by such Committed Note Purchaser within three (3) Business Days after the date such payment is due, the L/C Provider shall be entitled to recover from such Committed Note Purchaser, on demand, such amount with interest thereon calculated from such due date at the Base Rate. A certificate of the L/C Provider submitted to any Committed Note Purchaser with respect to any amounts owing under this <u>Section</u> <u>2.09(b),</u> in the absence of manifest error, shall be conclusive and binding on such Committed Note Purchaser. Such amounts payable under this <u>Section</u> <u>2.09(b)</u> shall be paid without any deduction for any withholding Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever, at any time after payment has been made under any Letter of Credit and the L/C Provider has received from any Committed Note Purchaser its <u>pro</u> <u>rata</u> share of such payment in accordance with <u>Section</u> <u>2.09(a),</u> the Administrative Agent or the L/C Provider receives any payment related to such Letter of Credit (whether directly from the Co- Issuers or otherwise, including proceeds of collateral applied thereto by the L/C Provider), or any payment of interest on account thereof, the Administrative Agent or the L/C Provider, as the case may be, will distribute to such Committed Note Purchaser its <u>pro</u> <u>rata</u> share thereof; <u>provided</u>, <u>however</u>, that in the event that any such payment received by the Administrative Agent or the L/C Provider, as the case may be, shall be required to be returned by the Administrative Agent or the L/C Provider, such Committed Note Purchaser shall return to the Administrative Agent for the account of the L/C Provider the portion thereof previously distributed by the Administrative Agent or the L/C Provider, as the case may be, to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Committed Note Purchaser's obligation to make the Advances referred to in <u>Section</u> <u>2.08(a)</u> and to pay its <u>pro</u> <u>rata</u> share of any unreimbursed draft pursuant to <u>Section</u> <u>2.09(a)</u> shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Committed Note Purchaser or the Co-Issuers may have against the L/C Provider, any L/C Issuing Bank, the Co-Issuers or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in <u>Article VII</u> other than at the time the related Letter of Credit was issued; (iii) an adverse change in the condition (financial or otherwise) of the Co-Issuers; (iv) any breach of this Agreement or any other Indenture Document by any Co-Issuer or any other Person; (v) any amendment, renewal or extension of any Letter of Credit in compliance with this Agreement or with the terms of such Letter of Credit, as applicable; or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

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**ARTICLE III** 

**<u>INTEREST AND FEES</u>**

Section 3.01 <u>Interest.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that an Advance is funded or maintained by a Conduit Investor through the issuance of Commercial Paper, such Advance shall bear interest at the CP Rate applicable to such Conduit Investor. To the extent that, and only for so long as, an Advance is funded or maintained by a Conduit Investor through means other than the issuance of Commercial Paper (based on its determination in good faith that it is unable to raise or is precluded or prohibited from raising, or that it is not advisable to raise, funds through the issuance of Commercial Paper in the commercial paper market of the United States to finance its purchase or maintenance of such Advance or any portion thereof (which determination may be based on any allocation method employed in good faith by such Conduit Investor), including by reason of market conditions or by reason of insufficient availability under any of its Program Support Agreement or the downgrading of any of its Program Support Providers), such Advance shall bear interest at (i) the Base Rate or (ii) if the required notice has been given pursuant to <u>Section</u> <u>3.01(b)</u> with respect to such Advance, for any SOFR Interest Accrual Period, the Term SOFR Rate applicable to such SOFR Interest Accrual Period for such Advance, in each case except as otherwise provided in the definition of SOFR Interest Accrual Period or in <u>Sections</u> <u>3.03</u> or <u>Section</u> <u>3.03.</u> Each Advance funded or maintained by a Committed Note Purchaser or a Program Support Provider shall bear interest at (i) the Base Rate or (ii) if the required notice has been given pursuant to <u>Section</u> <u>3.01(b)</u> with respect to such Advance, for any SOFR Interest Accrual Period, the Term SOFR Rate applicable to such SOFR Interest Accrual Period for such Advance, in each case except as otherwise provided in the definition of SOFR Interest Accrual Period or in <u>Sections 3.03</u> or <u>Section 3.04</u>. By (x) 11:00 a.m. (New York City time) on the second Business Day preceding each Accounting Date, each Funding Agent shall notify the Administrative Agent of the applicable CP Rate for each Advance made by its Investor Group that was funded or maintained through the issuance of Commercial Paper and was outstanding during all or any portion of the Interest Period ending immediately prior to such Accounting Date and (y) 3:00 p.m. (New York City time) on the second Business Day preceding each Accounting Date, the Administrative Agent shall notify the Master Issuer (on behalf of the Co-Issuers), the Manager, the Trustee, the Servicer and the Funding Agents of such applicable CP Rate and of the applicable interest rate for each other Advance for such Interest Period and of the amount of interest accrued on Advances during such Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Advance (other than one funded or maintained by a Conduit Investor through the issuance of Commercial Paper), so long as no Potential Rapid Amortization Event, Rapid Amortization Period or Event of Default has commenced and is continuing, the Master Issuer may elect that such Advance bear interest at the Term SOFR Rate for any SOFR Interest Accrual Period (which shall be a period with a term of, at the election of the Co-Issuers subject to the proviso in the definition of SOFR Interest Accrual Period, one month, three months or six months, or such other time period subsequent to such date not to exceed six months as agreed upon by the Master Issuer and the Administrative Agent) while such Advance is outstanding to the extent provided in <u>Section</u> <u>3.01(a)</u> by giving notice thereof (including notice of the Co-Issuers' election of the term for the applicable SOFR Interest Accrual

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Period) to the Funding Agents prior to 12:00 p.m. (New York City time) on the date which is three (3) U.S. Government Securities Business Days prior to the commencement of such SOFR Interest Accrual Period. If such notice is not given in a timely manner, such Advance shall bear interest at the Base Rate. Each such conversion to or continuation of SOFR Advances for a new SOFR Interest Accrual Period in accordance with this <u>Section</u> <u>3.01(b)</u> shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $500,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any outstanding Swingline Loans and Unreimbursed L/C Drawings shall bear interest at the Base Rate. By (x) 11:00 a.m. (New York City time) on the second Business Day preceding each Accounting Date, the Swingline Lender shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Swingline Loans during the Interest Period ending on such date and the L/C Provider shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Unreimbursed L/C Drawings during such Interest Period and the amount of fees accrued on any Undrawn L/C Face Amounts during such Interest Period and (y) 3:00 p.m. (New York City time) on such date, the Administrative Agent shall notify the Servicer, the Trustee, the Master Issuer (on behalf of the Co-Issuers) and the Manager of the amount of such accrued interest and fees as set forth in such notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All accrued interest pursuant to <u>Sections 3.01(a)</u> or <u>(c)</u> shall be due and payable in arrears on each Quarterly Payment Date in accordance with the applicable provisions of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In addition, under the circumstances set forth in Section 3.04 of the Series 2025-1 Supplement, the Co-Issuers shall jointly and severally pay quarterly interest in respect of the Series 2025-1 Class A-1 Outstanding Principal Amount in an amount equal to the Series 2025-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest payable pursuant to such Section 3.4, subject to and in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All computations of interest at the CP Rate and the Term SOFR Rate, all computations of Series 2025-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest (other than any accruing on any Base Rate Advances) and all computations of fees shall be made on the basis of a year of 360 days and the actual number of days elapsed. All computations of interest at the Base Rate and all computations of Series 2025-1 Class A-1 Quarterly Post- Renewal Date Contingent Interest accruing on any Base Rate Advances shall be made on the basis of a 365- (or 366-, as applicable) day year and actual number of days elapsed. Whenever any payment of interest, principal or fees hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, unless specified otherwise in the Indenture, and such extension of time shall be included in the computation of the amount of interest owed. Interest shall accrue on each Advance, Swingline Loan and Unreimbursed L/C Drawing from and including the day on which it is made to but excluding the date of repayment thereof.

Section 3.02 <u>Fees.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers jointly and severally shall pay to the Administrative Agent for its own account the Administrative Agent Fees (as defined in the Series 2025-1 Class A-1 VFN Fee Letter, collectively, the <u>"Administrative Agent Fees")</u> in accordance with the terms of the Series 2025-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Quarterly Payment Date on or prior to the Commitment Termination Date, the Co-Issuers jointly and severally shall, in accordance with <u>Section</u> <u>4.01,</u> pay to each Funding Agent, for the account of the related Committed Note Purchaser(s), the Undrawn Commitment Fees (as defined in the Series 2025-1 Class A-1 VFN Fee Letter, the "<u>Undrawn Commitment Fees</u>") in accordance with the terms of the Series 2025-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Co-Issuers jointly and severally shall pay (i) the fees required pursuant to <u>Section</u> <u>2.07</u> in respect of Letters of Credit and (ii) any other fees set forth in the Series 2025-1 Class A-1 VFN Fee Letter (including the Upfront Commitment Fee and any Extension Fees (each, as defined in the Series 2025-1 Class A-1 VFN Fee Letter)), subject to the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All fees payable pursuant to this <u>Section</u> <u>3.02</u> shall be calculated in accordance with <u>Section</u> <u>3.01(f)</u> and paid on the date due in accordance with the applicable provisions of the Indenture. Once paid, all fees shall be nonrefundable under all circumstances other than manifest error.

Section 3.03 <u>SOFR Lending Unlawful</u>. If any Investor or Program Support Provider shall determine that any Change in Law makes it unlawful, or any Official Body asserts that it is unlawful, for any such Person to fund or maintain any Advance as a SOFR Advance, the obligation of such Person to fund or maintain any such Advance as a SOFR Advance shall, upon such determination, forthwith be suspended until such Person shall notify the Administrative Agent, the related Funding Agent, the Manager and the Co-Issuers that the circumstances causing such suspension no longer exist, and all then-outstanding SOFR Advances of such Person shall be automatically converted into Base Rate Advances at the end of the then-current SOFR Interest Accrual Period with respect thereto or sooner, if required by such law or assertion.

Section 3.04 <u>Benchmark Replacement</u>. If the Administrative Agent shall have determined that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein or in any other Related Document, upon the occurrence of a Benchmark Transition Event, (i) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Related Document without any amendment to, or further action or consent of any other party to, this Agreement or any other Related Document and (ii) if a Benchmark Replacement is determined in accordance with clause

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Related Document at or after 5:00 p.m. (Eastern time) on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to the affected Investors and the Co- Issuers so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from groups of Investors comprising the Required Investor Groups (provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Related Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Related Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent will promptly notify the Co-Issuers and the Investors of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Co-Issuers of the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section</u> <u>3.04(d)</u>. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Investor (or group of Investors) pursuant to this <u>Section</u> <u>3.04</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Related Document, except, in each case, as expressly required pursuant to this <u>Section</u> <u>3.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary herein or in any other Related Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the administrator of such unadjusted Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "SOFR Interest Accrual Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "SOFR Interest Accrual Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Co-Issuers' receipt of notice of the commencement of a Benchmark Unavailability Period, the Co-Issuers may revoke any pending request for a borrowing of, conversion to or continuation of any SOFR Advances to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Co-Issuers will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Advances. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

Section 3.05 <u>Increased Costs, etc.</u> The Co-Issuers jointly and severally agree to reimburse each Investor and any Program Support Provider (each, an "<u>Affected Person</u>", which term, for purposes of Sections 3.07, 3.08 and 3.09, shall also include the Swingline Lender and the L/C Issuing Bank) for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Affected Person, including reductions in the rate of return on such Affected Person's capital, in respect of funding or maintaining (or of its obligation to fund or maintain) any Advances that arise in connection with any Change in Law which shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Affected Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) impose on any Affected Person any other condition affecting this Agreement or SOFR Advances made by such Affected Person or any Letter of Credit or participation therein;

except for any Change in Law with respect to increased capital costs and Taxes which shall be governed by Sections 3.07 and 3.08, respectively (whether or not amounts are payable thereunder in respect thereof). Each such demand shall be provided to the related Funding Agent and the Co-Issuers in writing and shall state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Affected Person for such increased cost or reduced amount of return. Such additional amounts ("<u>Increased Costs</u>") shall be deposited into the Collection Account by the Co-Issuers within five (5) Business Days of receipt of such notice to be payable as Class A-1 Senior Notes Other Amounts, subject to and in accordance with the Priority of Payments, on the Quarterly Payment Date following the Quarterly Collection Period in which such notice is received, to the Administrative Agent and by the Administrative Agent to such Funding Agent and by such Funding Agent directly to such Affected Person, and such notice shall, in the absence of manifest error, be conclusive and binding on the Co-Issuers; provided that with respect to any notice given to the Co-Issuers under this <u>Section</u> <u>3.03</u>, the Co- Issuers shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of the circumstances giving rise to such increased costs or reductions in the rate of return (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

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Section 3.06 <u>Funding Losses</u>. In the event any Affected Person shall incur any loss or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Person to fund or maintain any portion of the principal amount of any Advance as a SOFR Advance) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any conversion, repayment, prepayment or redemption (for any reason, including, without limitation, as a result of any Mandatory Decrease or Voluntary Decrease, or the acceleration of the maturity of such SOFR Advance) of the principal amount of any SOFR Advance on a date other than the scheduled last day of the SOFR Interest Accrual Period applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Advance not being funded or maintained as a SOFR Advance after a request therefor has been made in accordance with the terms contained herein (for a reason other than the failure of such Affected Person to make an Advance after all conditions thereto have been met); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure of the Co-Issuers to make a Mandatory Decrease or a Voluntary Decrease, prepayment or redemption with respect to any SOFR Advance after giving notice thereof pursuant to the applicable provisions of the Series 2025-1 Supplement; then, upon the written notice of any Affected Person to the related Funding Agent and the Co-Issuers, the Co-Issuers jointly and severally shall deposit into the Collection Account (within five (5) Business Days of receipt of such notice) to be payable as Class A-1 Senior Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and such Funding Agent shall pay directly to such Affected Person such amount ("<u>Breakage Amoun</u>t" or "<u>Series 2025-1 Class</u> <u>A-1 Breakage Amount</u>") as will (in the reasonable determination of such Affected Person) reimburse such Affected Person for such loss or expense; <u>provided</u> that with respect to any notice given to the Co-Issuers under this <u>Section</u> <u>3.06,</u> the Co-Issuers shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of the circumstances giving rise to such loss or expense. Such written notice (which shall include calculations in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on the Co-Issuers.

Section 3.07 <u>Increased Capital or Liquidity Costs</u>. If any Change in Law affects or would affect the amount of capital or liquidity required or reasonably expected to be maintained by any Affected Person or any Person controlling such Affected Person and such Affected Person determines in its sole and absolute discretion that the rate of return on its or such controlling Person's capital as a consequence of its commitment hereunder or under a Program Support Agreement or the Advances, Swingline Loans or Letters of Credit made or issued by such Affected Person is reduced to a level below that which such Affected Person or such controlling Person would have achieved but for the occurrence of any such circumstance, then, in any such case after notice from time to time by such Affected Person (or in the case of an L/C Issuing Bank, by the L/C Provider) to the related Funding Agent and the Co-Issuers (or, in the case of the Swingline Lender or the L/C Provider, to the Co-Issuers), the Co-Issuers jointly and severally shall deposit into the Collection Account within seven (7) Business Days of the Co- Issuers' receipt of such notice, to be payable as Class A-1 Senior Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent (or, in the case of the Swingline Lender or the L/C Provider, directly to such Person) and such Funding Agent shall pay to such Affected Person, such amounts ("<u>Increased Capital Costs</u>") as will be sufficient to compensate such Affected Person or such controlling Person for such reduction in rate of return; <u>provided</u> that with respect

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to any notice given to the Co-Issuers under this <u>Section</u> <u>3.07,</u> the Co-Issuers shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of the Change in Law (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). A statement of such Affected Person as to any such additional amount or amounts (including calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on the Co- Issuers. In determining such additional amount, such Affected Person may use any method of averaging and attribution that it (in its reasonable discretion) shall deem applicable so long as it applies such method to other similar transactions.

Section 3.08 <u>Taxes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise required by law, all payments by the Co-Issuers of principal of, and interest on, the Advances, the Swingline Loans and the L/C Obligations and all other amounts payable hereunder (including fees) shall be made free and clear of and without deduction or withholding for or on account of any present or future income, excise, documentary, property, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges in the nature of a tax imposed by any taxing authority including all interest, penalties or additions to tax and other liabilities with respect thereto (all such taxes, fees, duties, withholdings and other charges, and including all interest, penalties or additions to tax and other liabilities with respect thereto, being called "<u>Class</u> <u>A-1 Taxes</u>"), but excluding in the case of any Affected Person (i) net income, franchise (imposed in lieu of net income) or similar Class A-1 Taxes (and including branch profits or alternative minimum Class A-1 Taxes) and any other Class A-1 Taxes imposed or levied on the Affected Person as a result of a connection between the Affected Person and the jurisdiction of the Governmental Authority imposing such Class A-1 Taxes (or any political subdivision or taxing authority thereof or therein) (other than any such connection arising solely from such Affected Person having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Related Document), (ii) with respect to any Affected Person organized under the laws of a jurisdiction other than the United States or any state of the United States ("<u>Foreign Affected Person</u>"), any withholding Tax that is imposed on amounts payable to the Foreign Affected Person at the time the Foreign Affected Person becomes a party to this Agreement (or designates a new lending office), except to the extent that such Foreign Affected Person (or its assignor, if any) was already entitled, at the time of the designation of the new lending office (or assignment), to receive additional amounts from the Co-Issuers with respect to withholding Tax, (iii) with respect to any Affected Person, any Class A-1 Taxes imposed under FATCA, (iv) any backup withholding Tax and (v) with respect to any Affected Person, any Class A-1 Taxes imposed as a result of such Affected Person's failure to comply with <u>Section</u> <u>3.08(d)</u> (such Class A-1 Taxes not excluded by <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u> above being called "<u>Non-Excluded Taxes</u>"). If any Class A-1 Taxes are imposed and required by law to be withheld or deducted from any amount payable by the Co-Issuers hereunder to an Affected Person, then, if such Class A-1 Taxes are Non-Excluded Taxes, (x) the amount of the payment shall be increased so that such payment is made, after withholding or deduction for or on account of such Non-Excluded Taxes, in an amount that is not less than the amount equal to the sum that would have been received by the Affected Person had no such deduction or withholding been required and (y) the Co-Issuers shall withhold the amount of such Class A-1 Taxes from such payment (as increased, if applicable, pursuant to the preceding clause (x)) and shall pay such amount, subject to and in accordance with the Priority of Payments, to the taxing authority imposing such Class A-1 Taxes in accordance with applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Moreover, if any Non-Excluded Taxes are directly asserted against any Affected Person with respect to any payment received by such Affected Person from the Co- Issuers or otherwise in respect of any Related Document or the transactions contemplated therein, such Affected Person may pay such Non-Excluded Taxes and the Co-Issuers will jointly and severally, within fifteen (15) Business Days of the related Funding Agent's and Co-Issuers' receipt of written notice stating the amount of such Non-Excluded Taxes (including the calculation thereof in reasonable detail), deposit into the Collection Account, to be distributed as Class A-1 Senior Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and by such Funding Agent directly to such Affected Persons, such additional amounts (collectively, <u>"Increased Tax Costs,"</u> which term shall include all amounts payable by or on behalf of any Co-Issuer pursuant to this <u>Section</u> <u>3.08)</u> as is necessary in order that the net amount received by such Affected Person after the payment of such Non-Excluded Taxes (including any Non-Excluded Taxes on such Increased Tax Costs) shall equal the amount such Person would have retained had no such Non-Excluded Taxes been asserted. Any amount payable to an Affected Person under this <u>Section</u> <u>3.08</u> shall be reduced by, and Increased Tax Costs shall not include, the amount of incremental damages (including Class A-1 Taxes) due or payable by any Co-Issuer as a direct result of such Affected Person's failure to demand from the Co-Issuers additional amounts pursuant to this <u>Section</u> <u>3.08</u> within 180 days from the date on which the related Non-Excluded Taxes were incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As promptly as practicable after the payment of any Class A-1 Taxes, and in any event within thirty (30) days of any such payment being due, the Co-Issuers shall furnish to each applicable Affected Person or its agents a certified copy of an official receipt (or other documentary evidence satisfactory to such Affected Person and agents) evidencing the payment of such Class A-1 Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Affected Person, on or prior to the date it becomes a party to this Agreement (and from time to time thereafter as soon as practicable after the obsolescence or invalidity of any form or document previously delivered or within a reasonable period of time following a written request by the Co-Issuers), shall deliver to any Co-Issuer (or to more than one Co-Issuer, as the Co-Issuers may reasonably request) and the Administrative Agent a U.S. Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, Form W-8IMY or Form W-9, as applicable, or applicable successor form, or such other forms or documents (or successor forms or documents), appropriately completed and executed, as may be applicable, as will permit such Co-Issuer (or Co-Issuers) or the Administrative Agent, in their reasonable determination, to establish the extent to which a payment to such Affected Person is exempt from, or eligible for a reduced rate of, United States federal withholding Taxes including but not limited to, such information necessary to claim the benefits of the exemption for portfolio interest under section 881(c) of the Code and to determine whether or not such Affected Person is subject to backup withholding or information reporting requirements. Promptly following the receipt of a written request by the Co-Issuers or the Administrative Agent, each Affected Person

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shall deliver to any Co-Issuer (or to more than one Co-Issuer, as the Co-Issuers may reasonably request) and the Administrative Agent any other forms or documents (or successor forms or documents), appropriately completed and executed, as may be applicable to establish the extent to which a payment to such Affected Person is exempt from withholding or deduction of Non- Excluded Taxes other than United States federal withholding Taxes. The Co-Issuers and the Administrative Agent (or other withholding agent selected by the Co-Issuers) may rely on any form or document provided pursuant to this <u>Section</u> <u>3.08(d)</u> until notified otherwise by the Affected Person that delivered such form or document. Notwithstanding anything to the contrary, no Affected Person shall be required to deliver any documentation that it is not legally eligible to deliver as a result of a change in applicable law after the time the Affected Person becomes a party to this Agreement (or designates a new lending office).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrative Agent, Trustee, Paying Agent or any other withholding agent may deduct and withhold any Class A-1 Taxes required by any laws to be deducted and withheld from any payments pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any Governmental Authority asserts that the Co-Issuers or the Administrative Agent or other withholding agent did not properly withhold or backup withhold, as the case may be, any Class A-1 Taxes from payments made to or for the account of any Affected Person, then to the extent such improper withholding or backup withholding was directly caused by such Affected Person's actions or inactions, such Affected Person shall indemnify the Co-Issuers, Trustee, Paying Agent and the Administrative Agent for any Class A- 1 Taxes imposed by any jurisdiction on the amounts payable to the Co-Issuers and the Administrative Agent under this <u>Section</u> <u>3.08</u>, and costs and expenses (including attorney costs) of the Co-Issuers, Trustee, Paying Agent and the Administrative Agent. The obligation of the Affected Persons, severally, under this <u>Section</u> <u>3.08</u> shall survive any assignment of rights by, or the replacement of, an Affected Person or the termination of the aggregate Commitments, repayment of all other Obligations hereunder and the resignation of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Prior to the Series 2025-1 Closing Date, the Administrative Agent will provide the Co-Issuers with a properly executed and completed U.S. Internal Revenue Service Form W-8IMY or W-9, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If an Affected Person determines, in its sole reasonable discretion, that it has received a refund of any Non-Excluded Taxes as to which it has been indemnified pursuant to this <u>Section</u> <u>3.08</u> or as to which it has been paid additional amounts pursuant to this <u>Section</u> <u>3.08,</u> it shall promptly notify the Co-Issuers and the Manager in writing of such refund and shall, within 30 days after receipt of a written request from the Co-Issuers, pay over such refund to a Co-Issuer (but only to the extent of indemnity payments made or additional amounts paid to such Affected Person under this <u>Section</u> <u>3.08</u> with respect to the Non-Excluded Taxes giving rise to such refund), net of all out-of-pocket expenses (including the net amount of Taxes, if any, imposed on or with respect to such refund or payment) of the Affected Person and without interest (other than any interest paid by the relevant taxing authority that is directly attributable to such refund of such Non-Excluded Taxes); <u>provided</u> that the Co-Issuers, immediately upon the request of the Affected Person to any Co-Issuer (which request shall include a calculation in reasonable detail of the amount to be repaid) agrees to repay the amount of the refund (and any applicable interest) (plus any penalties, interest or other charges imposed by the relevant taxing

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authority with respect to such amount) to the Affected Person in the event the Affected Person or any other Person is required to repay such refund to such taxing authority. This <u>Section</u> <u>3.08</u> shall not be construed to require the Affected Person to make available its Tax returns (or any other information relating to its Taxes that it reasonably deems confidential) to the Co-Issuers or any other Person.

Section 3.09 <u>Change of Lending Office</u>. Each Committed Note Purchaser agrees that, upon the occurrence of any event giving rise to the operation of <u>Sections 3.03</u> or <u>3.07</u> or the payment of additional amounts under <u>Sections 3.08(a)</u> or <u>(b)</u>, in each case with respect to an Affected Person in such Committed Note Purchaser's Investor Group, it will, if requested by the Co-Issuers, use reasonable efforts (subject to overall policy considerations of such Committed Note Purchaser) to designate, or cause the designation of, another lending office for any Advances affected by such event with the object of avoiding the consequences of such event; <u>provided</u> that such designation is made on terms that, in the sole judgment of such Committed Note Purchaser, cause such Committed Note Purchaser and its lending office(s) or the related Affected Person to suffer no economic, legal or regulatory disadvantage; <u>provided</u>, <u>further</u>, that nothing in this <u>Section</u> <u>3.09</u> shall affect or postpone any of the obligations of the Co-Issuers or the rights of any Committed Note Purchaser pursuant to <u>Sections 3.03</u>, <u>3.07</u> and <u>3.08</u>. If a Committed Note Purchaser notifies the Co-Issuers in writing that such Committed Note Purchaser will be unable to designate, or cause the designation of, another lending office, the Co- Issuers may replace every member (but not any subset thereof) of such Committed Note Purchaser's entire Investor Group by giving written notice to each member of such Investor Group and the Administrative Agent designating one or more Persons that are willing and able to purchase each member of such Investor Group's rights and obligations under this Agreement for a purchase price that, with respect to each such member of such Investor Group, will equal the amount owed to each such member of such Investor Group with respect to the Series 2025-1 Class A-1 Advance Notes (whether arising under the Indenture, this Agreement, the Series 2025- 1 Class A-1 Advance Notes or otherwise). Upon receipt of such written notice, each member of such Investor Group shall assign its rights and obligations under this Agreement pursuant to and in accordance with <u>Sections 9.17(a),</u> <u>(b)</u> and <u>(c)</u>, as applicable, in consideration for such purchase price and at the reasonable expense of the Co-Issuers (including, without limitation, the reasonable documented fees and out-of-pocket expenses of counsel to each such member); <u>provided, however,</u> that no member of such Investor Group shall be obligated to assign any of its rights and obligations under this Agreement if the purchase price to be paid to such member is not at least equal to the amount owed to such member with respect to the Series 2025-1 Class A- 1 Advance Notes (whether arising under the Indenture, this Agreement, the Series 2025-1 Class A-1 Advance Notes or otherwise).

Section 3.10 <u>Reaffirmation</u>.

The Co-Issuers and each Guarantor (including those that that become party hereto after the date hereof), in its respective capacity as a Co-Issuer, a Guarantor, debtor, obligor, grantor, pledgor, assignor, or other similar capacity in which such party acts as direct or indirect, or primary or secondary, obligor, accommodation party or guarantor or grants liens or security interests in or to its properties hereunder or under any other Related Document, hereby acknowledges and agrees to be bound by the provisions of Section 3.04 (including, without limitation, the implementation from time to time of any Benchmark Replacement and any

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Conforming Changes in accordance herewith) and, in furtherance of the forgoing (and without, in any way express or implied, invalidating, impairing or otherwise negatively affecting any obligations heretofore provided) hereby acknowledges and agrees that in connection with and after giving effect to any Conforming Changes: (i) its obligations shall not in any way be novated, discharged or otherwise impaired, and shall continue, be ratified and be affirmed and shall remain in full force in effect, (ii) its grant of a guarantee, pledge, assignment or any other accommodation, lien or security interests in or to its properties relating to this Agreement or any other Related Document shall continue, be ratified and be affirmed, and shall remain in full force and effect and shall not be novated, discharged or otherwise impaired and (iii) the Related Documents and its obligations thereunder (contingent or otherwise) shall continue, be ratified and be affirmed and shall remain in full force and effect and shall not be novated, discharged or otherwise impaired. In addition, the Co-Issuers and each Guarantor hereby fully waives any requirements to notify the Co-Issuers or such Guarantor, as applicable, of any Conforming Changes (except as expressly provided in Section 3.04). From time to time, each Co-Issuer and each Guarantor shall execute and deliver, or cause to be executed and delivered, such instruments, agreements, certificates or documents, and take all such actions, as the Administrative Agent may reasonably request for the purposes of implementing or effectuating the provisions of Section 3.04, or of renewing, continuing, reaffirming or ratifying the rights of the Administrative Agent, and the other Secured Parties with respect to the Co-Issuer's or Guarantor's obligations or the Collateral.

**ARTICLE IV** 

**<u>OTHER PAYMENT TERMS</u>**

Section 4.01 <u>Time and Method of Payment (Amounts Distributed by the Administrative</u> <u>Agent)</u>. Except as otherwise provided in <u>Section</u> <u>4.02,</u> all amounts payable to any Funding Agent or Investor hereunder or with respect to the Series 2025-1 Class A-1 Advance Notes shall be made to the Administrative Agent for the benefit of the applicable Person, by wire transfer of immediately available funds in Dollars not later than 1:00 p.m. (New York City time) on the date due. The Administrative Agent will promptly, and in any event by 5:00 p.m. (New York City time) on the same Business Day as its receipt or deemed receipt of the same, distribute to the applicable Funding Agent for the benefit of the applicable Person, or upon the order of the applicable Funding Agent for the benefit of the applicable Person, its <u>pro</u> <u>rata</u> share (or other applicable share as provided herein) of such payment by wire transfer in like funds as received.

Except as otherwise provided in <u>Section</u> <u>2.07</u> and <u>Section</u> <u>4.02,</u> all amounts payable to the Swingline Lender or the L/C Provider hereunder or with respect to the Swingline Loans and L/C Obligations shall be made to or upon the order of the Swingline Lender or the L/C Provider, respectively, by wire transfer of immediately available funds in Dollars not later than 1:00 p.m. (New York City time) on the date due. Any funds received after that time on such date will be deemed to have been received on the next Business Day.

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The Co-Issuers' obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are disbursed by the Co-Issuers to the Administrative Agent as provided herein or by the Trustee or Paying Agent in accordance with <u>Section</u> <u>4.02,</u> whether or not such funds are properly applied by the Administrative Agent or by

the Trustee or Paying Agent. The Administrative Agent's obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are disbursed by the Administrative Agent to the applicable Funding Agent as provided herein whether or not such funds are properly applied by such Funding Agent.

Section 4.02 <u>Order of Distributions (Amounts Distributed by the Trustee or the Paying</u> <u>Agent)</u>. (a) Subject to <u>Section</u> <u>9.18(c)(ii)</u>, any amounts deposited into the Series 2025-1 Class A- 1 Distribution Account (including amounts in respect of accrued interest, letter of credit fees or undrawn commitment fees but excluding amounts allocated for the purpose of reducing the Series 2025-1 Class A-1 Outstanding Principal Balance) shall be distributed by the Trustee or the Paying Agent, as applicable, on the date due and payable under the Indenture and in the manner provided therein, ratably to the Series 2025-1 Class A-1 Noteholders of record on the applicable Record Date in respect of the amounts due to such payees at each applicable level of the Priority of Payments, in accordance with the applicable Quarterly Manager's Certificate or the written report provided to the Trustee pursuant to Section 2.02(b) of the Series 2025-1 Supplement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section</u> <u>9.18(c)(ii)</u>, any amounts deposited into the Series 2025- 1 Class A-1 Distribution Account for the purpose of reducing the Series 2025-1 Class A-1 Outstanding Principal Balance shall be distributed by the Trustee or the Paying Agent, as applicable, on the date due and payable under the Indenture and in the manner provided therein, to the Series 2025-1 Class A-1 Noteholders of record on the applicable Record Date, in the following order of priority (which the Co-Issuers shall cause to be set forth in the applicable Quarterly Manager's Certificate or the written report provided to the Trustee pursuant to Section 2.02(b) of the Series 2025-1 Supplement, as applicable): <u>first,</u> to the Swingline Lender and the L/C Provider in respect of outstanding Swingline Loans and Unreimbursed L/C Drawings, ratably in proportion to the respective amounts due to such payees; <u>second,</u> to the other Series 2025-1 Class A-1 Noteholders in respect of their outstanding Advances, ratably in proportion thereto; and, <u>third,</u> any balance remaining of such amounts (up to an aggregate amount not to exceed the amount of Undrawn L/C Face Amounts at such time) shall be paid to the L/C Provider, to be deposited by the L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with <u>Section</u> <u>4.03(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amounts distributed to the Administrative Agent pursuant to the Priority of Payments in respect of any other amounts related to the Class A-1 Notes shall be distributed by the Administrative Agent in accordance with <u>Section</u> <u>4.01</u> on the date such amounts are due and payable hereunder to the applicable Series 2025-1 Class A-1 Noteholders and/or the Administrative Agent for its own account, as applicable, ratably in proportion to the respective aggregate of such amounts due to such payees.

Section 4.03 <u>L/C Cash Collateral</u>. (a) If, as of any date, any Undrawn L/C Face Amounts remain in effect, the Co-Issuers at their option may provide cash collateral ("<u>Voluntary</u> <u>Cash Collateral</u>") in an amount equal to all or any part of such Undrawn L/C Face Amounts. Notwithstanding the foregoing, as of the Required Expiration Date, if any Undrawn L/C Face Amounts remain in effect, the Co-Issuers shall either (i) provide cash collateral (in an aggregate amount equal to the amount of Undrawn L/C Face Amounts at such time, to the extent that such amount of cash collateral has not been provided pursuant to <u>Section</u> <u>4.02</u>, this <u>Section</u> <u>4.03(a)</u> or

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 <u>Section</u> <u>9.18(c)(ii)</u>) to the L/C Provider, to be deposited by the L/C Provider into a cash collateral account in the name of the Master Issuer in accordance with <u>Section</u> <u>4.03(b)</u> or (ii) other than with respect to Interest Reserve Letters of Credit, make arrangements satisfactory to the L/C Provider in its sole and absolute discretion with the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with respect to such Letter of Credit, the L/C Issuing Bank) pursuant to <u>Section</u> <u>4.04</u> such that any Letters of Credit that remain outstanding as of the date that is ten Business Days prior to the Commitment Termination Date shall cease to be deemed outstanding or to be deemed "Letters of Credit" for purposes of this Agreement as of the Commitment Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All amounts to be deposited in a cash collateral account pursuant to <u>Section</u> <u>4.02</u>, <u>Section</u> <u>4.03(a)</u> or <u>Section</u> <u>9.18(c)(ii)</u> shall be held by the L/C Provider or by another financial institution acceptable to the Master Issuer and the L/C Provider in an account (the "<u>Cash Collateral Account</u>") over which the L/C Provider has "control" for purposes of the UCC as collateral to secure the Co-Issuers' Reimbursement Obligations with respect to any outstanding Letters of Credit. Other than any interest earned on the investment of such deposit in Permitted Investments, which investments shall be made at the written direction, and at the risk and expense, of the Master Issuer <u>(provided</u> that if an Event of Default has occurred and is continuing, such investments shall be made solely at the option and sole discretion of the L/C Provider), such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in the Cash Collateral Account and all Taxes on such amounts shall be payable by the Co-Issuers. Moneys in the Cash Collateral Account shall automatically be applied by such L/C Provider to reimburse it for any Unreimbursed L/C Drawings. The Co-Issuers at their option may withdraw, or if the L/C Provider is exercising exclusive control over the Cash Collateral Account, may require the L/C Provider to withdraw, any Voluntary Cash Collateral deposited to the Cash Collateral Account and remit such Voluntary Cash Collateral to the Master Issuer upon five Business Days' prior written notice to the L/C Provider; <u>provided</u> that the consent of the L/C Provider shall be required for any such withdrawal if an Event of Default has occurred and is continuing, a Cash Trapping Period is in effect, a Rapid Amortization Period is continuing or the withdrawal is to be made on or after the Required Expiration Date.

Upon expiration of all then-outstanding Letters of Credit and payment in full of all Unreimbursed L/C Drawings, any balance remaining in the Cash Collateral Account shall be paid over <u>first</u>, to the Master Issuer, in an amount equal to the lesser of such balance and the amount of Voluntary Cash Collateral in the Cash Collateral Account, and <u>then</u>, from funds remaining on deposit in the Cash Collateral Account, (i) if the Base Indenture and any Series Supplement remain in effect, to the Trustee to be deposited into the Collection Account and distributed in accordance with the terms of the Base Indenture and (ii) otherwise to the Master Issuer; <u>provided</u> that, upon an Investor ceasing to be a Defaulting Investor in accordance with <u>Section</u> <u>9.18(d),</u> any amounts of cash collateral provided pursuant to <u>Section</u> <u>9.18(c)(ii)</u> upon such Investor becoming a Defaulting Investor shall be released and applied as such amounts would have been applied had such Investor not become a Defaulting Investor.

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Section 4.04 <u>Alternative Arrangements with Respect to Letters of Credit</u>. Notwithstanding any other provision of this Agreement or any Related Document, a Letter of Credit (other than an Interest Reserve Letter of Credit) shall cease to be deemed outstanding for all purposes of this Agreement and each other Related Document if and to the extent that provisions, in form and substance satisfactory to the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with respect to such Letter of Credit, the L/C Issuing Bank) in its sole and absolute discretion, have been made with respect to such Letter of Credit such that the L/C Provider (and, if applicable, the L/C Issuing Bank) has agreed in writing, with a copy of such agreement delivered to the Administrative Agent, the Control Party, the Trustee and the Master Issuer, that such Letter of Credit shall be deemed to be no longer outstanding hereunder, in which event such Letter of Credit shall cease to be a "Letter of Credit" as such term is used herein and in the Related Documents.

**ARTICLE V** 

**<u>THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS</u>**

Section 5.01 <u>Authorization and Action of the Administrative Agent</u>. Each of the Lender Parties and the Funding Agents hereby designates and appoints Rabobank, as the Administrative Agent hereunder, and hereby authorizes the Administrative Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement, together with such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender Party or any Funding Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or otherwise exist for the Administrative Agent. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Lender Parties and the Funding Agents and does not assume, nor shall it be deemed to have assumed, any obligation or relationship of trust or agency with or for the Co-Issuers or any of its successors or assigns. The provisions of this Article (other than the rights of the Co-Issuers set forth in <u>Section</u> <u>5.07</u>) are solely for the benefit of the Administrative Agent, the Lender Parties and the Funding Agents, and the Co-Issuers shall not have any rights as a third-party beneficiary of any such provisions. The Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, exposes the Administrative Agent to personal liability or that is contrary to this Agreement or any Requirement of Law. The appointment and authority of the Administrative Agent hereunder shall terminate upon the indefeasible payment in full of the Series 2025-1 Class A-1 Notes and all other amounts owed by the Co-Issuers hereunder to the Administrative Agent, all members of the Investor Groups, the Swingline Lender and the L/C Provider (the "<u>Aggregate Unpaids</u>") and termination in full of all Commitments and the Swingline Commitment and the L/C Commitment.

Section 5.02 <u>Delegation of Duties</u>. The Administrative Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The exculpatory provisions of this Article shall apply to any such agents or attorneys-in-fact and shall apply to their respective activities as Administrative Agent. The Administrative Agent shall not be responsible for the actions of any agents or attorneys-in-fact selected by it in good faith.

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Section 5.03 <u>Exculpatory Provisions</u>. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person's own gross negligence or willful misconduct as determined by a court of competent jurisdiction by a final and nonappealable judgment), or (b) responsible in any manner to any Lender Party or any Funding Agent for any recitals, statements, representations or warranties made by the Co-Issuers contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of any Co-Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in <u>Article VII</u>. The Administrative Agent shall not be under any obligation to any Investor or any Funding Agent to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Co-Issuers. The Administrative Agent shall not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless the Administrative Agent has received notice in writing of such event from any Co-Issuer, any Lender Party or any Funding Agent.

Section 5.04 <u>Reliance</u>. The Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Co- Issuers), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of any Lender Party or any Funding Agent as it deems appropriate or it shall first be indemnified to its satisfaction by any Lender Party or any Funding Agent; provided that unless and until the Administrative Agent shall have received such advice, the Administrative Agent may take or refrain from taking any action, as the Administrative Agent shall deem advisable and in the best interests of the Lender Parties and the Funding Agents. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of Investor Groups holding more than 50% of the Commitments and such request and any action taken or failure to act pursuant thereto shall be binding upon the Lender Parties and the Funding Agents.

Section 5.05 <u>Non-Reliance on the Administrative Agent and Other Purchasers</u>. Each of the Lender Parties and the Funding Agents expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including, without limitation, any review of the affairs of the Co-Issuers, shall be deemed to constitute any representation or warranty by the Administrative Agent. Each of the Lender Parties and the Funding Agents represents and warrants to the Administrative Agent that it has and will, independently and without reliance upon the Administrative Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Co-Issuers and made its own decision to enter into this Agreement.

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Section 5.06 <u>The Administrative Agent in its Individual Capacity</u>. The Administrative Agent and any of its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Co-Issuers or any Affiliate of the Co-Issuers as though the Administrative Agent were not the Administrative Agent hereunder.

Section 5.07 <u>Successor Administrative Agent; Defaulting Administrative Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent may, upon 30 days' notice to the Master Issuer (on behalf of the Co-Issuers) and each of the Lender Parties and the Funding Agents, and the Administrative Agent will, upon the direction of Investor Groups holding 100% of the Commitments (excluding any Commitments held by Defaulting Investors), resign as Administrative Agent. If the Administrative Agent shall resign, then the Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, three-fourths of the Commitments (excluding any Commitments held by the resigning Administrative Agent or its Affiliates, and if all Commitments are held by the resigning Administrative Agent or its Affiliates, then the Co-Issuers), during such 30-day period, shall appoint an Affiliate of a member of the Investor Groups as a successor administrative agent, subject to the consent of (i) the Co-Issuers, at all times other than while an Event of Default has occurred and is continuing (which consent of the Co-Issuers shall not be unreasonably withheld or delayed) and (ii) the Control Party (which consent of the Control Party shall not be unreasonably withheld or delayed); <u>provided</u> that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this <u>Section</u> <u>5.07(a)</u>. If for any reason no successor Administrative Agent is appointed by the Investor Groups during such 30-day period, then, effective upon the expiration of such 30-day period, the Co-Issuers shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2025-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Co-Issuers for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a successor administrative agent is appointed as provided above, and the Co-Issuers shall instruct the Trustee in writing accordingly. After any retiring Administrative Agent's resignation hereunder as Administrative Agent, the provisions of <u>Section</u> <u>9.05</u> and this <u>Article V</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may, upon the occurrence of any of the following events (any such event, a "<u>Defaulting Administrative Agent Event</u>") and with the consent of Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, three-fourths of the Commitments, remove the Administrative Agent and, upon such removal, the Investor Groups holding more than 50% of the Commitments in the case of <u>clause (i)</u> above or three-fourths of the Commitments in the case of clause (ii) above <u>(provided</u> that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this <u>Section</u> <u>5.07(b))</u> shall appoint an Affiliate of a member of the Investor Groups as a successor administrative agent, subject to the consent of (x) the Co-Issuers, at all times other than while an Event of

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Default has occurred and is continuing (which consent of the Co-Issuers shall not be unreasonably withheld or delayed) and (y) the Control Party (which consent of the Control Party shall not be unreasonably withheld or delayed): (i) an Event of Bankruptcy with respect to the Administrative Agent; (ii) if the Person acting as Administrative Agent or an Affiliate thereof is also an Investor, any other event pursuant to which such Person becomes a Defaulting Investor; (iii) the failure by the Administrative Agent to pay or remit any funds required to be remitted when due (in each case, if amounts are available for payment or remittance in accordance with the terms of this Agreement for application to the payment or remittance thereof) which continues for two (2) Business Days after such funds were required to be paid or remitted; (iv) any representation, warranty, certification or statement made by the Administrative Agent under this Agreement or in any agreement, certificate, report or other document furnished by the Administrative Agent proves to have been false or misleading in any material respect as of the time made or deemed made, and if such representation, warranty, certification or statement is susceptible of remedy in all material respects, is not remedied within thirty (30) calendar days after knowledge thereof or notice by the Co-Issuers to the Administrative Agent, and if not susceptible of remedy in all material respects, upon notice by the Co-Issuers to the Administrative Agent or (v) any act constituting the gross negligence or willful misconduct of the Administrative Agent. If for any reason no successor Administrative Agent is appointed by the Investor Groups within 30 days of the Administrative Agent's removal pursuant to the immediately preceding sentence, then, effective upon the expiration of such 30-day period, the Co-Issuers shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2025-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Co-Issuers for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a successor administrative agent is appointed as provided above, and the Co-Issuers shall instruct the Trustee in writing accordingly. After any Administrative Agent's removal hereunder as Administrative Agent, the provisions of <u>Section</u> <u>9.05</u> and this <u>Article V</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Defaulting Administrative Agent Event has occurred and is continuing, the Co-Issuers may make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2025-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Co-Issuers for all purposes may deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable.

Section 5.08 <u>Authorization and Action of Funding Agents</u>. Each Investor is hereby deemed to have designated and appointed its related Funding Agent set forth next to such Investor's name on Schedule I (or identified as such Investor's Funding Agent pursuant to any applicable Assignment and Assumption Agreement, Investor Group Supplement or Joinder Agreement) as the agent of such Person hereunder, and hereby authorizes such Funding Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to such Funding Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. Each Funding Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with the related Investor Group, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such

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Funding Agent shall be read into this Agreement or otherwise exist for such Funding Agent. In performing its functions and duties hereunder, each Funding Agent shall act solely as agent for the related Investor Group and does not assume, nor shall it be deemed to have assumed, any obligation or relationship of trust or agency with or for the Co-Issuers, any of their successors or assigns or any other Person. Each Funding Agent shall not be required to take any action that exposes such Funding Agent to personal liability or that is contrary to this Agreement or any Requirement of Law. The appointment and authority of the Funding Agents hereunder shall terminate upon the indefeasible payment in full of the Aggregate Unpaids of the Investor Groups and the termination in full of all the Commitments.

Section 5.09 <u>Delegation of Duties</u>. Each Funding Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Funding Agent shall not be responsible for the actions of any agents or attorneys-in-fact selected by it in good faith.

Section 5.10 <u>Exculpatory Provisions</u>. Each Funding Agent and its Affiliates, and each of their directors, officers, agents or employees shall not be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person's own gross negligence or willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or warranties made by the Co-Issuers contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of any Co-Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in <u>Article VII</u>. Each Funding Agent shall not be under any obligation to the related Investor Group to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Co-Issuers. Each Funding Agent shall not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless such Funding Agent has received notice of such event from any Co-Issuer or any member of the related Investor Group.

Section 5.11 <u>Reliance</u>. Each Funding Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of the Administrative Agent and legal counsel (including, without limitation, counsel to the Co-Issuers), independent accountants and other experts selected by such Funding Agent. Each Funding Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of the related Investor Group as it deems appropriate or it shall first be indemnified to its satisfaction by the related Investor Group; provided that unless and until such Funding Agent shall have received such advice, such Funding Agent may take or refrain from taking any action, as such Funding Agent shall deem advisable and in the best interests of the related Investor Group. Each Funding Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the related Investor Group and such request and any action taken or failure to act pursuant thereto shall be binding upon the related Investor Group.

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Section 5.12 <u>Non-Reliance on the Funding Agent and Other Purchasers</u>. The related Investor Group expressly acknowledges that its Funding Agent and any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has not made any representations or warranties to it and that no act by such Funding Agent hereafter taken, including, without limitation, any review of the affairs of the Co-Issuers, shall be deemed to constitute any representation or warranty by such Funding Agent. The related Investor Group represents and warrants to such Funding Agent that it has and will, independently and without reliance upon such Funding Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Co-Issuers and made its own decision to enter into this Agreement.

Section 5.13 <u>The Funding Agent in its Individual Capacity</u>. Each Funding Agent and any of its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Co-Issuers or any Affiliate of the Co-Issuers as though such Funding Agent were not a Funding Agent hereunder.

Section 5.14 <u>Successor Funding Agent</u>. Each Funding Agent will, upon the direction of the related Investor Group, resign as such Funding Agent. If such Funding Agent shall resign, then the related Investor Group shall appoint an Affiliate of a member of the related Investor Group as a successor funding agent (it being understood that such resignation shall not be effective until such successor is appointed). After any retiring Funding Agent's resignation hereunder as Funding Agent, subject to the limitations set forth herein, the provisions of <u>Section</u> <u>9.05</u> and this <u>Article V</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Funding Agent under this Agreement.

Section 5.15. <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Administrative Agent (x) notifies an Investor or any Person who has received funds on behalf of a Lender Party (any such Lender Party or other recipient, a "<u>Payment Recipient</u>") that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding <u>clause (b)</u>) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender Party or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "<u>Erroneous Payment</u>") and (y) demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds

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(in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this <u>clause (a)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting immediately preceding <u>clause (a)</u>, each Lender Party or any Person who has received funds on behalf of a Lender Party hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender Party or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) in the case of immediately preceding clause (z), an error has been made, in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Lender Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this <u>Section</u> <u>5.15(b).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender Party under any Related Document, or otherwise payable or distributable by the Administrative Agent to such Lender Party from any source, against any amount due to the Administrative Agent under immediately preceding <u>clause (a)</u> or under the indemnification provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding <u>clause (a)</u>, from any Lender Party that has received such Erroneous Payment (or portion thereof) (and from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "<u>Erroneous Payment Return Deficiency</u>"), upon the Administrative Agent's notice to such Lender or Issuing Lender at any time, (i) such Lender Party shall be deemed to have assigned its Advances (but not its Commitments) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Advances (but not Commitments), the "<u>Erroneous Payment Deficiency Assignment</u>") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby

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(together with the Co-Issuers) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender Party shall become a Lender Party, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender Party shall cease to be a Lender Party hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender Party and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Advances subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Advances acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender Party shall be reduced by the net proceeds of the sale of such Advance (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender Party (and against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender Party and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold an Advance (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender Party under the Related Documents with respect to each Erroneous Payment Return Deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed by the Co-Issuers or Guarantors, except, in each case, to the extent (i) such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Master Issuer or any Guarantor for the purpose of paying any Obligations and (ii) such Erroneous Payment is not otherwise returned to the Co-Issuers or such Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine or defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each party's obligations, agreements and waivers under this <u>Section</u> <u>5.15</u> shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender Party, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations (or any portion thereof) under any Related Document.

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**ARTICLE VI** 

**<u>REPRESENTATIONS AND WARRANTIES</u>** 

Section 6.01 <u>The Co-Issuers and Guarantors</u>. The Co-Issuers and the Guarantors jointly and severally represent and warrant to the Administrative Agent and each Lender Party, as of the date of this Agreement, as of the Series 2025-1 Closing Date and as of the date of each Advance made hereunder, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of their representations and warranties made in favor of the Trustee or the Noteholders in the Indenture and the other Related Documents (other than a Related Document relating solely to a Series of Notes other than the Series 2025-1 Notes) is true and correct (i) if not qualified as to materiality or Material Adverse Effect, in all material respects and (ii) if qualified as to materiality or Material Adverse Effect, in all respects, as of the date originally made, as of the date hereof and as of the Series 2025-1 Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) neither they nor or any of their Affiliates, have, directly or through an agent, engaged in any form of general solicitation or general advertising in connection with the offering of the Series 2025-1 Class A-1 Notes under the Securities Act or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, including, but not limited to, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or radio or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising; <u>provided</u> that no representation or warranty is made with respect to the Lender Parties and their Affiliates; and none of the Co-Issuers nor any of their Affiliates has entered into any contractual arrangement with respect to the distribution of the Series 2025-1 Class A-1 Notes, except for this Agreement and the other Related Documents, and the Co-Issuers will not enter into any such arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) neither they nor any of their Affiliates have, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any "security" (as defined in the Securities Act) that is or will be integrated with the sale of the Series 2025-1 Class A-1 Notes in a manner that would require the registration of the Series 2025-1 Class A-1 Notes under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) assuming the representations and warranties of each Lender Party set forth in <u>Section</u> <u>6.03</u> are true and correct, the offer and sale of the Series 2025-1 Class A-1 Notes in the manner contemplated by this Agreement is a transaction exempt from the registration requirements of the Securities Act, and the Base Indenture is not required to be qualified under the United States Trust Indenture Act of 1939, as amended;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Co-Issuers have furnished to the Administrative Agent and each Funding Agent true, accurate and complete copies of all other Related Documents (excluding Series Supplements and other Related Documents relating solely to a Series of Notes other than the Series 2025-1 Notes) to which they are a party as of the Series 2025-1 Closing Date, all of which Related Documents are in full force and effect as of the Series 2025-1 Closing Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such date, other than such amendments, modifications or waivers about which the Co-Issuers have informed each Funding Agent, the Swingline Lender and the L/C Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no Securitization Entity is required, or will be required as a result of the making of Advances and Swingline Loans and the issuance of Letters of Credit hereunder and the use of proceeds therefrom, to register as an "investment company" under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no Co-Issuer is an "investment company" as defined in Section 3(a)(1) of the Investment Company Act, and therefore has no need (x) to rely solely on the exemption from the definition of "investment company" set forth in Section 3(c)(1) and/or Section 3(c)(7) of the Investment Company Act or (y) to be entitled to the benefit of the exclusion for loan securitizations in the Volcker Rule under 10 C.F.R. 248.10(c)(8), and no Co-Issuer is a "covered fund" for purposes of the Volcker Rule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Co-Issuer, Guarantor or any of their Affiliates is in violation of any Anti-Terrorism Laws, Anti-Corruption Laws, or Sanctions or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Laws, Anti-Corruption Laws, or Sanctions; nor are any Co-Issuer, Guarantor or any of their Affiliates or any director, officer, employee, agent or affiliate of any Co-Issuer, Guarantor or any of their Affiliates is a Person (each such Person, a "<u>Sanctioned Person</u>") that is, or is owned or controlled by Persons that are: (i) the subject of any Sanctions, or (ii) located, organized or resident in a region, country or territory that is, or whose government is, the subject of Sanctions, including, without limitation, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the non-government controlled areas of the Zaporizhzhia and Kherson regions of Ukraine, Crimea, Cuba, Iran, North Korea and Syria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) no Securitization Entity that is not organized as a corporation will be classified as an association or publicly-traded partnership taxable as a corporation for U.S. federal income tax purposes (with the exception of the International Franchisor (Michigan));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the representations and warranties contained in Section 4.6 of the Guarantee and Collateral Agreement and Section 7.13 of the Indenture are true and correct in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Series 2025-1 Class A-1 Advance Notes and each Advance hereunder is an "eligible asset" as defined in Rule 3a-7 under the Investment Company Act; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the proceeds from any Borrowing will not be used in relation to the assets or business of the Co-Issuers, the Guarantors, the Manager or any of their respective subsidiaries in Russia or Belarus and will not be used by the Co-Issuers, the Guarantors, the Manager or any of their respective subsidiaries for new business in Russia or Belarus.

Section 6.02 <u>The Manager</u>. The Manager represents and warrants to the Administrative Agent and each Lender Party as of the date of this Agreement, as of the Series 2025-1 Closing Date and as of the date of each Advance made hereunder, that (i) no Manager Termination Event has occurred and is continuing and (ii) each representation and warranty made by it in any Related Document (other than a Related Document relating solely to a Series of Notes other than the Series 2025-1 Notes and other than any representation or warranty in <u>Section</u> <u>4.1(i)</u> or <u>(j)</u> of any Contribution and Sale Agreement or Article V of the Management Agreement) to which it is a party (including any representations and warranties made by it in its capacity as Manager) is true and correct (a) if not qualified as to materiality or Material Adverse Effect, in all material respects and (b) if qualified as to materiality or Material Adverse Effect, in all respects as of the date originally made, as of the date hereof and as of the Series 2025-1 Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date).

Section 6.03 <u>Lender Parties</u>. Each of the Lender Parties represents and warrants to the Co-Issuers and the Manager as of the date hereof (or, in the case of a successor or assign of an Investor, as of the subsequent date on which such successor or assign shall become or be deemed to become a party hereto) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has had an opportunity to discuss the Co-Issuers' and the Manager's business, management and financial affairs, and the terms and conditions of the proposed purchase of the Series 2025-1 Class A-1 Notes, with the Co-Issuers and the Manager and their respective representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2025-1 Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is purchasing the Series 2025-1 Class A-1 Notes for its own account, or for the account of one or more "qualified institutional buyers" within the meaning of Rule 144A under the Securities Act that meet the criteria described in <u>clause (b)</u> above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to a distribution in violation of the Securities Act, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the Securities Act, or the rules and regulations promulgated thereunder, with respect to the Series 2025-1 Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it understands that (i) the Series 2025-1 Class A-1 Notes have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from

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registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Co-Issuers, (ii) the Co-Issuers are not required to register the Series 2025-1 Class A-1 Notes under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction, (iii) any permitted transferee hereunder must meet the criteria in clause (b) above and (iv) any transfer must comply with the provisions of Section 2.8 of the Base Indenture, Section 4.03 of the Series 2025-1 Supplement and <u>Section</u> <u>9.03</u> or <u>9.17,</u> as applicable, of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it will comply with the requirements of <u>Section</u> <u>6.03(d)</u> above in connection with any transfer by it of the Series 2025-1 Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it understands that the Series 2025-1 Class A-1 Notes that are in the form of definitive notes will bear the legend set out in the form of Series 2025-1 Class A-1 Notes attached to the Series 2025-1 Supplement and that the Series 2025-1 Class A-1 Notes will be subject to the restrictions on transfer described in such legend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it will obtain for the benefit of the Co-Issuers from any purchaser of the Series 2025-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it has executed a Purchaser's Letter substantially in the form of <u>Exhibit D</u> hereto.

**ARTICLE VII** 

**<u>CONDITIONS</u>** 

Section 7.01 <u>Conditions to Issuance and Effectiveness</u>. Each Lender Party will have no obligation to purchase the Series 2025-1 Class A-1 Notes hereunder on the Series 2025-1 Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Base Indenture, the Series 2025-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the Series 2025-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of at least "BBB+" has been assigned to the Series 2025-1 Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that certain risk retention letter agreement from Domino's Pizza International LLC, dated as of the Series 2025-1 Closing Date, with respect to the EU and UK risk retention rules shall have been duly executed and delivered by the parties thereto in form and substance satisfactory to the Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the time of such issuance, the additional conditions set forth in <u>Schedule III</u> hereto and all other conditions to the issuance of the Series 2025-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

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Section 7.02 <u>Conditions to Initial Extensions of Credit</u>. The election of each Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, the initial Borrowing hereunder, and the obligations of the Swingline Lender and the L/C Provider to fund the initial Swingline Loan or provide the initial Letter of Credit hereunder, respectively, shall be subject to the satisfaction of the conditions precedent that (a) each Funding Agent shall have received a duly executed and authenticated Series 2025-1 Class A-1 Advance Note registered in its name or in such other name as shall have been directed by such Funding Agent and stating that the principal amount thereof shall not exceed the Maximum Investor Group Principal Amount of the related Investor Group (or, in the case of a Series 2025-1 Class A-1 Advance Note that is an Uncertificated Note, a Confirmation of Registration with respect thereto); (b) each of the Swingline Lender and the L/C Provider shall have received a duly executed and authenticated Series 2025-1 Class A-1 Swingline Note or Series 2025-1 Class A-1 L/C Note, as applicable, registered in its name or in such other name as shall have been directed by it and stating that the principal amount thereof shall not exceed the Swingline Commitment or L/C Commitment, respectively (or, if either the initial Series 2025-1 Class A-1 Swingline Note or the initial Series 2025-1 Class A-1 L/C Note is an Uncertificated Note, a Confirmation of Registration with respect thereto); and (c) the Co-Issuers shall have paid all fees due and payable by them under the Related Documents on the Series 2025-1 Closing Date, including all fees required hereunder.

Section 7.03 <u>Conditions to Each Extension of Credit</u>. The election of each Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, any Borrowing on any day (including the initial Borrowing but excluding any Borrowings to repay Swingline Loans or L/C Obligations pursuant to <u>Sections 2.05</u>, <u>2.06</u> or <u>2.08</u>, as applicable), and the obligations of the Swingline Lender to fund any Swingline Loan (including the initial one) and of the L/C Provider to provide any Letter of Credit (including the initial one), respectively, shall be subject to the conditions precedent that, on the date of such funding or provision, before and after giving effect thereto and to the application of any proceeds therefrom, the following statements shall be true (without regard to any waiver, amendment or other modification of this <u>Section</u> <u>7.03</u> or any definitions used herein consented to by the Control Party unless the Required Investor Groups have consented to such waiver, amendment or other modification for purposes of this <u>Section</u> <u>7.03</u>); provided, however, that if a Rapid Amortization Event has occurred and (other than in the case of <u>Section</u> <u>9.1(e)</u>) has been declared by the Control Party pursuant to <u>Sections 9.1(a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u>, or <u>(e)</u> of the Base Indenture, consent to such waiver, amendment or other modification from all Investors (provided that it shall not be the obligation of the Control Party to obtain such consent from the Investors) as well as the Control Party is required for purposes of this <u>Section</u> <u>7.03</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the representations and warranties of the Co-Issuers set out in this Agreement and (ii) the representations and warranties of the Manager set out in this Agreement, in each such case, shall be true and correct (A) if qualified as to materiality or Material Adverse Effect, in all respects and (B) if not qualified as to materiality or Material Adverse Effect, in all material respects, as of the date of such funding or issuance, with the same effect as though made on that date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall have been true and correct as of such earlier date);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there shall be no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default or Cash Trapping Period in existence at the time of, or after giving effect to, such funding or issuance, and no Change of Control to which the Control Party has not provided its prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the DSCR as calculated as of the immediately preceding Quarterly Calculation Date shall not be less than 1.50x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of any Borrowing, except to the extent an advance request is expressly deemed to have been delivered hereunder, the Co-Issuers shall have delivered or have been deemed to have delivered to the Administrative Agent an executed advance request in the form of <u>Exhibit A-1</u> hereto with respect to such Borrowing (each such request, an "<u>Advance Request</u>" or a "<u>Series 2025-1 Class</u> <u>A-1 Advance Request</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Co-Issuers have furnished to the Administrative Agents true, accurate and complete copies of all other Related Documents (excluding any Series Supplements and other Related Documents relating solely to a Series of Notes other than the Series 2025-1 Class A-1 Notes) to which any Co-Issuer, the Manager or any Guarantor is a party as of the Series 2025-1 Closing Date, all of which Related Documents are in full force and effect as of the Series 2025-1 Closing Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no Manager Termination Event has occurred and is continuing and each representation and warranty made by the Manager in any Related Document (other than a Related Document relating solely to a Series of Notes other than the Series 2025-1 Class A-1 Notes) to which the Manager is a party (including any representations and warranties made by it in its capacity as Manager) is true and correct (a) if not qualified as to materiality or Material Adverse Effect, in all material respects and (b) if qualified as to materiality or Material Adverse Effect, in all respects as of the date originally made, as of the date hereof and as of the Series 2025-1 Closing Date (unless stated to related solely to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Senior Notes Interest Reserve Amount (including any Senior Notes Interest Reserve Account Deficient Amount) will be funded and/or an Interest Reserve Letter of Credit will be maintained for such amount as of the date of such draw in the amounts required pursuant to the Indenture after giving effect to such draw; <u>provided</u> that if an Interest Reserve Letter of Credit is requested, such condition shall be satisfied after giving effect to the issuance and delivery thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Undrawn Commitment Fees, Administrative Agent Fees and L/C Quarterly Fees due and payable on or prior to the date of such funding or issuance shall have been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all conditions to such extension of credit or provision specified in <u>Sections 2.02</u>, <u>2.03</u>, <u>2.06</u> or <u>2.07,</u> as applicable, shall have been satisfied.

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The giving of any notice pursuant to <u>Sections 2.03</u>, <u>2.06</u> or <u>2.07,</u> as applicable, shall constitute a representation and warranty by the Co-Issuers and the Manager that all conditions precedent to such funding or provision have been satisfied or will be satisfied concurrently therewith.

**ARTICLE VIII** 

**<u>COVENANTS</u>** 

Section 8.01 <u>Covenants</u>. Each of the Co-Issuers, jointly and severally, and the Manager, severally, covenants and agrees that, until all Aggregate Unpaids have been paid in full and all Commitments, the Swingline Commitment and the L/C Commitment have been terminated, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless waived in writing by the Control Party in accordance with Section 9.7 of the Base Indenture, duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Related Document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not amend, modify, waive or give any approval, consent or permission under any provision of the Base Indenture or any other Related Document to which it is a party unless any such amendment, modification, waiver or other action is in writing and made in accordance with the terms of the Base Indenture or such other Related Document, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reasonably concurrently with the time any report, notice or other document is provided to the Rating Agencies and the Trustee, or caused to be provided, by any Co-Issuer or the Manager under the Base Indenture (including, without limitation, under Sections 8.8, 8.9 and 8.11 thereof) or under the Series 2025-1 Supplement, provide the Administrative Agent (and the Administrative Agent shall promptly provide a copy thereof to the Lender Parties) with a copy of such report, notice or other document; <u>provided</u>, <u>however</u>, that neither the Manager nor the Co-Issuers shall have any obligation under this <u>Section</u> <u>8.01(c)</u> to deliver to the Administrative Agent copies of any Quarterly Noteholders' Reports that relate solely to a Series of Notes other than the Series 2025-1 Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) once per calendar year, following reasonable prior written notice from the Administrative Agent (the "<u>Annual Inspection Notice</u>"), and during regular business hours, permit any one or more of such Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at the Co-Issuers' expense, access (as a group, and not individually unless only one such Person desires such access) to the offices of the Manager, the Co-Issuers and the Guarantors, (i) to examine and make copies of and abstracts from all documentation relating to the Collateral on the same terms as are provided to the Trustee under <u>Section</u> <u>8.6</u> of the Base Indenture, and (ii) to visit the offices and properties of the Manager, the Co-Issuers and the Guarantors for the purpose of examining such materials described in <u>clause (i)</u> above, and to discuss matters relating to the Collateral, or the administration and performance of the Base Indenture, the Series 2025-1 Supplement and the other Related Documents with any of the officers or employees of, the Manager, the Co-Issuers and/or the Guarantors, as applicable, having knowledge of such matters; <u>provided, however,</u> that upon the occurrence and continuation of a Potential Rapid Amortization Event, Rapid

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Amortization Event, Cash Trapping Period, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at the Co-Issuers' expense may do any of the foregoing at any time during normal business hours and without advance notice; <u>provided,</u> <u>further,</u> that, in addition to any visits made pursuant to provision of an Annual Inspection Notice or during the continuation of a Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at their own expense, may do any of the foregoing at any time during normal business hours following reasonable prior notice with respect to the business of the Co-Issuers and/or the Guarantors; and <u>provided, further,</u> that the Funding Agents, the Swingline Lender and the L/C Provider will be permitted to provide input to the Administrative Agent with respect to the timing of delivery, and content, of the Annual Inspection Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not take, or cause to be taken, any action, including, without limitation, acquiring any Margin Stock, that could cause the transactions contemplated by the Related Documents to fail to comply with the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not permit any amounts owed with respect to the Series 2025-1 Class A-1 Notes to be secured, directly or indirectly, by any Margin Stock in a manner that would violate the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promptly provide such additional financial and other information with respect to the Related Documents (other than Series Supplements and Related Documents relating solely to a Series of Notes other than the Series 2025-1 Notes), the Co-Issuers, the Manager or the Guarantors as the Administrative Agent may from time to time reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) deliver to the Administrative Agent (who shall promptly provide a copy thereof to the Lender Parties), the financial statements prepared pursuant to Section 4.1 of the Base Indenture reasonably contemporaneously with the delivery of such statements under the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in addition to the conditions set forth in Section 2.2(b) of the Base Indenture, for so long as the Series 2024-1 Class A-1 Notes are Outstanding, obtain the consent of the Administrative Agent to the issuance of any additional Series of Class A-1 Notes (which consent shall be deemed to have been given unless an objection is delivered to the Master Issuer within ten (10) Business Days after written notice of such proposed issuance is delivered to the Administrative Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) each Co-Issuer and Manager have instituted and shall maintain in effect, or are subject to, and the Manager shall cause each Guarantor to institute and maintain in effect or be subject to, policies and procedures reasonably designed to promote compliance by the Co- Issuers, the Manager, the Guarantors, their respective subsidiaries and their respective directors, officers, employees and agents with applicable Anti-Terrorism Laws, Anti-Corruption Laws and laws, rules, and regulations relating to Sanctions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Co-Issuers shall not, directly or indirectly, use the proceeds of the Loans or Letters of Credit, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Advances, Swingline Loans or Letters of Credit, whether as Administrative Agent, L/C Provider, Swingline Lender, Committed Note Purchaser, arranger, underwriter, advisor, investor, or otherwise), or (iii) for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti- Corruption Laws that may be applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Promptly following any change in the information included in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners or control parties identified in part (c) or (d) of such certification, each Co-Issuer or Guarantor, as applicable, shall execute and deliver to the Administrative Agent an updated Beneficial Ownership Certification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Promptly following any request therefor, each Co-Issuer or Guarantor, as applicable, shall deliver to the Administrative Agent all documentation and other information required by bank regulatory authorities requested by a Committed Lender for purposes of compliance with applicable "know your customer" requirements under the Patriot Act, the Beneficial Ownership Rule or other applicable anti-money laundering laws, rules and regulations.

**ARTICLE IX** 

**<u>MISCELLANEOUS PROVISIONS</u>** 

Section 9.01 <u>Amendments</u>. No amendment to or waiver or other modification of any provision of this Agreement, nor consent to any departure therefrom by the Manager or the Co- Issuers, shall in any event be effective unless the same shall be in writing and signed by the Manager, the Co-Issuers and the Administrative Agent with the written consent of the Required Investor Groups; <u>provided</u>, <u>however</u>, that, in addition, (i) the prior written consent of each affected Investor shall be required in connection with any amendment, modification or waiver that (x) increases the amount of the Commitment of such Investor, extends the Commitment Termination Date or the Series 2025-1 Class A-1 Senior Notes Renewal Date, modifies the conditions to funding such Commitment or otherwise subjects such Investor to any increased or additional duties or obligations hereunder or in connection herewith (it being understood and agreed that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the Commitments of any Lender Party), (y) reduces the amount or delays the timing of payment of any principal, interest, fees or other amounts payable to such Investor hereunder

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or (z) would have an effect comparable to any of those set forth in Section 13.2(a) of the Base Indenture that require the consent of each Noteholder or each affected Noteholder; (ii) any amendment, modification or waiver that affects the rights or duties of any of the Swingline Lender, the L/C Provider, the Administrative Agent or the Funding Agents shall require the prior written consent of such affected Person; and (iii) the prior written consent of each Investor, the Swingline Lender, the L/C Provider, the Administrative Agent and each Funding Agent shall be required in connection with any amendment, modification or waiver of this <u>Section</u> <u>9.01</u>. For purposes of any provision of any other Indenture Document relating to any vote, consent, direction or the like to be given by the Series 2025-1 Class A-1 Noteholders, such vote, consent, direction or the like shall be given by the Holders of the Series 2025-1 Class A-1 Advance Notes only and not by the Holders of any Series 2025-1 Class A-1 Swingline Notes or Series 2025-1 Class A-1 L/C Notes except to the extent that such vote, consent, direction or the like is to be given by each affected Noteholder and the Holders of any Series 2025-1 Class A-1 Swingline Notes or Series 2025-1 Class A-1 L/C Notes would be affected thereby.

The Co-Issuers and the Lender Parties shall negotiate any amendments, waivers, consents, supplements or other modifications to this Agreement or the other Related Documents that require the consent of the Lender Parties in good faith, and any consent required to be given by the Lender Parties shall not be unreasonably denied, conditioned or delayed. Pursuant to <u>Section</u> <u>9.05(a),</u> the Lender Parties shall be entitled to reimbursement by the Co-Issuers, jointly and severally, for the reasonable expenses incurred by the Lender Parties in reviewing and approving any such amendment, waiver, consent, supplement or other modification to this Agreement or any Related Document.

Section 9.02 <u>No Waiver; Remedies</u>. Any waiver, consent or approval given by any party hereto shall be effective only in the specific instance and for the specific purpose for which given, and no waiver by a party of any breach or default under this Agreement shall be deemed a waiver of any other breach or default. No failure on the part of any party hereto to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder, or any abandonment or discontinuation of steps to enforce the right, power or privilege, preclude any other or further exercise thereof or the exercise of any other right. No notice to or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in the same, similar or other circumstances. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

Section 9.03 <u>Binding on Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be binding upon, and inure to the benefit of, the Co- Issuers, the Manager, the Lender Parties, the Funding Agents, the Administrative Agent and their respective successors and assigns; <u>provided</u>, <u>however,</u> that none of the Co-Issuers nor the Manager may assign its rights or obligations hereunder or in connection herewith or any interest herein (voluntarily, by operation of law or otherwise, and other than in connection with a merger between Securitization Entities permitted by the Related Documents) without the prior written consent of each Lender Party (other than any Defaulting Investor); <u>provided</u>, <u>further,</u> that nothing herein shall prevent the Co-Issuers from assigning their rights (but none of their duties or liabilities) to the Trustee under the Base Indenture and the Series 2025-1 Supplement; and

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 <u>provided</u>, <u>further</u> that none of the Lender Parties may transfer, pledge, assign, sell participations in or otherwise encumber its rights or obligations hereunder or in connection herewith or any interest herein except as permitted under <u>Section</u> <u>6.03</u>, <u>Section</u> <u>9.17</u> and this <u>Section</u> <u>9.03</u>. Nothing expressed herein is intended or shall be construed to give any Person other than the Persons referred to in the preceding sentence any legal or equitable right, remedy or claim under or in respect of this Agreement except as provided in <u>Section</u> <u>9.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision set forth in this Agreement, each Investor may at any time grant to one or more Program Support Providers a participating interest in or lien on such Investor's interests in the Advances made hereunder and such Program Support Provider, with respect to its participating interest, shall be entitled to the benefits granted to such Investor under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to its rights under <u>Section</u> <u>9.17</u>, each Conduit Investor may at any time assign its rights in the Series 2025-1 Class A-1 Advance Notes (and its rights hereunder and under the Related Documents) to its related Committed Note Purchaser or, subject to <u>Section</u> <u>6.03</u> and <u>Section</u> <u>9.17(f),</u> its related Program Support Provider or any Affiliate of any of the foregoing, in each case in accordance with the applicable provisions of the Indenture. Furthermore, each Conduit Investor may at any time grant a security interest in and lien on, all or any portion of its interests under this Agreement, its Series 2025-1 Class A-1 Advance Note and all Related Documents to (i) its related Committed Note Purchaser, (ii) its Funding Agent, (iii) any Program Support Provider who, at any time now or in the future, provides program liquidity or credit enhancement, including, without limitation, an insurance policy for such Conduit Investor relating to the Commercial Paper or the Series 2025-1 Class A-1 Advance Notes, (iv) any other Person who, at any time now or in the future, provides liquidity or credit enhancement for the Conduit Investors, including, without limitation, an insurance policy relating to the Commercial Paper or the Series 2025-1 Class A-1 Advance Notes or (v) any collateral trustee or collateral agent for any of the foregoing; <u>provided, however,</u> that any such security interest or lien shall be released upon assignment of its Series 2025-1 Class A-1 Advance Note to its related Committed Note Purchaser. Each Committed Note Purchaser may assign its Commitment, or all or any portion of its interest under its Series 2025-1 Class A-1 Advance Note, this Agreement and the Related Documents to any Person to the extent permitted by <u>Section</u> <u>9.17.</u> Notwithstanding any other provisions set forth in this Agreement, each Committed Note Purchaser may at any time create a security interest in all or any portion of its rights under this Agreement, its Series 2025-1 Class A-1 Advance Note and the Related Documents in favor of any Federal Reserve Bank in accordance with Regulation A of the F.R.S. Board or any similar foreign entity.

Section 9.04 <u>Survival of Agreement</u>. All covenants, agreements, representations and warranties made herein and in the Series 2025-1 Class A-1 Notes delivered pursuant hereto shall survive the making and the repayment of the Advances, the Swingline Loans and the Letters of Credit and the execution and delivery of this Agreement and the Series 2025-1 Class A-1 Notes in the form of definitive notes and shall continue in full force and effect until all interest on and principal of the Series 2025-1 Class A-1 Notes, and all other amounts owed to the Lender Parties, the Funding Agents and the Administrative Agent hereunder and under the Series 2025-1 Supplement have been paid in full, all Letters of Credit have expired or been fully cash collateralized in accordance with the terms of this Agreement and the Commitments, the Swingline Commitment and the L/C Commitment have been terminated. In addition, the obligations of the Co-Issuers and the Lender Parties under <u>Sections 3.03</u>, <u>3.06</u>, <u>3.07</u>, <u>3.08</u>, <u>9.05</u>, <u>9.10</u> and <u>9.11</u> shall survive the termination of this Agreement.

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Section 9.05 <u>Payment of Costs and Expenses; Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payment of Costs and Expenses.</u> The Co-Issuers jointly and severally agree to pay (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments), on the Series 2025-1 Closing Date (if invoiced at least one (1) Business Day prior to such date) or on or before five (5) Business Days after written demand (in all other cases), all reasonable documented out-of-pocket expenses of the Administrative Agent, each initial Funding Agent and each initial Lender Party (including the reasonable fees and out-of-pocket expenses of counsel to each of the foregoing, if any, as well as the fees and expenses of the Rating Agencies) in connection with (i) the negotiation, preparation, execution and delivery of this Agreement and of each other Related Document, including schedules and exhibits, whether or not the transactions contemplated hereby or thereby are consummated ("<u>Pre-Closing Costs</u>"), and (ii) any amendments, waivers, consents, supplements or other modifications to this Agreement or any other Related Document as may from time to time hereafter be proposed by the Manager or the Securitization Entities ("<u>Class</u> <u>A-1 Amendment Expenses</u>"). The Co-Issuers further jointly and severally agree to pay, subject to and in accordance with the Priority of Payments, and to hold the Administrative Agent, each Funding Agent and each Lender Party harmless from all liability for (x) any breach by the Co- Issuers of their obligations under this Agreement, (y) all reasonable documented out-of-pocket costs incurred by the Administrative Agent, such Funding Agent or such Lender Party in enforcing this Agreement and (z) any Non-Excluded Taxes that may be payable in connection with (1) the execution or delivery of this Agreement, (2) any Borrowing or Swingline Loan hereunder, (3) the issuance of the Series 2025-1 Class A-1 Notes, (4) any Letter of Credit hereunder or (5) any other Related Documents ("<u>Other Post-Closing Expenses</u>"). The Co-Issuers also agree to reimburse, subject to and in accordance with the Priority of Payments, the Administrative Agent, such Funding Agent and such Lender Party upon demand for all reasonable documented out-of-pocket expenses incurred by the Administrative Agent, such Funding Agent and such Lender Party in connection with (1) the negotiation of any restructuring or "work-out", whether or not consummated, of the Related Documents and (2) the enforcement of, or any waiver or amendment requested under or with respect to, this Agreement or any other Related Documents ("<u>Out-of-Pocket Expenses</u>"). Notwithstanding the foregoing, other than in connection with a sale or assignment pursuant to <u>Section</u> <u>9.18(a),</u> the Co-Issuers shall have no obligation to reimburse any Lender Party for any of the fees and/or expenses incurred by such Lender Party with respect to its sale or assignment of all or any part of its respective rights and obligations under this Agreement and the Series 2025-1 Class A-1 Notes pursuant to <u>Section</u> <u>9.03</u> or <u>Section</u> <u>9.17.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification of the Lender Parties</u>. In consideration of the execution and delivery of this Agreement by the Lender Parties, the Co-Issuers hereby agree to jointly and severally indemnify and hold each Lender Party (each in its capacity as such and to the extent not otherwise reimbursed by the Co-Issuers and without limiting the obligation of the Co-Issuers to do so) and each of their officers, directors, employees, affiliates and agents (collectively, the "<u>Indemnified Parties</u>") harmless (by depositing such amounts into the Collection Account to be

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distributed subject to and in accordance with the Priority of Payments) from and against any and all actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith (irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2025-1 Class A-1 Notes), including reasonable documented attorneys' fees and disbursements (collectively, the "<u>Indemnified Liabilities</u>"), incurred by the Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of any Advance, Swingline Loan or Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the entering into and performance of this Agreement and any other Related Document by any of the Indemnified Parties, including, for the avoidance of doubt, the consent by the Lender Parties set forth in <u>Section</u> <u>9.19</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether the Indemnified Party is a party thereto;

except for any such Indemnified Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party's gross negligence or willful misconduct or breach of representations set forth herein as determined by a final, non-appealable judgement of a court of competent jurisdiction. If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Co-Issuers hereby jointly and severally agree to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this <u>Section</u> <u>9.05(b)</u> shall in no event include indemnification for special, punitive, consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in <u>Section</u> <u>3.08</u> or for any transfer Taxes with respect to its sale or assignment of all or any part of its respective rights and obligations under this Agreement and the Series 2025-1 Class A-1 Notes pursuant to <u>Section</u> <u>9.17</u>. The Co-Issuers shall give notice to the Rating Agencies of any claim for Indemnified Liabilities made under this <u>Section</u> <u>9.05(b).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification of the Administrative Agent and each Funding Agent by the Co-Issuers</u>. In consideration of the execution and delivery of this Agreement by the Administrative Agent and each Funding Agent, the Co-Issuers hereby agree to jointly and severally indemnify and hold the Administrative Agent and each Funding Agent and each of their officers, directors, employees and agents (collectively, the "<u>Agent Indemnified Parties</u>") harmless (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments) from and against any and all actual or prospective claims, litigation, actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith (irrespective of whether any such Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the

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offering and sale of the Series 2025-1 Class A-1 Notes), including reasonable documented attorneys' fees and disbursements (collectively, the "<u>Agent Indemnified Liabilities</u>"), incurred by the Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Agreement and any other Related Document by any of the Agent Indemnified Parties, except for any such Agent Indemnified Liabilities arising for the account of a particular Agent Indemnified Party by reason of the relevant Agent Indemnified Party's gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Co-Issuers hereby jointly and severally agree to make the maximum contribution to the payment and satisfaction of each of the Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this <u>Section</u> <u>9.05(c)</u> shall in no event include indemnification for special, punitive, consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in <u>Section</u> <u>3.08.</u> The Co-Issuers shall give notice to the Rating Agencies of any claim for Agent Indemnified Liabilities made under this <u>Section</u> <u>9.05(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification of the Administrative Agent and each Funding Agent by the Committed Note Purchasers</u>. In consideration of the execution and delivery of this Agreement by the Administrative Agent and the related Funding Agent, each Committed Note Purchaser, ratably according to its respective Commitment, hereby agrees to indemnify and hold the Administrative Agent and each of its officers, directors, employees and agents (collectively, the "<u>Administrative Agent Indemnified Parties</u>") and such Funding Agent and each of its officers, directors, employees and agents (collectively, the "<u>Funding Agent Indemnified Parties</u>," and together with the Administrative Agent Indemnified Parties, the "<u>Applicable Agent Indemnified Parties</u>") harmless from and against any and all actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith (solely to the extent not reimbursed by or on behalf of the Co-Issuers) (irrespective of whether any such Applicable Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2025-1 Class A-1 Notes), including reasonable documented attorneys' fees and disbursements (collectively, the "<u>Applicable Agent Indemnified Liabilities</u>"), incurred by the Applicable Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Agreement and any other Related Document by any of the Applicable Agent Indemnified Parties, except for any such Applicable Agent Indemnified Liabilities arising for the account of a particular Applicable Agent Indemnified Party by reason of the relevant Applicable Agent Indemnified Party's gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, each Committed Note Purchaser, ratably according to its respective Commitment, hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Applicable Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this <u>Section</u> <u>9.05(d)</u> shall in no event include indemnification for consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in <u>Section</u> <u>3.08.</u>

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Section 9.06 <u>Characterization as Related Document; Entire Agreement</u>. This Agreement shall be deemed to be a Related Document for all purposes of the Base Indenture and the other Related Documents. This Agreement, together with the Base Indenture, the Series 2025-1 Supplement, the documents delivered pursuant to <u>Article VII</u> and the other Related Documents, including the exhibits and schedules thereto, 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 9.07 <u>Notices</u>. All notices, amendments, waivers, consents and other communications provided to any party hereto under this Agreement shall be in writing and addressed, delivered or transmitted to such party at its address, e-mail address (if provided), or facsimile number set forth on Schedule II hereto, or in each case at such other address, e-mail address or facsimile number as may be designated by such party in a notice to the other parties. Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted by e-mail, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted (so long as transmitted on a Business Day, otherwise the next succeeding Business Day) upon receipt of electronic confirmation of transmission.

Section 9.08 <u>Severability of Provisions</u>. Any covenant, provision, agreement or term of this Agreement that is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of the prohibition or unenforceability without invalidating the remaining provisions of this Agreement.

Section 9.09 <u>Tax Characterization</u>. Each party to this Agreement (a) acknowledges that it is the intent of the parties to this Agreement that, for accounting purposes and for all federal, state and local income and franchise Tax purposes, the Series 2025-1 Class A-1 Notes will be treated as evidence of indebtedness, (b) agrees to treat the Series 2025-1 Class A-1 Notes for all such purposes as indebtedness and (c) agrees that the provisions of the Related Documents shall be construed to further these intentions.

Section 9.10 <u>No Proceedings; Limited Recourse.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Securitization Entities</u>. Each of the parties hereto (other than the Co- Issuers) hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of the last maturing Note issued by the Co-Issuers pursuant to the Base Indenture, it will not 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, all as more particularly set forth in Section 14.13 of the Base Indenture and subject to any retained rights set forth therein; <u>provided</u>, <u>however,</u> that nothing in this <u>Section</u> <u>9.10(a)</u> shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to this Agreement, the Series 2025-1 Supplement, the Base Indenture or any other Related Document. In the event that a Lender Party (solely in its capacity as such) takes action in violation of this <u>Section</u> <u>9.10(a),</u> each affected Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Securitization Entity or the commencement of such action and raise or cause to be raised the defense that such Person

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has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this <u>Section</u> <u>9.10(a)</u> shall survive the termination of this Agreement. Nothing contained herein shall preclude participation by a Lender Party in the assertion or defense of its claims in any such proceeding involving any Securitization Entity. The obligations of the Co-Issuers under this Agreement are solely the limited liability company or corporate obligations of the Co-Issuers, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Conduit Investors.</u> Each of the parties hereto (other than the Conduit Investors) hereby covenants and agrees that it will not, prior to the date that is one year and one day after the payment in full of the latest maturing Commercial Paper or other debt securities or instruments issued by a Conduit Investor, institute against, or join with any other Person in instituting against, such Conduit Investor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law; <u>provided</u>, <u>however,</u> that nothing in this <u>Section</u> <u>9.10(b)</u> shall constitute a waiver of any right to indemnification, reimbursement or other payment from such Conduit Investor pursuant to this Agreement, the Series 2025-1 Supplement, the Base Indenture or any other Related Document. In the event that the Co-Issuers, the Manager or a Lender Party (solely in its capacity as such) takes action in violation of this <u>Section</u> <u>9.10(b)</u>, such related Conduit Investor may file an answer with the bankruptcy court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Conduit Investor or the commencement of such action and raise or cause to be raised the defense that such Person has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this <u>Section</u> <u>9.10(b)</u> shall survive the termination of this Agreement. Nothing contained herein shall preclude participation by the Co-Issuers, the Manager or a Lender Party in assertion or defense of its claims in any such proceeding involving a Conduit Investor. The obligations of the Conduit Investors under this Agreement are solely the corporate obligations of the Conduit Investors. No recourse shall be had for the payment of any amount owing in respect of this Agreement, including any obligation or claim arising out of or based upon this Agreement, against any stockholder, employee, officer, agent, director, member, affiliate or incorporator (or Person similar to an incorporator under state business organization laws) of any Conduit Investor; <u>provided</u>, <u>however,</u> nothing in this <u>Section</u> <u>9.10(b)</u> shall relieve any of the foregoing Persons from any liability that any such Person may otherwise have for its gross negligence or willful misconduct.

Section 9.11 <u>Confidentiality</u>. Each Lender Party agrees that it shall not disclose any Confidential Information to any Person without the prior written consent of the Manager and the Co-Issuers, other than (a) to their Affiliates, officers, directors, employees, agents and advisors, including, without limitation, legal counsel and accountants (it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and instructed to keep it confidential), (b) to actual or prospective assignees and participants, and then only on a confidential basis (after obtaining such actual or prospective assignee's or participant's agreement to keep such Confidential Information confidential in a manner substantially similar to this Section 9.11), (c) as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of which the Co-Issuers or the Manager, as the case may be, has knowledge; <u>provided</u> that each

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Lender Party may disclose Confidential Information as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of which the Co-Issuers or the Manager, as the case may be, does not have knowledge if such Lender Party is prohibited by law, rule or regulation from disclosing such requirement to the Co- Issuers or the Manager, as the case may be, (d) to Program Support Providers (after obtaining such Program Support Providers' agreement to keep such Confidential Information confidential in a manner substantially similar to this <u>Section</u> <u>9.11</u>), (e) to any Rating Agency providing a rating for any Series or Class of Notes or any Conduit Investor's debt, (f) in connection with the exercise of any remedies hereunder or under any other Related Document or any action or proceeding relating to this Agreement or any other Related Document or the enforcement of rights hereunder or thereunder or (g) in the course of litigation with the Co-Issuers, the Manager or such Lender Party. Any Person required to maintain the confidentiality of Confidential Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Confidential Information as such Person would accord to its own Confidential Information.

"<u>Confidential Information</u>" means information that the Co-Issuers or the Manager furnishes to a Lender Party, but does not include (i) any such information that is or becomes generally available to the public other than as a result of a disclosure by a Lender Party or other Person to which a Lender Party delivered such information, (ii) any such information that was in the possession of a Lender Party prior to its being furnished to such Lender Party by the Co- Issuers or the Manager or (iii) any such information that is or becomes available to a Lender Party from a source other than the Co-Issuers or the Manager; <u>provided</u> that with respect to <u>clauses (ii)</u> and <u>(iii)</u> herein, such source is not (x) known to a Lender Party to be bound by a confidentiality agreement with the Co-Issuers or the Manager, as the case may be, with respect to the information or (y) known to a Lender Party to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation.

**Section 9.12 <u>GOVERNING LAW; CONFLICTS WITH INDENTURE</u>. THIS AGREEMENT AND ALL MATTERS ARISING UNDER OR IN ANY MANNER RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW. IN THE EVENT OF ANY CONFLICTS BETWEEN THIS AGREEMENT AND THE INDENTURE, THE INDENTURE SHALL GOVERN.** 

**Section 9.13 <u>JURISDICTION</u>. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY OF THE PARTIES HEREUNDER WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR (TO THE EXTENT PERMITTED BY LAW) FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY** 

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 **HEREUNDER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. EACH CO-ISSUER, EACH GUARANTOR AND THE MANAGER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN THIS SECTION 9.13, ANY PUNITIVE OR CONSEQUENTIAL DAMAGES.** 

**Section 9.14 <u>WAIVER OF JURY TRIAL</u>. ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT.** 

Section 9.15 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts (which may include electronic transmission of counterparts) and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, and all of which together shall constitute one and the same instrument. For purposes of this Agreement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission. "Electronic Transmission" means any form of communication not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process. The Administrative Agent is authorized to accept written instructions, directions, reports, notices or other communications delivered by Electronic Transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission, and the Administrative Agent shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information to the Administrative Agent, including, without limitation, the risk of the Administrative Agent acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties (except to the extent such action results from gross negligence, willful misconduct or fraud by the Administrative Agent). Any requirement in this Agreement that is to be signed or

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authenticated by "manual signature" or similar language shall not be deemed to prohibit signature to be by facsimile or electronic signature and shall not be deemed to prohibit delivery thereof by Electronic Transmission. Notwithstanding anything to the contrary in this Agreement, any and all communications (both text and attachments) by or from the Administrative Agent that the Administrative Agent in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic Transmission will be encrypted. The recipient of the Electronic Transmission will be required to complete a one-time registration process.

Section 9.16 <u>Third-Party Beneficiary</u>. The Trustee, on behalf of the Secured Parties, and the Control Party are express third-party beneficiaries of this Agreement.

Section 9.17 <u>Assignment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Sections 6.03</u> and <u>9.17(f),</u> any Committed Note Purchaser may at any time sell all or any part of its rights and obligations under this Agreement, the Series 2025-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party, with the prior written consent (not to be unreasonably withheld or delayed) of the Co-Issuers, the Swingline Lender and the L/C Provider, to one or more financial institutions (an "<u>Acquiring Committed Note Purchaser</u>") pursuant to an assignment and assumption agreement, substantially in the form of <u>Exhibit B</u> (the "<u>Assignment and Assumption Agreement</u>"), executed by such Acquiring Committed Note Purchaser, such assigning Committed Note Purchaser, the Funding Agent with respect to such Committed Note Purchaser, the Co-Issuers, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; <u>provided</u> that no consent of the Co-Issuers shall be required for an assignment to another Committed Note Purchaser or any Affiliate of a Committed Note Purchaser that has a rating equal to or higher than the assigning Committed Note Purchaser or if a Rapid Amortization Event or an Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, subject to <u>Sections 6.03</u> and <u>9.17(f),</u> each Conduit Investor may assign all or a portion of the Investor Group Principal Amount with respect to such Conduit Investor and its rights and obligations under this Agreement, the Series 2025-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party to a Conduit Assignee with respect to such Conduit Investor, without the prior written consent of the Co-Issuers. Upon such assignment by a Conduit Investor to a Conduit Assignee, (i) such Conduit Assignee shall be the owner of the Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor, (ii) the related administrative or managing agent for such Conduit Assignee will act as the Funding Agent for such Conduit Assignee hereunder, with all corresponding rights and powers, express or implied, granted to the Funding Agent hereunder or under the other Related Documents, (iii) such Conduit Assignee and its liquidity support provider(s) and credit support provider(s) and other related parties, in each case relating to the Commercial Paper and/or the Series 2025-1 Class A-1 Advance Notes, shall have the benefit of all the rights and protections provided to such Conduit Investor herein and in the other Related Documents (including, without limitation, any limitation on recourse against such Conduit Assignee as provided in this paragraph), (iv) such Conduit Assignee shall assume all of such Conduit Investor's obligations, if any, hereunder or under the Base Indenture or under any other Related Document with respect to such portion of the Investor Group Principal

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Amount and such Conduit Investor shall be released from such obligations, (v) all distributions in respect of the Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor shall be made to the applicable Funding Agent on behalf of such Conduit Assignee, (vi) the definition of the term "CP Funding Rate" with respect to the portion of the Investor Group Principal Amount with respect to such Conduit Investor, as applicable, funded or maintained with commercial paper issued by such Conduit Assignee from time to time shall be determined in the manner set forth in the definition of "CP Funding Rate" applicable to such Conduit Assignee on the basis of the interest rate or discount applicable to Commercial Paper issued by or for the benefit of such Conduit Assignee (rather than any other Conduit Investor), (vii) the defined terms and other terms and provisions of this Agreement and the other Related Documents shall be interpreted in accordance with the foregoing, and (viii) if requested by the Funding Agent with respect to such Conduit Assignee, the parties will execute and deliver such further agreements and documents and take such other actions as the Funding Agent may reasonably request to evidence and give effect to the foregoing. No assignment by any Conduit Investor to a Conduit Assignee of all or any portion of the Investor Group Principal Amount with respect to such Conduit Investor shall in any way diminish the obligation of the Committed Note Purchasers in the same Investor Group as such Conduit Investor under <u>Section</u> <u>2.03</u> to fund any Increase not funded by such Conduit Investor or such Conduit Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to <u>Sections 6.03</u> and <u>9.17(f),</u> any Conduit Investor and the related Committed Note Purchaser(s) may at any time sell all or any part of their respective rights and obligations under this Agreement, the Series 2025-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party, with the prior written consent (not to be unreasonably withheld or delayed) of the Co-Issuers, the Swingline Lender and the L/C Provider, to a multi-seller commercial paper conduit, whose commercial paper is rated at least "A-1" from S&P and/or "P-1" from Moody's, as applicable, and one or more financial institutions providing support to such multi-seller commercial paper conduit (an "<u>Acquiring Investor Group</u>") pursuant to a transfer supplement, substantially in the form of <u>Exhibit C</u> (the "<u>Investor Group Supplement</u>" or the "<u>Series 2025-1 Class</u> <u>A-1 Investor Group Supplement</u>"), executed by such Acquiring Investor Group, the Funding Agent with respect to such Acquiring Investor Group (including the Conduit Investor and the Committed Note Purchasers with respect to such Investor Group), such assigning Conduit Investor and the Committed Note Purchasers with respect to such Conduit Investor, the Funding Agent with respect to such assigning Conduit Investor and Committed Note Purchasers, the Co-Issuers, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; <u>provided</u> that no consent of the Co-Issuers shall be required for an assignment to another Committed Note Purchaser or any Affiliate of a Committed Note Purchaser and its related Conduit Investor or if a Rapid Amortization Event or an Event of Default has occurred and is continuing. For the avoidance of doubt, this <u>Section</u> <u>9.17(c)</u> is intended to permit and provide for (i) assignments from a Committed Note Purchaser to a Conduit Investor in a different Investor Group and (ii) assignments from a Conduit Investor to a Committed Note Purchaser in a different Investor group, and, in each of <u>clause (i)</u> and <u>(ii)</u>, <u>Exhibit</u> <u>C</u> shall be revised to reflect such assignments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to <u>Sections 6.03</u> and <u>9.17(f)</u>, the Swingline Lender may at any time assign all its rights and obligations hereunder and under the Series 2025-1 Class A-1 Swingline Note, in whole but not in part, with the prior written consent of the Co-Issuers and the Administrative Agent, which consent shall not be unreasonably withheld or delayed, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Co-Issuers, whereupon the assignor shall be released from its obligations hereunder; <u>provided</u> that no consent of the Co-Issuers shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing; <u>provided, further,</u> that the prior written consent of each Funding Agent (other than any Funding Agent with respect to which all of the Committed Note Purchasers in such Funding Agent's Investor Group are Defaulting Investors), which consent shall not be unreasonably withheld or delayed, shall be required if such financial institution is not a Committed Note Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Sections 6.03</u> and <u>9.17(f),</u> the L/C Provider may at any time assign all or any portion of its rights and obligations hereunder and under the Series 2025-1 Class A-1 L/C Note with the prior written consent of the Co-Issuers and the Administrative Agent, which consent shall not be unreasonably withheld or delayed, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Co-Issuers, whereupon the assignor shall be released from its obligations hereunder to the extent so assigned; <u>provided</u> that no consent of the Co-Issuers shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any assignment of the Series 2025-1 Class A-1 Notes shall be made in accordance with the applicable provisions of the Indenture.

Section 9.18 <u>Defaulting Investors</u>. (a) The Co-Issuers may, at their sole expense and effort, upon notice to such Defaulting Investor and the Administrative Agent, (i) require any Defaulting Investor to sell all of its rights, obligations and commitments under this Agreement, the Series 2025-1 Class A-1 Notes and, in connection therewith, any other Related Documents to which it is a party, to an assignee; <u>provided</u> that (x) such assignment is made in compliance with <u>Section</u> <u>9.17</u> and (y) such Defaulting Investor shall have received from such assignee an amount equal to such Defaulting Investor's Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder or (ii) remove any Defaulting Investor as an Investor by paying to such Defaulting Investor an amount equal to such Defaulting Investor's Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a Defaulting Investor desires to sell all or any portion of its rights, obligations and commitments under this Agreement, the Series 2025-1 Class A-1 Notes and, in connection therewith, any other Related Documents to which it is a party, to an unaffiliated third-party assignee for an amount less than 100% (or, if only a portion of such rights, obligations and commitments are proposed to be sold, such portion) of such Defaulting Investor's Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder, such Defaulting Investor shall promptly notify the Master Issuer of the proposed sale (the "<u>Sale Notice</u>"). Each Sale Notice shall certify that such Defaulting Investor has received a firm offer from the prospective unaffiliated third party and shall contain the material terms of the proposed sale, including, without limitation, the purchase price of the proposed sale and the portion of such Defaulting Investor's rights,

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obligations and commitments proposed to be sold. The Master Issuer and any of its Affiliates shall have an option for a period of three (3) Business Days from the date the Sale Notice is given to elect to purchase such rights, obligations and commitments at the same price and subject to the same material terms as described in the Sale Notice. The Master Issuer or any of its Affiliates may exercise such purchase option by notifying such Defaulting Investor before expiration of such three (3) Business Day period that it wishes to purchase all (but not a portion) of the rights, obligations and commitments of such Defaulting Investor proposed to be sold to such unaffiliated third party. If the Master Issuer or any of its Affiliates gives notice to such Defaulting Investor that it desires to purchase such rights, obligations and commitments, the Master Issuer or such Affiliate shall promptly pay the purchase price to such Defaulting Investor. If the Master Issuer or any of its Affiliates does not respond to any Sale Notice within such three (3) Business Day period, the Master Issuer and its Affiliates shall be deemed not to have exercised such purchase option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained in this Agreement, if any Investor becomes a Defaulting Investor, then, until such time as such Investor is no longer a Defaulting Investor, to the extent permitted by applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such Defaulting Investor's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section</u> <u>9.01.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any payment of principal, interest, fees or other amounts payable to the account of such Defaulting Investor (whether voluntary or mandatory, at maturity or otherwise) shall be applied (and the Co-Issuers shall instruct the Trustee to apply such amounts) as follows: <u>first,</u> to the payment of any amounts owing by such Defaulting Investor to the Administrative Agent hereunder; <u>second,</u> to the payment on a <u>pro</u> <u>rata</u> basis of any amounts owing by such Defaulting Investor to the L/C Provider or the Swingline Lender hereunder; <u>third,</u> to provide cash collateral to the L/C Provider in accordance with <u>Section</u> <u>4.03(b)</u> in an amount equal to the amount of Undrawn L/C Face Amounts at such time multiplied by the Commitment Percentage of such Defaulting Investor's Investor Group multiplied by the Committed Note Purchaser Percentage of such Defaulting Investor; <u>fourth,</u> as the Co-Issuers may request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Investor has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; <u>fifth,</u> if so determined by the Administrative Agent and the Co-Issuers, to be held in a deposit account and released <u>pro</u> <u>rata</u> in order to (x) satisfy such Defaulting Investor's potential future funding obligations with respect to Advances under this Agreement and (y) to provide cash collateral to the L/C Provider in accordance with <u>Section</u> <u>4.03(b)</u> in an amount equal to the amount of any future Undrawn L/C Face Amounts multiplied by the Commitment Percentage of such Defaulting Investor's Investor Group multiplied by the Committed Note Purchaser Percentage of such Defaulting Investor; <u>sixth,</u> to the payment of any amounts owing to the Investors, the L/C Provider or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Investor, the L/C Provider or the Swingline Lender against such Defaulting Investor as a result of such Defaulting Investor's breach of its obligations under this Agreement; <u>seventh,</u> so long as no Default or Event of

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Default exists, to the payment of any amounts owing to the Co-Issuers as a result of any judgment of a court of competent jurisdiction obtained by the Co-Issuers against such Defaulting Investor as a result of such Defaulting Investor's breach of its obligations under this Agreement; and <u>eighth,</u> to such Defaulting Investor or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Advances or any extensions of credit resulting from a drawing under any Letter of Credit that has not been reimbursed as an Advance pursuant to <u>Section</u> <u>2.08(a)</u> in respect of which such Defaulting Investor has not fully funded its appropriate share, and (y) such Advances were made or the related Letters of Credit were issued at a time when the conditions set forth in <u>Section</u> <u>7.03</u> were satisfied or waived, such payment shall be applied solely to pay the Advances of, and extensions of credit resulting from a drawing under any Letter of Credit that has not been reimbursed as an Advance pursuant to <u>Section</u> <u>2.08(a)</u> owed to, all non-Defaulting Investors on a <u>pro</u> <u>rata</u> basis prior to being applied to the payment of any Advances of, participations required to be purchased pursuant to <u>Section</u> <u>2.09(a)</u> owed to, such Defaulting Investor until such time as all Advances and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Investors <u>pro</u> <u>rata</u> in accordance with the Commitments without giving effect to <u>Section</u> <u>9.1 8(c)(iii)</u>. Any payments, prepayments or other amounts paid or payable to a Defaulting Investor that are applied (or held) to pay amounts owed by a Defaulting Investor or to post cash collateral pursuant to this <u>Section</u> <u>9.18(c)(ii)</u> shall be deemed paid to and redirected by such Defaulting Investor, and each Investor irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All or any part of such Defaulting Investor's participation in L/C Obligations and Swingline Loans shall be reallocated among the non-Defaulting Investors <u>pro</u> <u>rata</u> based on their Commitments (calculated without regard to such Defaulting Investor's Commitment) but only to the extent that (x) the conditions set forth in <u>Section</u> <u>7.03</u> are satisfied at the time of such reallocation (and, unless the Co-Issuers shall have otherwise notified the Administrative Agent at such time, the Co-Issuers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the product of any non-Defaulting Investor's related Investor Group Principal Amount multiplied by such non-Defaulting Investor's Committed Note Purchaser Percentage to exceed such non-Defaulting Investor's Commitment Amount. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Investor arising from that Investor having become a Defaulting Investor, including any claim of a non- Defaulting Investor as a result of such non-Defaulting Investor's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the reallocation described in clause (iii) above cannot, or can only partially, be effected, the Co-Issuers shall, without prejudice to any right or remedy available to them hereunder or under law, prepay Swingline Loans in an amount equal to the amount that cannot be so reallocated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Co-Issuers, the Administrative Agent, the Swingline Lender and the L/C Provider agree in writing that an Investor is no longer a Defaulting Investor, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Investor will, to the extent applicable, purchase that portion of outstanding Advances of the other Investors or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances and funded and unfunded participations in Letters of Credit and Swingline Loans to be held <u>pro</u> <u>rata</u> by the Investors in accordance with their respective Commitments (without giving effect to <u>Section</u> <u>9.1</u> <u>8(c)(iii)),</u> whereupon such Investor will cease to be a Defaulting Investor; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Co-Issuers while that Investor was a Defaulting Investor; and <u>provided</u>, <u>further,</u> that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Investor to Investor will constitute a waiver or release of any claim of any party hereunder arising from that Investor's having been a Defaulting Investor.

Section 9.19 <u>No Fiduciary Duties</u>. Each of the Manager and the Securitization Entities acknowledge and agree that in connection with the transaction contemplated in this Agreement, or any other services the Lender Parties may be deemed to be providing hereunder, notwithstanding any preexisting relationship, advisory or otherwise, between the parties or any oral representations or assurances previously or subsequently made by the Lender Parties: (a) no fiduciary or agency relationship between any of the Manager, the Securitization Entities and any other person, on the one hand, and the Lender Parties, on the other, exists; (b) the Lender Parties are not acting as advisor, expert or otherwise, to the Manager or the Securitization Entities, and such relationship between any of the Manager or the Securitization Entities, on the one hand, and the Lender Parties, on the other, is entirely and solely commercial, based on arms-length negotiations; (c) any duties and obligations that the Lender Parties may have to the Manager and any of the Securitization Entities shall be limited to those duties and obligations specifically stated herein; (d) the Lender Parties and their respective affiliates may have interests that differ from those of the Manager or any of the Securitization Entities; and (e) the Manager and the Securitization Entities have consulted their own legal and financial advisors to the extent they deemed appropriate. For the avoidance of doubt, each of the Manager and the Securitization Entities hereby waive any claims that Manager or the Securitization Entities may have against the Lender Parties with respect to any breach of fiduciary duty in connection with the Series 2025-1 Class A-1 Notes.

Section 9.20 <u>No Guarantee by the Manager</u>. The execution and delivery of this Agreement by Manager shall not be construed as a guarantee or other credit support by the Manager of the obligations of the Securitization Entities hereunder. The Manager shall not be liable in any respect for any obligation of the Securitization Entities hereunder or any violation by any Securitization Entity of its covenants, representations and warranties or other agreements and obligations hereunder.

Section 9.21 <u>Term; Termination of Agreement</u>. This Agreement shall terminate upon the earlier to occur of (a) the permanent reduction of the Series 2025-1 Class A-1 Notes Maximum Principal Amount to zero in accordance with <u>Section</u> <u>2.05(a)</u> and payment in full of all monetary Obligations in respect of the Series 2025-1 Class A-1 Notes, (b) the payment in full of all monetary Obligations in respect of the Series 2025-1 Class A-1 Notes on or after the Class A-1 Notes Renewal Date (as may be extended from time to time) and (c) the termination of the Series Supplement pursuant to Section 5.9 thereof.

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Section 9.22 <u>Acknowledgement and Consent to Bail-In of EEA Financial Institutions</u>. Notwithstanding anything to the contrary in any Related Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Related Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action or any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Related Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

Section 9.23 <u>[Reserved]</u>

Section 9.24 <u>USA Patriot Act</u>. In accordance with the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>USA PATRIOT Act</u>"), any Lender Party that is subject to the USA PATRIOT Act may obtain, verify and record information that identifies individuals or entities that establish a relationship with such Lender Party, including the name, address, tax identification number and other information in accordance with the USA PATRIOT Act that will allow it to identify the individual or entity who is establishing the relationship or opening the account.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized officers and delivered as of the day and year first above written.

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| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Master Issuer and as a Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC,<br> as Master Issuer and as a Co-Issuer |
| By | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PIZZA DISTRIBUTION LLC,<br> as the Domestic Supply Chain Holder and as a Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC,<br> as the Domestic Supply Chain Holder and as a Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S IP HOLDER LLC,<br> as the IP Holder and as a Co-Issuer | DOMINO'S IP HOLDER LLC,<br> as the IP Holder and as a Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as the SPV Canadian HoldCo and as a Co- Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as the SPV Canadian HoldCo and as a Co- Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

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[Domino's 2025-1 - Class A-1 Note Purchase Agreement]

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| | |
|:---|:---|
| DOMINO'S PROGRESSIVE FOODS | DOMINO'S PROGRESSIVE FOODS |
| DISTRIBUTION LLC, as a Co-Issuer | DISTRIBUTION LLC, as a Co-Issuer |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PIZZA FRANCHISING LLC,<br> as a Guarantor | DOMINO'S PIZZA FRANCHISING LLC,<br> as a Guarantor |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC.,<br> as a Guarantor | DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC.,<br> as a Guarantor |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PIZZA CANADIAN DISTRIBUTION ULC,<br> as a Guarantor | DOMINO'S PIZZA CANADIAN DISTRIBUTION ULC,<br> as a Guarantor |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

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[Domino's 2025-1 - Class A-1 Note Purchase Agreement]

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| | |
|:---|:---|
| DOMINO'S PIZZA INTERNATIONAL FRANCHISING OF MICHIGAN LLC,<br>as a Guarantor | DOMINO'S PIZZA INTERNATIONAL FRANCHISING OF MICHIGAN LLC,<br>as a Guarantor |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S RE LLC,<br> as a Guarantor | DOMINO'S RE LLC,<br> as a Guarantor |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S EQ LLC,<br> as a Guarantor | DOMINO'S EQ LLC,<br> as a Guarantor |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S SPV GUARANTOR LLC,<br> as a Guarantor | DOMINO'S SPV GUARANTOR LLC,<br> as a Guarantor |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PIZZA LLC,<br> as Manager | DOMINO'S PIZZA LLC,<br> as Manager |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

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[Domino's 2025-1 - Class A-1 Note Purchase Agreement]

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| | |
|:---|:---|
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,<br> as Administrative Agent | COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,<br> as Administrative Agent |
| By: | /s/ Jinyang Wang |
|  | Name: Jinyang Wang |
|  | Title: Executive Director |
| By: | /s/ Christopher Lew |
|  | Name: Christopher Lew |
|  | Title: Managing Director |
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,<br> as L/C Provider | COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,<br> as L/C Provider |
| By: | /s/ Jinyang Wang |
|  | Name: Jinyang Wang |
|  | Title: Executive Director |
| By: | /s/ Christopher Lew |
|  | Name: Christopher Lew |
|  | Title: Managing Director |

---

[Domino's 2025-1 - Class A-1 Note Purchase Agreement]

------

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| | |
|:---|:---|
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,<br> as Swingline Lender | COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,<br> as Swingline Lender |
| By: | /s/ Jinyang Wang |
|  | Name: Jinyang Wang |
|  | Title: Executive Director |
| By: | /s/ Christopher Lew |
|  | Name: Christopher Lew |
|  | Title: Managing Director |
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,<br> as Committed Note Purchaser | COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,<br> as Committed Note Purchaser |
| By: | /s/ Jinyang Wang |
|  | Name: Jinyang Wang |
|  | Title: Executive Director |
| By: | /s/ Christopher Lew |
|  | Name: Christopher Lew |
|  | Title: Managing Director |

---

[Domino's 2025-1 - Class A-1 Note Purchase Agreement]

------

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| | |
|:---|:---|
| BARCLAYS BANK PLC,<br> as Committed Note Purchaser | BARCLAYS BANK PLC,<br> as Committed Note Purchaser |
| By: | /s/ Kinnary Armstrong |
|  | Name: Kinnary Armstrong |
|  | Title: Director |

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[Domino's 2025-1 - Class A-1 Note Purchase Agreement]

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**SCHEDULE I TO CLASS A-1** 

**<u>NOTE PURCHASE AGREEMENT</u>**

**INVESTOR GROUPS AND COMMITMENTS** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investor**<br> **Group/Funding**<br> **Agent** | **Maximum<br>Investor Group<br>Principal<br>Amount** | **Conduit<br>Lender (if any)** | **Committed Note<br>Purchaser(s)** | **Commitment<br>Amount** |
|  Coöperatieve Rabobank U.A., New York Branch | $220000000 | N/A | Coöperatieve<br>Rabobank U.A.,<br>New York Branch | $220000000 |
|  Barclays Bank PLC | $100000000 | N/A | Barclays Bank<br>PLC | $100000000 |

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Schedule I-1

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**SCHEDULE II TO CLASS A-1** 

**<u>NOTE PURCHASE AGREEMENT</u>**

**NOTICE ADDRESSES FOR LENDER PARTIES, AGENTS, CO-ISSUERS AND MANAGER** 

**<u>CONDUIT INVESTORS</u>**

N/A

**<u>COMMITTED PURCHASERS</u>**

Coöperatieve Rabobank U.A., New York Branch

151 West 42<sup>nd</sup> Street – 8<sup>th</sup> Floor

New York, NY 10036

Attention: General Counsel

With a copy by e-mail to:

[\*\*\*]

[\*\*\*]

[\*\*\*]

Barclays Bank PLC

745 Seventh Avenue

New York, New York 10019

Attention: Roger Billotto

Telephone: [\*\*\*]

Email: [\*\*\*]

[\*\*\*]

[\*\*\*]

And:

Barclays Bank PLC

745 Seventh Avenue, 2nd Floor

New York, New York 10019

Attention: Kinnary Armstrong

Telephone: [\*\*\*]

Email: [\*\*\*]

[\*\*\*]

[\*\*\*]

[\*\*\*]

Schedule II-1

------

**<u>FUNDING AGENTS</u>**

Coöperatieve Rabobank U.A., New York Branch

151 West 42<sup>nd</sup> Street – 8<sup>th</sup> Floor

New York, NY 10036

Attention: General Counsel

With a copy by e-mail to:

[\*\*\*]

[\*\*\*]

[\*\*\*]

Barclays Bank PLC

745 Seventh Avenue

New York, New York 10019

Attention: Roger Billotto

Telephone: [\*\*\*]

Email: [\*\*\*]

[\*\*\*]

[\*\*\*]

And:

Barclays Bank PLC

745 Seventh Avenue, 2nd Floor

New York, New York 10019

Attention: Kinnary Armstrong

Telephone: [\*\*\*]

Email: [\*\*\*]

[\*\*\*]

[\*\*\*]

[\*\*\*]

Schedule II-2

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**<u>ADMINISTRATIVE AGENT</u>**

Coöperatieve Rabobank U.A., New York Branch

151 West 42<sup>nd</sup> Street – 8<sup>th</sup> Floor

New York, NY 10036

Attention: General Counsel

With a copy by e-mail to:

[\*\*\*]

[\*\*\*]

[\*\*\*]

Schedule II-3

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**<u>SWINGLINE LENDER</u>**

Coöperatieve Rabobank U.A., New York Branch

151 West 42<sup>nd</sup> Street – 8<sup>th</sup> Floor

New York, NY 10036

Attention: General Counsel

With a copy by e-mail to:

[\*\*\*]

[\*\*\*]

[\*\*\*]

**<u>L/C PROVIDER</u>**

Coöperatieve Rabobank U.A., New York Branch

151 West 42<sup>nd</sup> Street – 8<sup>th</sup> Floor

New York, NY 10036

Attention: General Counsel

With a copy by e-mail to:

[\*\*\*]

[\*\*\*]

[\*\*\*]

**<u>CO-ISSUERS</u>**

Domino's Pizza Master Issuer LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Secretary

Fax: [\*\*\*]

And a copy to (which shall not constitute notice):

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Attention: Patricia Lynch

Facsimile: [\*\*\*]

Schedule II-4

------

Domino's SPV Canadian Holding Company Inc.

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Secretary

Fax: [\*\*\*]

And a copy to (which shall not constitute notice):

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Attention: Patricia Lynch

Facsimile: [\*\*\*]

Domino's Pizza Distribution LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Secretary

Fax: [\*\*\*]

And a copy to (which shall not constitute notice):

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Attention: Patricia Lynch

Facsimile: [\*\*\*]

Domino's IP Holder LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Secretary

Fax: [\*\*\*]

And a copy to (which shall not constitute notice):

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Attention: Patricia Lynch

Facsimile: [\*\*\*]

Schedule II-5

------

Domino's Progressive Foods Distribution LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Ryan K. Mulally

Email: [\*\*\*]

And a copy to (which shall not constitute notice):

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Attention: Patricia Lynch

Facsimile: [\*\*\*]

**<u>MANAGER</u>**

DOMINO'S PIZZA LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Ryan K. Mulally

Email: [\*\*\*]

And a copy to (which shall not constitute notice):

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Attention: Patricia Lynch

Facsimile: [\*\*\*]

Schedule II-6

------

**<u>SCHEDULE III TO CLASS A-1 NOTE PURCHASE AGREEMENT</u>**

**ADDITIONAL CLOSING CONDITIONS** 

The following are the additional conditions to initial issuance and effectiveness referred to in <u>Section</u> <u>7.01(d)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All corporate proceedings and other legal matters incident to the authorization, form and validity of each of the Related Documents, and all other legal matters relating to the Related Documents and the transactions contemplated thereby, shall be satisfactory in all material respects to the Lender Parties, and the Co-Issuers and the Guarantors shall have furnished to the Lender Parties all documents and information that the Lender Parties or their counsel may reasonably request to enable them to pass upon such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lender Parties shall have received evidence satisfactory to the Lender Parties and their counsel, that, on or before the Series 2025-1 Closing Date, all existing Liens (other than Permitted Liens) on the Collateral shall have been released and UCC-1 financing statements and assignments and other instruments required to be filed on or prior to the Series 2025-1 Closing Date pursuant to the Related Documents have been or are being filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender Party shall have received one or more opinions of counsel, in each case dated as of the Closing Date and addressed to the Lender Parties, from Ropes & Gray LLP, counsel to the Domino's Parties, with respect to such matters as the Administrative Agent shall reasonably request (including, without limitation, company matters, non-consolidation matters, security interest matters relating to the Collateral, no-conflicts matters and "true contribution" matters).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender Party shall have received an opinion of in-house counsel to the Domino's Parties, addressed to the Committed Purchasers and dated the Series 2025-1 Closing Date, in form and substance reasonably satisfactory to each Lender Party and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender Party shall have received an opinion of DLA Piper LLP (US), franchise counsel to the Domino's Parties, addressed to the Committed Purchasers and dated the Series 2025-1 Closing Date, in form and substance reasonably satisfactory to each Lender Party and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Lender Party shall have received an opinion of Richards, Layton & Finger, PA, Delaware counsel, addressed to the Committed Purchasers and dated as of the Series 2025-1 Closing Date, in form and substance reasonably satisfactory to each Lender Party and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Lender Party shall have received an opinion from Dickinson-Wright P.L.L.C., Michigan counsel, addressed to the Committed Purchasers and dated as of the Series 2025-1 Closing Date, in form and substance reasonably satisfactory to each Lender Party and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Lender Party shall have received an opinion from Stewart McKelvey, Nova Scotia counsel, Stikeman Elliot LLP, Alberta, British Columbia and Ontario counsel, and Thompson Dorman Sweatman LLP, Manitoba counsel, each addressed to the Committed Purchasers and dated as of the Series 2025-1 Closing Date, in form and substance reasonably satisfactory to each Lender Party and its counsel.

Schedule III-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender Party shall have received an opinion of Dentons US LLP, counsel to the Trustee, addressed to the Committed Purchasers and dated as of the Series 2025-1 Closing Date, in form and substance reasonably satisfactory to each Lender Party and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each Lender Party shall have received an opinion of Eversheds Sutherland LLP, counsel to the Servicer, and an opinion of in-house counsel to the Servicer, each addressed to the Committed Purchasers and dated the Series 2025-1 Closing Date, in form and substance reasonably satisfactory to each Lender Party and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Each Lender Party shall have received a bring down letter to the opinion of in-house counsel to the Back-Up Manager delivered in connection with the issuance and sale of the Series 2012-1 Notes, addressed to the Committed Purchasers and dated as of the Series 2025- 1 Closing Date, in form and substance reasonably satisfactory to each Lender Party and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) There shall exist at and as of the Series 2025-1 Closing Date no condition that would constitute an "Event of Default" (or an event that with notice or the lapse of time, or both, would constitute an "Event of Default") under, and as defined in, the Indenture or a material breach under any of the Related Documents as in effect at the Series 2025-1 Closing Date (or an event that, with notice or lapse of time, or both, would constitute such a material breach). On the Series 2025-1 Closing Date, each of the Related Documents shall be in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Manager, each Guarantor and each Co-Issuer shall have furnished to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Representative, dated as of the Series 2025-1 Closing Date, of the Chief Financial Officer (or, if such entity has no Chief Financial Officer, of another Authorized Officer) of such entity that such entity will be Solvent immediately after the consummation of the transactions contemplated by this Agreement; <u>provided</u>, that, in the case of each Securitization Entity, the liabilities of the other Securitization Entities with respect to debts, liabilities and obligations for which such Securitization Entity is jointly and severally liable shall be taken into account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) None of the transactions contemplated by this Agreement shall be subject to an injunction (temporary or permanent) and no restraining order or other injunctive order shall have been issued; and there shall not have been any legal action, order, decree or other administrative proceeding instituted or threatened against the Co-Issuers, the Parent Companies or the Lender Parties that would reasonably be expected to adversely impact the issuance of the Series 2025-1 Notes and the Guarantee thereof under the Global G&C Agreement or the Lender Parties' activities in connection therewith or any other transactions contemplated by the Related Documents.

Schedule III-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The representations and warranties of each of the Co-Issuers, the Parent Companies and the Manager (to the extent a party thereto) contained in the Related Documents to which each of the Co-Issuers, the Parent Companies and the Manager is a party will be true and correct (i) if qualified as to materiality or Material Adverse Effect, in all respects, and (ii) if not so qualified, in all material respects, as of the Series 2025-1 Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct (x) if qualified as to materiality, in all respects, and (y) if not so qualified, in all material respects, as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Co-Issuers shall have delivered $1,000,000,000 of the Series 2025-1 Class A-2 Notes to the Initial Purchasers on the Series 2025-1 Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Lender Parties shall have received a certificate from each Co-Issuer, and the Manager, in each case executed on behalf of such Person by any Authorized Officer of the such Person, dated the Series 2025-1 Closing Date, to the effect that, to the best of each such Authorized Officer's knowledge, (i) the representations and warranties of such Person in this Agreement and in each other Related Document to which such Person is a party are true and correct (A) if qualified as to materiality or Material Adverse Effect, in all respects and (B) if not so qualified, in all material respects, in each case, on and as of the Series 2025-1 Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct (x) if qualified as to materiality or Material Adverse Effect, in all respects, and (y) if not so qualified, in all material respects, in each case, as of such earlier date); (ii) such Person has complied with all agreements in all material respects and satisfied all conditions on its part to be performed or satisfied hereunder or under the Related Documents at or prior to the Series 2025-1 Closing Date; (iii) subsequent to the date as of which information is given in the Pricing Disclosure Package (as defined in the Series 2025-1 Class A-2 Note Purchase Agreement), there has not been any development in the general affairs, business, properties, capitalization, condition (financial or otherwise) or results of operation of such Person except as set forth or contemplated in the Pricing Disclosure Package or as described in such certificate or certificates that could reasonably be expected to result in a Material Adverse Effect; and (iv) nothing has come to such officer's attention that would lead such Authorized Officer to believe that the Pricing Disclosure Package, as of the Applicable Time (as defined in the Series 2025-1 Class A-2 Note Purchase Agreement), and as of the Series 2025-1 Closing Date, or the Offering Memorandum as of its date and as of the Series 2025-1 Closing Date included or includes any untrue statement of a material fact or omitted or omits to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) On or prior to the Series 2025-1 Closing Date, the Co-Issuers shall have jointly and severally paid to the Administrative Agent (i) the Upfront Commitment Fee (under and as defined in the Series 2025-1 Class A-1 VFN Fee Letter) and (ii) the initial installment of Administrative Agent Fee (under and as defined in the Series 2025-1 Class A-1 VFN Rabobank Fee Letter).

Schedule III-3

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**<u>SCHEDULE IV TO CLASS A-1 NOTE</u>**

**<u>PURCHASE AGREEMENT</u>**

**Letters of Credit** 

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| | | | |
|:---|:---|:---|:---|
| **Letter of Credit** | **Beneficiary** | **Amount** | **Maturity Date** |
|  SBLC50062 | [\*\*\*] | $60000.00 | 6/22/2026 |
|  SB19941 | [\*\*\*] | $50393657.00 | 10/21/2025 |
|  SB19942 | [\*\*\*] | $230000.00 | 10/21/2025 |
|  SB19943 | [\*\*\*] | $5638590.00 | 10/21/2025 |
|  SBLC58194 | [\*\*\*] | $37500.00 | 2/14/2026 |

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Schedule IV-1

------

**EXHIBIT A-1 TO CLASS A-1** 

**<u>NOTE PURCHASE AGREEMENT</u>**

**ADVANCE REQUEST** 

DOMINO'S PIZZA MASTER ISSUER LLC

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.

DOMINO'S PIZZA DISTRIBUTION LLC and

DOMINO'S IP HOLDER LLC

**<u>SERIES 2025-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1</u>** 

**TO: Coöperatieve Rabobank U.A., New York Branch**, as Administrative Agent

Ladies and Gentlemen:

This Advance Request is delivered to you pursuant to <u>Section</u> <u>2.03</u> of that certain Series 2025-1 Class A-1 Note Purchase Agreement, dated as of September 5, 2025 (as amended, supplemented, amended and restated or otherwise modified from time to time, the "<u>Series 2025-1</u> <u>Class</u> <u>A-1 Note Purchase Agreement</u>"), by and among Domino's Pizza Master Issuer LLC, Domino's SPV Canadian Holding Company Inc., Domino's Pizza Distribution, LLC and Domino's IP Holder LLC, as Co-Issuers, Domino's Pizza Franchising LLC, Domino's Pizza International Franchising Inc., Domino's Pizza Canadian Distribution ULC, Domino's Pizza International Franchising of Michigan LLC, Domino's Re LLC, Domino's EQ LLC And Domino's SPV Guarantor LLC, as Guarantors, Domino's Pizza LLC, as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named therein, and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent (in such capacity, the "<u>Administrative Agent</u>").

Unless otherwise defined herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the Recitals and <u>Section</u> <u>1.01</u> of the Series 2025-1 Class A-1 Note Purchase Agreement.

The undersigned hereby requests that Advances be made in the aggregate principal amount of $ on , 20 .

**<u>[IF THE CO-ISSUERS ARE ELECTING TERM SOFR FOR THESE ADVANCES ON THE DATE MADE IN ACCORDANCE WITH SECTION 3.01(b) OF THE CLASS A-1 NOTE PURCHASE AGREEMENT, ADD THE FOLLOWING SENTENCE: The undersigned hereby elects that the Advances that are not funded at the CP Rate by an Eligible Conduit Investor shall be SOFR Advances and the related SOFR Interest Accrual Period shall commence on the date of such SOFR Advances and end on but excluding the date [one month subsequent to such date] [three months subsequent to such date] [six months subsequent to such date] [or such other time period subsequent to such date not to exceed six months as agreed upon by the Master Issuer and Administrative Agent.]]</u>**

Exhibit A-1

------

The undersigned hereby acknowledges that the delivery of this Advance Request and the acceptance by the undersigned of the proceeds of the Advances requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application of the proceeds therefrom, all conditions set forth in <u>Section</u> <u>7.03</u> of the Series 2025-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set forth in <u>Section</u> <u>6.01</u> of the Series 2025-1 Class A-1 Note Purchase Agreement are true and correct.

The undersigned agrees that if prior to the time of the Advances requested hereby any matter certified to herein by it will not be true and correct at such time as if then made, it will immediately so notify both you and each Investor. Except to the extent, if any, that prior to the time of the Advances requested hereby you and each Investor shall receive written notice to the contrary from the undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such Advances as if then made.

Please wire transfer the proceeds of the Advances, <u>first</u>, $[ ] to the Swingline Lender and $[ ] to the L/C Provider for application to repayment of outstanding Swingline Loans and Unreimbursed L/C Drawings, as applicable, and, <u>second</u>, pursuant to the following instructions:

[insert payment instructions]

Exhibit A-1

------

The undersigned has caused this Advance Request to be executed and delivered, and the certification and warranties contained herein to be made, by its duly Authorized Officer this <u> </u>day of , 20.

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| | |
|:---|:---|
| DOMINO'S PIZZA LLC,<br> as Manager on behalf of the Co-Issuers | DOMINO'S PIZZA LLC,<br> as Manager on behalf of the Co-Issuers |
| By: |  |
|  | Name: |
|  | Title: |

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Exhibit A-1

------

**<u>EXHIBIT A-2 TO CLASS A-1</u>**

**<u>NOTE PURCHASE AGREEMENT</u>**

**SWINGLINE LOAN REQUEST** 

**DOMINO'S PIZZA MASTER ISSUER LLC,** 

**DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,** 

**DOMINO'S PIZZA DISTRIBUTION LLC, AND** 

**DOMINO'S IP HOLDER LLC** 

**<u>SERIES 2025-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1</u>**

**TO : Coöperatieve Rabobank U.A., New York Branch**, as Swingline Lender

Ladies and Gentlemen:

This Swingline Loan Request is delivered to you pursuant to <u>Section</u> <u>2.06</u> of that certain Series 2025-1 Class A-1 Note Purchase Agreement, dated as of September 5, 2025 (as amended, supplemented, amended and restated or otherwise modified from time to time, the <u>"Series 2025-1 Class</u> <u>A-1 Note Purchase Agreement")</u>, by and among Domino's Pizza Master Issuer LLC, Domino's SPV Canadian Holding Company Inc., Domino's Pizza Distribution, LLC, Domino's IP Holder LLC and Domino's Progressive Foods Distribution LLC, as Co-Issuers, Domino's Pizza Franchising LLC, Domino's Pizza International Franchising Inc., Domino's Pizza Canadian Distribution ULC, Domino's Pizza International Franchising of Michigan LLC, Domino's Re LLC, Domino's EQ LLC And Domino's SPV Guarantor LLC, as Guarantors, Domino's Pizza LLC, as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named therein, and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent (in such capacity, the "<u>Administrative Agent</u>").

Unless otherwise defined herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the Recitals and <u>Section</u> <u>1.01</u> of the Series 2025-1 Class A-1 Note Purchase Agreement.

The undersigned hereby requests that Swingline Loans be made in the aggregate principal amount of $ on , 20 .

The undersigned hereby acknowledges that the delivery of this Swingline Loan Request and the acceptance by the undersigned of the proceeds of the Swingline Loans requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application of the proceeds therefrom, all conditions set forth in <u>Section</u> <u>7.03</u> of the Series 2025-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set forth in <u>Section</u> <u>6.01</u> of the Series 2025-1 Class A-1 Note Purchase Agreement are true and correct.

Exhibit A-2

------

The undersigned agrees that if prior to the time of the Swingline Loans requested hereby any matter certified to herein by it will not be true and correct at such time as if then made, it will immediately so notify you. Except to the extent, if any, that prior to the time of the Swingline Loans requested hereby you shall receive written notice to the contrary from the undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such Swingline Loans as if then made.

Please wire transfer the proceeds of the Swingline Loans pursuant to the following instructions:

[insert payment instructions]

Exhibit A-2

------

The undersigned has caused this Swingline Loan Request to be executed and delivered, and the certification and warranties contained herein to be made, by its duly Authorized Officer this<u> </u> day of<u> </u> , 20<u> </u> .

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| | |
|:---|:---|
| DOMINO'S PIZZA LLC, as Manager on behalf of the Co-Issuers | DOMINO'S PIZZA LLC, as Manager on behalf of the Co-Issuers |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit A-2

------

**<u>EXHIBIT B TO CLASS A-1</u>**

**<u>NOTE PURCHASE AGREEMENT</u>**

**ASSIGNMENT AND ASSUMPTION AGREEMENT**, dated as of [ ], by and among [ ] (the "<u>Transferor</u>"), each purchaser listed as an Acquiring Committed Note Purchaser on the signature pages hereof (each, an "<u>Acquiring Committed Note Purchaser</u>"), the Funding Agent with respect to such Acquiring Committed Note Purchaser listed on the signature pages hereof (each, a "<u>Funding Agent</u>"), and the Co-Issuers, Swingline Lender and L/C Provider listed on the signature pages hereof.

<u>W I T N E S S E T H:</u>

WHEREAS, this Assignment and Assumption Agreement is being executed and delivered in accordance with <u>Section</u> <u>9.17(a)</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, dated as of September 5, 2025 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the "<u>Series 2025-1 Class</u> <u>A-1 Note</u> <u>Purchase Agreement</u>"; terms used but not otherwise defined herein having the meanings ascribed to such terms therein), by and among the Co-Issuers, the Guarantors, the Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named therein, Domino's Pizza LLC, as Manager, and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent (in such capacity, the "<u>Administrative Agent</u>");

WHEREAS, each Acquiring Committed Note Purchaser (if it is not already an existing Committed Note Purchaser) wishes to become a Committed Note Purchaser party to the Series 2025-1 Class A-1 Note Purchase Agreement; and

WHEREAS, the Transferor is selling and assigning to each Acquiring Committed Note Purchaser, [all] [a portion of] its rights, obligations and commitments under the Series 2025-1 Class A-1 Note Purchase Agreement, the Series 2025-1 Class A-1 Advance Notes and each other Related Document to which it is a party with respect to the percentage of its Commitment Amount specified on <u>Schedule</u> <u>I</u> attached hereto;

NOW, THEREFORE, the parties hereto hereby agree as follows:

Upon the execution and delivery of this Assignment and Assumption Agreement by each Acquiring Committed Note Purchaser, each related Funding Agent, the Transferor, the Swingline Lender, the L/C Provider and, to the extent required by <u>Section</u> <u>9.17(a)</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, the Co-Issuers (the date of such execution and delivery, the "<u>Transfer Issuance Date</u>"), each Acquiring Committed Note Purchaser shall be a Committed Note Purchaser party to the Series 2025-1 Class A-1 Note Purchase Agreement for all purposes thereof.

The Transferor acknowledges receipt from each Acquiring Committed Note Purchaser of an amount equal to the purchase price, as agreed between the Transferor and such Acquiring Committed Note Purchaser (the "<u>Purchase Price</u>"), of the portion being purchased by such Acquiring Committed Note Purchaser (such Acquiring Committed Note Purchaser's "<u>Purchased Percentage</u>") of (i) the Transferor's Commitment under the Series 2025-1 Class A-1

Exhibit B

------

Note Purchase Agreement and (ii) the Transferor's Committed Note Purchaser Percentage of the related Investor Group Principal Amount. The Transferor hereby irrevocably sells, assigns and transfers to each Acquiring Committed Note Purchaser, without recourse, representation or warranty, and each Acquiring Committed Note Purchaser hereby irrevocably purchases, takes and assumes from the Transferor, such Acquiring Committed Note Purchaser's Purchased Percentage of (x) the Transferor's Commitment under the Series 2025-1 Class A-1 Note Purchase Agreement and (y) the Transferor's Committed Note Purchaser Percentage of the related Investor Group Principal Amount.

The Transferor has made arrangements with each Acquiring Committed Note Purchaser with respect to (i) the portion, if any, to be paid, and the date or dates for payment, by the Transferor to such Acquiring Committed Note Purchaser of any program fees, undrawn facility fee, structuring and commitment fees or other fees (collectively, the "<u>Fees</u>") [heretofore received] by the Transferor pursuant to <u>Section</u> <u>3.02</u> of the Series 2025-1 Class A-1 Note Purchase Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring Committed Note Purchaser to the Transferor of Fees or [ ] received by such Acquiring Committed Note Purchaser pursuant to the Series 2025-1 Supplement from and after the Transfer Issuance Date].

From and after the Transfer Issuance Date, amounts that would otherwise be payable to or for the account of the Transferor pursuant to the Series 2025-1 Supplement or the Series 2025-1 Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor and the Acquiring Committed Note Purchasers, as the case may be, in accordance with their respective interests as reflected in this Assignment and Assumption Agreement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer Issuance Date.

Each of the parties to this Assignment and Assumption Agreement agrees that, at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Assignment and Assumption Agreement.

By executing and delivering this Assignment and Assumption Agreement, the Transferor and each Acquiring Committed Note Purchaser confirm to and agree with each other and the other parties to the Series 2025-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse claim, the Transferor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Series 2025-1 Supplement, the Series 2025-1 Class A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2025-1 Class A-1 Notes, the Related Documents or any instrument or document furnished pursuant thereto; (ii) the Transferor makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Co-Issuers or the performance or observance by the Co-Issuers of any of the Co-Issuers' obligations under the Indenture, the Series 2025-1 Class A-1 Note Purchase Agreement, the Related Documents or any other instrument or document furnished pursuant hereto; (iii) each

Exhibit B

------

Acquiring Committed Note Purchaser confirms that it has received a copy of the Indenture, the Series 2025-1 Class A-1 Note Purchase Agreement and such other Related Documents and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption Agreement; (iv) each Acquiring Committed Note Purchaser will, independently and without reliance upon the Administrative Agent, the Transferor, the Funding Agent or any other Investor Group and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series 2025-1 Class A-1 Note Purchase Agreement; (v) each Acquiring Committed Note Purchaser appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2025-1 Class A-1 Note Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with <u>Article V</u> of the Series 2025-1 Class A-1 Note Purchase Agreement; (vi) each Acquiring Committed Note Purchaser appoints and authorizes its related Funding Agent to take such action as agent on its behalf and to exercise such powers under the Series 2025-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with <u>Article V</u> of the Series 2025-1 Class A-1 Note Purchase Agreement; (vii) each Acquiring Committed Note Purchaser agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Series 2025-1 Class A-1 Note Purchase Agreement are required to be performed by it as a Committed Note Purchaser; and (viii) each Acquiring Committed Note Purchaser hereby represents and warrants to the Co-Issuers and the Manager that: (A) it has had an opportunity to discuss the Co-Issuers' and the Manager's business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Co-Issuers and the Manager and their respective representatives; (B) it is a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act and otherwise meets the criteria in <u>Section</u> <u>6.03(b)</u> of the Series 2025-1 Class A-1 Note Purchase Agreement and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2025-1 Class A-1 Notes; (C) it is purchasing the Series 2025-1 Class A-1 Notes for its own account, or for the account of one or more "qualified institutional buyers" within the meaning of Rule 144A under the Securities Act that meet the criteria described in <u>clause (viii)(B)</u> above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the Securities Act with respect to the Series 2025-1 Class A-1 Notes; (D) it understands that (I) the Series 2025-1 Class A-1 Notes have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Co-Issuers, (II) the Co-Issuers are not required to register the Series 2025-1 Class A-1 Notes, (III) any permitted transferee hereunder must be a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act and must otherwise meet the criteria described under <u>clause (viii)(B)</u> above and (IV) any transfer must comply with the provisions of

Exhibit B

------

Section 2.8 of the Base Indenture, Section 4.03 of the Series 2025-1 Supplement and Sections 9.03 or 9.17, as applicable, of the Series 2025-1 Class A-1 Note Purchase Agreement; (E) it will comply with the requirements of <u>clause (viii)(D)</u> above in connection with any transfer by it of the Series 2025-1 Class A-1 Notes; (F) it understands that the Series 2025-1 Class A-1 Notes in the form of definitive notes will bear the legend set out in the form of Series 2025-1 Class A-1 Notes attached to the Series 2025-1 Supplement and that the Series 2025-1 Class A-1 Notes will be subject to the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Co-Issuers from any purchaser of the Series 2025-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and (H) it has executed a Purchaser's Letter substantially in the form of <u>Exhibit D</u> to the Series 2025-1 Class A-1 Note Purchase Agreement.

<u>Schedule</u> <u>I</u> hereto sets forth (i) the Purchased Percentage for each Acquiring Committed Note Purchaser, (ii) the revised Commitment Amounts of the Transferor and each Acquiring Committed Note Purchaser, and (iii) the revised Maximum Investor Group Principal Amounts for the Investor Groups of the Transferor and each Acquiring Committed Note Purchaser (it being understood that if the Transferor was part of a Conduit Investor's Investor Group and the Acquiring Committed Note Purchaser is intended to be part of the same Investor Group, there will not be any change to the Maximum Investor Group Principal Amount for that Investor Group) and (iv) administrative information with respect to each Acquiring Committed Note Purchaser and its related Funding Agent.

This Assignment and Assumption Agreement may be executed in any number of counterparts (which may include facsimile or other electronic transmission of counterparts) and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, and all of which together shall constitute one and the same instrument.

This Assignment and Assumption Agreement and all matters arising under or in any manner relating to this Assignment and Assumption Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to any choice of law or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York), and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law.

ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ON THE SERIES 2025-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ASSIGNMENT AND ASSUMPTION AGREEMENT OR THE SERIES 2025-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS ASSIGNMENT AND ASSUMPTION AGREEMENT.

Exhibit B

------

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be executed by their respective duly authorized officers as of the date first set forth above.

---

| | |
|:---|:---|
| [ ], as Transferor | [ ], as Transferor |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |
| [ ], as Acquiring Committed Note Purchaser | [ ], as Acquiring Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |
| [ ], as Funding Agent | [ ], as Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit B

------

---

| | |
|:---|:---|
| CONSENTED AND ACKNOWLEDGED | CONSENTED AND ACKNOWLEDGED |
| BY THE CO-ISSUERS: | BY THE CO-ISSUERS: |
| DOMINO'S PIZZA MASTER ISSUER | DOMINO'S PIZZA MASTER ISSUER |
| LLC, as a Co-Issuer | LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING | DOMINO'S SPV CANADIAN HOLDING |
| COMPANY INC., as a Co-Issuer | COMPANY INC., as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC,<br>as a Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC,<br>as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S IP HOLDER LLC, as a Co-Issuer | DOMINO'S IP HOLDER LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit B

------

---

| | |
|:---|:---|
| DOMINO'S IP HOLDER LLC, as a Co-Issuer | DOMINO'S IP HOLDER LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit B

------

---

| | |
|:---|:---|
| CONSENTED BY: | CONSENTED BY: |
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Swingline Lender | COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Swingline Lender |
| By: |  |
|  | Name: |
|  | Title: |
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as L/C Provider | COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as L/C Provider |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit B

------

**SCHEDULE I TO** 

**<u>ASSIGNMENT AND ASSUMPTION AGREEMENT</u>**

**LIST OF ADDRESSES FOR NOTICES** 

**AND OF COMMITMENT AMOUNTS** 

**[<u> </u>], as** 

**Transferor** 

Prior Commitment Amount: $[ ]

Revised Commitment Amount: $[ ]

Prior Maximum Investor Group

Principal Amount: $[ ]

Revised Maximum Investor

Group Principal Amount: $[ ]

Related Conduit Investor

(if applicable) [ ]

**[ ], as** 

**Acquiring Committed Note Purchaser Address:** 

Attention:

Telephone:

Facsimile:

Purchased Percentage of

Transferor's Commitment: [ ]%

Prior Commitment Amount: $[ ]

Revised Commitment Amount: $[ ]

Prior Maximum Investor Group

Principal Amount: $[ ]

Revised Maximum Investor

Exhibit B

------

Group Principal Amount: $[ ]

Related Conduit Investor

(if applicable) [ ]

**[ ], as** 

**related Funding Agent** 

Address:

Attention:

Telephone:

Facsimile:

Exhibit B

------

**EXHIBIT C TO CLASS A-1** 

**<u>NOTE PURCHASE AGREEMENT</u>**

**INVESTOR GROUP SUPPLEMENT**, dated as of [ ], by and among (i) <u>[ ]</u> (the "<u>Transferor Investor Group</u>"), (ii) <u>[ ]</u> (the "<u>Acquiring Investor Group</u>"), (iii) the Funding Agent with respect to the Acquiring Investor Group listed on the signature pages hereof (each, a "<u>Funding Agent</u>"), and (iv) the Co-Issuers, the Swingline Lender and the L/C Provider listed on the signature pages hereof.

<u>W I T N E S E T H:</u>

WHEREAS, this Investor Group Supplement is being executed and delivered in accordance with <u>Section</u> <u>9.17(c)</u> of the Series 2025-1 Class A-1 Note Purchase Agreement, dated as of September 5, 2025 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the "<u>Series 2025-1 Class</u> <u>A-1 Note Purchase Agreement</u>"; terms used but not otherwise defined herein having the meanings ascribed to such terms therein), by and among the Co-Issuers, the Guarantors, the Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named therein, Domino's Pizza LLC, as Manager, and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent (in such capacity, the "<u>Administrative Agent</u>");

WHEREAS, the Acquiring Investor Group wishes to become a Conduit Investor and [a] Committed Note Purchaser[s] with respect to such Conduit Investor under the Series 2025-1 Class A-1 Note Purchase Agreement; and

WHEREAS, the Transferor Investor Group is selling and assigning to the Acquiring Investor Group [all] [a portion of] its respective rights, obligations and commitments under the Series 2025-1 Class A-1 Note Purchase Agreement, the Series 2025-1 Class A-1 Advance Notes and each other Related Document to which it is a party with respect to the percentage of its Commitment Amount specified on <u>Schedule</u> <u>I</u> attached hereto;

NOW, THEREFORE, the parties hereto hereby agree as follows:

Upon the execution and delivery of this Investor Group Supplement by the Acquiring Investor Group, each related Funding Agent with respect thereto, the Transferor Investor Group, the Swingline Lender, the L/C Provider and, to the extent required by <u>Section</u> <u>9.17(c)</u> of the Series 2025-1 Class A-1 Note Purchase Agreement (the date of such execution and delivery, the "<u>Transfer Issuance Date</u>"), the Co-Issuers, the Conduit Investor and the Committed Note Purchaser[s] with respect to the Acquiring Investor Group shall be parties to the Series 2025-1 Class A-1 Note Purchase Agreement for all purposes thereof.

The Transferor Investor Group acknowledges receipt from the Acquiring Investor Group of an amount equal to the purchase price, as agreed between the Transferor Investor Group and the Acquiring Investor Group (the "<u>Purchase Price</u>"), of the portion being purchased by the Acquiring Investor Group (the Acquiring Investor Group's "<u>Purchased Percentage</u>") of (i) the aggregate Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group under the Series 2025-1 Class A-1 Note Purchase Agreement and (ii) the aggregate related Committed Note Purchaser Percentage[s] of the related Investor Group

Exhibit C

------

Principal Amount. The Transferor Investor Group hereby irrevocably sells, assigns and transfers to the Acquiring Investor Group, without recourse, representation or warranty, and the Acquiring Investor Group hereby irrevocably purchases, takes and assumes from the Transferor Investor Group, such Acquiring Investor Group's Purchased Percentage of (x) the aggregate Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group under the Series 2025-1 Class A-1 Note Purchase Agreement and (y) the aggregate related Committed Note Purchaser Percentage[s] of the related Investor Group Principal Amount.

The Transferor Investor Group has made arrangements with the Acquiring Investor Group with respect to (i) the portion, if any, to be paid, and the date or dates for payment, by the Transferor Investor Group to such Acquiring Investor Group of any program fees, undrawn facility fee, structuring and commitment fees or other fees (collectively, the "<u>Fees</u>") [heretofore received] by the Transferor Investor Group pursuant to <u>Section</u> <u>3.02</u> of the Series 2025-1 Class A-1 Note Purchase Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring Investor Group to the Transferor Investor Group of Fees or [ ] received by such Acquiring Investor Group pursuant to the Series 2025-1 Supplement from and after the Transfer Issuance Date].

From and after the Transfer Issuance Date, amounts that would otherwise be payable to or for the account of the Transferor Investor Group pursuant to the Series 2025-1 Supplement or the Series 2025-1 Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor Investor Group and the Acquiring Investor Group, as the case may be, in accordance with their respective interests as reflected in this Investor Group Supplement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer Issuance Date.

Each of the parties to this Investor Group Supplement agrees that, at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Investor Group Supplement.

The Acquiring Investor Group has executed and delivered to the Administrative Agent a Purchaser's Letter substantially in the form of <u>Exhibit D</u> to the Series 2025-1 Class A-1 Note Purchase Agreement.

By executing and delivering this Investor Group Supplement, the Transferor Investor Group and the Acquiring Investor Group confirm to and agree with each other and the other parties to the Series 2025-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse claim, the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Series 2025-1 Supplement, the Series 2025-1 Class A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2025-1 Class A-1 Notes, the Related Documents or any instrument or document furnished pursuant thereto; (ii) the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Co-Issuers or the performance or observance by the

Exhibit C

------

Co-Issuers of any of the Co-Issuers' obligations under the Indenture, the Series 2025-1 Class A-1 Note Purchase Agreement, the Related Documents or any other instrument or document furnished pursuant hereto; (iii) the Acquiring Investor Group confirms that it has received a copy of the Indenture, the Series 2025-1 Class A-1 Note Purchase Agreement and such other Related Documents and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Investor Group Supplement; (iv) the Acquiring Investor Group will, independently and without reliance upon the Administrative Agent, the Transferor Investor Group, the Funding Agents or any other Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series 2025-1 Class A-1 Note Purchase Agreement; (v) the Acquiring Investor Group appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2025-1 Class A-1 Note Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with <u>Article V</u> of the Series 2025-1 Class A-1 Note Purchase Agreement; (vi) each member of the Acquiring Investor Group appoints and authorizes its related Funding Agent, listed on <u>Schedule I</u> hereto, to take such action as agent on its behalf and to exercise such powers under the Series 2025-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with <u>Article V</u> of the Series 2025-1 Class A-1 Note Purchase Agreement; (vii) each member of the Acquiring Investor Group agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Series 2025-1 Class A-1 Note Purchase Agreement are required to be performed by it as a member of the Acquiring Investor Group; and (viii) each member of the Acquiring Investor Group hereby represents and warrants to the Co-Issuers and the Manager that: (A) it has had an opportunity to discuss the Co-Issuers' and the Manager's business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Co-Issuers and the Manager and their respective representatives; (B) it is a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2025-1 Class A-1 Notes; (C) it is purchasing the Series 2025-1 Class A-1 Notes for its own account, or for the account of one or more "qualified institutional buyers" within the meaning of Rule 144A under the Securities Act that meet the criteria described in <u>clause (viii)(B)</u> above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the Securities Act with respect to the Series 2025-1 Class A-1 Notes; (D) it understands that (I) the Series 2025-1 Class A-1 Notes have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Co-Issuers, (II) the Co-Issuers are not required to register the Series 2025-1 Class A-1 Notes, (III) any permitted transferee hereunder must meet the criteria described under <u>clause (viii)(B)</u> above

Exhibit C

------

and (IV) any transfer must comply with the provisions of Section 2.8 of the Base Indenture, Section 4.03 of the Series 2025-1 Supplement and Sections 9.03 or 9.17, as applicable, of the Series 2025-1 Class A-1 Note Purchase Agreement; (E) it will comply with the requirements of <u>clause (viii)(D)</u> above in connection with any transfer by it of the Series 2025-1 Class A-1 Notes; (F) it understands that the Series 2025-1 Class A-1 Notes in the form of definitive notes will bear the legend set out in the form of Series 2025-1 Class A-1 Notes attached to the Series 2025-1 Supplement and that the Series 2025-1 Class A-1 Notes will be subject to the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Co-Issuers from any purchaser of the Series 2025-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and (H) it has executed a Purchaser's Letter substantially in the form of <u>Exhibit D</u> to the Series 2025-1 Class A-1 Note Purchase Agreement.

<u>Schedule</u> <u>I</u> hereto sets forth (i) the Purchased Percentage for the Acquiring Investor Group, (ii) the revised Commitment Amounts of the Transferor Investor Group and the Acquiring Investor Group, and (iii) the revised Maximum Investor Group Principal Amounts for the Transferor Investor Group and the Acquiring Investor Group and (iv) administrative information with respect to the Acquiring Investor Group and its related Funding Agent.

This Investor Group Supplement and all matters arising under or in any manner relating to this Investor Group Supplement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to any choice of law or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York, and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law.

ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ON THE SERIES 2025-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS INVESTOR GROUP SUPPLEMENT OR THE SERIES 2025-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS INVESTOR GROUP SUPPLEMENT.

Exhibit C

------

IN WITNESS WHEREOF, the parties hereto have caused this Investor Group Supplement to be executed by their respective duly authorized officers as of the date first set forth above.

---

| |
|:---|
| [ ], as Transferor Investor Group |
| By: |
| Name: |
| Title |
| [ ], as Acquiring Investor Group |
| By: |
| Name: |
| Title: |
| [ ], as Funding Agent |
| By: |
| Name: |
| Title |

---

Exhibit C

------

---

| | |
|:---|:---|
| CONSENTED AND ACKNOWLEDGED BY THE CO-ISSUERS: | CONSENTED AND ACKNOWLEDGED BY THE CO-ISSUERS: |
| DOMINO'S PIZZA MASTER ISSUER LLC, as a Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as a Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC, as a Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S IP HOLDER LLC, as a Co-Issuer | DOMINO'S IP HOLDER LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit C

------

---

| | |
|:---|:---|
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as a Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit C

------

---

| | |
|:---|:---|
|  CONSENTED BY: | CONSENTED BY: |
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Swingline Lender | COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Swingline Lender |
| By: |  |
|  | Name: |
|  | Title: |
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as L/C Provider | COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as L/C Provider |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit C

------

**SCHEDULE I TO** 

**<u>INVESTOR GROUP SUPPLEMENT</u>**

**LIST OF ADDRESSES FOR NOTICES AND OF** 

**COMMITMENT AMOUNTS** 

**[ ], as** 

**Transferor Investor Group** 

Prior Commitment Amount: $[ ]

Revised Commitment Amount: $[ ]

Prior Maximum Investor Group

Principal Amount: $[ ]

Revised Maximum Investor

Group Principal Amount: $[ ]

**[ ], as** 

**Acquiring Investor Group** 

Address:

Attention:

Telephone:

Facsimile:

Purchased Percentage of

Transferor Investor Group's Commitment: [ ]%

Prior Commitment Amount: $[ ]

Revised Commitment Amount: $[ ]

Prior Maximum Investor Group

Principal Amount: $[ ]

Exhibit C

------

Revised Maximum Investor

Group Principal Amount: $[ ]

**[ ], as related Funding Agent** 

Address:

Attention:

Telephone:

Facsimile:

Exhibit C

------

**EXHIBIT D TO CLASS A-1** 

**<u>NOTE PURCHASE AGREEMENT</u>**

**[FORM OF PURCHASER'S LETTER]** 

[INVESTOR]

[INVESTOR ADDRESS]

Attention: [INVESTOR CONTACT] [Date]

Ladies and Gentlemen:

Reference is hereby made to the Class A-1 Note Purchase Agreement dated September 5, 2025 (the "<u>NPA</u>") relating to the offer and sale (the "<u>Offering</u>") of Series 2025-1 Variable Funding Senior Notes, Class A-1 (the "<u>Securities</u>") of Domino's Pizza Master Issuer LLC, Domino's SPV Canadian Holding Company Inc., Domino's Pizza Distribution, LLC, Domino's IP Holder LLC and Domino's Progressive Foods Distribution LLC (collectively, the "<u>Co-Issuers</u>"). The Offering will not be required to be registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the "<u>Act</u>") under an exemption from registration granted in Section 4(a)(2) of the Act. Coöperatieve Rabobank U.A., New York Branch is acting as administrative agent (the "<u>Administrative Agent</u>") in connection with the Offering. Unless otherwise defined herein, capitalized terms have the definitions ascribed to them in the NPA. Please confirm with us your acknowledgement and agreement with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You are a "qualified institutional buyer" within the meaning of Rule 144A under the Act (a
" <u>Qualified Institutional Buyer</u> ") and have sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and are able and prepared to bear the economic risk
of investing in, the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Administrative Agent nor its Affiliates (i) has provided you with any information with respect
to the Co-Issuers, the Securities or the Offering other than the information contained in the NPA, which was prepared by the Co-Issuers, or (ii) makes any
representation as to the credit quality of the Co-Issuers or the merits of an investment in the Securities. The Administrative Agent has not provided you with any legal, business, tax or other advice in
connection with the Offering or your possible purchase of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You acknowledge that you have completed your own diligence investigation of the Co-Issuers and the Securities and have had sufficient access to the agreements, documents, records, officers and directors of the Co-Issuers to make your investment
decision related to the Securities. You further acknowledge that you have had an opportunity to discuss the Co-Issuers' and the Manager's business, management and financial affairs, and the terms
and conditions of the proposed purchase, with the Co-Issuers and the Manager and their respective representatives.

Exhibit D

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent may currently or in the future own securities issued by, or have business
relationships (including, among others, lending, depository, risk management, advisory and banking relationships) with, the Co-Issuers and its affiliates, and the Administrative Agent will manage such security
positions and business relationships as it determines to be in its best interests, without regard to the interests of the holders of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) You are purchasing the Securities for your own account, or for the account of one or more Persons who are
Qualified Institutional Buyers and who meet the criteria described in paragraph (a) above and for whom you are acting with complete investment discretion, for investment purposes only and not with a view to a distribution in violation of the
Act, subject, nevertheless, to the understanding that the disposition of your property shall at all times be and remain within your control, and neither you nor your Affiliates has engaged in any general solicitation or general advertising within
the meaning of the Act, or the rules and regulations promulgated thereunder with respect to the Securities. You confirm that, to the extent you are purchasing the Securities for the account of one or more other Persons, (i) you have been duly
authorized to make the representations, warranties, acknowledgements and agreements set forth herein on their behalf and (ii) the provisions of this letter constitute legal, valid and binding obligations of you and any other Person for whose
account you are acting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) You understand that (i) the Securities have not been and will not be registered or qualified under the Act
or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the Act and may not be resold or otherwise transferred
unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel on the foregoing shall have been delivered in advance to the Co-Issuers, (ii) the Co- Issuers are not required to register the Securities under the Act or any applicable state securities laws or the securities laws of any state of the United States or any other jurisdiction,
(iii) any permitted transferee under the NPA must be a Qualified Institutional Buyer and (iv) any transfer must comply with the provisions of Section 2.8 of the Base Indenture, Section 4.03 of the Series 2025-1 Supplement and Sections 9.03 or 9.17 of the NPA, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) You will comply with the requirements of paragraph (f) above in connection with any transfer by you of the
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) You understand that the Securities in the form of definitive notes will bear the legend set out in the form of
Securities attached to the Series 2025-1 Supplement and that the Securities will be subject to the restrictions on transfer described in such legend;

Exhibit D

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Either (i) you are not acquiring or holding the Securities for or on behalf of, or with the assets of, any
plan, account or other arrangement that is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (" <u>ERISA</u> "), Section 4975 of the Code, or provisions under any Similar Law (as defined in the
Series 2025-1 Supplemental Definitions List attached to the Series 2025-1 Supplement as Annex A) or (ii) your purchase and holding of the Securities does not
constitute and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) You will obtain for the benefit of the Co-Issuers from any purchaser of
the Securities substantially the same representations and warranties contained in the foregoing paragraphs.

This letter agreement will be governed by and construed in accordance with the laws of the State of New York without giving effect to any choice of law or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

Exhibit D

------

You understand that the Administrative Agent will rely upon this letter agreement in acting as an Administrative Agent in connection with the Offering. You agree to notify the Administrative Agent promptly in writing if any of your representations, acknowledgements or agreements herein cease to be accurate and complete. You irrevocably authorize the Administrative Agent to produce this letter to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters set forth herein.

---

| | |
|:---|:---|
|  [ ] | [ ] |
| By: |  |
|  | Name: |
|  | Title: |
| Agreed and Acknowledged: | Agreed and Acknowledged: |
| [INVESTOR] | [INVESTOR] |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit D

------

**EXHIBIT E TO CLASS A-1** 

**<u>NOTE PURCHASE AGREEMENT</u>**

**[FORM OF JOINDER AGREEMENT** 

**TO SERIES 2025-1 CLASS A-1 NOTE PURCHASE AGREEMENT]** 

This **JOINDER AGREEMENT**, dated as of [ ], is by and among [ ], as Committed Purchaser (the "<u>Additional Committed Note Purchaser</u>"), [ ], as Funding Agent (the "<u>Additional Funding Agent</u>") [and [ ], as Conduit Investor (the "<u>Additional Conduit</u> <u>Investor</u>")] and the Co-Issuers, the Swingline Lender and the L/C Provider listed on the signature pages hereof.

<u>W I T N E S E T H:</u> 

WHEREAS, this Joinder Agreement is being executed and delivered in connection with the Class A-1 Note Purchase Agreement, dated as of September 5, 2025 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the "<u>Agreement</u>"), by and among Domino's Pizza Master Issuer LLC, Domino's SPV Canadian Holding Company Inc., Domino's Pizza Distribution, LLC, Domino's IP Holder LLC and Domino's Progressive Foods Distribution LLC, as Co-Issuers, Domino's Pizza Franchising LLC, Domino's Pizza Canadian Distribution ULC, Domino's Pizza International Franchising of Michigan LLC, Domino's RE LLC, Domino's EQ LLC and Domino's SPV Guarantor LLC, as Guarantors, Domino's Pizza LLC, as Manager, the Conduit Investors, Committed Note Purchasers, and Funding Agents listed on Schedule I thereto, and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent, L/C Provider and Swingline Lender; and

WHEREAS, [ ] (the "<u>Additional Committed Note Purchaser</u>"), [ ] (the "<u>Additional Funding Agent</u>") and [ ] (the "<u>Additional Conduit Investor</u>") wish to become a party to the Agreement;

WHEREAS, terms used but not otherwise defined herein have the meanings given to such terms in the Agreement;

NOW, THEREFORE, the parties hereto hereby agree as follows:

As of [ ] (the "<u>Effective Date</u>"), the Additional Committed Note Purchaser hereby joins and is made a party to the Agreement as a Committed Note Purchaser, the Additional Funding Agent hereby joins and is made a party to the Agreement as a Funding Agent and a part of such Additional Committed Note Purchaser's Investor Group[, and the Additional Conduit Investor hereby joins and is made a party to the Agreement as a Conduit Investor and a part of such Additional Committed Note Purchaser's Investor Group], each with the same effect as if an original signatory to the Agreement and each agrees to be bound by all the terms and provisions thereof.

Exhibit E

------

By executing and delivering this Joinder Agreement, the Additional Committed Note Purchaser confirms and agrees with the parties hereto and the other parties to the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Additional Committed Note Purchaser confirms that it has received a copy of the Indenture, the Agreement and such other Related Documents and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Additional Committed Note Purchaser will, independently and without reliance upon the Administrative Agent, any Funding Agent or any other Investor Group and based on such documents and information as it shall deem appropriate at the time, make its own credit decisions in taking or not taking action under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Additional Committed Note Purchaser appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with <u>Article V</u> of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Additional Committed Note Purchaser appoints and authorizes the Additional Funding Agent to take such action as agent on its behalf and to exercise such powers under the Agreement as are delegated to such Funding Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with <u>Article V</u> of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Additional Committed Note Purchaser agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Agreement are required to be performed by it as a Committed Note Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Additional Committed Note Purchaser hereby represents and warrants to the Co-Issuers and the Manager that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has had an opportunity to discuss the Co-Issuers' and the Manager's business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Co-Issuers and the Manager and their respective representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act and otherwise meets the criteria in <u>Section</u> <u>6.03(b)</u> of the Agreement and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2025-1 Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is purchasing the Series 2025-1 Class A-1 Notes for its own account, or for the account of one or more "qualified institutional buyers" within the meaning of Rule 144A under the Securities Act that meet the criteria described in <u>clause (f)(ii)</u> above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the Securities Act with respect to the Series 2025-1 Class A-1 Notes;

Exhibit E

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it understands that (I) the Series 2025-1 Class A-1 Notes have not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Co-Issuers, (II) the Co- Issuers are not required to register the Series 2025-1 Class A-1 Notes, (III) any permitted transferee hereunder must be a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act and must otherwise meet the criteria described under <u>clause (viii)(B)</u> above and (IV) any transfer must comply with the provisions of Section 2.8 of the Base Indenture, Section 4.03 of the Series 2025-1 Supplement and Sections 9.03 or 9.17, as applicable, of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it will comply with the requirements of <u>clause (viii)(D)</u> above in connection with any transfer by it of the Series 2025-1 Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) it understands that the Series 2025-1 Class A-1 Notes in the form of definitive notes will bear the legend set out in the form of Series 2025-1 Class A-1 Notes attached to the Series 2025-1 Supplement and that the Series 2025-1 Class A- 1 Notes will be subject to the restrictions on transfer described in such legend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) it will obtain for the benefit of the Co-Issuers from any purchaser of the Series 2025-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) it has executed a Purchaser's Letter substantially in the form of Exhibit D to the Agreement.

Set forth below is the Additional Committed Purchaser's information for inclusion in Schedule I to the Agreement:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor**<br> **Group/Funding**<br> **Agent** | **Maximum**<br> **Investor Group Lender**<br> **Principal**<br> **Amount** | **Conduit**<br> **(if any)** | **Committed Note<br>Purchaser(s)** | **Commitment**<br> **Amount** |
| [ ] | [ ] | [ ] | [ ] | [ ] |

---

Exhibit E

------

Set forth below is administrative information for inclusion in Schedule II to the Agreement:

**<u>Committed Purchaser</u>:** [ ]

**<u>Funding Agent</u>:** [ ]

**<u>Conduit Investors</u>:** [ ]

This Joinder Agreement may be executed in any number of counterparts (which may include facsimile or other electronic transmission of counterparts) and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, and all of which together shall constitute one and the same instrument.

This Joinder Agreement and all matters arising under or in any manner relating to this Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to any choice of law or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York), and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law.

ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ON THE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ASSIGNMENT AND ASSUMPTION AGREEMENT OR THE AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS JOINDER AGREEMENT.

Exhibit E

------

IN WITNESS WHEREOF, the parties hereto have caused this Joinder Agreement to be executed by their respective duly authorized officers as of the date first set forth above.

---

| | |
|:---|:---|
| [ ], as Additional Committed Note Purchaser | [ ], as Additional Committed Note Purchaser |
| By: |  |
|  | Name: |
|  | Title: |
| [ ], as Additional Funding Agent | [ ], as Additional Funding Agent |
| By: |  |
|  | Name: |
|  | Title: |
| [ ], as Additional Conduit Investor | [ ], as Additional Conduit Investor |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit E

------

---

| | |
|:---|:---|
| CONSENTED AND ACKNOWLEDGED BY THE CO-ISSUERS: | CONSENTED AND ACKNOWLEDGED BY THE CO-ISSUERS: |
| DOMINO'S PIZZA MASTER ISSUER LLC, as a Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as a Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S PIZZA DISTRIBUTION LLC, as a Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| DOMINO'S IP HOLDER LLC, as a Co-Issuer | DOMINO'S IP HOLDER LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit E

------

---

| | |
|:---|:---|
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as a Co-Issuer | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC, as a Co-Issuer |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit E

------

---

| | |
|:---|:---|
|  CONSENTED BY: | CONSENTED BY: |
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Swingline Lender | COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Swingline Lender |
| By: |  |
|  | Name: |
|  | Title: |
| COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as L/C Provider | COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as L/C Provider |
| By: |  |
|  | Name: |
|  | Title: |

---

Exhibit E

## Exhibit 10.2

**Exhibit 10.2** 

***Execution Version***

**<u>OMNIBUS AMENDMENT AND REAFFIRMATION AGREEMENT</u>** 

THIS OMNIBUS AMENDMENT AND REAFFIRMATION AGREEMENT (this "<u>Agreement</u>") is made as of September 5, 2025, by and among (i) Domino's Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), Domino's IP Holder LLC, a Delaware limited liability company (the "<u>IP Holder"</u>), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Holder</u>"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "<u>PFS Domestic Supply Chain Holder</u>"), Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>SPV Canadian Holdco</u>" and together with the Master Issuer, the IP Holder, and the Domestic Supply Chain Holder and the PFS Domestic Supply Chain Holder, the "<u>Co-Issuers</u>"), Domestic Pizza Franchising LLC, a Delaware limited liability company (the "<u>Domestic Franchisor</u>"), Domino's Pizza International Franchising Inc., a Delaware corporation (the "<u>International Franchisor</u>"), Domino's RE LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Real Estate Holder</u>"), Domino's EQ LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Equipment Holder</u>"), Domino's Pizza Canadian Distribution ULC, a Nova Scotia unlimited company (the "<u>Canadian Distributor</u>"), Domino's Pizza International Franchising of Michigan LLC, a Michigan limited liability company (the "<u>International Franchisor (Michigan)</u>") and Domino's SPV Guarantor LLC, a Delaware limited liability company (the "<u>SPV Guarantor</u>", together with the Domestic Franchisor, the International Franchisor, the Domestic Supply Chain Real Estate Holder, the Domestic Supply Chain Equipment Holder, the Canadian Distributor and the International Franchisor (Michigan), the "<u>Guarantors</u>", and the Guarantors together with the Co-Issuers, the "<u>Securitization Entities</u>"), (ii) Domino's Pizza LLC, a Michigan limited liability company ("<u>DPL</u>", and, in its capacity as Manager under the Management Agreement, the "<u>Manager</u>"), (iii) Progressive Food Solutions LLC, a Michigan limited liability company ("<u>PFS</u>") (iv) Domino's Pizza NS Co., a Nova Scotia unlimited company (the "<u>Canadian Manufacturer</u>"), (v) Domino's Pizza, Inc., a Delaware corporation (the "<u>Holdco</u>"), (vi) Citibank, N.A., a national banking association, as indenture trustee and not in its individual capacity (together with its successors and assigns, the "<u>Trustee</u>"), (vii) Midland Loan Services, a Division of PNC Bank, National Association, as Servicer (in such capacity, together with its successors and assigns, the "<u>Servicer</u>") and as Control Party (in such capacity, together with its successors and assigns, the "<u>Control Party</u>"), (viii) FTI Consulting, Inc., a Maryland corporation, as back-up manager (together with its successors and assigns, in such capacity, the "<u>Back-Up Manager</u>") and (ix) Barclays Capital Inc. as Initial Purchaser Representative under the Series 2025-1 Class A-2 Note Purchase Agreement, dated as of the date hereof, by and among the Master Issuer, the Co-Issuers and the Initial Purchasers (as defined therein).

**W I T N E S S E T H:** 

WHEREAS, the Co-Issuers and the Trustee have entered into the Amended and Restated Base Indenture, dated as of March 15, 2012 (such agreement, as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the "<u>Existing Base Indenture</u>");

WHEREAS, the Co-Issuers, the Manager, the Trustee and the Back-Up Manager, have entered into the Back-Up Management Agreement, dated as of April 16, 2021 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the "<u>Existing Back-Up Management Agreement</u>");

------

WHEREAS, the Manager, the Canadian Manufacturer, each of the Securitization Entities and the Trustee have entered into the Management Agreement, dated as of March 15, 2012 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the "<u>Existing Management Agreement</u>");

WHEREAS, Holdco and the Trustee have entered into the Parent Company Support Agreement, dated as of March 15, 2012 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the "<u>Existing Parent Company Support Agreement</u>");

WHEREAS, Master Issuer, IP Holder, Domestic Supply Chain Holder, SPV Canadian Holdco, Manager, Trustee and Servicer have entered into the Amended and Restated Servicing Agreement, dated as of April 16, 2021 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the "<u>Existing Servicing Agreement</u>");

WHEREAS, the parties hereto which are parties to the applicable agreements intend to (i) enter into the Ninth Supplement to Amended and Restated Base Indenture, dated as of the date hereof (the "<u>Ninth Supplement</u>"), pursuant to which the Co-Issuers will amend certain provisions of the Existing Base Indenture subject to the conditions set forth in the Ninth Supplement, (ii) amend the Existing Back-Up Management Agreement as set forth in <u>Section 3</u> herein (as so amended, the "<u>Back-Up Management Agreement Amendment</u>"), (iii) amend the Existing Management Agreement as set forth in <u>Section 4</u> herein (as so amended, the "<u>Management Agreement Amendment</u>"), (iv) amend the Existing Parent Company Support Agreement as set forth in <u>Section 5</u> herein (as so amended, the "<u>Parent Company Support Agreement Amendment</u>"), (v) amend the Existing Servicing Agreement as set forth in <u>Section 6</u> herein (as so amended, the "<u>Servicing Agreement Amendment</u>"), (vi) amend the limited liability company agreements or certificate of incorporation, as applicable, as in effect immediately prior to the date hereof (the "<u>Operating Agreements</u>") of each Securitization Entity (other than PFS Domestic Supply Chain Holder, the Canadian Distributor and the SPV Canadian Holdco) as set forth in <u>Section 7</u>, (vii) amend the defined terms in each Related Document as set forth in <u>Section 8</u> herein, (viii)(x) terminate the Product Purchase and Distribution Agreement and the PFS Product Purchase and Distribution Sub-Management Agreement on the date hereof as set forth in <u>Section 8</u> herein and (y) transfer to DPL the PULSE Assets, the Technology Assets and all related rights to receive PULSE Maintenance Fees, PULSE License Fees and Technology Fees (collectively, the "<u>PULSE and Technology Assets</u>") as set forth in the Omnibus Transfer Agreement (2025), dated as of the date hereof, by and among DPL, Master Issuer, IP Holder, Domestic Supply Chain Holder, PFS Domestic Supply Chain Holder and the other entities party thereto, and (ix) enter into the Series 2025-1 Supplement, dated as of the date hereof, pursuant to which the Co-Issuers have agreed to issue a Series of Notes (the "<u>Series 2025-1 Notes</u>") subject to the conditions set forth in the Series 2025-1 Supplement to Amended and Restated Base Indenture (the "<u>Series 2025-1 Supplement</u>," and together with the Ninth Supplement, the Back-Up Management Agreement Amendment, the Management Agreement Amendment, the Parent Company Support Agreement Amendment, the Servicing Agreement Amendment and the amendments pursuant to the foregoing clauses (vi) and (vii), the "<u>Amendments</u>"; and the Related Documents as amended by the Amendments, the "<u>Amended Related Documents</u>");

------

WHEREAS, the PFS Domestic Supply Chain Holder intends to (i) execute an assumption agreement to become jointly and severally obligated under the Global G&C Agreement and (iii) execute any other joinders and other similar documents as required to become a party to any other Related Documents in its capacity as a Guarantor (the "<u>Joinder Documents</u>");

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, each of the undersigned hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise noted, all capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Existing Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary therein, effective as of the date hereof, references in each Related Document to any other Related Document shall include such agreement as amended, amended and restated and/or supplemented, as the case may be, as of the date hereof and as may be further amended, restated, amended and restated or otherwise modified and in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consent to Amendments and Joinder Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party hereto (with respect to the Back-Up Manager, solely in its own individual capacity and not on behalf of any Noteholder, and with respect to the Trustee under clauses (i), (ii) and (iii), solely at the direction of the Control Party) hereby (i) consents to the amendment, supplement or amendment and restatement, as applicable, of each applicable Related Document (as in effect immediately prior to the date hereof) by the Amendments and to the Amended Related Documents to the extent the consent of such party is required by such Related Documents, (ii) consents to the execution of the Joinder Documents to the extent the consent of such party is required by the Related Documents, (iii) consents to the issuance of the Series 2025-1 Notes to the extent the consent of such party is required by the Related Documents, and (iv) waives any requirement of the receipt of prior notice under any Related Document with respect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with Section 7.2 of the Existing Back-Up Management Agreement, the Back-Up Manager hereby consents to continue its obligations under the Back-Up Management Agreement and any other Related Document with respect to the issuance and sale by the Co-Issuers of the Series 2025-1 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Control Party hereby (i) consents to the termination of the Product Purchase and Distribution Agreement and the PFS Product Purchase and Distribution Sub- Management Agreement on the date hereof, (ii) directs the Co-Issuers to designate the PFS Domestic Supply Chain Holder as a Co-Issuer in accordance with Section 8.34(c) of the Existing Base Indenture, and (iii) consents to the release of (x) the SPV Canadian Holdco as a Co-Issuer under the Base Indenture, and (y) the Canadian Distributor as a Guarantor under the Global G&C Agreement, in each case, at any time on or after the date hereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Amendments to Existing Back-Up Management Agreement</u>. The Existing Back- Up Management Agreement is hereby amended by (a) deleting the stricken text in red (indicated textually in the same manner as the following example: stricken text) and (b) inserting the double-underlined text in blue (indicated textually in the same manner as the following example: **<u>double-underlined text</u>**), in each case, in the Back-Up Management Agreement attached as <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendments to Existing Management Agreement</u>. The Existing Management Agreement is hereby amended by (a) deleting the stricken text in red (indicated textually in the same manner as the following example: stricken text) and (b) inserting the double-underlined text in blue (indicated textually in the same manner as the following example: <u>double-underlined text</u>), in each case, in the Management Agreement attached as <u>Exhibit B</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Amendments to Existing Parent Support Agreement</u>. The Existing Parent Company Support Agreement is hereby amended by (a) deleting the stricken text in red (indicated textually in the same manner as the following example: stricken text) and (b) inserting the double-underlined text in blue (indicated textually in the same manner as the following example: **<u>double-underlined text</u>**), in each case, in the Parent Company Support Agreement attached as <u>Exhibit C</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendments to Existing Servicing Agreement</u>. The Existing Servicing Agreement is hereby amended by (a) deleting the stricken text in red (indicated textually in the same manner as the following example: stricken text) and (b) inserting the double-underlined text in blue (indicated textually in the same manner as the following example: **<u>double-underlined text</u>**), in each case, in the Servicing Agreement attached as <u>Exhibit D</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Amendments to Operating Agreements and Certificate of Incorporation of the Securitization Entities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Operating Agreements of the Securitization Entities (other than International Franchisor, PFS Domestic Supply Chain Holder, the Canadian Distributor, the SPV Canadian Holdco and International Franchisor) are hereby amended by (a) deleting the stricken text in red (indicated textually in the same manner as the following example: stricken text) and (b) inserting the double-underlined text in blue (indicated textually in the same manner as the following example: **<u>double-underlined text</u>**), in each case, in the form attached as <u>Exhibit E-1</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The certificate of incorporation of International Franchisor will be amended by (a) deleting the stricken text in red (indicated textually in the same manner as the following example: stricken text) and (b) inserting the double-underlined text in blue (indicated textually in the same manner as the following example: **<u>double-underlined text</u>**), in each case, in the form attached as <u>Exhibit E-2</u> to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Conforming Changes in Related Documents</u>. The existing Related Documents and the Operating Agreements of the Securitization Entities are hereby amended such that any and all references to the terms in the left hand column below are hereby replaced with the terms in the right hand column below.

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| | |
|:---|:---|
| **Existing Term** | **Amended Term** |
| Canadian Distribution Assets Sale Agreement | Canadian Distributor Assets Sale Agreement |
| Distributors | Supply Chain Holders |
| Distribution Agreements | Supply Chain Agreements |
| Distribution Assets | Supply Chain Assets |
| Distribution Center Expenses | Supply Chain Center Expenses |
| Distribution Concentration Accounts | Supply Chain Concentration Accounts |
| Distribution Operating Expenses | Supply Chain Operating Expenses |
| Distributor Costs of Goods Sold | Supply Chain Costs of Goods Sold |
| Distributor Franchisee Rebates | Supply Chain Franchisee Rebates |
| Domestic Distribution Asset | Domestic Supply Chain Asset |
| Domestic Distribution Agreements | Domestic Supply Chain Agreements |
| Domestic Distribution Concentration Account | Domestic Supply Chain Concentration Account |
| Domestic Distribution Equipment Holder | Domestic Supply Chain Equipment Holder |
| Domestic Distribution Real Estate Holder | Domestic Supply Chain Real Estate Holder |
| Domestic Distributor | Domestic Supply Chain Holder |
| Domestic Manufacturing and Distribution Centers | Domestic Supply Chain Centers |
| Domestic Manufacturing and Distribution Centers Distribution and Contribution Agreements | Domestic Supply Chain Centers Distribution and Contribution Agreements |
| Estimated Weekly Distributor Profit Amount | Estimated Weekly Supply Chain Profit Amount |
| Excluded Domestic Distribution Leasehold Assets | Excluded Domestic Supply Chain Leasehold Assets |
| Leased Domestic Manufacturing and Distribution Centers | Leased Domestic Supply Chain Centers |
| Manufacturing and Distribution Centers | Supply Chain Centers |
| Manufacturing and Distribution Center Mortgages | Supply Chain Center Mortgages |
| Monthly Distributor Profit Adjustment Amount | Monthly Supply Chain Profit Adjustment Amount |
| Monthly Distributor Profit Period | Monthly Supply Chain Profit Period |
| Weekly Distribution Services Reimbursement Amount | Weekly Supply Chain Services Reimbursement Amount |
| Weekly Distributor Profit Amount | Aggregate Weekly Supply Chain Profit Amount |
| Weekly Distributor Profit Deficiency Amount | Weekly Supply Chain Profit Deficiency Amount |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Termination of Product Purchase Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DPL and the Domestic Supply Chain Holder hereby agree that the Product Purchase and Distribution Agreement shall be terminated as of the date hereof, and waive any requirement of the receipt of prior notice thereunder with respect to the foregoing. Any references to the Product and Purchase and Distribution Agreement in the Related Documents and the operational agreements of the Securitization Entities shall be deemed to be removed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) DPL and PFS hereby agree that the PFS Product Purchase and Distribution Sub-Management Agreement shall be terminated as of the date hereof, and waive any requirement of the receipt of prior notice thereunder with respect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>References to PULSE and Technology Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The existing Related Agreements and the operational agreements of the Securitization Entities are hereby amended such that all references to ownership of the PULSE and Technology Assets shall refer to DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Reaffirmation and Acknowledgment</u>. Each of the Securitization Entities and the Manager hereby ratifies and reaffirms all of its payment, performance and other obligations and liabilities, whether contingent or otherwise, under each of the Related Documents to which it is a party. Each Securitization Entity that is a Co-Issuer hereby ratifies and reaffirms the grant of security under the Base Indenture, and each Securitization Entity that is a Guarantor hereby ratifies and reaffirms the grant of security under the Global G&C Agreement, and in each case, such Securitization Entity confirms and agrees that such security interests continue to secure the Obligations under the Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Successors and Assigns</u>. This Agreement shall be binding upon, and shall inure to the benefit of, each party hereto and their respective successors and assigns. No other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Further Assurances</u>. Each party hereto hereby agrees from time to time, as and when requested by another party hereto, to execute and deliver or cause to be executed and delivered (or otherwise authorized), all such documents, instruments and agreements, and to take or cause to be taken such further or other action as are necessary or as may be reasonably requested by any such other party hereto, in order to carry out the intent and purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Governing Law, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SUBJECT TO SECTION 15(e) BELOW, THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAW RULES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto each hereby waives any right to have a jury participate in resolving any dispute, whether in contract, tort or otherwise, arising out of, connected with, relating to or incidental to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties hereto each hereby irrevocably submits (to the fullest extent permitted by applicable law) to the non-exclusive jurisdiction of any New York state or federal court sitting in the borough of Manhattan, New York City, State of New York, over any action or proceeding arising out of or relating to this Agreement or any related documents, and the parties hereto hereby irrevocably agree that all claims in respect of such action or proceeding shall be heard and determined in such New York state or federal court. The parties hereto each hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection each may now or hereafter have, to remove any such action or proceeding, once commenced, to another court on the grounds of forum *non conveniens* or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party irrevocably consents to service of process in the manner provided for notices in the other Related Document(s) to which it is a party. Nothing in this Agreement shall affect the right of any party to this Agreement to serve process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary therein, Section 7 and, solely with respect to the Operating Agreements of the Securitization Entities, Section 8 shall be governed by, and interpreted in accordance with, the laws of the State of Delaware, all rights and remedies being governed by such laws without regard to principles of conflicts of laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Severability</u>. The illegality or unenforceability of any provision of this Agreement or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument or agreement required hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Entire Agreement</u>. This Agreement, together with the Related Documents (as amended, amended and restated and/or supplemented, as the case may be, by the Amendments), embodies the entire agreement and understanding among the parties hereto and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. Receipt by telecopy of any executed signature page to this Agreement shall constitute effective delivery of such signature page. This Agreement to the extent signed and delivered by means of a facsimile machine or other electronic transmission (including "pdf"), shall be treated in all manner and respects and for all purposes as an original agreement or amendment and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No party hereto shall raise the use of a facsimile machine or other electronic transmission to deliver a signature or the fact that any signature or agreement or amendment was transmitted or communicated through the use of a facsimile machine or other electronic transmission as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Instructions to Trustee</u>. To the extent required under any existing Related Document, Midland Loan Services, a division of PNC Bank, National Association, in its capacity as Control Party, hereby directs the Trustee to execute and deliver each of the Amended Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Captions</u>. Captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

*[Signature Pages Follow]* 

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IN WITNESS WHEREOF, this Agreement has been duly executed by the undersigned as of the day and year first set forth above.

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| | |
|:---|:---|
| DOMINO'S PIZZA, INC. | DOMINO'S PIZZA, INC. |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PIZZA MASTER ISSUER LLC | DOMINO'S PIZZA MASTER ISSUER LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Solely for purposes of providing consent to Sections 7 & 8 hereof: | Solely for purposes of providing consent to Sections 7 & 8 hereof: |
| **Domino's SPV Guarantor LLC**, as sole member of Domino's Pizza Master Issuer LLC | **Domino's SPV Guarantor LLC**, as sole member of Domino's Pizza Master Issuer LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Special Members and Independent Managers of Domino's Pizza Master Issuer LLC: | Special Members and Independent Managers of Domino's Pizza Master Issuer LLC: |
| By: | /s/ Albert J. Fioravanti |
| Name: Albert J. Fioravanti | Name: Albert J. Fioravanti |
| By: | /s/ Linda Ciaramella |
| Name: Linda Ciaramella | Name: Linda Ciaramella |

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*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
| DOMINO'S IP HOLDER LLC | DOMINO'S IP HOLDER LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Solely for purposes of providing consent to Sections 7 & 8 hereof: | Solely for purposes of providing consent to Sections 7 & 8 hereof: |
| **Domino's Pizza Master Issuer LLC**, as sole member of Domino's IP Holder LLC | **Domino's Pizza Master Issuer LLC**, as sole member of Domino's IP Holder LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Special Members and Independent Managers of Domino's IP Holder LLC: | Special Members and Independent Managers of Domino's IP Holder LLC: |
| By: | /s/ Albert J. Fioravanti |
| Name: Albert J. Fioravanti | Name: Albert J. Fioravanti |
| By: | /s/ Linda Ciaramella |
| Name: Linda Ciaramella | Name: Linda Ciaramella |

---

*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
| DOMINO'S PIZZA DISTRIBUTION LLC | DOMINO'S PIZZA DISTRIBUTION LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Solely for purposes of providing consent to Sections 7 & 8 hereof: | Solely for purposes of providing consent to Sections 7 & 8 hereof: |
| **Domino's Pizza Master Issuer LLC**, as sole member of Domino's Pizza Distribution LLC | **Domino's Pizza Master Issuer LLC**, as sole member of Domino's Pizza Distribution LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Special Members and Independent Managers of Domino's Pizza Distribution LLC: | Special Members and Independent Managers of Domino's Pizza Distribution LLC: |
| By: | /s/ Albert J. Fioravanti |
| Name: Albert J. Fioravanti | Name: Albert J. Fioravanti |
| By: | /s/ Linda Ciaramella |
| Name: Linda Ciaramella | Name: Linda Ciaramella |
| DOMINO'S SPV CANADIAN HOLDING COMPANY INC. | DOMINO'S SPV CANADIAN HOLDING COMPANY INC. |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

---

*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
| DOMINO'S PIZZA LLC | DOMINO'S PIZZA LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PIZZA FRANCHISING LLC | DOMINO'S PIZZA FRANCHISING LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Solely for purposes of providing consent to Sections 7 & 8 hereof: | Solely for purposes of providing consent to Sections 7 & 8 hereof: |
| **Domino's Pizza Master Issuer LLC**, as sole member of Domino's Pizza Franchising LLC | **Domino's Pizza Master Issuer LLC**, as sole member of Domino's Pizza Franchising LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Special Members and Independent Managers of Domino's Pizza Distribution LLC: | Special Members and Independent Managers of Domino's Pizza Distribution LLC: |
| By: | /s/ Albert J. Fioravanti |
| Name: Albert J. Fioravanti | Name: Albert J. Fioravanti |
| By: | /s/ Linda Ciaramella |
| Name: Linda Ciaramella | Name: Linda Ciaramella |

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*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
| DOMINO'S RE LLC | DOMINO'S RE LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Solely for purposes of providing consent to Sections 7 & 8 hereof: | Solely for purposes of providing consent to Sections 7 & 8 hereof: |
| **Domino's Pizza Franchising LLC**, as sole member of Domino's RE LLC | **Domino's Pizza Franchising LLC**, as sole member of Domino's RE LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Special Members and Independent Managers of Domino's RE LLC: | Special Members and Independent Managers of Domino's RE LLC: |
| By: /s/ Albert J. Fioravanti | By: /s/ Albert J. Fioravanti |
| Name: Albert J. Fioravanti | Name: Albert J. Fioravanti |
| By: /s/ Linda Ciaramella | By: /s/ Linda Ciaramella |
| Name: Linda Ciaramella | Name: Linda Ciaramella |
| DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC. | DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC. |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

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*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
| DOMINO'S EQ LLC | DOMINO'S EQ LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Solely for purposes of providing consent to Sections 7 & 8 hereof: | Solely for purposes of providing consent to Sections 7 & 8 hereof: |
| **Domino's Pizza Distribution LLC**, as sole member of Domino's EQ LLC | **Domino's Pizza Distribution LLC**, as sole member of Domino's EQ LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Special Members and Independent Managers of Domino's EQ LLC: | Special Members and Independent Managers of Domino's EQ LLC: |
| By: /s/ Albert J. Fioravanti | By: /s/ Albert J. Fioravanti |
| Name: Albert J. Fioravanti | Name: Albert J. Fioravanti |
| By: /s/ Linda Ciaramella | By: /s/ Linda Ciaramella |
| Name: Linda Ciaramella | Name: Linda Ciaramella |
| DOMINO'S PIZZA CANADIAN DISTRIBUTION ULC | DOMINO'S PIZZA CANADIAN DISTRIBUTION ULC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

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*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
| DOMINO'S PIZZA INTERNATIONAL FRANCHISING OF MICHIGAN, LLC | DOMINO'S PIZZA INTERNATIONAL FRANCHISING OF MICHIGAN, LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| /s/ Albert J. Fioravanti | /s/ Albert J. Fioravanti |
| Albert J. Fioravanti | Albert J. Fioravanti |
| (solely for purposes of providing consent to Sections 7 & 8) | (solely for purposes of providing consent to Sections 7 & 8) |
| /s/ Linda Ciaramella | /s/ Linda Ciaramella |
| Linda Ciaramella | Linda Ciaramella |
| (solely for purposes of providing consent to Sections 7 & 8) | (solely for purposes of providing consent to Sections 7 & 8) |
| DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC | DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| DOMINO'S PIZZA NS CO., solely as to Sections 7 & 8 | DOMINO'S PIZZA NS CO., solely as to Sections 7 & 8 |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |

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*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
| DOMINO'S SPV GUARANTOR LLC | DOMINO'S SPV GUARANTOR LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Solely for purposes of providing consent to Sections 7 & 8 hereof: | Solely for purposes of providing consent to Sections 7 & 8 hereof: |
| **Domino's Pizza International LLC**, as sole member of Domino's SPV Guarantor LLC | **Domino's Pizza International LLC**, as sole member of Domino's SPV Guarantor LLC |
| By: | /s/ Jessica L. Parrish |
|  | Name: Jessica L. Parrish |
|  | Title: Vice President, Chief Accounting Officer and Treasurer |
| Special Members and Independent Managers of Domino's SPV Guarantor LLC | Special Members and Independent Managers of Domino's SPV Guarantor LLC |
| By: /s/ Albert J. Fioravanti | By: /s/ Albert J. Fioravanti |
| Name: Albert J. Fioravanti | Name: Albert J. Fioravanti |
| By: /s/ Linda Ciaramella | By: /s/ Linda Ciaramella |
| Name: Linda Ciaramella | Name: Linda Ciaramella |

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*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
| CITIBANK, N.A., as Trustee | CITIBANK, N.A., as Trustee |
| By: | /s/ Anthony Bausa |
|  | Name: Anthony Bausa |
|  | Title: Senior Trust Office |

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*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
| MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Servicer and Control Party | MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Servicer and Control Party |
| By: | /s/ David A. Eckels |
| Name: | David A. Eckels |
| Title: | Senior Vice President |

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*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
|  FTI CONSUL TING, INC., as Back-Up Manager | FTI CONSUL TING, INC., as Back-Up Manager |
| By: | /s/ Michael Baumkirchner |
|  Name: | Michael Baumkirchner |
|  Title: | Senior Managing Director |

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*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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| | |
|:---|:---|
| BARCLAYS CAPITAL INC, as Initial Purchaser Representative | BARCLAYS CAPITAL INC, as Initial Purchaser Representative |
| By: | /s/ Benjamin Fernandez |
| Name: | Benjamin Fernandez |
| Title: | Managing Director |

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*[Signature Page to Omnibus Amendment and Reaffirmation Agreement]*

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<u>Exhibit A</u> 

Amended Back-Up Management Agreement

*[See attached.]* 

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***<u>Conformed version through Omnibus Amendment dated September 5, 2025</u>*** 

DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S IP HOLDER LLC,

DOMINO'S PIZZA DISTRIBUTION LLC<u> </u>

<u>DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC</u>

and

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

each as Co-Issuer

DOMINO'S PIZZA LLC,

as Manager

CITIBANK, N.A.,

as Trustee

and

FTI CONSULTING, INC.,

as Back-Up Manager

**AMENDED AND RESTATED** 

**BACK-UP MANAGEMENT AND CONSULTING AGREEMENT** 

**Dated as of April 16, 2021** 

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | ARTICLE 1 |  |
|  | DEFINITIONS AND USAGE |  |
|  Section 1.1 | Certain Definitions | 2 |
|  Section 1.2 | Rules of Construction | 5 |
|  Section 1.3 | Computation of Time Periods | 5 |
|  | ARTICLE 2 |  |
|  | DUTIES AND RESPONSIBILITIES OF THE BACK-UP MANAGER |  |
|  Section 2.1 | Appointment of Back-Up Manager | 5 |
|  Section 2.2 | General Duties | 6 |
|  Section 2.3 | Cold Back-Up Management Duties | 6 |
|  Section 2.4 | Warm Back-Up Management Duties | 8 |
|  Section 2.5 | Hot Back-Up Management Duties | 10 |
|  | ARTICLE 3 |  |
|  | INFORMATION |  |
|  Section 3.1 | Information provided by Manager | 14 |
|  Section 3.2 | Reliance on Information | 14 |
|  Section 3.3 | Delivery of Information by Back-Up Manager | 15 |
|  | ARTICLE 4 |  |
|  | COMPENSATION, EXPENSES and indemnity |  |
|  Section 4.1 | Compensation | 15 |
|  Section 4.2 | Reimbursable Costs | 16 |
|  Section 4.3 | Limitation of Liability of the Back-Up Manager | 16 |
|  | ARTICLE 5 |  |
|  | THE BACK-UP MANAGER |  |
|  Section 5.1 | Representations and Warranties Concerning the Back-Up Manager | 20 |
|  Section 5.2 | Limitations of Responsibility of the Back-Up Manager | 21 |
|  Section 5.3 | Right to Receive Instructions | 21 |
|  Section 5.4 | Independent Contractor | 21 |

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i

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| | | |
|:---|:---|:---|
|  | ARTICLE 6 |  |
|  | CONFIDENTIALITY |  |
|  Section 6.1 | Confidentiality | 22 |
|  | ARTICLE 7 |  |
|  | MISCELLANEOUS PROVISIONS |  |
|  Section 7.1 | Term; Termination of Agreement | 23 |
|  Section 7.2 | Resignation | 23 |
|  Section 7.3 | Amendment | 25 |
|  Section 7.4 | Successors and Assigns; Additional Co-Issuers | 25 |
|  Section 7.5 | Nonpetition Covenant | 25 |
|  Section 7.6 | Acknowledgement | 25 |
|  Section 7.7 | Governing Law; Waiver of Jury Trial; Jurisdiction | 26 |
|  Section 7.8 | Notices | 26 |
|  Section 7.9 | Delivery Dates | 29 |
|  Section 7.10 | Entire Agreement | 30 |
|  Section 7.11 | Severability of Provisions | 30 |
|  Section 7.12 | Binding Effect; Limited Rights of Others | 30 |
|  Section 7.13 | Article and Section Headings | 30 |
|  Section 7.14 | Counterparts | 30 |

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ii

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AMENDED AND RESTATED

BACK-UP MANAGEMENT AND CONSULTING AGREEMENT

This AMENDED AND RESTATED BACK-UP MANAGEMENT AND CONSULTING AGREEMENT, dated as of April 16, 2021 (this ""<u>Agreement</u>" <u>"</u>), is entered into by and among Domino's Pizza Master Issuer LLC (the ""<u>Master Issuer</u>"<u>"</u>), a Delaware limited liability company, the Master Issuer's direct, wholly-owned subsidiaries, Domino's IP Holder LLC, a Delaware limited liability company (the ""<u>IP Holder</u>"<u>"</u>), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "Domestic Distributor<u>"Domestic Supply Chain</u> <u>Holder"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "PFS Domestic Supply Chain Holder</u>") and Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the ""<u>SPV Canadian Holdco</u>"<u>"</u> and, together with the Master Issuer, the IP Holder and, the Domestic Distributor<u>Supply Chain Holder and the PFS Domestic Supply Chain Holder</u> and their respective successors and assigns, and any other affiliate of Domino's Pizza, Inc. a Delaware corporation (together with its successors and assigns, ""<u>Holdco</u>" <u>"</u>), that becomes a Co-Issuer under the Indenture and its successor and assigns, collectively, the ""<u>Co-Issuers</u>"<u>"</u> and each, a ""<u>Co-Issuer</u>"<u>"</u>); Domino's Pizza LLC, a Michigan limited liability company (""<u>DPL</u>"<u>"</u>, and together with its successors and assigns, the ""<u>Manager</u>"<u>"); the Other Securitization Entities (as defined herein</u>); Citibank, N.A. (""<u>Citibank</u>"<u>"</u>), as trustee (together with its successors and assigns, the ""<u>Trustee</u>"<u>"</u>); and FTI Consulting, Inc., a Maryland corporation, as back-up manager (together with its successors and assigns, the ""<u>Back-Up Manager</u>"<u>"</u>).

<u>RECITALS</u> 

WHEREAS, the Co-Issuers and Citibank, as Trustee and securities intermediary, have entered into the Amended and Restated Base Indenture, dated as of March 15, 2012 (as amended, restated, amended and restated or otherwise modified and in effect from time to time, the ""Base <u>Indenture</u>"<u>"</u>), pursuant to which the Co-Issuers may issue from time to time one or more series of Notes (the ""<u>Notes</u>"<u>"</u>), in each case in accordance with a supplemental indenture supplementing the Base Indenture (the Base Indenture, as supplemented by each such Supplemental Indenture, the ""<u>Indenture</u>"<u>"</u>);

WHEREAS, the Co-Issuers, DPL, as the Manager and in its individual capacity, Domino's SPV Guarantor LLC, Domino's Pizza Franchising LLC, Domino's Pizza International Franchising Inc., Domino's Pizza Canadian Distribution ULC, Domino's EQ LLC, Domino's RE LLC, Domino's Pizza NS Co. and the Trustee have entered into the Amended and Restated Management Agreement, dated as of March 15, 2012 (as amended, restated, amended and restated or otherwise modified and in effect from time to time, the ""<u>Management Agreement</u>"<u>"</u>), pursuant to which, among other duties, the Manager performs certain franchising, distribution, intellectual property and operational functions on behalf of the Securitization Entities;

WHEREAS, the Co-Issuers, the Manager, the Trustee and Midland Loan Services, a division of PNC Bank, National Association, as servicer (together with its successors and assigns, the ""<u>Servicer</u>"<u>"</u>) have entered into the Amended and Restated Servicing Agreement, dated as of the date of this Agreement (as amended, restated or otherwise modified and in effect from time to time, the ""<u>Servicing Agreement</u>"<u>"</u>), pursuant to which, among other

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responsibilities, the Servicer will continue to (i) monitor and review reports and other information provided to it by the Manager and the Back-Up Manager, (ii) as the Control Party, act on behalf of the Trustee, or direct the Trustee to act in connection with proposed waivers, amendments, consents and other actions with respect to the Indenture and other Related Documents, (iii) assist the Back-Up Manager with the development and possible implementation of a transition plan for a Successor Manager, (iv) make, in certain circumstances, Debt Service Advances with respect to interest on senior Notes and Collateral Protection Advances for payment of taxes, rent, assessments, insurance premiums and other costs and expenses necessary to protect, preserve or restore the collateral pledged by the Co-Issuers under the Indenture and for payment of any expenses of any Securitization Entity, including Distributor Costs of Goods Sold and Distribution Center Expenses (each, as defined in the Indenture), to the extent not previously paid pursuant to a Manager Advance (as defined in the Management Agreement), and (v) provide consulting services to Noteholders and the Co-Issuers upon the occurrence of a Hot Back-Up Management Trigger Event;

WHEREAS, the Co-Issuers, the Manager, the Trustee and the Back-Up Manager entered into a Back-Up Management Agreement and Consulting Agreement, dated as of March 15, 2012 (the "<u>Original Back-Up Management Agreement</u>")

WHEREAS, the Co-Issuers wish to amend and restate the Original Back-Up Management Agreement in its entirety pursuant to Section 8.3 thereof to engage the Back-Up Manager to continue to (i) provide consulting and other back-up management services to the Servicer, the Co-Issuers and the Trustee for the benefit of the Secured Parties and (ii) if and as required, to develop and/or implement a Transition Plan and <u>implement the approved Transition Plan, as applicable, and</u> serve as the Interim Successor Manager <u>following a termination or resignation of the Manager</u> until a Successor Manager (other than the Back-Up Manager) has been appointed <u>and has accepted such appointment</u>;

WHEREAS, it is a condition of the issuance of Notes that the Co-Issuers engage a back-up manager to perform the duties described herein; and

WHEREAS, the Back-Up Manager is willing and desires to provide the services of the back-up manager described in this Agreement, the Management Agreement and the Indenture, on the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows:

<u>ARTICLE 1</u> 

<u>DEFINITIONS AND USAGE</u> 

Section 1.1 <u>Certain Definitions</u>. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein have the meanings assigned to such terms in, or incorporated by reference into, the Base Indenture, including the terms defined in Annex A to the Base Indenture. An index to terms defined in this Agreement is provided at the end of this Agreement. The following capitalized terms shall have the following meanings:

<u>"Additional Time Frame" has the meaning set forth in Section 2.5(a).</u>

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""<u>Agreement</u>"<u>"</u> has the meaning set forth in the introduction hereof.

""<u>Annual Visit</u>"<u>"</u> has the meaning set forth in <u>Section 2.3(c)(i)</u> hereof.

""<u>Back-Up Manager</u>"<u>"</u> has the meaning set forth in the introduction hereof.

"<u>Back-Up Manager Consent Consultation Fees</u>" means, <u>on and after the Series 2021-1</u> <u>Springing Amendments Implementation Date,</u> in the event that the Control Party elects, in its sole discretion, to consult with the Back-Up Manager with respect to any Consent Request, <u>Consent Recommendation</u> or proposed Debt Service Advance or Collateral Protection Advance, a consulting fee paid <u>by the Co-Issuers</u> to the Back-Up Manager commensurate with the complexity and time required for such consultation together with reasonable out-of-pocket expenses incurred in the performance of such consultation; provided that <u>(regardless of whether any such consent, approval, amendment, waiver, modification or other action is given or consummated or an Advance made); provided that in connection with any such Consent Request and/or Consent Recommendation for which the Control Party elects to consult with the Back-Up Manager,</u> the Back-Up Manager shall provide a fee range estimate <u>to the Co-Issuers for such consultation services</u> prior to the commencement of such consultation services (such fee range estimate to be approved in writing in advance by the Control Party) and shall not exceed that estimate without the prior written consent of the Control Party and, in the case of a Consent Request <u>and/or Consent Recommendation</u> only, the Co-Issuers (such consent not to be unreasonably withheld, conditioned or delayed); <u>provided</u>, <u>further</u>, that the Back-Up Manager will not be required to provide any further consultation services in connection with the related Consent Request<u>, Consent Recommendation</u> or proposed Debt Service Advance or Collateral Protection Advance if it has not received such required consent(s). "<u>; provided, further, for the</u> <u>avoidance of doubt, that no such fee range estimate or related consent will be required in the case of the Back-Up Manager's consultation with respect to a proposed Advance.</u>

"<u>Back-Up Manager Fees</u>"<u>"</u> has the meaning set forth in <u>Section 4.1</u> hereof.

""<u>Back-Up Manager Indemnified Parties</u>"<u>"</u> has the meaning set forth in Section 4.3(a) hereof.

""<u>Base Indenture</u>"<u>"</u> has the meaning set forth in the Recitals hereof.

""<u>Co-Issuer</u>" <u>"</u> and ""<u>Co-Issuers</u>"<u>"</u> have the respective meanings set forth in the introduction hereof.

""<u>Cold Back-Up Management Duties</u>"<u>"</u> has the meaning set forth in Section 2.3 hereof.

""<u>Confidential Information</u>"<u>"</u> has the meaning set forth in Section 6.1 hereof.

<u>"Domestic Distributor"</u> has the meaning set forth in the introduction hereof.

""<u>Domestic Franchisor</u>" <u>"</u> means Domino's Pizza Franchising LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Master Issuer.

<u>"Domestic Supply Chain Holder"</u> has the meaning set forth in the introduction hereof.

""<u>DPL</u>"<u>"</u> has the meaning set forth in the introduction hereof.

""<u>Holdco</u>" <u>"</u> has the meaning set forth in the introduction hereof.

""<u>Hot Back-Up Management Duties</u>"" has the meaning set forth in <u>Section 2.5(a)</u> hereof.

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""<u>Hot Back-Up Management Trigger Event</u>"<u>"</u> has the meaning set forth in <u>Section 2.5</u>

""<u>Indenture</u>"<u>"</u> has the meaning set forth in the Recitals hereof.

<u>"Initial Time Frame" has the meaning set forth in Section 2.5(a).</u>

"<u>Interim Successor Manager</u>" means, upon the resignation or termination of the Manager pursuant to the terms of the Management Agreement and prior to the appointment of any successor to the Manager by the Control Party (at the direction of the Controlling Class Representative), the Back-Up Manager.

""<u>IP Holder</u>"<u>"</u> has the meaning set forth in the introduction hereof.

""<u>Management Agreement</u>"<u>"</u> has the meaning set forth in the Recitals hereof.

""<u>Manager</u>" <u>"</u> has the meaning set forth in the introduction hereof.

""<u>Master Issuer</u>"<u>"</u> has the meaning set forth in the introduction hereof.

""<u>Notes</u>"<u>"</u> has the meaning set forth in the Recitals hereof.

"<u>Original Back-Up Management Agreement</u>" has the meaning set forth in the Recitals

hereof.

<u>"Other Securitization Entity" means each direct and indirect subsidiary of the Co-Issuers.</u>

""<u>Quarterly Call</u>"<u>"</u> has the meaning set forth in <u>Section 2.3(b)(i)</u> hereof. <u> </u>

<u>"Securitization Entities" means, collectively the Co-Issuers and the Other Securitization</u> <u>Entities.</u>

""<u>Servicer</u>"<u>"</u> has the meaning set forth in the Recitals hereof.

""<u>Servicing Agreement</u>"<u>"</u> has the meaning set forth in the Recitals hereof.

""<u>SPV Canadian Holdco</u>"<u>"</u> has the meaning set forth in the introduction hereof.

""Transition Plan"<u>"</u> the meaning set forth in <u>Section 2.4(e)</u> hereof. <u> </u>

<u>"Transitional Officer" means an officer of a Securitization Entity designated with such</u> <u>title pursuant to such Securitization Entity's limited liability agreement.</u>

<u>"Transitional Director" means a director of a Securitization Entity designated with such title pursuant to such Securitization Entity's certificate of incorporation.</u>

""<u>Trustee</u>" <u>"</u> has the meaning set forth in the introduction hereof.

""<u>Warm Back-Up Management Duties</u>"<u>"</u> has the meaning set forth in <u>Section 2.4</u> hereof.

""<u>Warm Back-Up Management Trigger Event</u>"<u>"</u> has the meaning set forth in <u>Section 2.4</u> hereof.

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Section 1.2 <u>Rules of Construction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each term defined in this Agreement or in the Management Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement and each term defined in the plural form shall mean the singular thereof when the singular form of such term is used herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words "<u>"</u><u>hereof</u>," "<u>" "</u><u>herein</u>," "<u>" "</u><u>hereunder</u>"<u>"</u> and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The definitions contained or used in this Agreement are equally applicable to both the masculine as well as to the feminine and neuter genders of such terms.

Section 1.3 <u>Computation of Time Periods</u>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word ""<u>from</u>" <u>"</u> means ""<u>from and including</u>"<u>"</u> and the words ""<u>to</u>"<u>"</u> and ""<u>until</u>" <u>"</u> each means ""<u>to but excluding</u>."<u>"</u>

Section 1.4 <u>Successor Manager. Each reference to the Back-Up Manager in the capacity as Successor Manager shall be understood to mean and shall only mean the Back-Up Manager acting in such capacity to the extent the Back-Up Manager has accepted such appointment in the Back-Up Manager's sole and absolute discretion, regardless of whether or not such words are specifically stated.</u>

<u>ARTICLE 2</u> 

<u>DUTIES AND RESPONSIBILITIES OF THE BACK-UP MANAGER</u> 

Section 2.1 <u>Appointment of Back-Up Manager</u>.

FTI Consulting, Inc. is hereby appointed by the Co-Issuers and the Manager as the Back-Up Manager to provide the services set forth in this Agreement, and FTI Consulting, Inc. hereby accepts such appointment and agrees to perform such services subject to and in accordance with the terms of this Agreement, the Management Agreement, the Indenture and the other Related Documents. As Back-Up Manager, FTI Consulting, Inc. shall, subject to the terms and conditions of this Agreement, the Management Agreement, the Indenture and the other Related Documents, perform its obligations (i) using the same care, skill, prudence and diligence with which the Back-Up Manager generally manages and administers comparable obligations for other third parties, giving due consideration to customary and usual standards of practice of prudent management by institutional managers of businesses of the nature and character of the System; (ii) in accordance with applicable law; and (iii) without regard to: (A) any relationship that the Back-Up Manager or any Affiliate thereof may have with the Co-Issuers, the Manager, the Servicer, the Trustee, the Noteholders or any customer of the foregoing, any of their respective Affiliates or any other party to the Related Documents; (B) the ownership of any Notes by the Back-Up Manager or any Affiliate thereof; (C) the right of the Back-Up Manager or any Affiliate thereof to receive compensation for its services or reimbursement of costs; and (D) any debt or equity of Holdco or any Affiliate thereof held by the Back-Up Manager or any Affiliate thereof.

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Section 2.2 <u>General Duties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than the duties specifically set forth in this <u>Article 2</u>, the Back-Up Manager shall have no obligation hereunder to supervise, verify, monitor or administer the performance of, and shall have no liability for any action taken or omitted to be taken by, the Manager, the Securitization Entities, the Servicer (including in its capacity as Control Party) or the Trustee. The duties and obligations of the Back-Up Manager shall be determined solely by the express provisions of this Agreement, the Base Indenture, the Management Agreement and the Servicing Agreement and no implied covenants or obligations shall be read into this Agreement against the Back-Up Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Back-Up Manager shall make its representative(s) available to the representatives of the Securitization Entities and the Manager such that the Master Issuer or the Manager is at all times able to provide the Back-Up Manager with up-to-date information regarding the operations of the Securitization Entities and the Manager for the purposes of maintaining the preparedness of the Back-Up Manager to perform its obligations in accordance with this Agreement. The Back-Up Manager shall also make its representative(s) available to the Servicer such that the Servicer (including in its capacity as Control Party) may consult with the Back-Up Manager with respect to any consents the Servicer (including in its capacity as Control Party) makes under the Related Documents and with respect to the development and implementation of a Transition Plan, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing herein shall prevent the Back-Up Manager or any of its Affiliates from engaging in other businesses or from rendering services of any kind to any Person.

Section 2.3 <u>Cold Back-Up Management Duties</u>. The Back-Up Manager shall perform the following servicing duties (collectively, the ""<u>Cold Back-Up Management Duties</u>"<u>"</u>) commencing on the Closing Date for the benefit of the Secured Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall<u>, on a timely basis,</u> directly provide the Back-Up Manager with, or otherwise cause the Back-Up Manager to receive the certificates, notices, statements, reports and other information to be delivered to the Back-Up Manager pursuant to this <u>Section 2.3(a)</u> and the terms of this Agreement. Based on the information provided to it in accordance with the terms of this Agreement, provide a cursory review of such information and review such information as<u>, to the extent deemed</u> necessary in preparation<u>by the Back-Up Manager, in its sole discretion, in order for the Back-Up Manager to prepare</u> for the Quarterly Calls and the Annual Visit and such performance of the Manager under the Management Agreement as the Control Party may request by written notice to the Back-Up Manager, with a copy of such written notice to the Manager, the Securitization Entities and the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Quarterly Manager's Certificate delivered pursuant to Section 4.1(b) of the Base Indenture,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Quarterly Noteholders' Statement delivered pursuant to Section 4.1(c) of the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Quarterly Compliance Certificate delivered pursuant to Section 4.1(d) of the Base Indenture;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each Scheduled Principal Payments Deficiency Notice delivered pursuant to Section 4.1(e) of the Base Indenture,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) each annual report of the Independent Accountants delivered pursuant to Section 4.1(f) of the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the unaudited consolidated and combined balance sheets of the Master Issuer and the Domestic Franchisor pursuant to Section 4.1(g) of the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Independent Accountant's reports pursuant to Section 3.2 of the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) each written instruction regarding withdrawals and payments from the Collection Account, any Base Indenture Account or any Series Account delivered pursuant to Section 3.1(b) of the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any notice of reduction in the blended rate of Continuing Franchise Fees delivered pursuant to Section 3.4 of the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the information contained in any departmental and operating reports provided to the board of directors of Holdco and concerning the operations of Holdco, including, without limitation, the information contained in any reports with respect to ongoing litigation, promptly after such reports are provided to the board of directors of Holdco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a quarterly basis,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) discussing by telephone with the Manager's management team the performance of the System, if requested <u>in writing by the Servicer or Control Party</u>, and verifying any make-whole prepayment premiums for the prior fiscal quarter (it being understood that such verification will be based solely on the information provided to the Back-Up Manager by the Manager) <u>for the prior fiscal quarter</u>; <u>provided</u> that such discussion shall occur within sixty (60) days of the last day of each day of each of the first three quarters of each fiscal year of the Manager (each, a ""<u>Quarterly Call</u>"<u>"</u>); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon <u>written</u> request of the Control Party, either discussing by telephone the results of the Quarterly Call with the Control Party or permitting the Control Party to monitor the Quarterly Call without active participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the Control Party's written request, consulting with the Control Party in connection with Consent Requests<u>, Consent Recommendations</u> or proposed Debt Service Advances or Collateral Protection Advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on an annual basis,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conducting an on-site visit <u>or virtual visist</u>, or if an onsite<u>on-site visit or virtual</u> visit is not feasible <u>or necessary in the Back-Up Manager's reasonable discretion</u>, discussing by telephone, with the Master Issuer and the Manager and discussing with the Manager's management team and reviewing the performance of the Manager and the System, and verifying any make-whole prepayment premiums for the prior fiscal quarter (it being understood that such verification will be based solely on the information provided to the Back-Up Manager by the Manager), and unless waived or

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otherwise directed, in each case, in writing, by the Control Party, reviewing (1) the cash management systems of the Manager and the Co-Issuers, (2) the Manager's remittance of all amounts owed under the Related Documents, (3) the operations and performance of the System generally (including, without limitation, the system of Stores and the regional dough manufacturing<u>production</u> and supply chains), (4) the Weekly Management Fees and the Supplemental Management Fees, and any other amounts paid to the Manager, (5) any changes in personnel at the executive level of the Manager, (6) the one-year and five-year business plans for the System, (7) the servicing of the Advertising Fees and the Company-Owned Stores Advertising Fees, (8) to the extent deemed necessary to the performance of its services by the Back-Up Manager, in its reasonable discretion, the affairs, finances and accounts relating to Holdco's inter-company arrangements with any of its officers, directors and other representatives, and (9) all other areas related to the transactions contemplated by the Related Documents as reasonably requested in writing by the Control Party <u>and, in each case, agreed upon by the Back-Up Manager in its reasonable discretion,</u> at least 10 Business Days prior to such annual meeting (or <u>virtual visit and/or</u> telephone call in lieu thereof<u>if an on-site visit is not feasible or necessary in the Back-Up Manager's reasonable discretion</u>); <u>provided</u> that such meeting shall occur within ninety (90) days of the last day of each fiscal year of the Master Issuer (the ""<u>Annual Visit</u>"<u>"</u>); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon request of the Control Party, discussing by telephone the results of the Annual Visit with the Control Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) from time to time, performing other procedures as agreed upon <u>in writing</u> by the Servicer and the Back-Up Manager, which procedures may include obtaining the Quarterly Noteholder Statement for any one calendar quarter during the twelve (12) months ending on the immediately preceding December 31, and for such Quarterly Noteholder Statement (i) reconciling the amounts in such Quarterly Noteholder Statement to the Manager's computer, accounting and other reports and (ii) identifying any material amounts that the Back-Up Manager was unable to reconcile. The Back-Up Manager shall notify the Manager and the Control Party of any <u>material</u> amounts in clause (ii) of the prior sentence that the Back-Up Manager is unable to reconcile, and if any such <u>material</u> amounts are not reconciled with the Manager within five (5) Business Days after notice thereof, the Back-Up Manager shall notify the Rating Agencies and the Control Party in writing of the <u>material</u> amounts that the Back-Up Manager has still been unable to reconcile.

Section 2.4 <u>Warm Back-Up Management Duties</u>. For purposes of this <u>Section 2.4</u>, a ""<u>Warm Back-Up Management Trigger Event</u>"<u>"</u> shall mean the occurrence and continuation of (i) any event that causes a Cash Trapping Period to begin and that continues for at least two consecutive Accounting Dates, (ii) a Rapid Amortization Event, or (iii) if provided in a Supplemental Indenture<u>Series Supplement, the mandatory prepayment of any Series of Notes following</u>, a Change of Control to which the Controlling Class Representative has not provided its prior written consent, in each case, that has not been waived or approved by the <u>Control Party acting at the direction of the</u> Controlling Class Representative. Notwithstanding the foregoing, a Warm Back-Up Management Trigger Event shall not cease to be in effect until such time as all Debt Service Advances and Collateral Protection Advances, including any interest thereon, have been paid. Within two (2) Business Days of obtaining Actual Knowledge of the occurrence and continuance of any Warm Back-Up Management Trigger Event, the Manager, the Master Issuer, the Back-Up Manager, the Servicer or the Trustee, as applicable,

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shall notify each other and each Rating Agency in writing of such occurrence. Upon receipt of such notice of such Warm Back-Up Management Trigger Event, the Back-Up Manager shall commence the following duties (collectively, the ""<u>Warm Back-Up Management Duties</u>") and will<u>") (except to the</u> <u>extent the Control Party, at the direction of the Controlling Class Representative, waives performance of all or part of the Warm Back-Up Management Duties (other than development of the Transition Plan) upon written notice to each of the Back-Up Manager, the Trustee (which shall provide such notice to the Noteholders) and the Co-Issuers) and shall,</u> within fifteen (15) days after receipt of written notice of such Warm Back-Up Management Trigger Event, have taken all steps reasonably necessary to enable it to provide such duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing an in-depth situation analysis of the Manager and its financial position and of the Collateral and the Co-Issuers, based on information provided to the Back-Up Manager pursuant to the terms of this Agreement and the Indenture. In connection with such analysis, the Back-Up Manager shall analyze, *inter alia*, (1) the key drivers of historical performance, (2) the strategic business plan for the System to determine weaknesses (if any) and viability, and (3) the causes of poor performance, including pricing, cost structure and leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) generating revised projections (including cash forecasts, income statements and balance sheets) for the Co-Issuers and the Collateral, which projections will be based on, *inter alia,* variance analyses and stress tests to sensitize forecasts and incorporate changes to the models provided to the Rating Agencies in connection with the issuance of ratings on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the degree relevant based upon the Back-Up Manager's analysis of the situation and at the <u>written</u> direction of the Servicer <u>(including in its capacity as Control Party)</u>, identifying alternative suppliers and providers of services in connection with the System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the written direction of the Servicer <u>(including in its capacity as Control</u> <u>Party)</u>, at the Co-Issuers' cost, obtaining appraisals and valuations of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) developing a comprehensive transition plan (the ""<u>Transition Plan</u>"<u>"</u>) with the assistance and oversight of the Servicer to prepare for a transition to a Successor Manager <u>(other than the Back-Up Manager)</u> if the Manager is terminated following the occurrence of a Manager Termination Event, pursuant to which the Back-Up Manager shall, based on the circumstances related to such Warm Back-Up Management Trigger Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>in consultation with the Manager,</u> identify personnel then-employed by the Manager that could assist in the transfer of the Manager's duties and obligations, including the transfer of accounting, receivables, payables, finance, payroll and other financial services, to a Successor Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>in consultation with the Manager,</u> identify and recommend individuals from the Manager's existing management team, the Back-Up Manager's own organization and from other organizations that could perform obligations under this Agreement and the Management Agreement.

Any Transition Plan may include, but is not limited to a recommendation to either terminate DPL's position as Manager under the Management Agreement or re-engage DPL to serve as Manager <u>under the Management Agreement</u>. The Back-Up Manager will first submit the Transition Plan to the Servicer and the Trustee for the approval of the Servicer, and to the extent such approval is not granted, both the Back-Up Manager and the Servicer will continue to

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work in good faith to achieve such approval. Under no circumstances will the Transition Plan be finalized or implemented prior to the occurrence of a Hot Back-Up Management Trigger Event. The Control Party, acting at the direction of the Controlling Class Representative, may waive performance of all or part of the Warm Back-Up Management Duties <u>(other than development of the Transition Plan)</u> upon written notice to each of the Back-Up Manager, the Trustee (which shall provide such notice to the Noteholders) and the Issuer<u>Co-Issuers</u>. If an Advance Period has occurred and is continuing for at least sixty (60) days, the Back-Up Manager shall perform the duties specified in clauses (a), <u>and</u> (b) and (d) promptly after receiving written direction from the Control Party (an "<u>Advance Period Notice</u>") <u>and the performance of such duties shall be included within the definition of "Warm Back-Up Management Duties" for purposes of the Back-Up Manager's compensation and expense reimbursement rights</u>.

Section 2.5 <u>Hot Back-Up Management Duties</u>. For purposes of this <u>Section 2.5</u>, a ""<u>Hot Back-Up Management Trigger Event</u>"<u>"</u> shall mean the occurrence and continuation for at least thirty (30) days of a Manager Termination Event that has not been waived by the Control Party (at the direction of the Controlling Class Representative); provided that a Hot Back-Up Management Trigger Event shall not cease to be in effect until such time as all Collateral Protection Advance and Debt Service Advances, including any interest thereon, have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Hot Back-Up Management Trigger Event has occurred and is continuing, the Control Party (at the direction of the Controlling Class Representative) may direct the Trustee to deliver a termination notice (a "<u>Manager Termination Notice</u>") to terminate the Manager pursuant to Section 6.1(b) of the Management Agreement (with a copy to each of the Co-Issuers, the Back-Up Manager and the Rating Agencies). Delivery of a Manager Termination Notice to the Manager from the Trustee will not be required to terminate the Manager in respect of a Hot Back-Up Management Trigger Event caused by a Manager Termination Event described in <u>clause (vi)</u> of the definition thereof, for which termination of the Manager shall be automatic. Promptly following receipt of a written notice from the Trustee that a Hot Back-Up Management Trigger Event has occurred and is continuing, the Back-Up Manager shall<u>will</u> perform the following additional duties (collectively, the ""<u>Hot Back-Up Management Duties</u>""):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(x) before the Series 2025-1 Springing Amendments Implementation Date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) perform the Warm Back-Up Management Duties (to the extent the Back-Up Manager has not yet performed or completed such duties as of the date of the occurrence of such Hot Back-Up Management Trigger Event);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) implement the Transition Plan, and, if so requested by the Trustee in writing (acting at the direction of the Control Party), assist the Trustee and the Servicer in identifying one or more Persons other than the Back-Up Manager to act as Successor Manager, within ninety (90) calendar days following the occurrence of such Hot Back-Up Management Trigger Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) take over the management of the Co-Issuers and the Manager and initiate reasonable steps necessary or advisable in connection with stabilizing the condition of each of the Co-Issuers and the Manager, as the case may be, pending the appointment of a Successor Manager, to: (A) exercise full inspection and audit rights against the Co-Issuers and the Manager and to protect the Collateral and the

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condition and value thereof, (B) restructure and re-negotiate one or more Related Documents previously entered into by any Co-Issuer, (C) make and implement personnel decisions, (D) hire external consultants and other qualified Persons to facilitate operations, and (E) liquidate Collateral<u>assist the Control Party in the liquidation of the Collateral to the extent allowed or as directed to by the Trustee (at the direction of the Control Party (acting at the direction of the Controlling Class Representative)) under the Related Documents or applicable Requirements of Law</u>, if reasonably necessary, subject to satisfaction of the applicable conditions to such actions under the applicable Related Documents.<u>; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(y) on and after the Series 2025-1 Springing Amendments Implementation Date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) perform the Warm-Back-Up Management Duties (to the extent</u> <u>the Back-Up Manager has not yet performed or completed such duties as of the date of the occurrence of such Hot Back-Up Management Trigger Event);</u>

<u>(ii)(A) within ninety (90) calendar days following the occurrence of such Hot Back-Up Management Trigger Event (the "Initial Time Frame"), finalize the Transition Plan; provided that in the event that the Manager has not been terminated (i) simultaneous with the occurrence of such Hot Back-Up Management Trigger Event or (ii) within the Initial Time Frame, and the Back-Up Manager reasonably determines based on the then existing circumstances that the Transition Plan cannot be finalized within such Initial Time Frame and communicates the same in writing promptly to the Control Party, the Back-Up Manager may continue to work with the Control Party (such additional period of time following the end of the Initial Time Frame, as used herein, the "Additional Time Frame") to further revise the Transition Plan based on the then existing circumstances until such time as the Manager has been terminated pursuant to the Management Agreement (as used herein, the "Manager Termination Date") and the Transition Plan can be finalized (provided, that such Additional Time Frame to so finalize the Transition Plan shall in no event exceed thirty (30) days following the later of (i) the end of the Initial Time Frame and (ii) the Manager Termination Date), and (B) commence implementing the Transition Plan to the extent approved in accordance with this Agreement if either (1) the Back-Up Manager, at any time, (regardless of whether the Manager has failed to comply with its Disentanglement obligations and/or its Continuity of Services obligations, each as set forth under the Management Agreement), believes it is reasonably necessary to do so or (2) the Control Party (at the direction of the Controlling Class Representative) directs the Back-Up Manager to do so; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii) if the Manager has been terminated or resigned pursuant to the terms of the Management Agreement, the Back-Up Manager shall take over the management of the Securitization Entities and initiate reasonable steps necessary or advisable in connection with stabilizing the condition of each of the Securitization Entities pending the appointment of a Successor Manager (other than the Back-Up Manager), to (A) exercise full inspection and audit rights against the Securitization Entities and to protect the Collateral and the condition and value thereof, (B) to the extent required in order to implement the Transition Plan and/or otherwise perform the Back-Up Manager's duties under this Agreement, assist the Securitization Entities in restructuring, re-negotiating or terminating one or more Related Documents previously entered into by any Securitization Entity in each case in accordance with the terms of such Related</u>

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<u>Documents, (C) advise the Securitization Entities in making and implementing personnel decisions on behalf of such Securitization Entities, (D) assist the Securitization Entities in hiring external consultants and other qualified Persons to facilitate operations and (E) assist the Control Party in the liquidation of the Collateral to the extent allowed or as directed to by the Trustee (at the direction of the Control Party (acting at the direction of the Controlling Class Representative)) under the Related Documents or applicable Requirements of Law, if reasonably necessary, subject to satisfaction of the applicable conditions to such actions under the applicable Related Documents; provided that, to the extent that the Back-Up Manager makes a reasonable determination (i) that the Manager is complying with its Disentanglement and continuity of services obligations set forth in the Management Agreement, and (ii) any of the foregoing duties in clauses (A) through (E) fall within the scope of such obligations and are being performed by the Manager to a reasonable standard, the Back-Up Manager may work with the Manager to ensure that such obligations are being performed, but the Back-Up Manager shall remain responsible for the performance of such obligations.</u>

<u>Notwithstanding any such arrangement described above, the Back-Up Manager shall be obligated to the same extent and under the same terms and conditions as if the Back-Up Manager alone was performing such obligations in accordance with the terms of this Agreement. In all cases, the Back-Up Manager shall provide oversight and supervision with regard to the performance of all such obligations by the Manager. For the avoidance of doubt and notwithstanding anything to the contrary in the Related Documents, in the performance of its Hot Back-Up Management Duties, the Back-Up Manager shall not be required to assume ownership of any of the Securitization Entities or any of their assets, or to assume direct or indirect liability for any of them; provided, however, that for the avoidance of doubt, the foregoing shall not exculpate or otherwise impact, reduce or impair the scope of Back-Up Manager's liability as set forth herein. Notwithstanding the foregoing, a Hot Back-Up Management Trigger Event shall not cease to be in effect until such time as all Advances, including any interest thereon, have been paid.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Until<u>After delivery of a written notice from the Trustee to the Back-Up Manager of the occurrence of a Hot Back-Up Management Trigger Event and until</u> a Successor Manager <u>(other than the Back-Up Manager) is appointed by the Control Party (acting at the direction of the Controlling Class Representative), (x) before the Series 2025-1 Springing Amendments Implementation Date, the Back-Up Manager will serve as the Interim Successor</u> <u>Manager and will work with the Manager to implement the Transition Plan</u> <u>until a Successor Manager (other than the Back-Up Manager) has been appointed</u> <u>and (y) on and after the Series</u> <u>2025-1 Springing Amendments Implementation Date, following delivery of the Termination Notice to the Back-Up Manager pursuant to the Management Agreement and until a Successor Manager (other than the Back-Up Manager)</u> is appointed by the Control Party (acting at the direction of the Controlling Class Representative), the Back-Up Manager will serve as the Interim Successor Manager and will work with the Manager to implement the <u>approved</u> Transition Plan <u>until a Successor Manager (other than the Back-Up Manager) has been appointed</u>. If the Back-Up Manager serves as the Interim Successor Manager or<u>, in its sole and absolute discretion, as the</u> Successor Manager, the Back-Up Manager will act<u>acts</u> only in consultation with, and at the written direction of, the Servicer (<u>including in its capacity as Control Party) (</u>and, if otherwise required under the Related Documents, the Co-Issuers<u>Securitization Entities</u>).

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<u>The Back-Up Manager's obligations to perform the Hot Back-Up Management Duties will terminate upon the appointment of a Successor Manager (other than the Back-Up Manager) by the Control Party (acting at the direction of the Controlling Class Representative) which Successor Manager has accepted such appointment; provided that if all Advances, including interest thereon, have not been repaid, the Hot Back-Up Management Trigger Event will remain in effect until reimbursement in full thereof to the Servicer. For the avoidance of doubt, under no circumstances will the Back-Up Manager be or be deemed to be the Successor Manager unless and until the Back-Up Manager agrees in writing to assume such role in its sole and absolute discretion. Any such assumption by the Back-Up Manager will be subject to the terms and conditions of a written agreement entered into at such time by and among the Securitization Entities, the Trustee and the Back-Up Manager, such written agreement to be in form and substance satisfactory to the Back-Up Manager in its sole and absolute discretion.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Securitization Entities and the Manager agree to fully and promptly cooperate with all reasonable requests of the Back-Up Manager for including, without limitation, information or access to management team members with respect to its provision of all Warm Back-Up Management Duties and all Hot Back-Up Management Duties during the continuation of a Warm Back-Up Management Trigger Event, during the continuation of a Hot Back-Up Management Trigger Event or if an Advance Period Notice has been delivered<u>continuing for at least sixty (60) days</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d) In connection with the execution and delivery of this Agreement, the Securitization Entities shall execute and deliver on the Series 2025-1 Closing Date a power of attorney in substantially the form set forth as Exhibit A, which power of attorney shall become effective as of the date of the termination of the Manager pursuant to Section 6.1 of the Management Agreement, and which shall terminate immediately on the earliest of (i) the termination of this Agreement in accordance with Section 7.1 hereof, (ii) the resignation of the Back-Up Manager in accordance with Section 7.2 hereof and (iii) the appointment and acceptance of a Successor Manager in accordance with the terms of the Management Agreement. The Securitization Entities shall promptly execute such other or further documents as the</u> <u>Back-Up Manager may from time to time reasonably request to more completely effect or evidence the authority of the Back-Up Manager hereunder, including the delivery of such powers of attorney (or other similar authorizations) as the Back-Up Manager may reasonably request to enable it to carry out all of its rights, obligations and duties under Section 2.5 of this Agreement and the Master Issuer shall cause any Additional Securitization Entities joining this Agreement after the date hereof to execute and deliver the Back-Up Manager a power of attorney in substantially the form set forth as Exhibit A.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e) Upon the delivery of (A) a Manager Termination Notice with respect to termination of the Manager pursuant to Section 6.1 of the Management Agreement and the commencement of the Hot Back-Up Management Duties pursuant to Section 2.5 of this Agreement and (B) a notice to the Manager from the Back-Up Manager or a Successor Manager, in writing, that the Back-Up Manager or Successor Manager, as applicable, has reasonably determined that the Manager has failed to comply with its Disentanglement and/or Continuity of Services obligations set forth in Section 6.3 of the Management Agreement, the Back-Up Manager or Successor Manager, as applicable, shall be authorized to, but shall not be obligated to, designate one individual to serve as a Transitional Director or a Transitional Officer, as applicable, of each Securitization Entity. For the avoidance of doubt, the Transitional Director, if</u>

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<u>any, shall be a director of Domino's Pizza International Franchising Inc. and the Transitional Officer, if any, shall be an officer of each other Securitization Entity. The Master Issuer agrees to vote all of its shares and take any other action reasonably necessary to cause the election of a Transitional Director to the Board of Directors with respect to the applicable Securitization Entity upon written notice from the Back- Up Manager or Successor Manager, as applicable, of its election to designate an individual to serve as a Transitional Director pursuant to the terms of this Agreement. Each of the Securitization Entities agree to vote all of its respective limited liability company interests and take any other action reasonably necessary to cause the election of a Transitional Officer with respect to the applicable Securitization Entities upon written notice from the Back-Up Manager or Successor Manager, as applicable, of its election to designate an individual to serve as a Transitional Officer pursuant to the terms of this Agreement. Upon the occurrence of a Warm Back-Up Management Trigger Event, the Master Issuer agrees, if requested by the Back-Up Manager, to either amend Domino's Pizza International Franchising Inc.'s certificate of incorporation and/or enter into an indemnity agreement, as applicable, to (i) add a waiver of opportunities provision to the formation documents of Domino's Pizza International Franchising Inc. that is typical for a Delaware special purpose corporation similar to that of Domino's Pizza International Franchising Inc. and (ii) ensure any Transitional Director is indemnified by Domino's Pizza International Franchising Inc. on terms substantially similar to the indemnification provided in the limited liability company agreements of the other Securitization Entities. In carrying out duties as a Transitional Officer or Transitional Director, such Transitional Officer or Transitional Director, as applicable, may consider the Back-Up Manager's duties and obligations under this Agreement. The Back-Up Manager's obligations and liabilities will be limited to those in this Agreement regardless of any statutory or common law duties the Transitional Director has.</u>

<u>ARTICLE 3</u> 

<u>INFORMATION</u> 

Section 3.1 <u>Information provided by Manager</u>. Upon request, the Manager will provide the Back-Up Manager<u>, on a timely basis,</u> with the certificates and reports listed in <u>Section 2.3(a)</u> and any other information reasonably requested by the Back-Up Manager to perform its obligations hereunder; <u>provided</u>, <u>however</u>, that the Back-Up Manager shall not require the Manager to produce reports or other information that the Manager does not currently produce or which would be unreasonably expensive or burdensome to prepare or produce. The Manager shall also provide the Back-Up Manager with any amendments to any Related Documents and shall provide the Back-Up Manager with copies of all Related Documents for each Series of Notes issued pursuant to the Indenture and with notice of any permanent reduction or termination pursuant to any Class A-1 Note Purchase Agreement.

Section 3.2 <u>Reliance on Information</u>. In connection with the performance of its obligations under this Agreement and the other Related Documents, the Back-Up Manager is entitled to conclusively rely upon any certification or <u>other written information (including without limitation,</u> any resolution, statement, instrument, report, notice request, direction, consent or any other written information) provided to it by or on behalf of the Manager, the Securitization Entities or the Servicer (including in its capacity as Control Party) without the obligation to investigate the accuracy or completeness of any such information or any certification and shall have no liability for actions taken <u>or not taken</u> in reasonable reliance thereon.

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Section 3.3 <u>Delivery of Information by Back-Up Manager</u>. Delivery of reports, information and documents to the Trustee, the Manager, the Servicer (including in its capacity as Control Party) and the Controlling Class Representative pursuant to <u>Article 2</u> is for informational purposes only and the receipt by the Trustee, the Manager, the Servicer (including in its capacity as Control Party) and the Controlling Class Representative of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Co-Issuers', the Manager's, the Servicer's (including in its capacity as Control Party) or any other entity's compliance with any of its covenants under any of the Related Documents (as to which the Trustee, the Manager, the Servicer and the Controlling Class Representative is entitled to rely on officer's certificates from such entities).

<u>ARTICLE 4</u> 

<u>COMPENSATION, EXPENSES AND INDEMNITY</u> 

Section 4.1 <u>Compensation</u>. As compensation for the performance of its obligations under this Agreement, in addition to the reimbursement of expenses pursuant to <u>Section 4.2</u>, the Back-Up Manager shall be entitled to (i) a fee as agreed upon under a separate fee letter among the Manager, the Securitization Entities and the Back-Up Manager, (ii) reimbursement of reasonable out-of-pocket expenses incurred in the performance of its duties ((i) and (ii) collectively referred to as the "<u>Back-Up</u> Manager Fees"<u>"</u>) and (iii) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the Back-Up Manager Consent Consultation Fees (including reasonable out-of-pocket expenses incurred in the performance of such consultation). The Back-Up Manager Fees <u>and the Back-Up Manager Consent Consultation Fees</u> will <u>each</u> be payable as a Securitization Operating Expense (if not otherwise paid at the closing of a Consent Request<u>, Consent Recommendation</u> or Advance) on each Weekly Allocation Date from amounts available for such purpose pursuant to, and in accordance with, the Priority of Payments. On and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, each Back-Up Manager Consent Consultation Fee (including any related reasonable out-of-pocket expenses incurred by Back-Up Manager in connection therewith), will be paid to the Back-Up Manager at the closing of the Consent Request<u>, Consent Recommendation</u> or Debt Service Advance or Collateral Protection Advance and as a condition precedent thereto and any such amounts due in connection with a Consent Request or<u>, Consent Recommendation,</u> Debt Service Advance or Collateral Protection Advance and not so timely paid <u>at the closing of a Consent Request, a Consent Recommendation, or proposed Advance or if there is otherwise no closing with respect to any such Consent Request, Consent Recommendation, and/or such proposed Advance or if any such consent, approval, amendment, waiver, modification or other action is not given or consummated or such proposed Advance is not made,</u> as due will be reimbursed as Securitization Operating Expenses (it being understood that in performing its duties as Back-Up Manager, Interim Successor Manager, or <u>in its sole and absolute discretion</u> as Successor Manager, in no event shall the Back-Up Manager be required to make any Manager Advances, Debt Service Advances and/or Collateral Protection Advances).

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Section 4.2 <u>Reimbursable Costs</u>. The Co-Issuers shall reimburse the Back-Up Manager for all reasonable and documented disbursements, expenses and out-of-pocket costs incurred or made by it in connection with the performance of its obligations under this Agreement; <u>provided</u> that (a) in the performance of its Cold Back-Up Management Duties, the Back-Up Manager must receive the prior written approval of the Master Issuer and the Manager prior to incurring expenses anticipated to exceed $5,000<u>10,000</u> in the aggregate per trip or single occurrence, and reimbursements under <u>clause (a) of</u> this Section 4.2 shall not exceed $25,000 per annum <u>without the prior written approval of the Master Issuer</u>, (b) in the performance of its Warm Back-Up Management Duties, the Back-Up Manager must receive the prior written approval of the Control Party prior to incurring expenses anticipated to exceed $12,000<u>15,000</u> in the aggregate per trip or single occurrence, and reimbursements under <u>clause (b)</u> this Section 4.2 shall not exceed $75,000 per annum <u>without the prior written approval of the Control Party</u> and (c) in the performance of its Hot Back-Up Management Duties, the Back-Up Manager must receive the prior written approval of the Control Party prior to incurring expenses anticipated to exceed $15,000 in the aggregate per trip or single occurrence, and reimbursements under <u>clause (c)</u> this <u>Section 4.2</u> shall not exceed $100,000 per annum without the prior written approval of the Control Party. Such reimbursements of costs and expenses shall include the reasonable compensation, disbursements and expenses of the Back-Up Manager's agents and outside counsel<u>; provided, that in no event shall the foregoing consent requirements or cap limitations in this Section 4.2 apply to any Successor Manager Transition Expenses</u>. The Co-Issuers shall not be required to reimburse any expense incurred by the Back-Up Manager through the Back-Up Manager's own willful misconduct or <u>gross</u> negligence. Any reimbursable costs and expenses shall be payable to the Back-Up Manager on each Weekly Allocation Date only out of amounts available therefor under the Indenture in accordance with the Priority of Payments on such Weekly Allocation Date. The reimbursement of expenses and other costs pursuant to this <u>Section 4.2</u> shall be payable as Securitization Operating Expenses in accordance with the Priority of Payments.

Section 4.3 <u>Limitation of Liability of the Back-Up Manager.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) The Back-Up Manager will indemnify each of the Securitization Entities, the Servicer (both in its capacity as Servicer and Control Party) and their respective members, officers, directors, managers, employees and agents for all claims, losses, penalties, fines, forfeitures, legal fees, liabilities, obligations, damages, actions, suits, and related costs and judgments and other costs, fees and reasonable expenses that any of them may incur as a result of: (i) the material breach by the Back-Up Manager of any representation, warranty or covenant made by the Back-Up Manager under this Agreement; or (ii) the Back-Up Manager's gross negligence, bad faith, willful misconduct or fraudulent behavior in the performance of its duties under this Agreement; *provided*, that the Back-Up Manager will have no obligation of indemnity to any such party to the extent any such claims, losses, penalties, fines, forfeitures, legal fees, liabilities, obligations, damages, actions, suits, and related costs and judgments and other costs, fees and reasonable expenses are caused by such party's negligence (or, with respect to the Servicer, the Servicer's gross negligence), bad faith, willful misconduct or fraudulent behavior. On and after the Series 2025-1 Springing Amendments Implementation Date, except in the case of the Back-Up Manager's own gross negligence, bad faith, willful misconduct or fraudulent behavior, the Back-Up Manager's aggregate liability for any and all claims arising under this Agreement or any other Related Documents will be limited to the amount equivalent to the fees actually paid to the Back-Up Manager under this Agreement during the twenty-four (24) month period preceding the occurrence giving rise to such claims, less any amounts previously paid by the Back-Up Manager during such twenty-four (24) month period on account of claims under this Agreement or other Related Documents less any amounts previously paid by the Back-Up</u> <u>Manager under this Agreement or other Related Documents and not reimbursed to the Back-Up</u> <u>Manager thereunder.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> (a) Neither the<u>Except as set forth in the immediately preceding paragraph, none of</u> Back-Up Manager nor any of its members, officers, directors, managers, employees or agents (collectively, the ""Back-Up Manager Indemnified Parties"<u>"</u>) shall<u>will</u> be under any liability to the Securitization Entities, the Manager, the Servicer, the Control Party, the Controlling Class Representative, the Trustee, or the Noteholders <u>(i) for any action taken, or not taken, by the Back-Up Manager in good faith pursuant to this Agreement, (ii) on or after the Series 2025-1 Springing Amendments Implementation Date,</u> for any action taken, or not taken, in good faith <u>by the Back-Up Manager</u> pursuant to this Agreement, or <u>due to the Manager or any other party failing to comply with the terms and conditions of the Related Documents (including but not limited to the Management Agreement and this Agreement) after having been reasonably requested to comply therewith (it being understood that such a reasonable request will not be construed to require the Back-Up Manager to affirmatively take any legal, administrative, judicial or other action to enforce the provisions of the Related Documents), or (iii)</u> for errors in judgment made in good faith <u>by the Back-Up Manager</u> unless it is proven that the Back-Up Manager was grossly negligent in ascertaining the pertinent facts; <u>provided</u>, <u>however</u>, that this provision shall<u>will</u> not protect the Back-Up Manager Indemnified Parties against liability for any material breach of a representation, warranty or covenant made by the Back-Up Manager herein, or against any expense or liability specifically required to be borne thereby by the Back-Up Manager without right of reimbursement pursuant to the terms hereof, or against any liability that would otherwise be imposed by reason of gross negligence, bad faith, willful misconduct or fraudulent behavior in the performance of the Back Up- Manager's obligations or duties hereunder or by reason of the Back-Up Manager's grossly negligent disregard of such obligations or duties. The Back-Up Manager Indemnified Parties may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder or under any other Related Documents. <u>The Back-Up Manager may rely upon, and shall have no liability for actions taken or not taken in good faith and in reasonable reliance upon,</u> <u>any resolution, certificate, statement, instrument, report, notice, request, direction, consent or other</u> <u>written information</u> <u>reasonably believed by it to be genuine and delivered by or on behalf of the</u> <u>Manager, the Securitization Entities or the Servicer (including in its capacity as Control Party) or the Trustee, or any other party to the Related Documents without the obligation to investigate the accuracy or completeness of any such certification or written information.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> (b) The Co-Issuers<u>Securitization Entities</u> shall jointly and severally indemnify and hold harmless the Back-Up Manager Indemnified Parties from and against any claims, losses, penalties, fines, forfeitures, legal fees, liabilities, obligations, damages, actions, suits and related costs and judgments and other costs, fees and reasonable expenses that any of them may incur arising out of or incurred in connection with this Agreement, any other Related Document, the Notes, or any of the Collateral, other than any such claim, loss, penalty, fine, forfeiture, legal fee, liability, obligation, damage, action, suit and related cost, judgment or other cost, fee or reasonable expense: (i) specifically required to be borne by the Back-Up Manager pursuant to the terms hereof or otherwise incidental to the performance of obligations and duties under this Agreement <u>in each such case, without right of reimbursement pursuant to the terms thereof</u>; or (ii) that was incurred in connection with claims against the Back-Up Manager resulting from (A) any material breach of a representation, warranty or covenant made herein by the Back-Up Manager or (B) the gross negligence, bad faith, willful misconduct or fraudulent behavior of the Back-Up Manager.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> (c) The Back-Up Manager shall not be under any obligation to appear in, prosecute or defend any legal action unless such action is related to its respective duties under this Agreement and in its opinion does not involve it in any ultimate expense or liability; <u>provided</u>, <u>however</u>, that the Back-Up Manager may, in its discretion, undertake any such action which it may reasonably deem necessary or desirable with respect to the enforcement and/or protection of its rights and duties. In such event, the reasonable legal expenses and costs of such action, and any liability resulting therefrom, shall be expenses, costs and liabilities of the Co-Issuers and the Back-Up Manager shall be entitled to the direct payment of such expense, or to be reimbursed therefor. All indemnities and reimbursements on account of the Back-Up Manager Indemnified Parties pursuant to this <u>Section 4.3</u> shall be payable out of funds on deposit in the Collection Account in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Back-Up Manager may rely on and shall be protected in acting and refraining from acting in good faith and in reliance upon <u>any resolution, certificate, statement, instrument, report, notice, request, direction, consent or other</u> document <u>reasonably believed by it to be genuine and delivered by or on behalf of the</u> appropriate Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e) In connection with the performance of its obligations hereunder and under the other Related Documents, the Back-Up Manager is entitled to conclusively rely upon any certification or other written information (including, without limitation any resolution, statement, instrument, report, notice request, direction, consent or any other written information) provided to it by or on behalf of the Manager, the Securitization Entities or the Servicer (including in its capacity as Control Party) without the obligation to investigate the accuracy or completeness of any such information or any certification and shall have no liability for actions taken or not taken in reasonable reliance thereon.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> (e) In the exercise and performance of its duties and obligations hereunder or under any of the Related Documents, the Back-Up Manager (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them and (ii) may, except as otherwise provided in <u>Section 4.3(c)</u>, at its own expense if it is acting solely on its own behalf and not on behalf of or for the benefit of the Noteholders, consult with counsel, accountants and other professionals or experts selected and monitored by the Back-Up Manager in good faith and in the absence of gross negligence, and the Back-Up Manager shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other professionals or experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> (f) No recourse may be taken, directly or indirectly, with respect to the obligations of the Back-Up Manager under this Agreement or any other Related Document or any certificate or other writing delivered in connection herewith or therewith, against any partner, owner, beneficiary, agent, officer, director, employee or agent of the Back-Up Manager, in its individual capacity, any holder of equity in the Back-Up Manager or in any successor or assign of the Back-Up Manager in its individual capacity, except as any such Person may have expressly agreed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(h)</u> (g) In no event will the Back-Up Manager or any partner, owner, beneficiary, agent, officer, director, employee or agent of the Back-Up Manager be held liable for any exemplary, punitive, special, indirect or consequential damages of any kind resulting from any action taken or omitted to be taken by it or them under this Agreement. Additionally, the Back-Up Manager will not be liable for any claims, losses, penalties, fines, forfeitures, legal fees, liabilities, obligations, damages, actions, suits and related costs and judgments and other costs, fees and reasonable expenses, suffered by any party to any of the Related Documents arising out of or caused by any delay in, or failure of, performance by the Back-Up Manager, in whole or in part, arising out of, or caused by, circumstances beyond the Back-Up Manager's control, including, without limitation: acts of God, earthquakes, fires, floods, wars, civil or military disturbances, sabotage, epidemics, pandemics, riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents, labor disputes, acts of civil or military authority or governmental actions, natural disasters, floods, earthquakes, fires or other catastrophe or similar occurrences (it being understood that the Back-Up Manager shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances) <u>or the inability or unwillingness of the Manager to perform its obligations under this Agreement, including as a result of a bankruptcy filing or other insolvency event of the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> (h) Notwithstanding anything to the contrary in any Related Document, in performing its duties as Back-Up Manager, the Interim Successor Manager or <u>in its sole and absolute discretion</u> as Successor Manager, in no event will the Back-Up Manager assume or be responsible for any financial obligations or liabilities <u>of the Manager, the Securitization Entities, the Servicer, the Control Party, any Class A-1 Administrative Agent or any other Person</u> in connection with the performance of its<u>such</u> duties pursuant to this Agreement, the Management Agreement or any other Related Document. Any such obligations or liabilities will be the sole responsibility of the Securitization Entities or the Manager.

Section 4.4 <u>Insurance. (a) Following a Warm Back-Up Management Trigger Event, the Manager shall use commercially reasonable efforts to cover (i) any duly appointed Transitional Officer or Transitional Director, as applicable, as an "insured person", "executive" or "individual insured" on the directors' and officers' insurance policy, professional liability, commercial general liability, errors and omissions, cyber, and employer's liability insurance policy of the Manager or the Securitization Entities and (ii) the Back-Up Manager as an "additional insured" on the commercial general liability policy and, in each case, on any such other insurance policies maintained or required to be maintained by the Securitization Entities pursuant to the Related Documents and maintained or required to be maintained by the Manager for the benefit of the Securitization Entities pursuant to the Management Agreement (including, without limitation, any professional liability, errors and omissions, cyber, or employment practices liability insurance policies), in each case, within 30 days of a Warm Back-Up Management Trigger Event (or, other time as agreed to by the Back-Up Manager, or, if earlier, upon the occurrence of a Hot Back-Up Management Trigger Event) and on terms and in a manner reasonably acceptable to the Back-Up Manager.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) Unless otherwise agreed to by the Back-Up Manager, the Securitization Entities and the Manager, as applicable, will maintain or cause to be maintained all the insurance coverage required pursuant to the terms of the Related Documents. Further, any insurance policy under which the Back-Up Manager and/or the Transitional Officer or Transitional Director, as applicable, is covered shall not, in any case, be cancelled, non-renewed or lapse for non-payment of premiums, without ten (10) days' prior written notice to the Back-Up Manager.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c) Upon the occurrence of a Warm Back-Up Management Trigger Event (or, if earlier, a Hot Back-Up Management Trigger Event), at the written request of the Back-Up Manager, the Manager and the Securitization Entities will provide evidence satisfactory to the Back-Up Manager that the Back-Up Manager and/or the Transitional Officer or Transitional Director, as applicable, is covered by the insurance required pursuant to Section 4.4(a) above. If such evidence is not provided to the Back-Up Manager within thirty (30) days following such written request (or, if not reasonably practicable despite the Manager's and the Securitization Entities' commercially reasonable efforts, sixty (60) days following such written request or, if earlier, upon the occurrence of a Hot Back-Up Management Trigger Event)**,** the Back-Up Manager may purchase (at the Securitization Entities' sole cost and expense) such coverage with minimum limits meeting the existing insurance in place for the Securitization Entities and/or the Manager that the Back-Up Manager or Transitional Officer or Transitional Director, as applicable, was obligated to be added to pursuant to clause (a) above, or such coverage that is usual and customary (as determined by the Back-Up Manager in good faith following consultation with its insurance broker or other advisors) for a back-up manager in similar transactions performing similar Hot Back-Up Management Duties to those contemplated under this Agreement (which may include, without limitation, its own directors' and officers' insurance policy or errors and omissions policy, as the case may be) and the cost of such policy will be considered either Securitization Operating Expense or Successor Manager Transition Expense. For the avoidance of doubt, the cost of any such insurance purchased by the Back-Up Manager in accordance with the terms of this Section 4.4 shall in no event be subject to the consent provisions set forth in Section 4.2.</u> 

<u>ARTICLE 5</u> 

<u>THE BACK-UP MANAGER</u> 

Section 5.1 <u>Representations and Warranties Concerning the Back-Up Manager</u>. The Back-Up Manager represents and warrants to the Co-Issuers, the other Securitization Entities party hereto and the Trustee, as of the date hereof and each Series Closing Date (except if otherwise expressly noted), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. It is a duly organized, validly existing corporation in good standing under the laws of the state of its organization. It has full corporate power, authority and legal right to execute, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power and Authority</u>. The execution and delivery of this Agreement and the performance by the Back-Up Manager of its duties hereunder have been duly authorized by all necessary action on its part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflicts</u>. The execution and delivery of this Agreement will not (i) conflict with any provision of the certificate of incorporation of the Back-Up Manager or the by-laws of the Back-Up Manager, (ii) violate or result in a breach of any material contract to which the Back-Up Manager is a party or (iii) violate any law to which the Back-Up Manager is subject, except, in the case of clauses (ii) and (iii) for such violation or breaches which would not, individually or in the aggregate, have or reasonably be expected to have a material adverse effect on the business, operations, assets, liabilities or financial condition of the Back-Up Manager or a material adverse effect on the ability of the Back-Up Manager's ability to perform its obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Due Execution and Delivery</u>. This Agreement has been duly executed and delivered by the Back-Up Manager and constitutes a legal, valid and binding obligation of the Back-Up Manager, enforceable against the Back-Up Manager in accordance with its terms except as such enforceability may be limited by the Bankruptcy Code and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity) or by an implied covenant of good faith and fair dealing.

Section 5.2 <u>Limitations of Responsibility of the Back-Up Manager.</u> The Back-Up Manager will have no responsibility under this Agreement other than to render the services called for hereunder in good faith and, to the extent applicable, consistent with this Agreement.

Section 5.3 <u>Right to Receive Instructions</u>. In the event that the Back-Up Manager is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement or any Related Document, or any such provision is, in the good faith judgment of the Back-Up Manager, ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement or any Related Document permits any determination by the Back-Up Manager or is silent or is incomplete as to the course of action that the Back-Up Manager is required to take with respect to a particular set of facts, the Back-Up Manager may give notice (in such form as shall be appropriate under the circumstances) to the Control Party requesting instructions in accordance with the Base Indenture and, to the extent that the Back-Up Manager shall have acted or refrained from acting in good faith in accordance with any such instructions received from the Control Party, the Back-Up Manager shall not be liable on account of such action or inaction to any Person. If the Back-Up Manager shall not have received appropriate instructions from the Control Party within ten (10) days of such notice (or within such shorter period of time reasonably appropriate under the circumstances as may be specified in such notice) the Back-Up Manager may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Related Documents, as the Back-Up Manager shall deem to be in the best interests of the Noteholders and the Securitization Entities. The Back-Up Manager shall have no liability to any Person for such action or inaction taken in reliance on the preceding sentence except for the Back-Up Manager's own gross negligence, bad faith, willful misconduct or fraudulent behavior.

Section 5.4 <u>Independent Contractor</u>. In performing its obligations as Back-Up Manager hereunder the Back-Up Manager acts solely as an independent contractor of the Co-Issuers, the Trustee<u>, each of the Other Securitization Entities</u> and the Controlling Class Representative. Nothing in this Agreement shall, or shall be deemed to, create or constitute any joint venture, partnership, employment, or any other relationship between any Securitization Entity, the Trustee, the Manager, the Servicer (including in its capacity as Control Party) or the Controlling Class Representative and the <u>Back-Up</u> Manager other than the independent contractor contractual relationship established hereby. The Back-Up Manager shall not be, nor shall be deemed to be, liable for any acts or obligations of the Securitization Entities, the Manager, the Servicer, the <u>Control Party, the</u> Controlling Class Representative or the Trustee and, without limiting the foregoing, the Back-Up Manager shall not be liable under or in connection with the Notes.

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<u>ARTICLE 6</u> 

<u>CONFIDENTIALITY</u> 

Section 6.1 <u>Confidentiality</u>. ""Confidential Information"<u>"</u> means information (including Know-How) treated as confidential and proprietary by Holdco, the Securitization Entities or the Manager that is disclosed to the Back-Up Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Back-Up Manager acknowledges that during the term of this Agreement it may receive Confidential Information from Holdco, the Securitization Entities and the Manager. The Back-Up Manager agrees to maintain the Confidential Information in the strictest of confidence and will not, at any time, use, disseminate or disclose any Confidential Information to any person or entity other than those of its employees or representatives who have a ""need to know"<u>"</u> and who have been apprised of this restriction except as expressly provided in this Agreement. The Back-Up Manager shall be liable for any breach of this <u>Article 6</u> by any of its employees or representatives and shall immediately notify the Manager in the event of any loss or disclosure of any Confidential Information. Confidential Information shall not include information that: (i) is already known to the Back-Up Manager without restriction on use or disclosure prior to receipt of such information from Holdco, a Co-Issuer or the Manager; (ii) is or becomes part of the public domain other than by breach of this Agreement by, or other wrongful act of, the Back-Up Manager; (iii) is developed by the Back-Up Manager independently of and without reference to any Confidential Information; (iv) is received by the Back-Up Manager from a third party who is not under any obligation to Holdco, the Co-Issuers or the Manager to maintain the confidentiality of such information or (v) is required to be disclosed by applicable law, statute, rule, regulation, subpoena, court order or legal process; provided that the Back-Up Manager promptly notifies Holdco, the Securitization Entities and the Manager of such requirement and reasonably cooperates with Holdco, the Securitization Entities and the Manager to minimize the extent of such disclosure. The duties hereunder shall survive termination of this Agreement and (A) for trade secret information, shall continue for as long as such information remains a trade secret under applicable law, and (B) for all other Confidential Information, shall continue for three (3) years after the termination of this Agreement in accordance with <u>Section</u> <u>7.1</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All books, records, documents, papers or other materials relating to Holdco's, the Securitization Entities' or the Manager's business, Intellectual Property, customers, suppliers, distributors, franchisees, products or projects received by the Back-Up Manager containing Confidential Information or other proprietary information or trade secrets of the Holdco, any Securitization Entity or the Manager, including any copies thereof shall at all times be and remain the property of the Holdco, the applicable Securitization Entity or the Manager, as the case may be, and shall be destroyed or returned immediately to Holdco, the applicable Securitization Entity or the Manager, as the case may be, upon termination of this Agreement, or earlier at the request of Holdco, the applicable Securitization Entity or the Manager; <u>provided</u>, <u>however</u>, that the Back-Up Manager may retain such limited media and materials containing Confidential Information for customary archival and audit purposes (including with respect to regulatory compliance) only for reference with respect to the prior dealings between the parties and subject to the confidentiality terms of this Agreement. To the extent the Back-Up Manager

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is required to return or destroy materials containing Holdco's, the Securitization Entities' or the Manager's Confidential Information as described in this <u>Section 6.1(b)</u>, the Back-Up Manager shall provide a certificate of an authorized employee attesting to the return and/or destruction of such materials upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this <u>Article 6</u> shall be construed as preventing Holdco, the Co-Issuers, the Manager or the Trustee from pursuing any and all remedies available to it for the breach or threatened breach of covenants made in this <u>Article 6</u>, including recovery of money damages for temporary or permanent injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood that nothing in this Agreement is intended to preclude the Back-Up Manager or its affiliates from engaging in related types of consulting work with other firms or organizations, whether in a related business or otherwise; <u>provided</u> that reasonable and proper professional safeguards are maintained to ensure that Confidential Information is not made available to such others.

<u>ARTICLE 7</u> 

<u>MISCELLANEOUS PROVISIONS</u> 

Section 7.1 <u>Term; Termination of Agreement</u>. The duties and obligations of the Back-Up Manager under this Agreement shall continue for a period of seven (7) years from the date of the Original Back-Up Management Agreement, and will automatically renew for one (1) year periods on each anniversary, unless this Agreement is earlier terminated by the Trustee, acting at the direction of the Control Party at any time, by providing five (5) days prior written notice thereof to the Manager, the Back-Up Manager, the Co-Issuers, the Servicer and the Rating Agencies. This Agreement will also terminate upon (a) the satisfaction and discharge of the Indenture pursuant to Article 12 of the Base Indenture, (b) the assumption by the Back-Up Manager<u>, in Back-Up Manager's sole and absolute discretion</u>, of all rights and obligations of the Manager as a Successor Manager appointed by the Control Party (acting at the direction of the Controlling Class Representative) pursuant to Section 6.1(b) of the Management Agreement, (c) the resignation of the Back-Up Manager pursuant to <u>Section 7.2</u> or (d) the final payment or other liquidation of the last Securitized Asset.

Section 7.2 <u>Resignation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Back-Up Manager may not resign as Back-Up Manager except upon determination that (a) the performance of its duties under this Agreement is no longer possible under applicable law and (b) there is no reasonable action the Back-Up Manager could take to make the performance of its duties under this Agreement permissible under applicable law. Any such determination under clause (a) above requiring the Back-Up Manager's resignation will be evidenced by an Opinion of Counsel to such effect, delivered to the Trustee, the Control Party, the Co-Issuers and the Manager. In addition, the Back-Up Manager will be permitted to resign if <u>(x) prior to the Series 2025-1 Springing Amendments Implementation Date, all or any portion of</u> the Back-Up Manager Fee<u>Fees or (y) on and after the Series 2025-1 Springing Amendments Implementation Date, all or any portion of any fees, expenses, indemnifications or other amounts, in each case,</u> due and owing to the Back-up Manager remains unpaid for more than sixty (60) days after it becomes due and payable.<u>, it being understood that the Back-Up Manager shall not have the right to resign under this subpart (y) until the Back-Up Manager has delivered</u>

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<u>to the Servicer and Trustee written notice (which may be transmitted via email) setting forth such outstanding unpaid amounts, together with the related invoices (to the extent applicable) (the "Back-Up Manager Unpaid Sums Certification") and thereafter, Servicer has not made a Collateral Protection Advance in accordance with the Servicing Agreement (whether because of a Nonrecoverability Advance determination, an Advance Suspension Period or otherwise) that pays the Back-Up Manager such outstanding unpaid amounts in full on or prior to the later of fifteen (15) days following delivery of the Back-Up Manager Unpaid Sums Certification and expiration of such sixty (60) day period. Notwithstanding the foregoing or anything to the contrary herein, any Collateral Protection Advance made to pay such amounts to the Back-Up Manager shall in no event prevent the Back-Up Manager from resigning pursuant to subpart (y) of the prior sentence in the event of any subsequent failures to pay all or any portion of any fees, expenses, indemnifications or other amounts, in each case, due and owing to the Back-Up Manager which remain unpaid for more than sixty (60) days (subject to the requirements above regarding providing the Back-Up Manager Unpaid Sums Certification). Following the resignation of the Back-Up Manager or termination of this Agreement, in each case, the Back-Up Manager will be entitled to receive all accrued and unpaid Back-Up Manager Fees, and Back-Up Manager Consent Consultation Fees, expenses and any indemnification payments and any other amounts then due and payable to the Back-Up Manager subject to and in accordance with the Priority of Payments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, on and after the<u>if the Co-Issuers intend to issue Additional Notes on or after the Series 2021-1</u> Springing Amendments Implementation Date, if the Co-Issuers intend to issue a new Series of Notes after the Series 2021-1 Closing Date (excluding, for the avoidance of doubt, Offered Notes issued on the Series 2021-1 Closing Date), if the Back-Up Manager determines that it is substantially reducing or winding down its role in serving as a back-up manager in the whole business securitization marketplace, the Back-Up Manager may choose to resign as Back-Up Manager by providing written notice of its decision to the Co-Issuers (or such other party that provided written notice to the Back-Up Manager under clause (a), (b) or (c) in this sentence) within fifteen (15) Business Days of the earliest of receipt by the Back-Up Manager of (a) written notice from the Co-Issuers of such intent to issue a new Series of<u>Additional</u> Notes, (b) written invitation to an initial organizational call for such issuance of a new Series of<u>Additional</u> Notes (or subsequent organizational call related thereto) or (c) a draft copy of an offering memorandum or other transaction document in connection with such issuance of a new Series of<u>Additional</u> Notes. If Back-Up Manager resigns as set forth in this provision, and thus does not consent to continue its obligations under this Agreement, such termination shall be effective on the date of such new issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c) On and after the Series 2025-1 Springing Amendments Implementation Date, the Back-Up Manager will not be required, pursuant to this Agreement (other than the indemnification provisions above) or any other Related Document, to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights, powers or obligations under this Agreement if the Back-Up Manager has reasonable grounds for believing that any of the Back-Up Manager Fees, Back-Up Manger Consent Consultation Fees, or any other funds to be received by the Back-Up Manager from any Transaction Party pursuant to the Related Documents, are insufficient to repay such funds or adequately indemnify the Back-Up Manager against such risk or liability.</u>

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Section 7.3 <u>Amendment</u>. This Agreement may only be amended, waived<u>, supplemented</u> or otherwise modified from time to time by a writing signed by the parties hereto. Any amendment or modification effected contrary to the provisions of this <u>Section 7.3</u> shall be null and void. Unless otherwise specified in such waiver, a waiver of any right under this Agreement shall be effective only in the specific instance and for the specific purpose for which it is given. No election not to exercise, failure to exercise or delay in exercising any right, nor any course of dealing or performance, shall operate as a waiver of any right under this Agreement or applicable law, nor shall any single or partial exercise of any such right preclude any other for further exercise thereof or the exercise of any other right under this Agreement or applicable law. On and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, neither<u>notwithstanding anything to the contrary set forth in any Related Document,</u> the Indenture nor<u>and</u> any other Related Document may <u>not</u> be amended without the Back-Up Manager's consent if such amendment would adversely affect the Back-Up Manager's rights, <u>indemnities, protections, remedies, liabilities, obligations,</u> duties <u>and/</u>or immunities under this Agreement, the Indenture or any other Related Document.

Section 7.4 <u>Successors and Assigns; Additional Co-Issuers</u>. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto <u>provided</u>, <u>however</u>, that the Back-Up Manager may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Master Issuer, the Manager, the Trustee and the Control Party. Any Affiliate of Holdco that becomes a co-issuer of Notes under the Indenture may become a party to this Agreement by entering into a written addendum pursuant to which such Affiliate agrees to all of the provisions of this Agreement and to assume all of the rights, duties and obligations of a Co-Issuer hereunder.

Section 7.5 <u>Nonpetition Covenant</u>. The Back-Up Manager shall not, prior to the date that is one year and one day after the payment in full of the Outstanding Principal Amount of the Notes of each Series, petition or otherwise invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against any Securitization Entity under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of such Securitization Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of such Securitization Entity. <u>For the avoidance of doubt, this Section 7.5 shall not extend to any Transitional Officer or Transitional Director appointed by the Back-Up Manager or any actions taken by such Transitional Officer or Transitional Director.</u>

Section 7.6 <u>Acknowledgement</u>. Without limiting the foregoing, the Back-Up Manager hereby acknowledges that, on the date hereof, the Securitization Entities will pledge to the Trustee under the Indenture and the Global G&C Agreement, all of such Securitization Entities' right and title to, and interest in, this Agreement, and such pledge includes all of such Securitization Entities' rights, remedies, powers and privileges, and all claims of such Securitization Entities against the Back-Up Manager, under or with respect to this Agreement (whether arising pursuant to the terms of this Agreement or otherwise available at law or in equity), including (i) the rights of such Securitization Entities and the obligations of the Back-Up Manager hereunder and (ii) the right, at any time, to give or withhold consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this Agreement or the obligations in respect of the Back-Up Manager hereunder to the same extent as such Securitization Entities may do. The Back-Up Manager hereby consents to such pledges described above, acknowledges and agrees that (x) the Servicer (in its capacity as Servicer and as Control Party)

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shall be a third-party beneficiary of the rights of such Securitization Entities arising hereunder and (y) that the Trustee and the Control Party may, to the extent provided under the Base Indenture, enforce the provisions of this Agreement, exercise the rights of such Securitization Entities and enforce the obligations of the Back-Up Manager hereunder without the consent of such Securitization Entities.

Section 7.7 <u>Governing Law; Waiver of Jury Trial; Jurisdiction</u>.

THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAW RULES (OTHER THAN SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto each hereby waives any right to have a jury participate in resolving any dispute, whether in contract, tort or otherwise, arising out of, connected with, relating to or incidental to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto each hereby irrevocably submits (to the fullest extent permitted by applicable law) to the non-exclusive jurisdiction of any New York state or federal court sitting in the borough of Manhattan, New York City, State of New York, over any action or proceeding arising out of or relating to this Agreement or any Related Documents, and the parties hereto hereby irrevocably agree that all claims in respect of such action or proceeding shall be heard and determined in such New York state or federal court. The parties hereto each hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection each may now or hereafter have, to remove any such action or proceeding, once commenced, to another court on the grounds of *forum non conveniens* or otherwise.

Section 7.8 <u>Notices</u>. All notices, requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent by (a) certified or registered mail, return receipt requested, postage prepaid, (b) national prepaid overnight delivery service, (c) telecopy or other facsimile transmission (following with hard copies to be sent by national prepaid overnight delivery service) or (d) personal delivery with receipt acknowledged in writing, to the addresses set forth below. If the Indenture or this Agreement permits reports to be posted to a password-protected website, such reports shall be deemed delivered when posted <u>on such password-protected website so long as (i) notice has been provided to such recipients by electronic mail or other method of notice permitted hereunder to the effect that such information shall thereafter be made available by posting to such password-protected website and (ii) the recipient/user has enabled email notification of postings</u>. Any party hereto may change its address for notices hereunder by giving notice of such change to the other parties hereto; provided that the Manager shall notify the other parties of the address of the Controlling Class Representative and of any change of identity or address of the Controlling Class Representative or any Rating Agency. All notices and demands to any Person hereunder shall be deemed to have been given either at the time of the delivery thereof at the address of such Person for notices hereunder, or on the third day after the mailing thereof to such address, as the case may be. All notices, requests or other communications under this Agreement shall be given to the parties hereto at the following addresses:

<u>If to the Master Issuer</u>:

Domino's Pizza Master Issuer LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

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Ann Arbor, MI 48105

Attention: Stuart A. Levy and Kevin S. Morris

Facsimile: [\*\*\*]

<u>Attention: General Counsel</u>

<u>Email: [\*\*\*]</u>

<u>If to the IP Holder:</u>

Domino's IP Holder LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Stuart A. Levy<u>General Counsel</u>

Email: <u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>If to the Domestic</u> <u>Distributor</u><u>Supply Chain Holder</u>:

Domino's Pizza Distribution LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Stuart A. Levy<u>General Counsel</u>

Email: <u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>[\*\*\*]</u> 

<u>If to SPV Canadian Holdco</u>:

Domino's SPV Canadian Holding Company Inc.

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Stuart A. Levy<u>General Counsel</u>

Email: <u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>If to the Manager</u>:

Domino's Pizza LLC

30 Frank Lloyd Wright Drive

P.O. Box 997

Ann Arbor, MI 48106

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Attention: Jessica Parrish

Email: [\*\*\*]

[\*\*\*] <u> </u>

<u>Attention: General Counsel</u>

<u>Email: [\*\*\*]</u>

<u>with a copy to</u>:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

Attention: Patricia Lynch

Email: [\*\*\*]

<u>If to any Co-Issuer with a copy to</u>:

Domino's Pizza LLC

30 Frank Lloyd Wright Drive

P.O. Box 997

Ann Arbor, MI 48106

Attention: Stuart A. Levy<u>General Counsel</u>

Email: <u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>[\*\*\*]</u>

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

Attention: Patricia Lynch

Email: [\*\*\*]

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<u>If to the Back-Up Manager</u>:

FTI Consulting, Inc.

<u>1166 Avenue of the Americas 15th Floor</u>

3 Times Square

11th Floor

New York, NY 10036

Attention: Robert J. Darefsky, Senior Managing Director<u>Michael</u>

<u>Baumkirchner</u>

<u>E-Mail: [\*\*\*]</u>

<u>[\*\*\*]</u> <u> </u>

<u>[\*\*\*]</u>

<u>[\*\*\*]</u>

Facsimile: 212-499-3636<u>212-841-9350</u>

<u>If to the Servicer</u>:

Midland Loan Services, a division of PNC Bank, National Association

10851 Mastin Street,

Building 82, Suite 700,

Overland Park, Kansas 66210

Attn: President

facsimile: [\*\*\*]

<u>Email: [\*\*\*]</u>

<u>If to the Trustee</u>:

Citibank, N.A.

388 Greenwich Street

New York, NY 10013

Attention: Agency & Trust — Domino's

Email: <u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>If to the Controlling Class Representative</u>:

At the address to be provided by the Controlling Class Representative pursuant to the Base Indenture.

Section 7.9 <u>Delivery Dates</u>. If the due date of any notice, certificate or report required to be delivered by the Back-Up Manager hereunder falls on a day that is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the next succeeding day that is a Business Day.

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Section 7.10 <u>Entire Agreement</u>. This Agreement and the documents referenced herein, including the Management Agreement, the Indenture and the Related Documents, set forth the entire agreement and understanding of the parties relating to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings, whether oral or written, relating to the subject matter hereof.

Section 7.11 <u>Severability of Provisions</u>. If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect.

Section 7.12 <u>Binding Effect; Limited Rights of Others</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto. Except as provided in the preceding sentence and in Section 7.4 and Section 7.6, nothing in this Agreement expressed or implied, shall be construed to give any Person other than the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenants, agreements, representations or provisions contained herein.

Section 7.13 <u>Article and Section Headings</u>. The Article and Section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

Section 7.14 <u>Survival</u>. The provisions of Sections 4.1, 4.2, 4.3, 7.7 and this Section 7.14 shall survive the termination of this Agreement.

Section 7.15 <u>Counterparts; Electronic Signatures and Transmission</u>. This Agreement may be executed in <u>by the parties hereto in</u> several counterparts, each of which <u>when so executed</u> shall be an original and all of which <u>when taken together</u> shall constitute but one and the same instrument. For purposes of this Agreement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission. "Electronic Transmission" means any form of communication not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process. The Trustee<u>Back-Up Manager</u> is authorized to accept written instructions, directions, reports, notices or other communications delivered by Electronic Transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission, and the Trustee<u>Back-Up</u> <u>Manager</u> shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information to the Trustee<u>Back-Up Manager</u>, including, without limitation, the risk of the Trustee<u>Back-Up Manager</u> acting on unauthorized instructions, notices, reports

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or other communications or information, and the risk of interception and misuse by third parties (except to the extent such action results from gross negligence, willful misconduct or fraud by the Trustee<u>Back-Up Manager</u>). Any requirement in this Agreement that is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit signature to be by facsimile or electronic signature and shall not be deemed to prohibit delivery thereof by Electronic Transmission. Notwithstanding anything to the contrary in this Agreement, any and all communications (both text and attachments) by or from the Trustee<u>Back-Up Manager</u> that the Trustee<u>Back-Up Manager</u> in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic Transmission will be encrypted. The recipient of the Electronic Transmission will be required to complete a one-time registration process.

Section 7.16 <u>Amendment and Restatement</u>. The parties hereto agree that in each of their respective capacities under the Original Back-Up Management Agreement that (i) this Agreement amends, restates and supersedes the Original Back-Up Management Agreement in its entirety by this Agreement and shall be of no further force or effect except as amended and restated hereby and (ii) from and after the date hereof, all references in each Related Document to the Original Back-Up Agreement or the "Back-Up Management Agreement" shall be deemed and agreed to refer to this Agreement.

*[The remainder of this page is intentionally left blank]* 

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IN WITNESS WHEREOF, the parties hereto have caused this Back-Up Management and Consulting Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |
| DOMINO'S IP HOLDER LLC, as Co-Issuer | DOMINO'S IP HOLDER LLC, as Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |
| DOMINO'S PIZZA DISTRIBUTION LLC,as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC,as Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |
| <u>DOMINO'S PROGRESSIVE FOODS</u> | <u>DOMINO'S PROGRESSIVE FOODS</u> |
| <u>DISTRIBUTION LLC, as Co-Issuer</u> | <u>DISTRIBUTION LLC, as Co-Issuer</u> |
| <u>By:</u> |  |

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| |
|:---|
| <u>Name:</u> |
| <u>Title:</u> |
| DOMINO'S SPV CANADIAN HOLDING |
| COMPANY INC., as Co-Issuer |

---

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| | |
|:---|:---|
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |

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Domino's - Back-Up Management and Consulting Agreement

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| | |
|:---|:---|
| DOMINO'S PIZZA LLC, as Manager | DOMINO'S PIZZA LLC, as Manager |
| By: |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S SPV GUARANTOR LLC, as an Other Securitization Entity</u> | <u>DOMINO'S SPV GUARANTOR LLC, as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S PIZZA FRANCHISING LLC, as an Other Securitization Entity</u> | <u>DOMINO'S PIZZA FRANCHISING LLC, as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S PIZZA INTERNATIONAL</u><br> <u>FRANCHISING INC., as an Other Securitization Entity</u> | <u>DOMINO'S PIZZA INTERNATIONAL</u><br> <u>FRANCHISING INC., as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S PIZZA CANADIAN</u> | <u>DOMINO'S PIZZA CANADIAN</u> |
| <u>DISTRIBUTION ULC, as an Other Securitization Entity</u> | <u>DISTRIBUTION ULC, as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |

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Domino's - Back-Up Management and Consulting Agreement

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| | |
|:---|:---|
| <u>DOMINO'S EQ LLC, as an Other Securitization Entity</u> | <u>DOMINO'S EQ LLC, as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S PIZZA INTERNATIONAL</u> | <u>DOMINO'S PIZZA INTERNATIONAL</u> |
| <u>FRANCHISING OF MICHIGAN LLC, as an Other Securitization Entity</u> | <u>FRANCHISING OF MICHIGAN LLC, as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |

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Domino's - Back-Up Management and Consulting Agreement

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| | |
|:---|:---|
| CITIBANK, N.A., as Trustee | CITIBANK, N.A., as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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Domino's - Back-Up Management and Consulting Agreement

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| | |
|:---|:---|
|  FTI CONSULTING, INC. as Back-Up Manager | FTI CONSULTING, INC. as Back-Up Manager |
| By: |  |
|  | Name: |
|  | Title: |

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Domino's - Back-Up Management and Consulting Agreement

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| |
|:---|
| CONSENT OF CONTROL PARTY AND CONTROLLING CLASS REPRESENTATIVE |
| MIDLAND LOAN SERVICES, a division of PNC Bank, National Association, as the Control Party in accordance with Section 2.4 of the Servicing Agreement and it is capacity as the Control Party to exercise the rights of the Controlling Class Representative (pursuant to Section 11.1(d) of the Indenture) |
| By: |

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Name: <br> Title:

Domino's - Back-Up Management and Consulting Agreement

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<u>Index to Terms Defined in this Agreement</u>

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| | |
|:---|:---|
|  Agreement | 1 |
|  Annual Visit | 7 |
|  Back-Up Manager | 1 |
|  Back-Up Manager Indemnified Parties | 11 |
|  Base Indenture | 1 |
|  Citibank | 1 |
|  Co-Issuer | 1 |
|  Co-Issuers | 1 |
|  Cold Back-Up Management Duties | 5 |
|  Confidential Information | 14 |
|  Domestic Distributor | 1 |
|  Domestic Franchisor | 3 |
|  DPL<u>Domestic Supply Chain Holder</u> | 1 |
|  <u>DPL</u> | <u>1</u> |
|  Holdco | 1 |
|  Hot Back-Up Management Duties | 9 |
|  Hot Back-Up Management Trigger Event | 8 |
|  Indenture | 1 |
|  IP Holder | 1 |
|  Management Agreement | 1 |
|  Manager | 1 |
|  Master Issuer | 1 |
|  Notes | 1 |
|  Quarterly Call | 6 |
|  Servicer | 1 |
|  Servicing Agreement | 2 |
|  SPV Canadian Holdco | 1 |
|  Transition Plan | 8 |
|  Trustee | 1 |
|  Warm Back-Up Management Duties | 7 |
|  Warm Back-Up Management Trigger Event | 7 |

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Domino's - Back-Up Management and Consulting Agreement

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<u>EXHIBIT A</u>

**<u>POWER OF ATTORNEY OF THE SECURITIZATION ENTITIES</u>** 

<u>KNOW ALL PERSONS BY THESE PRESENTS, that in connection with the Back-Up Management Agreement, dated as of April 16, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the "Back-Up Management Agreement"), by and among Domino's Pizza Master Issuer LLC (the "Master Issuer"), a Delaware limited liability company, the Master Issuer's direct, wholly-owned subsidiaries, Domino's IP Holder LLC, a Delaware limited liability company (the "IP Holder"), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "Domestic Supply Chain Holder"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "PFS Domestic Supply Chain Holder") and Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "SPV Canadian Holdco" and, together with the Master Issuer, the IP Holder, the Domestic Supply Chain Holder and the PFS Domestic Supply Chain Holder and their respective successors and assigns, and any other affiliate of Domino's Pizza, Inc. a Delaware corporation (together with its successors and assigns, "Holdco"), that becomes a Co-Issuer under the Indenture and its successor and assigns, collectively, the "Co-Issuers" and each, a "Co-Issuer"); Domino's Pizza LLC, a Michigan limited liability company ("DPL", and together with its successors and assigns, the "Manager"); the Other Securitization Entities (as defined therein) (together with the Co-Issuers, the "Securitization Entities") ; Citibank, N.A. ("Citibank"), as trustee (together with its successors and assigns, the "Trustee"); and FTI Consulting, Inc., a Maryland corporation, as back-up manager (together with its successors and assigns, the "Back-Up Manager"), the Securitization Entities hereby appoint, effective as of the date of the termination of the Manager pursuant to Section 6.1 of the Management Agreement, and terminating immediately on the earliest of (i) the termination of the Back-Up Management Agreement in accordance with Section 7.1 of the Back-Up Management Agreement, (ii) the resignation of the Back-Up Manager in accordance with Section 7.2 of the Back-Up Management Agreement and (iii) the appointment and acceptance of a Successor Manager in accordance with the terms of the Management Agreement, the Back-Up Manager and all officers thereof as their true and lawful attorney in fact, with full power of substitution, in connection with performing all obligations under Section 2.5 of the Back-Up Management Agreement and as more fully described below, with full irrevocable power and authority in the place of the Securitization Entities and in the name of each Securitization Entity or in its own name as agent of the Securitization Entities, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the foregoing, subject to the Back-Up Management Agreement, including, without limitation, the full power to:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) perform such functions and duties, and prepare and file such documents, as are required under the Back-Up Management Agreement to be performed, prepared and/or filed by any of the Securitization Entities, including:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) finalize and implement the Transition Plan in accordance with the terms thereof to the extent the Transition Plan has been approved in accordance with the terms of the Back-Up Management Agreement;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) if the Manager has been terminated or resigned, take over the management of the Securitization Entities and initiate reasonable steps necessary or advisable in connection with stabilizing the condition of each of the Securitization Entities pending the appointment of a Successor Manager to the extent necessary, to: (A) exercise full inspection and audit rights against the Securitization Entities and to protect the Collateral and the condition and</u>

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<u>value thereof, (B) to the extent required in order to implement the Transition Plan and/or otherwise perform the Back-Up Manager's duties under this Agreement, assist the Securitization Entities in restructuring, re-negotiating or terminating one or more Related Documents previously entered into by any Securitization Entity in each case in accordance with the terms of such Related Documents, (C) advise the Securitization Entities in making and implementing personnel decisions on behalf of such Securitization Entities, (D) assist the Securitization Entities in hiring external consultants and other qualified Persons to facilitate operations and (E) assist the Control Party in the liquidation of the Collateral to the extent allowed or as directed to by the Trustee (at the direction of the Control Party (acting at the direction of the Controlling Class Representative)) under the Related Documents or applicable Requirements of Law, if reasonably necessary, subject to satisfaction of the applicable conditions to such actions under the applicable Related Documents;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii) serve as the Interim Successor Manager, in consultation with, and at the written direction of, the Majority of the Controlling (and, if otherwise required under the Related Documents, the Securitization Entities); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv) take such actions on behalf of each Securitization Entity as such Securitization Entity may reasonably request that are expressly required by the terms, provisions and purposes of the Back-Up Management Agreement; or cause the preparation by other appropriate Persons, of all documents, certificates and other filings as each Securitization Entity shall be required to prepare and/or file under the terms of the Related Documents.</u>

<u>This power of attorney is coupled with an interest. Capitalized terms used herein, and not defined herein shall have the meanings applicable to such terms in the Back-Up Management Agreement.</u>

<u>THIS POWER OF ATTORNEY IS GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO POWERS OF ATTORNEY MADE AND TO BE EXERCISED WHOLLY WITHIN SUCH STATE.</u>

Dated:

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| | |
|:---|:---|
| <u>DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer</u> | <u>DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S IP HOLDER LLC, as Co-Issuer</u> | <u>DOMINO'S IP HOLDER LLC, as Co-Issuer</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S PIZZA DISTRIBUTION LLC,as Co-Issuer</u> | <u>DOMINO'S PIZZA DISTRIBUTION LLC,as Co-Issuer</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>STATE OF [</u> <u>]:</u> | <u>STATE OF [</u> <u>]:</u> |
| <u>COUNTY OF []</u> | <u>COUNTY OF []</u> |
| <u>On , , before me the undersigned,personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual,or the person upon behalf of which the individual acted, executed the instrument.</u> <u>Notary Public</u> | <u>On , , before me the undersigned,personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual,or the person upon behalf of which the individual acted, executed the instrument.</u> <u>Notary Public</u> |

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| |
|:---|
| <u>DOMINO'S PROGRESSIVE FOODS</u> |
| <u>DISTRIBUTION LLC, as Co-Issuer</u> |
| <u>By:</u> |

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<u>Name:</u> <br> <u>Title:</u>

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| | |
|:---|:---|
| <u>DOMINO'S SPV CANADIAN HOLDING</u> | <u>DOMINO'S SPV CANADIAN HOLDING</u> |
| <u>COMPANY INC., as Co-Issuer</u> | <u>COMPANY INC., as Co-Issuer</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S PIZZA LLC, as Manager</u> | <u>DOMINO'S PIZZA LLC, as Manager</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S SPV GUARANTOR LLC, as an Other Securitization Entity</u> | <u>DOMINO'S SPV GUARANTOR LLC, as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>STATE OF [</u> <u>]:</u> | <u>STATE OF [</u> <u>]:</u> |
| <u>COUNTY OF []</u> | <u>COUNTY OF []</u> |
| <u>On , , before me the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual,or the person upon behalf of which the individual acted, executed the instrument. Notary Public</u> | <u>On , , before me the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual,or the person upon behalf of which the individual acted, executed the instrument. Notary Public</u> |

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| | |
|:---|:---|
| <u>DOMINO'S PIZZA FRANCHISING LLC, as an Other Securitization Entity</u> | <u>DOMINO'S PIZZA FRANCHISING LLC, as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S PIZZA INTERNATIONAL</u> | <u>DOMINO'S PIZZA INTERNATIONAL</u> |
| <u>FRANCHISING INC., as an Other Securitization Entity</u> | <u>FRANCHISING INC., as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S PIZZA CANADIAN</u> | <u>DOMINO'S PIZZA CANADIAN</u> |
| <u>DISTRIBUTION ULC, as an Other Securitization Entity</u> | <u>DISTRIBUTION ULC, as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>STATE OF [</u> <u>]:</u> | <u>STATE OF [</u> <u>]:</u> |
| <u>COUNTY OF []</u> | <u>COUNTY OF []</u> |
| <u>On , , before me the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. Notary Public</u> | <u>On , , before me the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. Notary Public</u> |

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| | |
|:---|:---|
| <u>DOMINO'S EQ LLC, as an Other</u> <u>Securitization Entity</u> | <u>DOMINO'S EQ LLC, as an Other</u> <u>Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>DOMINO'S PIZZA INTERNATIONAL</u> | <u>DOMINO'S PIZZA INTERNATIONAL</u> |
| <u>FRANCHISING OF MICHIGAN LLC, as an Other Securitization Entity</u> | <u>FRANCHISING OF MICHIGAN LLC, as an Other Securitization Entity</u> |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |
| <u>STATE OF [</u> <u>]:</u> | <u>STATE OF [</u> <u>]:</u> |
| <u>COUNTY OF []</u> | <u>COUNTY OF []</u> |
| <u>On , , before me the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. Notary Public</u> | <u>On , , before me the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. Notary Public</u> |

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<u>Exhibit B</u> 

Amended Management Agreement

*[See attached]* 

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*<u>Conformed version through Omnibus Amendment dated September 5, 2025</u>* ****

EXECUTION VERSION

DOMINO'S<u>DOMINO'S</u> PIZZA MASTER ISSUER LLC,

CERTAIN SUBSIDIARIES OF DOMINO'S<u>DOMINO'S</u> PIZZA MASTER ISSUER LLC PARTY HERETO,

DOMINO'S<u>DOMINO'S</u> SPV GUARANTOR LLC,

DOMINO'S<u>DOMINO'S</u> PIZZA LLC,

as Manager and in its individual capacity,

DOMINO'S<u>DOMINO'S</u> PIZZA NS CO.,

and

CITIBANK, N.A.,

as Trustee

**AMENDED AND RESTATED MANAGEMENT AGREEMENT** 

**Dated as of March 15, 2012** 

(amending and restating the Master Servicing Agreement dated as of April 16, 2007)

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**TABLE OF CONTENTS** 

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| | | | |
|:---|:---|:---|:---|
|  |  |  | <u>Page</u> |
|  ARTICLE <u>Article</u> 1 DEFINITIONS | ARTICLE <u>Article</u> 1 DEFINITIONS | ARTICLE <u>Article</u> 1 DEFINITIONS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 1.1 | Certain Definitions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 1.2 | Other Defined Terms | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 1.3 | Other Terms | 13<u>19</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 1.4 | Computation of Time Periods | 13<u>19</u> |
|  ARTICLE<u>Article</u> 2 ADMINISTRATION AND MANAGEMENT OF MANAGED ASSETS | ARTICLE<u>Article</u> 2 ADMINISTRATION AND MANAGEMENT OF MANAGED ASSETS | ARTICLE<u>Article</u> 2 ADMINISTRATION AND MANAGEMENT OF MANAGED ASSETS | 13<u>19</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.1 | Domino's<u>Domino's</u> Pizza LLC to Act as the Manager | 13<u>19</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.2 | Manager Advances | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.3 | Concentration Accounts | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.4 | Records | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.5 | Administrative Duties of Manager | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.6 | No Offset | 19<u>25</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.7 | Compensation | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.8 | Indemnification | 20<u>26</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.9 | Nonpetition Covenant | 22<u>28</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.10 | Certain Amendments to Documents Governing Managed Assets | 22<u>28</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.11 | Franchisor Consent | 22<u>28</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 2.12 | Appointment of Sub-managers | 22<u>28</u> |
|  ARTICLE<u>Article</u> 3 STATEMENTS AND REPORTS | ARTICLE<u>Article</u> 3 STATEMENTS AND REPORTS | ARTICLE<u>Article</u> 3 STATEMENTS AND REPORTS | 23<u>29</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 3.1 | Reporting by the Manager | 23<u>29</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 3.2 | Appointment of Independent Accountant | 23<u>29</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 3.3 | Annual Accountants'' Reports | 23<u>29</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 3.4 | Notice of Reduction in Blended Rate of Continuing Franchise Fees | 24<u>30</u> |
|  ARTICLE<u>Article</u> 4 THE MANAGER | ARTICLE<u>Article</u> 4 THE MANAGER | ARTICLE<u>Article</u> 4 THE MANAGER | 24<u>30</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 4.1 | Representations and Warranties Concerning the Manager | 24<u>30</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 4.2 | Existence | 28<u>34</u> |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 4.3 | Performance of Obligations | 28<u>34</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 4.4 | Merger; Resignation and Assignment | 31<u>38</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 4.5 | Taxes | 33<u>40</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 4.6 | Notice of Certain Events | 33<u>40</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 4.7 | Capitalization | 33<u>40</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 4.8 | Franchise Law Determination | 33<u>40</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 4.9 | Maintenance of Separateness | 33<u>40</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 4.1 | No ERISA Plan | 34<u>41</u> |

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| | | | |
|:---|:---|:---|:---|
|  ARTICLE<u>Article</u> 5 REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO POST-SECURITIZATION ASSETS | ARTICLE<u>Article</u> 5 REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO POST-SECURITIZATION ASSETS | ARTICLE<u>Article</u> 5 REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO POST-SECURITIZATION ASSETS | 35<u>42</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 5.1 | Representations and Warranties Made in Respect of <u>Post-</u> Post-Securitization Assets | 35<u>42</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 5.2 | Covenants in Respect of New Collateral | 37<u>44</u> |
|  ARTICLE<u>Article</u> 6 DEFAULT | ARTICLE<u>Article</u> 6 DEFAULT | ARTICLE<u>Article</u> 6 DEFAULT | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 6.1 | Manager Termination Event | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 6.2 | Disentanglement | 41<u>51</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 6.3 | No Effect on Other Parties | 43<u>54</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 6.4 | Rights Cumulative | 43<u>54</u> |
|  ARTICLE<u>Article</u> 7 CONFIDENTIALITY | ARTICLE<u>Article</u> 7 CONFIDENTIALITY | ARTICLE<u>Article</u> 7 CONFIDENTIALITY | 44<u>55</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 7.1 | Confidentiality | 44<u>55</u> |
|  ARTICLE<u>Article</u> 8 MISCELLANEOUS PROVISIONS | ARTICLE<u>Article</u> 8 MISCELLANEOUS PROVISIONS | ARTICLE<u>Article</u> 8 MISCELLANEOUS PROVISIONS | 45<u>56</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.1 | Term of this Agreement | 45<u>56</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.2 | Amendments to this Agreement | 45<u>56</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.3 | Amendments to other Agreements | 46<u>57</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.4 | Acknowledgement | 46<u>57</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.5 | Governing Law; Waiver of Jury Trial; Jurisdiction | 47<u>58</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.6 | Notices | 47<u>58</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.7 | Severability of Provisions | 48<u>59</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.8 | Delivery Dates | 48<u>59</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.9 | Binding Effect; Limited Rights of Others | 48<u>59</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.10 | Article and Section Headings | 48<u>59</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Section | 8.11 | Counterparts | 48<u>59</u> |
|  EXHIBIT A — JOINDER AGREEMENT EXHIBIT B — POWER OF ATTORNEY | EXHIBIT A — JOINDER AGREEMENT EXHIBIT B — POWER OF ATTORNEY | EXHIBIT A — JOINDER AGREEMENT EXHIBIT B — POWER OF ATTORNEY |  |
| EXHIBIT C — PRICING FOR COMPENSATION FOR SERVICES RELATED TO THE PRODUCT PURCHASE AND DISTRIBUTION AGREEMENT | EXHIBIT C — PRICING FOR COMPENSATION FOR SERVICES RELATED TO THE PRODUCT PURCHASE AND DISTRIBUTION AGREEMENT | EXHIBIT C — PRICING FOR COMPENSATION FOR SERVICES RELATED TO THE PRODUCT PURCHASE AND DISTRIBUTION AGREEMENT |  |

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**EXECUTION VERSION** 

**AMENDED AND RESTATED MANAGEMENT AGREEMENT** 

This AMENDED AND RESTATED MANAGEMENT AGREEMENT, dated as <u>of</u> March 15, 2012 (this "<u>"</u><u>Agreement</u> "<u>"</u>), is entered into by and among Domino's<u>Domino's</u> Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>"</u><u>Master Issuer</u>"<u>"</u>), Domino's<u>Domino's</u> Pizza Distribution LLC, a Delaware limited liability company (the "Domestic Distributor"), Domino's<u>"Domestic Supply Chain Holder"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "PFS Domestic Supply Chain Holder"), Domino's</u> SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>"</u><u>SPV Canadian Holdco</u>"<u>"</u>), Domino's<u>Domino's</u> IP Holder LLC, a Delaware limited liability company (the "<u>"</u><u>IP Holder</u>"<u>"</u>, and together with the Master Issuer, the Domestic Distributor<u>Supply Chain Holder, the PFS Domestic Supply Chain Holder</u> and SPV Canadian Holdco, the "<u>"</u><u>Co-Issuers</u> "<u>"</u>), Domino's<u>Domino's</u> SPV Guarantor LLC, a Delaware limited liability company (the "<u>"</u><u>SPV Guarantor</u>"<u>"</u>), Domino's<u>Domino's</u> Pizza Franchising LLC, a Delaware limited liability company (the "<u>"</u><u>Domestic Franchisor</u>"<u>"</u>), Domino's<u>Domino's</u> Pizza International Franchising Inc., a Delaware corporation (the "<u>"</u><u>International Franchisor</u>"<u>"</u>), Domino's<u>Domino's</u> Pizza Canadian Distribution ULC, a Nova Scotia unlimited company (the "<u>"</u><u>Canadian Distributor</u>"<u>"</u>), Domino's<u>Domino's</u> EQ LLC, a Delaware limited liability company (the "<u>"</u><u>Domestic</u> Distribution<u>Supply Chain</u> Equipment Holder"<u>"</u>), Domino's<u>Domino's</u> RE LLC, a Delaware limited liability company (the "<u>"</u><u>Domestic</u> Distribution<u>Supply Chain</u> Real Estate Holder"<u>"</u><u>), Domino's Pizza International Franchising of Michigan LLC, a Michigan limited liability company (the "International Franchisor (Michigan)"</u>, and together with the SPV Guarantor, the Domestic Franchisor, the International Franchisor, the Canadian Distributor<u>, the Domestic Supply Chain Equipment Holder</u> and the Domestic Distribution Equipment<u>Supply Chain Real Estate</u> Holder, the "<u>"</u><u>Guarantors</u> "<u>"</u>), Domino's<u>Domino's</u> Pizza LLC, a Michigan limited liability company (""<u>DPL</u>"<u>"</u>), Domino's<u>Domino's</u> Pizza NS Co., a Nova Scotia unlimited company (the "<u>"</u><u>Canadian Manufacturer</u>"<u>"</u>), Citibank, N.A. ("<u>"</u> <u>Citibank</u>"<u>"</u>), as trustee (the "<u>"</u><u>Trustee</u> "<u>"</u>), and any other Securitization Entity that becomes party to this Agreement by execution of a joinder substantially in the form attached hereto as <u>Exhibit A</u>. This Agreement amends and restates the Master Servicing Agreement, dated as of April 16, 2007 <u>(the "Original Management Agreement")</u>, by and among the Co-Issuers, the SPV Guarantor, the Domestic Franchisor, the International Franchisor, the Canadian Distributor, the Manager, the Canadian Manufacturer and Citibank, N.A., as trustee. For all purposes of this Agreement, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in <u>Annex A</u> to the Base Indenture (as defined below). "<u>"</u><u>Manager</u> "<u>"</u>, when in reference to (a) the servicing of the Managed Assets of the Canadian Distributor, shall mean the Canadian Manufacturer, and (b) the servicing of all other Managed Assets, shall mean DPL; <u>provided</u>, that the term "<u>"</u><u>Manager</u>"<u>"</u> shall mean only DPL with respect to ARTICLE 3<u>Article 3</u> and <u>Sections</u> <u>2.7</u>, <u>2.8</u>, <u>4.1(a)(i)</u> and <u>8.2</u> <u>2.7, 2.8, 4.1(a)(i) and 8.2</u> herein. All other representations, warranties and covenants of or about DPL made herein are repeated herein with respect to the Canadian Manufacturer, as applicable, as though fully set forth herein.

<u>RECITALS</u> 

WHEREAS, the Master Issuer and the other Co-Issuers have entered into the Amended and Restated Base Indenture (the "Base Indenture"), dated as of the date of this Agreement, with Citibank, as Trustee and securities intermediary <u>(as amended, restated, supplemented or otherwise modified from time to time, the "Base Indenture")</u>, pursuant to which the Master Issuer and the other Co-Issuers shall issue series of notes (the "<u>"</u>Notes"<u>"</u>) from time to time, on the terms described therein. Pursuant to the Base Indenture and the Global

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G&C Agreement, as security for the indebtedness represented by the Notes and the other Obligations, the Master Issuer and the other Securitization Entities are and will be granting to the Trustee on behalf of the Secured Parties, a security interest in the Collateral;

WHEREAS, since the Series 2007-1 Closing Date, all Post-Securitization Domestic Franchise Arrangements and all Post-Securitization International Franchise Arrangements have been, and will continue to be, originated by the Franchisors;

WHEREAS, from and after the Closing Date, the International Franchisor <u>or the International Franchisor (Michigan)</u> will also originate all Post-Closing Overseas Franchise Arrangements;

WHEREAS, from time to time, the Master Issuer or the Franchisors may purchase or repurchase, as the case may be, the Franchise Arrangement and/or lease with a third party landlord entered into with respect to a Store and undertake to operate such Store (a "<u>"</u><u>Repurchased Store</u>"<u>"</u>) until such time as a New Franchise Arrangement is entered into with respect to such Repurchased Store;

WHEREAS, each of the Securitization Entities desires to have the Manager operate any Repurchased Store in accordance with the Management Standard;

WHEREAS, each of the Securitization Entities desires to have the Manager enforce its rights and powers and perform its duties and obligations under the Managed Documents to which it is party in accordance with the Management Standard;

WHEREAS, each of the Securitization Entities desires to have the Manager enter into certain agreements and acquire and dispose of certain assets from time to time on its behalf, in each case in accordance with the Management Standard;

WHEREAS, the IP Holder desires to appoint the Manager as its agent for providing comprehensive intellectual property development, enforcement, maintenance, protection, defense, management, licensing, contract administration and other duties or services in connection with the Domino's<u>Domino's</u> IP in accordance with the Management Standard;

WHEREAS, the Manager desires to enforce such rights and powers and perform such management obligations and duties, all in accordance with the Management Standard; <u>and</u>

WHEREAS, each of the Securitization Entities desires to enter into this Agreement to provide for, among other things, the management of the respective rights and powers and the performance of the respective duties and obligations of the Securitization Entities, as applicable, under or in connection with the Contribution and Sale Agreements, the Distribution and Contribution Agreements, the <u>Omnibus Transfer Agreement (2025), the</u> Third-Party License Agreements, the Franchise Arrangements, the Domino's<u>Domino's</u> IP, the IP License Agreements, the PULSE<u>Domestic Supply Chain</u> Assets, the Technology Assets, the Domestic Distribution Assets, the Third- Party Supply Agreements, the Product Purchase Agreements, the Requirements Agreements, the Distribution<u>Supply Chain</u> Agreements, the Repurchased Stores, <u>the U.S. production and supply chain business</u> and any other assets acquired by the Securitization Entities (the "<u>"</u><u>Managed Assets</u>"<u>"</u>), by the Manager, all in accordance with the Management Standard;

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WHEREAS, each of the Master Issuer, the Domestic Distribution Real Estate Holder and the Domestic Distribution Equipment Holder (each, a "<u>Product Supply Entity</u>", and together, the "<u>Product Supply Entities</u>") desires that DPL, in its individual capacity, supply all Products (as defined in the Product Purchase and Distribution Agreement) and provide all distribution services for the manufacturing and supply of pizza dough, thin crust pizza dough and certain related products intended for human consumption (such distribution services, together with the Products, the "<u>Supplied Products and Services</u>") to each such Product Supply Entity that are required to be provided by the Product Supply Entities to the Domestic Distributor under the Product Purchase and Distribution Agreement; and

WHEREAS, DPL desires to provide the Supplied Products and Services for each Product Supply Entity;

NOW THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows:

<u>ARTICLE 1</u><u>ARTICLE 1</u>

<u>DEFINITIONS</u> 

<u>Section 1.1</u> Section 1.1 <u>Certain Definitions</u>. Capitalized terms used herein but not otherwise defined herein or in Annex A to the Base Indenture shall have the following meanings:

"<u>"</u><u>Agreement</u>" <u>"</u> has the meaning set forth in the preamble hereto.

"<u>"</u><u>Asset Management Services</u>"<u>"</u> means, in a manner consistent with the Management Standard, the execution of real property leases and equipment leases related to the distribution, manufacturing<u>production</u> and supply chain where a Non-Securitization Entity remains a Co-obligor<u>co-obligor</u> on such leases, and the management, operation and administration of leased and owned property in the distribution, manufacturing<u>production</u> and supply chain.

"<u>"</u><u>Back-Up Management Agreement</u>"<u>"</u> means the <u>Amended and Restated</u> Back-Up Management and Consulting Agreement, dated as of March 15<u>April 16</u>, 2012<u>2021</u>, by and among the Co-Issuers, the Manager, the <u>other Securitization Entities, the</u> Trustee and FTI Consulting, Inc., a Maryland corporation, as Back-Up Manager.

"<u>"</u><u>Base Indenture</u>"<u>"</u> has the meaning set forth in the recitals hereto. "

<u>"Breach Notice" means written notice of a material violation by the applicable licensee under any IP License Agreement.</u>

<u>"</u><u>Canadian Distributor</u>"<u>"</u> has the meaning set forth in the preamble hereto. "

<u>"</u><u>Canadian Manufacturer</u>"<u>"</u> has the meaning set forth in the preamble hereto."

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<u>"Change in Management": means, on and after the Series 2025-1 Springing Amendments Implementation Date, the event that will occur if more than 50% of the Leadership Team is terminated and/or resigns within 12 months after the date of the occurrence of a Change of Control; *provided*, that for purposes of this definition, the termination and/or resignation of an officer will not include (i) a change in such officer's status in the ordinary course of succession so long as such officer remains affiliated with Holdco or any of its Subsidiaries as an officer or in a similar capacity, (ii) the retirement of such officer, (iii) the death or incapacitation of such officer or (iv) the replacement of such officer with the prior written consent of the Control Party.</u> 

<u>"Change of Control" means, on and after the Series 2025-1 Springing Amendments Implementation Date, an event or series of events by which any "Person" or "group" (as such terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or becomes the "beneficial owner" (as such term is used in Rule 13d-3 under the 1934 Act) of more than 35% of the total voting power of the Voting Stock of Holdco. For purposes of this definition, a Person will not be deemed to have beneficial ownership of voting power of Voting Stock subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement.</u>

"<u>"</u><u>Cold Back-Up Management Duties</u>"<u>"</u> has the meaning set forth in the Back-Up Management Agreement.

"<u>"</u><u>Confidential Information</u>"<u>"</u> means information (including Know-How) treated as confidential and proprietary by its owner that is disclosed by a party hereto ("<u>"</u><u>Discloser</u> "<u>"</u>), either directly or indirectly, in writing or orally, to another party hereto ("<u>"</u><u>Recipient</u>" <u>"</u>).

<u>"Continuity of Services" has the meaning set forth in Section 6.2(a) hereof.</u>

"<u>"</u><u>Current Practices</u>"<u>"</u> means, in respect of any action or inaction, the practices, standards and procedures of Domino's<u>Domino's</u> Pizza LLC and its Subsidiaries as performed or that have been performed immediately prior to the Closing Date.

"<u>"</u><u>Defective Asset Damages Amount</u>"<u>"</u> means with respect to any Post- Securitization Collateral Franchise Document that is a Defective Post-Securitization Asset, an amount equal to the product of (i) the quotient obtained by <u>dividing</u> (A) the absolute value of the sum of all Collections under such Post-Securitization Collateral Franchise Document received during the 12-month period immediately preceding the date such Post-Securitization Collateral Franchise Document became a Defective Post- Securitization Asset <u>minus</u> the aggregate amount of related Excluded Amounts received during such period, by (B) the aggregate amount of all Collections received under all Collateral Franchise Documents during such 12-month period (assuming that all Post- Securitization Collateral Franchise Documents had been included in the Collateral Franchise Documents during such 12-month period) <u>minus</u> the aggregate amount of related Excluded Amounts received during such period and (ii) the Aggregate Outstanding Principal Amount.

"<u>"</u><u>Defective Post-Securitization Asset</u>"<u>"</u> means any Post-Securitization Asset that does not meet the applicable requirements of ARTICLE 5<u>Article 5</u>.

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"<u>"</u><u>Discloser</u>" <u>"</u> has the meaning ascribed to such term in the definition of "<u>"</u>Confidential Information."<u>"</u>

<u>"Disentanglement" has the meaning set forth in Section 6.2(a) hereof.</u>

"<u>Disentanglement</u>" has the meaning set forth in <u>Section 6.2(a)</u> hereof.

"<u>Disentanglement Period</u>" has the meaning set forth in <u>Section 6.2(c)</u> hereof.

"<u>Disentanglement Services</u>" has the meaning set forth in <u>Section 6.2(a)</u> hereof.

"<u>Distribution Services</u>" means, in a manner consistent with the Management Standard, the acquisition, storage and delivery of equipment, supplies and Products for resale to Franchisees, to DPL, as owner of Company-Owned Stores and to other Persons on behalf of the Securitization Entities, including enforcing and performing the duties and obligations of the Securitization Entities under the Distribution Agreements.

<u>"Disentanglement Period" has the meaning set forth in Section 6.2(c) hereof.</u>

<u>"Disentanglement Services" has the meaning set forth in Section 6.2(a) hereof.</u>

"<u>"</u><u>Domestic Continuing Franchise Fees</u>"<u>"</u> means the Continuing Franchise Fees received by the Domestic Franchisor.

"<u>"</u><u>Domestic</u> <u>Distribution Equipment Holder"</u><u>Franchisor"</u> has the meaning set forth in the preamble hereto.

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"<u>"</u><u>Domestic</u> <u>Distribution Real Estate</u><u>Supply Chain Equipment</u> <u>Holder</u>"<u>"</u> has the meaning set forth in the preamble hereto.

"<u>"</u><u>Domestic</u> Distributor"<u>Supply Chain Real Estate Holder"</u> has the meaning set forth in the preamble hereto. "

<u>"</u><u>Domestic</u> Franchisor"<u>Supply Chain Holder"</u> has the meaning set forth in the preamble hereto. "

<u>"</u><u>DPL</u>"<u>"</u> has the meaning set forth in the preamble hereto.

"<u>"</u><u>Environmental Laws</u>"<u>"</u> has the meaning given to such term in <u>Section 4.1(m)(i)</u> <u>Section 4.1(m)(i)</u> hereof.

"<u>"</u><u>Equipment Purchasing Services</u>"<u>"</u> means, in a manner consistent with the Management Standard, the purchasing and leasing of equipment and machinery on behalf of the Domestic Distribution<u>Supply Chain</u> Equipment Holder for use by the Securitization Entities.

"<u>"</u><u>Former Franchisors</u>"<u>"</u> means, collectively, DPL and Domino's<u>Domino's</u> Pizza International Inc., as predecessor in interest to Domino's<u>Domino's</u> International.

"<u>"</u><u>Franchisee Financing Program</u>"<u>"</u> means any financing program facilitated by a Securitization Entity pursuant to which a Franchisee receives financing from a third-party lender to open or operate a Store.

"<u>"</u><u>Guarantors</u>" <u>"</u> has the meaning set forth in the preamble hereto.

"<u>"</u><u>Holdco Specified Non-Securitization Debt Cap</u>"<u>"</u> has the meaning given to such term in the Parent Company Support Agreement.

"<u>"</u><u>Hot Back-Up Management Duties</u>"<u>"</u> has the meaning set forth in the Back-Up Management Agreement.

"<u>"</u><u>Improvements</u> "<u>"</u> shall mean the buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements now or hereafter erected or located on the real property constituting a part of each Owned Property.

"<u>"</u><u>Indemnitee</u>" <u>"</u> has the meaning set forth in <u>Section 2.8</u><u>Section 2.8</u> hereof.

"<u>"</u><u>Independent Accountants</u>"<u>"</u> has the meaning set forth in <u>Section 3.2</u><u>Section 3.2</u> hereof. "

<u>"</u><u>International Continuing Franchise Fees</u>"<u>"</u> means the Continuing Franchise Fees <u>received by the International Franchisor or the International Franchisor (Michigan).</u>

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<u>"International Franchise Arrangements" means all master franchise agreements, store franchise agreements, area development agreements and similar agreements (other than any</u> <u>International NSE Franchise Arrangements) related to Franchised Stores operated or under development in the International Territory (together with any Franchisee Promissory Notes issued in respect of any such agreement).</u>

<u>"International Franchise IP License Agreement Additional Covenants" has the meaning set forth in Section 5.2(a)(iv).</u>

received by the <u>"</u><u>International Franchisor</u><u>" has the meaning set forth in the preamble hereto.</u>

"International Franchisee PULSE Agreements" means any agreement entered into by a Franchisee, and which is listed on Schedule 1.1(b) to the DPL Contribution and Sale Agreement pursuant to which such Franchisee licenses PULSE Assets from the Distributor.

"<u>"</u><u>International Franchisor</u>" <u>(Michigan)"</u> has the meaning set forth in the preamble hereto.

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"<u>"</u><u>IP Development Services</u>"<u>"</u> means the conception, development, creation and/or acquisition of After-Acquired IP Assets, including the filing, prosecution and maintenance of any applications and/or registrations with respect thereto, after the Initial Closing Date by the Manager (or its agents) as the IP Holder's<u>Holder's</u> (and any Additional IP Holder's<u>Holder's</u>) agent, and in the name and stead of the IP Holder (and any Additional IP Holder).

"<u>"</u><u>IP Management Services</u>"<u>"</u> means the following services performed and actions taken on behalf of the IP Holder (and any Additional IP Holder), in each case to the extent that the Manager determines that such action is necessary or advisable, in accordance with the Management Standard:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintaining, enforcing and defending the IP Holder's<u>Holder's</u> (and any Additional IP Holder's<u>Holder's</u>) rights in and to the Domino's<u>Domino's</u> IP, including diligently prosecuting Trademark applications and maintaining Trademark registrations, timely filing statements of use, applications for renewal and affidavits of use and/or incontestability and paying all fees required by applicable law; searching and clearing the Trademarks included in the After-Acquired IP Assets; responding to third-party oppositions of trademark applications or registrations; responding to any office action or other examiner requests; conducting searches, monitoring and taking appropriate actions to oppose or contest any applications or registrations for Trademarks that are likely to cause confusion with or to dilute, or otherwise violate the IP Holder's<u>Holder's</u> or any Additional IP Holder's<u>Holder's</u> rights in or to, the Trademarks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcing the IP Holder's<u>Holder's</u> (and any Additional IP Holder's<u>Holder's</u>) legal title in and to the Domino's<u>Domino's</u> IP and exercising the IP Holder's<u>Holder's</u> (and any Additional IP Holder's<u>Holder's</u>) rights, and performing the IP Holder's<u>Holder's</u> (and any Additional IP Holder's<u>Holder's</u>) obligations, under each IP License Agreement, including ensuring that any use of the Domino's<u>Domino's</u> IP satisfies the quality control provisions of such IP License Agreement and is in compliance with all applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) applying for registration of Copyrights and timely filing maintenance and registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) diligently prosecuting applications (including divisionals, continuation-in-parts, provisionals, and reissues) and maintaining the registrations for any Patents, including timely paying all maintenance and registration fees required by applicable law and responding to office actions, requests for reexamination, interferences and any other patent office requests or requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) maintaining registrations for all material domain names included in the Domino's<u>Domino's</u> IP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the event that the Manager becomes aware of any imitation, infringement, dilution, misappropriation and/or unauthorized use of the Domino's<u>Domino's</u> IP, or any portion thereof, taking reasonable actions to protect, police and enforce such Domino's<u>Domino's</u> IP, including, as appropriate, (i) preparing, issuing and

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responding to and further prosecuting cease and desist, demand and notice letters and requests for a license; and (ii) commencing, prosecuting and/or resolving a claim or suit against such imitation, infringement, dilution, misappropriation and/or the unauthorized use of the Domino's<u>Domino's</u> IP, and seeking all appropriate monetary and equitable remedies in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) performing such functions and duties, and preparing and filing such documents, as are required under the Indenture or the Global G&C Agreement to be performed, prepared and/or filed by the IP Holder (or any Additional IP Holder), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) causing the IP Holder (and any Additional IP Holder) to execute and recording such financing statements (including continuation statements) or amendments thereof or supplements thereto or such other instruments as the Trustee, the Control Party and the Securitization Entities together may from time to time reasonably request in connection with the security interests in the Domino's<u>Domino's</u> IP granted by the IP Holder (and any Additional IP Holder) to the Trustee; provided that such requests are consistent with the standards and obligations set forth in the Base Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causing the IP Holder (and any Additional IP Holder) to execute grants of security interests or any similar instruments as the Trustee, the Control Party and the Securitization Entities together may from time to time reasonably request; <u>provided</u> that such requests are consistent with the standards and obligations set forth in the Base Indenture that are intended to evidence such security interests in the Domino's<u>Domino's</u> IP and recording such grants or other instruments with the relevant authority including the U.S. Patent and Trademark Office, the U.S. Copyright Office or any applicable foreign intellectual property office as may be agreed upon by the parties to such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) taking such actions on behalf of the IP Holder (and any Additional IP Holder) as the Master Issuer may reasonably request or the Manager may reasonably recommend that are expressly required by the terms, provisions and purposes of the IP License Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as directed by the Control Party, causing the IP Holder (and any Additional IP Holder) to enter into license agreements with any Securitization Entity, including any Additional Securitization Entity, and to grant such Securitization Entity the right to use the Domino's<u>Domino's</u> IP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) preparing for execution by the IP Holder (and any Additional IP Holder) or any other appropriate Person of all documents, certificates and other filings as the IP Holder (or any Additional IP Holder) shall be required to prepare and/or file under the terms of the IP License Agreements; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) paying or arranging for payment or discharge of taxes and Liens levied on or threatened against the Domino's<u>Domino's</u> IP.

"<u>"</u><u>IP Services</u>"<u>"</u> means, collectively, the IP Development Services and the IP Management Services.

<u>"Leadership Team" means, on and after the Series 2025-1 Springing Amendments Implementation Date, the President and Chief Executive Officer, Executive Vice President and Chief Financial Officer, President of Domino's International, Executive Vice President of Supply Chain Services, Executive Vice President of Team U.S.A., Executive Vice President of Franchise Operations and Development, Executive Vice President of Communication, Investor Relations and Legislative Affairs, Executive Vice President and General Counsel, Executive Vice President and Chief Information Officer, President of Domino's USA, and Executive Vice President and Chief People Officer of Holdco or any other position that contains substantially the same responsibilities as any of the positions listed above or reports to the President and Chief Executive Officer; provided that from time to time an Authorized Officer of Holdco may, upon written notice to the Control Party and the Trustee, change the list of offices comprising the Leadership Team so long as such list (x) at all times includes, at a minimum, the Chief Executive Officer and Chief Financial Officer (or differently-titled successor offices performing substantially the same functions as the Chief Executive Officer and/or Chief Financial Officer, as the case may be) and (y) at no time exceeds twenty-five (25) offices; *provided, further,* that any changes to such list notified to the Control Party and the Trustee during the period beginning on the date that is ninety (90) days preceding the announcement of a Change of Control and ending on the date that is twelve (12) months following the occurrence of a Change of Control shall be disregarded for purposes of this definition.</u> 

"<u>"</u><u>Manager Advances</u>"<u>"</u> has the meaning set forth in <u>Section 2.2(a)</u><u>Section 2.2(a)</u> hereof. "

<u>"</u><u>Managed Assets</u>"<u>"</u> has the meaning set forth in the recitals hereto. "

<u>"</u><u>Managed Document</u>"<u>"</u> means any contract, agreement, arrangement or understanding relating to any of the Managed Assets, including, without limitation, the Contribution and Sale Agreements, the Distribution and Contribution Agreements, the Third-Party License Agreements, the International Franchisee PULSE Agreements, the Franchise Arrangements, the IP License Agreements, any agreement between a Domino's Entity and a third party that is a PULSE Asset, the Company-Owned Stores Requirements Agreement and the Distribution<u>Supply Chain</u> Agreements.

"<u>"</u><u>Management Standard</u>"<u>"</u> means standards that (a) are consistent with Current Practices or, to the extent of changed circumstances, practices, technologies, strategies or implementation methods, consistent with the standards as the Manager would implement or observe if the Managed Assets were owned by the Manager; (b) will enable the Manager to comply in all material respects with all of the duties and obligations of the Securitization Entities under the Related Documents and each Collateral Franchise Document; (c) are in material compliance with all applicable Requirements of Law; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to the use and maintenance of the IP Holders'<u>'</u> (and any Additional IP Holder's<u>Holder's</u>) rights in and to the Domino's<u>Domino's</u> IP, are consistent with the standards imposed by the IP License Agreements.

<u>"Manager Termination Event" has the meaning set forth in Section 6.1(a) hereof.</u>

"<u>"</u><u>Manager Termination</u> <u>Event"</u><u>Notice"</u> has the meaning set forth in <u>Section 6.1</u>(ab) hereof. "

<u>"Non-Securitization Entity" means any Domino's Entity that is not a Securitization Entity.</u>

<u>"Non-Securitization Entity MFA Arrangements" has the meaning set forth in Section 5.2(a)(iv) hereof.</u>

<u>"Non-Securitization International Franchisor" means any Non-Securitization Entity that acts as a franchisor in respect of Franchised Stores operated or under development in the International Territory.</u>

<u>"Non-Securitization International Franchisor IP License Agreement" has the meaning set forth in Section 5.2(a)(iv) hereof.</u>

<u>"Non-Securitization International Franchisor IP License Agreement Terms" has the meaning set forth in Section 5.2(a)(iv) hereof.</u>

"<u>"</u><u>Notes</u>"<u>"</u> has the meaning set forth in the recitals hereto.

"<u>"</u><u>Owned Property</u>"<u>"</u> means, collectively, those parcels of real property in which any Securitization Entity owns the fee estate, together with any Improvements thereon.

<u>"Permitted Termination/Amendment" means, with respect to any termination or amendment of a Non-Securitization International Franchisor IP License Agreement, such termination or amendment (i) with the prior written consent of the Control Party, to the extent required under the Indenture, (ii) in connection with the issuance of any Additional Notes, (x) to the extent that the credit ratings assigned to such Additional Notes are at the same or greater level than the greater of (A) the then-current credit ratings of the Notes comprising such Class or (B) the initial credit ratings, in each case, of any Series of Notes of the same Class or Tranche that are Outstanding or are being refinanced, without further consent, or (y) otherwise, solely upon satisfaction of the Rating Agency Condition with respect to all Notes; provided, that, in each case, such Additional Notes are rated at least investment grade (unless such Additional Notes are of a Class of Outstanding Notes that received a rating lower than investment grade at the time of issuance, in which case such Additional Notes shall be rated at least as high as the rating of such Class of Outstanding Notes received at the time of issuance), (iii) in the case of an amendment, required in order to effect an assignment of such Non-Securitization International Franchisor IP License Agreement to another Non-Securitization Entity or (iv) in the case of a termination, in connection with a permitted transfer or other disposition of all of the International NSE</u> <u>Franchise Agreements (or other franchise agreement or sublicense) then held by the applicable Non-Securitization International Franchisor.</u>

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"<u>"</u><u>Post-Opening Services</u>"<u>"</u> means, to the extent required by the Franchise Arrangements, (a) the maintenance of a continuing advisory relationship with Franchisees, including consultation in the areas of marketing, merchandising and general business operations, (b) the provision to each Franchisee of the applicable standards for the Domino's<u>Domino's</u> Brand, (c) the use of reasonable efforts to maintain standards of quality, cleanliness, appearance and service at all Stores and (d) the collection and administration of the Advertising Fees and the Company-Owned Store Advertising Fees and the direction of the development of all advertising and promotional programs for the Domino's<u>Domino's</u> Brand or any Future Brand.

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"<u>"</u><u>Post-Securitization Asset</u>"<u>"</u> means a Post-Securitization Collateral Franchise Document, or any Intellectual Property created, developed or acquired after the Series 2007-1 Closing Date by or on behalf of, and owned by, the IP Holder, including, without limitation, all Future Brand IP.

"<u>"</u><u>Post-Securitization Asset Addition Date</u>"<u>"</u> means, with respect to any Post- Securitization Asset, the earliest of (i) the date on which such Post-Securitization Asset is acquired by, or developed for the benefit of, a Securitization Entity, (ii) the later of (a) the date upon which the closing occurs under the applicable contract giving rise to such Post- Securitization Asset and (b) the date upon which all of the diligence contingencies in the contract for purchase of the applicable Post-Securitization Asset expire and the Securitization Entity acquiring such Post-Securitization Asset no longer has the right to cancel such contract and (iii) the date on which a Securitization Entity begins receiving Collections with respect to such Post-Securitization Asset.

"<u>"</u><u>Post-Securitization Collateral Franchise Document</u>"<u>"</u> means any Collateral Franchise Document entered into by any of the Securitization Entities (including any renewal) after the Series 2007-1 Closing Date.

"<u>"</u><u>Post-Securitization Owned Property</u>"<u>"</u> means any Owned Property acquired after the Series 2007-1 Closing Date.

"<u>"</u><u>Power of Attorney</u>"<u>"</u> means the authority granted by the IP Holder (and any Additional IP Holder) to the Manager pursuant to a Power of Attorney in substantially the form set forth as <u>Exhibit B</u> hereto.

"<u>"</u><u>Pre-Opening Services</u>"<u>"</u> means, to the extent required by the Franchise Arrangements, (a) the provision to each Franchisee of standards for the design, construction, equipping and operation of any Store owned and operated by such Franchisee and the approval of locations meeting such standards, (b) the provision to individuals designated by the Franchisee of the applicable Franchisor's<u>Franchisor's</u> then-current initial training program corresponding to the Domino's<u>Domino's</u> Brand or any Future Brands, as the case may be, at one or more training centers designated by the Manager, (c) the provision to each Franchisee of then-current operating procedures to assist such Franchisee in complying with the applicable Franchisor's<u>Franchisor's</u> standard methods of record keeping, controls, staffing, quality control, training requirements and production methods and (d) the provision to each Franchisee of assistance in the pre-opening, opening and initial operation of the franchise as the Manager deems advisable for purposes of complying with the applicable Franchise Arrangements.

"<u>"</u><u>Prior Terms</u>"<u>"</u> means, in respect of each type of contract included in Post- Securitization Franchise Arrangements, the contractual terms and provisions, exclusive of the applicable rates for Initial Franchise Fees or Continuing Franchise Fees, Advertising Fees and similar fees and expenses, that were generally prevailing for agreements of such type, entered into by the Former Franchisors on or before the Series 2007-1 Closing Date.

"<u>Product Supply Entity</u>" has the meaning set forth in the recitals hereto.

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"<u>Product Supply Margin</u>" has the meaning set forth in Exhibit C hereto.

"<u>Product Supply Price</u>" has the meaning set forth in Section 2.7(d) hereof.

"<u>Recipient</u>" has the meaning ascribed to such term in the definition of"Confidential Information."

"<u>"</u><u>Repurchased Store</u> "<u>"</u> has the meaning set forth in the recitals hereto.

"<u>"</u><u>Services</u> "<u>"</u> means the servicing and administration of the Managed Assets and the Securitization Entities in accordance with the terms of this Agreement, the Indenture, the other Related Documents and the Managed Documents, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(k)</u> (a) calculating and compiling information required in connection with any report to be delivered pursuant to any Related Document (other than the Back-Up Management Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u> (b) preparing and filing of all tax returns and tax reports required to be prepared by any Securitization Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(m)</u> (c) performing the duties and obligations of the Securitization Entities pursuant to the Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(n)</u> (d) performing the duties and obligations of the Securitization Entities required pursuant to the Franchise Arrangements, including, without limitation, collecting payments under the Franchise Arrangements, providing each Franchisee party to a Franchise Arrangement with operations assistance, access to advertising and marketing materials, information and program updates and ongoing training programs for such Franchisee and its employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(o)</u> (e) preparing, for the Franchisors, Post-Securitization Franchise Arrangements, including, without limitation, adopting variations to the forms of agreements used in documenting Post-Securitization Franchise Arrangements and preparing and executing documentation of franchise transfers, terminations, renewals, site relocations and ownership changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(p)</u> (f) preparing, for the Distributors<u>Supply Chain Holder</u>, new Distribution<u>Supply Chain Agreements;</u>

Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(q)</u> (g) preparing and filing, for the Master Issuer and the Franchisors, franchise disclosure documents to comply in all material respects with applicable federal, state and foreign laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(r)</u> (h) preparing, for any Securitization Entity, New Third-Party License Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(s)</u> (i) ensuring material compliance by the Master Issuer, the Domestic Franchisor<u>, the International Franchisor</u> and the International Franchisor <u>(Michigan)</u> with franchise industry- specific government regulation and applicable laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(t)</u> (j) performing the obligations of the Securitization Entities under the Managed Documents, including entering into new Managed Documents from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(u)</u> (k) enforcing and providing legal services with respect to the Managed Assets, including enforcing the Collateral Franchise Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> (l) providing accounting and financial reporting services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(w)</u> (m) establishing and/or providing quality control services and standards with respect to the promulgation and maintenance of standards for food, equipment, suppliers and distributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(x)</u> (n) monitoring industry conditions and adapting accordingly to meet changing consumer needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(y)</u> (o) administering and facilitating any Franchisee Financing Programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(z)</u> (p) formulating and implementing growth and business strategies and causing any applicable Securitization Entity to enter into new joint venture, strategic partnership and licensing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(aa)</u> (q) supporting the development of new products for and increased brand awareness of the Domino's<u>Domino's</u> Brand, and, if applicable, any Future Brands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(bb)</u> (r) the Pre-Opening Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(cc)</u> (s) the Post-Opening Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(dd)</u> (t) the IP Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ee)</u> (u) the Distribution<u>Supply Chain</u> Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ff)</u> (v) the Equipment Purchasing Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(gg)</u> (w)the Asset Management Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(hh)</u> (x) any and all additional services that the Manager deems necessary or convenient in connection with the foregoing.

"<u>"</u>SPV Canadian Holdco"<u>"</u> has the meaning set forth in the preamble hereto.

"<u>"</u><u>SPV Guarantor</u>"<u>"</u> has the meaning set forth in the preamble hereto. "

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"<u>"</u><u>Sub-Management Arrangement</u>"<u>"</u> means an arrangement whereby the Manager or the Canadian Manufacturer engages any other Person to perform certain of its duties under this Agreement; <u>provided</u> that any agreement between the Manager and third-party vendors pursuant to which the Manager purchases a specific product or service including, without limitation, the Distribution<u>Supply Chain</u> Agreements, shall not be considered to be a Sub- Management Arrangement.

"<u>"</u><u>Sub-manager</u>" <u>"</u> means any sub-manager that has entered into a Sub-Management Arrangement with the Manager or the Canadian Manufacturer.

"<u>"</u><u>Successor Manager</u>"<u>"</u> means any successor to the Manager selected<u>appointed</u> by the Control Party (at the direction of the Controlling Class Representative) <u>that has accepted such appointment</u> upon the <u>termination</u>, resignation<u>, replacement</u> or removal of the Manager pursuant to the terms of this Agreement.

<u>"Supply Chain Services"</u><u> </u><u>means, in a manner consistent with the Management Standard, the</u><u> </u><u>production, acquisition, storage and delivery of food and other</u> <u>Products for resale to Franchisees, to DPL, as owner of Company-Owned Stores and to other Persons on behalf of the Securitization Entities, including enforcing and performing the duties and obligations of the Securitization Entities under the</u> <u>Supply Chain Agreements.</u>

"<u>Supplied Products and Services</u>" has the meaning set forth in the recitals hereto.

"<u>"</u><u>Trademarks</u>" <u>"</u> means United States, state and non-U.S. trademarks, service marks, trade names, trade dress, designs, logos, slogans and other indicia of source or origin, whether registered or unregistered, registrations and pending applications to register the foregoing, and all goodwill of any business connected with the use of or symbolized thereby, included in the Domino's<u>Domino's</u> IP.

"<u>"</u><u>Transition Plan</u>"<u>"</u> has the meaning set forth in the Back-Up Management Agreement.

hereof.

"<u>"</u><u>Trustee</u>" <u>"</u> has the meaning set forth in the preamble hereto.

"<u>"</u><u>Trustee Indemnitee</u>"<u>"</u> has the meaning set forth in <u>Section 2.8(c)</u><u>Section 2.8(c)</u> hereof. "

"<u>"</u><u>Weekly Canadian Management Fee</u>"<u>"</u> has the meaning set forth in <u>Section 2.7(b)</u><u>Section 2.7(b)</u>

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"Weekly Management Fee" means for each Weekly Allocation Date within a <u>"Weekly Management Fee" means for each Weekly Allocation Date within a</u> Quarterly Collection Period, <u>either (X)</u> an amount, payable in arrears, determined by <u>dividing</u> (a) the <u>sum</u> (as adjusted pursuant to this definition) of (i) $26,500,000<u>80,250,000</u>, plus (ii) $600,000 for every 100 Open Domino's Stores located in the contiguous United States as of the last day of the immediately preceding<u>17,200 for every integer multiple of $100,000 in aggregate Retained Collections over the preceding four</u> Quarterly Collection Period<u>Periods</u>; <u>by</u> (b) 52 or 53, as applicable, based on the number of weeks in the fiscal year; <u>provided</u> that the amount set forth in clause (a) will increase by 2% per annum on each anniversary of the Closing Date or, if the anniversary of the Closing Date in any calendar year is not the first day of a Quarterly Collection Period, on the first day of the Quarterly Collection Period immediately following the anniversary of the Closing Date; <u>provided, further</u>, that the amount in <u>clause (a)</u>, as adjusted, shall not exceed an amount equal to 25% of the aggregate amount of Retained Collections with respect to the preceding four Quarterly Collection Periods. <u>or (Y) an amount determined by another formula notified by the Master Issuer in writing to the Trustee and the Control Party; provided that (a) the Master Issuer or the Manager certifies to the Trustee and the Control Party that such other formula was determined in consultation with the Back-Up Manager, (b) after delivering such notification, the Master Issuer will disclose the then-applicable formula in subsequent Quarterly Noteholders' Statements and (c) the Master Issuer or the Manager delivers written confirmation to the Trustee and the Control Party that the Rating Agency Condition with respect to each Series of Notes Outstanding has been satisfied with respect to such new formula. For the avoidance of doubt, the Weekly Management Fee may also be amended in accordance with the amendment provisions in Section 8.2.</u>

<u>For purposes of the definition of "Weekly Management Fee", Retained Collections will be deemed to be $320,245,577.47 for the Quarterly Collection Period ended September 8, 2024, $427,161,235.70 for the Quarterly Collection Period ended December 29, 2024, $325,581,495.43 for the Quarterly Collection Period ended March 23, 2025, and $344,203,702.81 for the Quarterly Collection Period ended June 15, 2025. Further, the calculation of Retained Collections for the Quarterly Collection Period ending on September 7, 2025 may be adjusted to reflect the Manager's good faith estimate (in accordance with the Management Standard) of what Retained Collections would have been for the portion of such Quarterly Collection Period occurring prior to the Series 2025-1 Closing Date if the calculation of "Retained Collections" set forth above had been in effect prior to the Series 2025-1 Closing Date.</u>

"<u>"</u><u>Warm Back-Up Management Duties</u>"<u>"</u> has the meaning set forth in the Back-Up Management Agreement.

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<u>Section 1.2</u> Section 1.2 <u>Other Defined Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each term defined in the singular form in <u>Section 1.1</u><u>Section 1.1</u> or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement and each term defined in the plural form in <u>Section 1.1</u><u>Section 1.1</u> shall mean the singular thereof when the singular form of such term is used herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "<u>"</u>hereof," "<u>" "</u>herein," "<u>" "</u>hereunder"<sup><u>"</u></sup> and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.

<u>Section 1.3</u> Section 1.3 <u>Other Terms</u>. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9.

<u>Section 1.4</u> Section 1.4 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "<u>"</u>from"<u>"</u> means "<u>"</u>from and including"<u>"</u> and the words "<u>"</u>to "<u>"</u> and "<u>"</u>until"<u>"</u> each means "<u>"</u>to but excluding."<u>"</u>

<u>ARTICLE 2</u><u>ARTICLE 2</u>

<u>ADMINISTRATION AND MANAGEMENT OF MANAGED ASSETS</u>

<u>Section 2.1</u> Section 2.1 <u>Domino's</u><u>Domino's</u> <u>Pizza LLC to Act as the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Engagement of the Manager</u>. The Securitization Entities hereby engage and authorize the Manager and the Manager hereby accepts such engagement to perform the Services in accordance with the terms of this Agreement and, except as otherwise provided herein, the Management Standard. With respect to the IP Services, the Manager shall perform such IP Services in accordance with the Management Standard unless the IP Holder (or Additional IP Holder, as applicable) determines, in its sole discretion, that additional action is necessary or desirable in furtherance of the protection of the Domino's<u>Domino's</u> IP, in which case the Manager shall perform such IP Services and additional related services as are reasonably requested by the IP Holder (or Additional IP Holder). The Manager, on behalf of the Securitization Entities, shall have full power and authority, acting alone and subject only to the Management Standard and the specific requirements and prohibitions of this Agreement, the Indenture and the other Related Documents, to do and take any and all actions, or to refrain from taking any such actions, and to do any and all things in connection with performing the Services that the Manager may deem necessary or desirable. The Canadian Manufacturer will perform all Services for the Canadian Distributor <u>for as long as the Canadian Distributor remains a Guarantor under the Global G&C Agreement</u>. Without limiting the generality of the foregoing, but subject to the provisions of

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this Agreement, the Indenture and the other Related Documents, including, without limitation, <u>Section 2.9</u><u>Section 2.9</u>, the Manager, in connection with performing the Services, is hereby authorized and empowered to execute and deliver, in the Manager's<u>Manager's</u> own name (in its capacity as Manager) or in the name of any Securitization Entity, on behalf of any Securitization Entity or the Trustee, as the case may be, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Managed Assets, including, without limitation, consents to sales, transfers or encumbrances of a franchise by any Franchisee or consents to assignments and assumptions of the Franchise Arrangements by any Franchisee in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Actions to Perfect Security Interests</u>. Subject to the terms of the Base Indenture and any applicable Series Supplement, the Manager shall take those actions that are required under the Related Documents to maintain continuous perfection and priority (subject to Permitted Liens) of any Securitization Entity's<u>Entity's</u> and the Trustee's<u>Trustee's</u> respective interests in the Collateral. Without limiting the foregoing, the Manager shall file or cause to be filed the financing statements on Form UCC-1 (or the PPSA, as the case may be), and assignments and/or amendments of financing statements on Form UCC-3 (or the PPSA, as the case may be), and other filings required to be filed in connection with each Contribution and Sale Agreement, the Distribution and Contribution Agreements, the IP License Agreements, the Domino's<u>Domino's</u> IP, the Base Indenture, the other Related Documents and the transactions contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ownership of</u> <u>Domino's</u><u>Domino's</u> IP. All Domino's<u>Domino's</u> IP, including all After-Acquired IP Assets, shall be owned exclusively by the IP Holder or, with respect to certain Future Brand Assets, by an Additional IP Holder, in accordance with Section 5.2(a)(i)<u>Section 5.2(a)(i)</u>. The Manager does hereby irrevocably assign and transfer to the IP Holder all right, title and interest in and to any Domino'sDomino's IP that the Manager has acquired or developed, and shall assign and transfer to the IP Holder or the applicable Additional IP Holder, all right title and interest in and to any Domino's<u>Domino's</u> IP that the Manager may acquire or develop, in each case, including all appurtenant goodwill and choses in action, and will take all appropriate measures to record any such assignments, at the Manager's<u>Manager's</u> sole cost and expense. The Manager expressly agrees that, to the fullest extent allowed by law, copyrighted works included in the After-Acquired IP Assets shall be deemed to be a "<u>"</u>works made for hire"<u>"</u> as that term is defined in Section 101 of the United States Copyright Act, as amended. All use of the Domino's<u>Domino's</u> IP hereunder, and any goodwill that may arise from the provision of the Services by the Manager, shall inure solely to the benefit of the IP Holder (and any Additional IP Holder, as applicable).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Grant of Power of Attorney</u>. In order to provide the Manager with the authority to perform and execute its duties and obligations as set forth herein, the IP Holder hereby agrees, and each Additional IP Holder will be required to agree, to execute, upon request of the Manager, a Power of Attorney, which Powers of Attorney shall terminate in the event that the Manager's<u>Manager's</u> rights under this Agreement are terminated as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Franchisee Insurance</u>. The Manager acknowledges that, to the extent that it is named as a"<u>"</u>loss payee" or " <u>" or "</u> additional insured"<u>"</u> under any Franchisee Insurance Policies, it will use commercially reasonable efforts to cause it to be so named in its capacity as the Manager, and the Manager shall promptly remit to the Trustee for deposit in the Collection Account any Franchisee Insurance Proceeds received by it or by any Securitization Entity under any Franchisee Insurance Policy to the extent such Franchisee Insurance Proceeds relate to any Franchise Arrangements. The Manager shall use commercially reasonable efforts to cause the applicable Securitization Entity to be named as "<u>"</u>loss payee " or "<u>" or "</u> additional insured"<u>"</u> under all Franchisee Insurance Policies at the earliest time such Franchisee Insurance Policies are issued, renewed or replaced after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Manager Insurance</u>. The Manager agrees to maintain adequate insurance in accordance with industry standards and consistent with the type and amount maintained by the Manager on the Closing Date. Such insurance will cover each of the Securitization Entities, as an additional insured or loss payee, to the extent that such Securitization Entity has an insurable interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Collection of Payments; Remittances; Collection Account</u>. The Manager shall cause the collection of all amounts owing under the terms and provisions of each Managed Document in accordance with the Management Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Collections</u>. The Manager shall use commercially reasonable efforts to cause all Collections due and to become due to any Securitization Entity to be deposited into a Concentration Account or the Collection Account, as the case may be, in accordance with Section 5.10 of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Deposit of Misdirected Funds; No Commingling; Misdirected Payments</u>. The Manager shall promptly deposit into any Concentration Account, as determined by the Manager, by the second Business Day immediately following actual knowledge of the receipt thereof by the Manager or any of its Affiliates and in the form received or in cash, all payments received by the Manager or any of its Affiliates in respect of the Managed Assets incorrectly sent to the Manager or any of its Affiliates. The Manager shall not commingle with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties

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(or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager shall notify the Trustee in writing of any amounts incorrectly deposited into the Collection Account, and arrange for the prompt remittance by the Trustee of such funds from the Collection Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager hereunder and shall remit such funds to the Manager based solely on the notification it receives from the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other Amounts Received</u>. The Manager shall cause all amounts received, other than Collections, to be deposited directly into an account maintained by Domino's<u>Domino's</u> Pizza LLC or its Affiliates (other than the Securitization Entities) and not subject to the Lien of the Trustee pursuant to the Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Asset Management Services</u>. In connection with the Asset Management Services, the Manager shall use commercially reasonable efforts to renew real property leases and equipment leases related to the distribution, manufacturing<u>production</u> and supply chain solely in the name of the relevant Securitization Entity and to remove any Non-Securitization Entity that is a co-obligor on any such lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Supplied Products and Services</u>. The Product Supply Entities hereby engage and authorize DPL, and DPL hereby accepts such engagement, to provide and perform the Supplied Products and Services. DPL agrees to provide and perform such Supplied Products and Services in accordance with the agreements and covenants set forth in the Product Purchase and Distribution Agreement as if DPL were party to such agreement in the role of the Suppliers (as defined therein). DPL further agrees to be bound by the "Default and Termination" provisions of the Product Purchase and Distribution Agreement as if DPL were party to such agreement in the role of the Suppliers (as defined therein).

<u>Section 2.2</u> Section 2.2 <u>Manager Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Management Standard, the Manager may, but is not obligated to, advance funds (the "<u>"</u><u>Manager Advances</u>"<u>"</u>) to, or on behalf of, any Securitization Entity in connection with the operation of the Franchise Assets, the Domino's<u>Domino's</u> IP, the Distribution<u>Supply Chain</u> Assets or any other assets of a Securitization Entity, including for the payment of Distributor<u>(without duplication)</u> Supply Chain Expenses, Supply Chain Costs of Goods Sold and Distribution Center<u>, Supply Chain Center Expenses and Supply Chain Operating</u> Expenses, and for purposes of effecting Asset Dispositions, including amounts related to the acquisition of assets disposed of later in such transactions, in each case, solely to the extent that funds available in the applicable accounts are insufficient to pay such amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Manager Advances will accrue interest at the Advance Interest Rate and will be reimbursable on each Weekly Allocation Date in accordance with the Priority of Payments.

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<u>Section 2.3</u> Section 2.3 <u>Concentration Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall maintain the Concentration Accounts, deposit funds therein and withdraw funds therefrom in accordance with the terms of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event Holdco has deposited cash collateral as security for its obligations under the Holdco Letter of Credit Agreement into a bank account maintained in the name of the Master Issuer, (i) if Holdco fails to make any payment to the Co-Issuers when due under the Holdco Letter of Credit Agreement, the Manager will withdraw the amount of such delinquent payment from such bank account within one Business Day of the due date of such payment under the Holdco Letter of Credit Agreement and deposit such amount into the Collection Account, and (ii) if the amount on deposit in such account exceeds an amount equal to 105% of the <u>sum of</u> (x) the aggregate exposure under all outstanding Holdco Letters of Credit <u>plus</u> (y) the aggregate amount then due to the Co-Issuers under Section 4 or Section 5 of the Holdco Letter of Credit Agreement, the Manager will, within five Business Days after obtaining Actual Knowledge of such excess, withdraw the amount of such excess from such account and pay such excess to Holdco.

<u>Section 2.4</u> Section 2.4 <u>Records</u>. The Manager shall retain all data (including, without limitation, computerized records) relating directly to, or maintained in connection with, the servicing of the Managed Assets at its address indicated in <u>Section 8.6</u><u>Section 8.6</u> (or at an off-site storage facility reasonably acceptable to the Master Issuer and the Control Party) or, upon 30 days'' notice to the Master Issuer, the Servicer, the Back-Up Manager, the IP Holder (and any Additional IP Holder), the Rating Agencies, the Control Party, the Controlling Class Representative and the Trustee, at such other place where the servicing office of the Manager is located, and shall give the Servicer, the Back-Up Manager, the Control Party, the Controlling Class Representative and the Trustee or any Person appointed by any of them access to all such data in accordance with the terms and conditions set forth in Section 8.6 of the Base Indenture; provided, however, that the Trustee shall not be obligated to verify, recalculate or review any such data. If the rights of the Manager shall have been terminated in accordance with Section 6.1<u>Section 6.1</u> or the Manager shall have resigned pursuant to <u>Section 4.4(b)</u><u>Section 4.4(b)</u>, the Manager shall, upon demand of the Trustee (based upon the written direction of the Control Party), in the case of a termination pursuant to Section 6.1<u>Section 6.1</u> or a resignation pursuant to Section 4.4(b)<u>Section 4.4(b)</u>, deliver to the demanding party or its designee all data in its possession or under its control (including, without limitation, computerized records) necessary for the servicing of the Managed Assets; <u>provided</u>, <u>however</u>, that the Manager may retain a single set of copies of any books and records that the Manager reasonably believes will be required by it for the purpose of performing any of the Manager's<u>Manager's</u> accounting, public reporting or other administrative functions that are performed in the ordinary course of the Manager's<u>Manager's</u> business; and <u>provided</u>, <u>further</u>, that the Manager shall have access, during normal business hours and upon reasonable notice, to all books and records that the Manager reasonably believes would be necessary or desirable for the Manager in connection with the preparation of any tax or other governmental reports and filings and other uses; and

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<u>provided</u>, <u>further</u>, that if the Master Issuer or the Trustee shall desire to dispose of any of such books and records at any time within five years of the Manager's<u>Manager's</u> termination, the Master Issuer shall, prior to such disposition, give the Manager a reasonable opportunity, at the Manager's<u>Manager's</u> expense, to segregate and remove such books and records as the Manager may select. The provisions of this <u>Section 2.4</u><u>Section 2.4</u> shall not require the Manager to transfer any proprietary material or computer programs unrelated to the servicing of the Managed Assets.

<u>Section 2.5</u> Section 2.5 <u>Administrative Duties of Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duties with Respect to the Related Documents</u>. The Manager shall perform its duties and the duties of each applicable Securitization Entity under the Related Documents except for those duties that are required to be performed by the equityholders or the managers of a limited liability company, equityholders or the directors of an unlimited liability company or the stockholders or directors of a corporation pursuant to applicable law. In furtherance of the foregoing, the Manager shall consult the managers or the directors, as the case may be, of the Securitization Entities as the Manager deems appropriate regarding the duties of the Securitization Entities under the Related Documents. The Manager shall monitor the performance of the Securitization Entities and, promptly upon obtaining knowledge thereof, shall advise the applicable Securitization Entity when action is necessary to comply with the such Securitization Entity's<u>Entity's</u> duties under the Related Documents. The Manager shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to the Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Duties with Respect to the Securitization Entities</u>. In addition to the duties of the Manager set forth in this Agreement or any of the other Related Documents, the Manager, in accordance with the Management Standard, shall perform such calculations and shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to securities laws and franchise laws. Pursuant to the directions of the Securitization Entities and in accordance with the Management Standard, the Manager shall administer, perform or supervise the performance of such other activities in connection with the Securitization Entities as are not covered by any of the foregoing provisions and as are expressly requested by any Securitization Entity and are reasonably within the capability of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Records</u>. The Manager shall maintain, at its sole cost and expense, appropriate books of account and records relating to the Services performed under this Agreement. Such books of account and records shall be accessible for inspection by the Trustee, the Master Issuer, the Servicer, the Back- Up Manager, the Control Party, and the Controlling Class Representative or any Person appointed by any of them during normal business hours and upon reasonable notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Election of Controlling Class Representative</u>. Pursuant to Section 11.1(d) of the Base Indenture, if two CCR Candidates both receive votes from Controlling Class Members holding beneficial interests in exactly 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class, the Manager shall direct the Trustee to appoint one of such CCR Candidates as the Controlling Class Representative.

<u>Section 2.6</u> Section 2.6 <u>No Offset</u>. The obligations of the Manager under this Agreement shall not be subject to, and the Manager hereby waives, any defense, counterclaim or right of offset which the Manager has or may have against the Securitization Entities, whether in respect of this Agreement, any other Related Document, any document governing any Serviced Asset or otherwise.

Section 2.7 Section 2.7 <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. As compensation for the performance of their obligations under this Agreement, the Manager and the Canadian Manufacturer shall be entitled to receive arm's-length<u>arm's-length</u> fees, in each case, out of funds available therefore in accordance with the Priority of Payments, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on each Weekly Allocation Date, payable in arrears, an amount equal to the Weekly Management Fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on each Weekly Allocation Date, the Supplemental Management Fee, if any; <u>provided</u> that the Manager shall, with the written consent or at the direction of the Control Party, acting at the direction of the Controlling Class Representative, pay any Tax Payment Deficiency from the Supplemental Management Fee to the extent allocated for such purpose under the terms of such consent or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Canadian Manufacturer</u>. From the amounts payable under <u>Section 2.7(a)</u><u>Section 2.7(a)</u> in respect of any Weekly Collection Period, as compensation for the performance of its obligations under this Agreement, the Canadian Manufacturer will be compensated on a cost-plus basis for performance of Services for the Canadian Distributor during such Weekly Collection Period (the "<u>"</u><u>Weekly Canadian Management Fee</u>"<u>"</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Manager</u>. As compensation for the performance of its obligations under this Agreement, the Manager will be entitled to receive all amounts payable under <u>Section 2.7(a)</u><u>Section 2.7(a)</u> in respect of any Weekly Collection Period, <u>less</u> the Weekly Canadian Management Fee, if any, payable in respect of such Weekly Collection Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>[Reserved].</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Payment for Supplied Products and Services. As compensation for DPL's provision of Supplied Products and Services to each of the Product Supply Entities, such entities shall separately pay DPL a price for such Supplied Products and Services, as set forth on Exhibit C attached hereto (as may be adjusted from time to time in accordance with the provisions of Exhibit C) and incorporated by reference (the "Product Supply Price"). The "Total Cost" portion of such Product Supply Price shall not build in any margin and shall not be calculated to generate any profit for any party hereto or any Affiliate of any party hereto (including, for the avoidance of doubt, Progressive Food Solutions LLC). The Manager shall apportion the obligation to pay the Product Supply Price among the Product Supply Entities based on such criteria as the Manager from time to time determines in its reasonable discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reimbursement Amounts</u>. The Manager will be entitled to be reimbursed on each Weekly Allocation Date out of funds available therefor in accordance with the Priority of Payments in the amount of the Weekly Distribution<u>Supply Chain</u> Services Reimbursement Amount and the Weekly Equipment Purchasing Reimbursement Amount.

<u>Section 2.8</u> Section 2.8 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager agrees to indemnify and hold each Securitization Entity, the Servicer, both in its capacity as Servicer and as Control Party, <u>the Back-Up Manager</u> and the Trustee, and their respective officers, directors, employees and agents (each an "<u>"</u><u>Indemnitee</u>"<u>"</u>) harmless against all claims, losses, penalties, fines, forfeitures, legal fees and related costs and judgments and other costs, fees and reasonable expenses that any of them may incur as a result of (i) the failure of the Manager to perform its obligations under this Agreement, (ii) the breach by the Manager of any representation, warranty or covenant under this Agreement or (iii) the Manager's<u>Manager's</u> negligence, bad faith or willful misconduct; <u>provided</u>, <u>however</u>, that there shall be no indemnification under this <u>Section 2.8(a)</u><u>Section 2.8(a)</u> for a breach of any representation, warranty or covenant relating to any Post-Securitization Asset provided in <u>ARTICLE 5</u><u>Article 5</u>, unless the applicable Indemnitees elect to forego the liquidated damages remedy provided in <u>Section 2.8(b)</u><u>Section 2.8(b)</u> below (with the consent of the Control Party), with respect to the applicable breach; <u>provided</u> <u>further</u> that, solely for purposes of determining the indemnification obligations pursuant to <u>clause (i)</u> above, the definition of "<u>"</u>Management Standard"<u>"</u> will be read without giving effect to the materiality standard contained in clause (c) of the definition of "<u>"</u>Management Standard."<u>"</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any claim described in <u>clause (i)</u> or <u>(ii)</u> of <u>Section 2.8(a)</u><u>Section 2.8(a)</u> relating to the Manager's<u>Manager's</u> breach of a representation, warranty or covenant under ARTICLE 5<u>Article 5</u> relating to any Post-Securitization Asset, each Indemnitee shall have the option (that it may exercise in its sole discretion) of proceeding under such <u>Section 2.8(a)</u><u>Section 2.8(a)</u> or under this <u>Section 2.8(b)</u><u>Section 2.8(b)</u> but not both. Unless the applicable Indemnitee elects the remedy set forth in <u>Section 2.8(a)</u><u>Section 2.8(a)</u> above, the Manager shall pay to the Master Issuer liquidated damages in an amount equal to the Defective Asset Damages Amount. Upon payment by the Manager of the Defective Asset Damages Amount to the Master Issuer with respect to any Defective Post-Securitization Asset in accordance with the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Indemnitee that proposes to assert the right to be indemnified under <u>Section 2.8</u><u>Section 2.8</u> will promptly, after receipt of notice of the commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against the Manager under this <u>Section 2.8</u><u>Section 2.8</u>, notify the Manager of the commencement of such action, suit or proceeding, enclosing a copy of all papers served. In the event that any action, suit or proceeding shall be brought against any Indemnitee (other than the Trustee and its officers, directors, employees and agents), such Indemnitee shall notify the Manager of the commencement thereof and the Manager shall be entitled to participate in, and to the extent that it shall wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee, and after notice from the Manager to such Indemnitee of its election to assume the defense thereof, the Manager shall not be liable to such Indemnitee for any legal expenses subsequently incurred by such Indemnitee in connection with the defense thereof; <u>provided</u> that the Manager shall not enter into any settlement with respect to any claim or proceeding unless such settlement includes a release of such Indemnitee from all liability on claims that are the subject matter of such settlement; and <u>provided further</u> that the Indemnitee shall have the right to employ its own counsel in any such action the defense of which is assumed by the Manager in accordance with this <u>Section 2.8</u><u>Section 2.8</u>, but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless the employment of counsel by such Indemnitee has been specifically authorized by the Manager, or unless the Manager is advised in writing by counsel that joint representation would give rise to a conflict between the Indemnitee's<u>Indemnitee's</u> position and the position of the Manager and its Affiliates in respect of the defense of the claim. In the event that any action, suit or proceeding shall be brought against the Trustee or any of its officers, directors, employees or agents (each, a "<u>"</u><u>Trustee Indemnitee</u>"<u>"</u>), it shall notify the Manager of the commencement thereof and the Trustee Indemnitee shall have the right to employ its own counsel in any such action at the expense of the Manager. No Indemnitee shall settle or compromise any claim covered pursuant to this <u>Section 2.8</u> <u>Section 2.8</u> without the prior written consent of the Manager, which shall not be unreasonably withheld, conditioned or delayed. The provisions of this <u>Section 2.8</u> <u>Section 2.8</u> shall survive the termination of this Agreement or the earlier resignation or removal of any party hereto.

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<u>Section 2.9</u> Section 2.9 <u>Nonpetition Covenant</u>. The Manager shall not, prior to the date that is one year and one day after the payment in full of the Outstanding Principal Amount of the Notes of any Series, petition or otherwise invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against any Securitization Entity under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of any Securitization Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of any Securitization Entity.

<u>Section 2.10</u> Section 2.10 <u>Certain Amendments to Documents Governing Managed Assets</u>. Except with the prior written consent of the Control Party, the Manager shall not (a) take any action (or omit to take any action) (or permit any such action or inaction) with respect to the Managed Assets or (b) permit the termination, amendment or waiver of any provision of any document governing the Managed Assets, other than in accordance with the Management Standard, and then only if the effect of such action, inaction, termination, amendment or waiver, together with the effect of all other previous actions, inactions, terminations, amendments and waivers, with respect to the Managed Asset or to such documents governing the Managed Assets, could not be reasonably expected to result in (i) a material decrease in the amount of Collections other than Excluded Amounts, taken as a whole, (ii) a material adverse change in the nature or quality of Collections other than Excluded Amounts, taken as a whole or (iii) a material alteration in the general assets categories generating Collections other than Excluded Amounts, taken as a whole, or the relative contribution of each such category; <u>provided</u>, <u>however</u>, that this <u>Section 2.10</u><u>Section 2.10</u> shall not permit the termination, amendment or waiver of, any provision of any Related Document other than in accordance with the terms of such Related Document.

<u>Section 2.11</u> Section 2.11 <u>Franchisor Consent</u>. Subject to the Management Standard and the terms of the Related Documents, the Manager shall have the authority, on behalf of the applicable Franchisor, to grant or withhold consents of the "<u>"</u>franchisor" <u>"</u> required under the Franchise Arrangements.

<u>Section 2.12</u> Section 2.12 <u>Appointment of Sub-managers</u>. The Manager may enter into Sub-Management Arrangements; <u>provided</u> that, other than with respect to a Sub- Management Arrangement with an Affiliate of the Manager, no Sub-Management Arrangement shall be effective unless and until (i) the Manager receives the written consent of the Control Party, (ii) the Sub-manager party to such Sub-Management Arrangement executes and delivers an agreement, in the form and substance reasonably satisfactory to the Control Party, to perform and observe, or in the case of an assignment, an assumption by such successor entity of the due and punctual performance and observance of, the applicable covenants and conditions to be performed or observed by the Manager under this Agreement and (iii) such Sub-Management Arrangement or assignment and assumption by such Sub-Manager satisfies the Rating Agency Condition; <u>provided</u> that such Sub-Management Arrangement shall be terminable by the Control Party upon a Manager Termination Event and shall contain disentanglement provisions substantially similar to those provided in Section 6.2<u>Section 6.2</u> herein. <u>The Manager shall deliver a copy of each sub-management agreement to the Back-Up Manager.</u>

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<u>ARTICLE 3</u><u>ARTICLE 3</u>

<u>STATEMENTS AND REPORTS</u>

<u>Section 3.1</u> Section 3.1 <u>Reporting by the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reports Required Pursuant to the Indenture</u>. The Manager, on behalf of the Master Issuer, will furnish, or cause to be furnished, to the Trustee, the Servicer, the Back-Up Manager and each Paying Agent, as applicable, all reports required to be delivered by any Securitization Entity to such Persons pursuant to Section 4.1 of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Instructions as to Withdrawals and Payments</u>. The Manager, on behalf of the Master Issuer, will furnish, or cause to be furnished, to the Trustee or the Paying Agent, as applicable, written instructions to make withdrawals and payments from the Collection Account and any other Base Indenture Accounts or any Series Account, as contemplated herein, in the Base Indenture or in any Series Supplement. The Trustee and the Paying Agent shall follow any such written instructions in accordance with the terms and conditions of the Base Indenture and any applicable Series Supplement.

<u>Section 3.2</u> Section 3.2 Appointment of Independent Accountant. The Master Issuer shall appoint a firm of independent public accountants of recognized national reputation to serve as the independent accountants ("<u>"</u><u>Independent Accountants</u>"<u>"</u>) for purposes of preparing and delivering the reports required by Section 3.3<u>Section 3.3</u>. It is hereby acknowledged that the accounting firm of PricewaterhouseCoopers LLP is acceptable for purposes of serving as Independent Accountants. The Master Issuer may not remove the Independent Accountants without first giving 30 days'' prior written notice to the Independent Accountants, with a copy of such notice also given concurrently to the Trustee, the Rating Agencies, the Servicer, the Back-Up Manager and the Manager. Upon any resignation by such firm or removal of such firm, the Master Issuer shall promptly appoint a successor thereto that shall also be a firm of independent public accountants of recognized national reputation to serve as the Independent Accountants hereunder. If the Master Issuer shall fail to appoint a successor firm of Independent Accountants which has resigned or been removed within 30 days after the effective date of such resignation or removal, the Control Party shall promptly appoint a successor firm of independent public accountants of recognized national reputation that is reasonably satisfactory to the Manager to serve as the Independent Accountants hereunder. The fees of any Independent Accountants shall be payable by the Master Issuer.

<u>Section 3.3</u> Section 3.3 Annual Accountants'' Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before ninety<u>one hundred and twenty</u> (90<u>120</u>) days after the end of each fiscal year of the Manager <u>(or, if the last day of such one hundred and twenty (120) day period is not a Business Day, on or prior to the first Business Day following such time period)</u>, the Manager shall deliver to the Master Issuer, the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies a separate report, concerning the fiscal year just ended, prepared by the Independent Accountants, to the effect that their examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting

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records and such other auditing procedures as they considered necessary in the circumstances in accordance with the standards established by the American Institute of Certified Public Accountants relating to the servicing of the Managed Assets. The nature, scope and design of the procedures will not constitute an audit made in accordance with generally accepted auditing standards, the objective of which is the issuance of an opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before ninety<u>one hundred and twenty</u> (90<u>120</u>) days after the end of each fiscal year of the Manager <u>(or, if the last day of such one hundred and twenty (120) day period is not a Business Day, on or prior to the first Business Day following such time period)</u>, the Manager shall deliver to the Master Issuer, the Trustee, the Servicer<u>, the Back-Up Manager</u> and the Rating Agencies (i) a report of the Independent Accountants or the Back-Up Manager summarizing the findings of a set of agreed-upon procedures performed by the Independent Accountants or the Back-Up Manager with respect to compliance by the Quarterly Manager's<u>Manager's</u> Certificates for such fiscal year (or other period) with the standards set forth in ARTICLE 2<u>Article 2</u> with respect to such fiscal year (or other) period, and (ii) a report of the Independent Accountants or the Back-Up Manager to the effect that such firm has examined the assertion of the Manager's<u>Manager's</u> management as to its compliance with its management requirements for such fiscal year (or other period), and that (A) in the case of the Independent Accountants, such examination was made in accordance with standards established by the American Institute of Certified Public Accountants and (B) except as described in the report, management's<u>management's</u> assertion is fairly stated in all material respects. In the case of the Independent Accountants, the report will also indicate that the firm is independent of the Manager within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants.

<u>Section 3.4</u> Section 3.4 <u>Notice of Reduction in Blended Rate of Continuing Franchise Fees</u>. If during any Quarterly Collection Period the weighted average rate of (a) Domestic Continuing Franchise Fees (calculated as the aggregate amount of such Domestic Continuing Franchise Fees <u>divided by</u> the aggregate systemwide sales (after all appropriate deductions) on which such Domestic Continuing Franchise Fees were payable) falls below 5% or (b) International Continuing Franchise Fees (calculated as the aggregate amount of such International Continuing Franchise Fees <u>divided by</u> the aggregate systemwide sales (after all appropriate deductions) on which such International Continuing Franchise Fees were payable) falls below 2.5%, the Manager, on behalf of the Master Issuer, shall give written notice of such reduction to the Servicer, the Back-Up Manager and the Rating Agencies on the next succeeding Quarterly Payment Date.

<u>ARTICLE 4</u><u>ARTICLE 4</u>

<u>THE MANAGER</u>

<u>Section 4.1</u> Section 4.1 <u>Representations and Warranties Concerning the Manager</u>. The Manager represents and warrants to the Master Issuer and the other Securitization Entities, and the Trustee, as of each Series Closing Date (except if otherwise expressly noted), as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Manager (i) is a limited liability company, duly formed and organized, validly existing and in good standing under the laws of the State of Michigan, (ii) is duly qualified to do business as a foreign corporation and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its obligations under the Related Documents make such qualification necessary, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect and (iii) has the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted and to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Canadian Manufacturer (i) is an unlimited company, duly formed and organized, validly existing and in good standing under the laws of the Province of Nova Scotia, (ii) is duly qualified to do business as a foreign unlimited company and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its obligations under the Related Documents make such qualification necessary, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect and (iii) has the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted and to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power and Authority; No Conflicts</u>. The execution and delivery by the Manager of this Agreement and its performance of, and compliance with, the terms hereof are within the power of the Manager and have been duly authorized by all necessary corporate action on the part of the Manager. Neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated to be consummated by the Manager, nor compliance with the provisions hereof, will conflict with or result in a breach of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under (i) any order or any Governmental Authority or any of the provisions of any Requirement of Law binding on the Manager or its properties, except to the extent that such conflict, breach or default would not result in a Material Adverse Effect, (ii) the DPL Charter Documents or (iii) any of the provisions of any indenture, mortgage, lease, contract or other instrument to which the Manager is a party or by which it or its property is bound or result in the creation or imposition of any Lien upon any of its property pursuant to the terms of any such indenture, mortgage, leases, contract or other instrument except to the extent such default, creation or imposition would not result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Consents</u>. Except for registrations as a franchise broker or franchise sales agent as may be required under federal, state or foreign franchise statutes and regulations, the Manager is not required to obtain the consent of any other party or the consent, license, approval or authorization of, or file any registration or declaration with, any Governmental Authority in connection with the execution, delivery or performance by the Manager of this Agreement, or the validity or enforceability of this Agreement against the Manager, except to the extent that a state or foreign franchise law requires filing and other compliance actions by virtue of considering the Manager as a "<u>"</u>subfranchisor" <u>"</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Due Execution and Delivery</u>. This Agreement has been duly executed and delivered by the Manager and constitutes a legal, valid and binding instrument enforceable against the Manager in accordance with its terms (subject to applicable insolvency laws and to general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Litigation</u>. There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Manager, threatened against or affecting the Manager, before or by any Governmental Authority having jurisdiction over the Manager or any of its properties or with respect to any of the transactions contemplated by this Agreement (i) asserting the illegality, invalidity or unenforceability, or seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of this Agreement, or (ii) which could reasonably be expected to have a Material Adverse Effect. The Manager is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Due Qualification</u>. Except for registrations as a franchise broker or franchise sales agent as may be required under state or foreign franchise statutes and regulations and except to the extent that a state or foreign franchise law requires filing and other compliance actions by virtue of considering the Manager as a "<u>"</u>subfranchisor"<u>"</u>, the Manager has obtained or made all licenses, registrations, consents, approvals, waivers and notifications of creditors, lessors and other Persons, in each case, in connection with the execution and delivery of this Agreement by the Manager, and the consummation by the Manager of all the transactions herein contemplated to be consummated by the Manager and the performance of its obligations hereunder, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Default</u>. The Manager is not in default under any agreement, contract, instrument or indenture to which the Manager is a party or by which it or its properties is or are bound, or with respect to any order of any Governmental Authority, which would have a Material Adverse Effect; and no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such order of any Governmental Authority, which would have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Taxes</u>. The Manager has filed or caused to be filed all federal tax returns and all state and other tax returns which, to its knowledge, are required to be filed. The Manager has paid or made adequate provisions for the payment of all taxes shown as due on such returns, and all assessments made against it or any of its property (other than any amount of tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Manager). The charges, accruals and reserves on the Manager's<u>Manager's</u> books in respect of taxes are, in the Manager's<u>Manager's</u> reasonable opinion, adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Accuracy of Information</u>. As of the date thereof, the information contained in the final offering memorandum, dated March 6, 2012, relating to the Notes issued on the Closing Date, regarding (i) the Manager, (ii) the servicing of the Managed Assets by the Manager and (iii) the description of this Agreement therein does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Financial Statements</u>. As of the Closing Date, the audited consolidated financial statements of the Master Issuer and its Subsidiaries dated as of January 2, 2011 and January 1, 2012, incorporated in the offering memorandum dated as of March 6, 2012 and reported on and accompanied by an unqualified report from PricewaterhouseCoopers LLP, have been prepared in accordance with GAAP and present fairly the financial position of the Master Issuer and its Subsidiaries as at such date and the results of their operations and their cash flows for the periods covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Material Adverse Change</u>. Since January 2, 2012, there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No ERISA Plan</u>. Neither the Manager nor any corporation or any trade, business, organization or other entity (whether or not incorporated) that would be treated together with the Manager as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA has established, maintains, contributes to, or has any liability in respect of (or has in the past six years established, maintained, contributed to, or had any liability in respect of) any Plan. Except as set forth in <u>Schedule 4.1</u>, the Manager is not a member of a Controlled Group which has any contingent liability with respect to any post-retirement welfare benefits under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation of coverage laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Environmental Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Manager (A) is, and for the past three years has been, in material compliance with any and all applicable foreign, federal, state and local laws and regulations, and directives of any Governmental Authority relating to the protection of human health and safety, natural resources, the environment or hazardous or toxic substances or wastes, pollutants or contaminants ("<u>"</u><u>Environmental Laws</u>"<u>"</u>), (B) has received and will have in full force and effect all material permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its businesses (including, without limitation, the business of servicing the Managed Assets) and (C) is in compliance with all terms and conditions of any such permit, license or approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There are no material costs or liabilities associated with Environmental Laws (including, without limitation, any capital operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Manager Termination Event</u>. No Manager Termination Event has occurred or is continuing, and, to the knowledge of the Manager, there is no event which, with notice or lapse of time, or both, would constitute a Manager Termination Event.

<u>Section 4.2</u> Section 4.2 <u>Existence</u>. The Manager shall keep in full effect its existence under the laws of the state of its formation, and maintain its rights and privileges necessary or desirable in the normal conduct of its business and the performance of its obligations hereunder, and will obtain and preserve its qualification to do business in each jurisdiction in which the failure to so qualify either individually or in the aggregate would be reasonably likely to have a Material Adverse Effect.

Section 4.3 Section 4.3 <u>Performance of Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Punctual Performance</u>. The Manager shall punctually perform and observe all of its obligations and agreements contained in this Agreement in accordance with the terms hereof and in accordance with the Management Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Limitations of Responsibility of the Manager</u>. The Manager will have no responsibility under this Agreement other than to render the Services called for hereunder in good faith and consistent with the Management Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Right to Receive Instructions</u>. In the event that the Manager is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement or any other Related Document, or any such provision is, in the good faith judgment of the Manager, ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement or any other Related Document permits any determination by the Manager or is silent or is incomplete

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as to the course of action which the Manager is required to take with respect to a particular set of facts, the Manager may give notice (in such form as shall be appropriate under the circumstances) to the Control Party requesting instructions in accordance with the Base Indenture and, to the extent that the Manager shall have acted or refrained from acting in good faith in accordance with any such instructions received from the Control Party, the Manager shall not be liable on account of such action or inaction to any Person; <u>provided</u> that the Control Party shall be under no obligation to provide any instruction if it is unable to decide between alternative courses of action. Subject to the Management Standard, if the Manager shall not have received appropriate instructions from the Control Party within ten days of such notice (or within such shorter period of time as may be specified in such notice) the Manager may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Related Documents, as the Manager shall deem to be in the best interests of the Noteholders and the Securitization Entities. The Manager shall have no liability to any Secured Party, any Noteholder or the Controlling Class Representative for such action or inaction taken in reliance on the preceding sentence except for the Manager's<u>Manager's</u> own willful misconduct or negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Duties Except as Specified in this Agreement or in Instructions</u>. The Manager shall not have any duty or obligation to manage, make any payment in respect of, register, record, sell, reinvest, dispose of, create, perfect or maintain title to, or any security interest in, or otherwise deal with the Collateral, to prepare or file any report or other document or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Manager is a party, except as expressly provided by the terms of this Agreement and consistent with the Management Standard, and no implied duties or obligations shall be read into this Agreement against the Manager. The Manager nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Managed Assets which result from claims against the Manager personally that are not related to the ownership or administration of the Managed Assets or the transactions contemplated by the Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Action Except Under Specified Documents or Instructions</u>. The Manager shall not manage, control, use, sell, reinvest, dispose of or otherwise deal with any part of the Collateral except in accordance with the powers granted to, and the authority conferred upon, the Manager pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Limitations on the</u> <u>Manager's</u><u>Manager's</u> <u>Liability</u>. Subject to the Management Standard, and except for any loss, liability, expense, damage or injury arising out of, or resulting from, (i) any breach or default by the Manager in the observance or performance of any of its agreements contained in this Agreement, (ii) the breach by the Manager of any representation or warranty made by it herein or (iii) acts or omissions constituting the Manager's<u>Manager's</u> own willful misconduct, bad faith or negligence in the performance of its duties hereunder or otherwise, neither the Manager nor any of its Affiliates (other than the Securitization Entities), managers, officers, members or employees shall be liable to any Securitization Entity, the Servicer, the Control Party, the Back-Up Manager, the Noteholders or any other Person under any circumstances, including, without limitation:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for any error of judgment made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for any action taken or omitted to be taken by the Manager in good faith in accordance with the Management Standard and in accordance with the instructions of the Control Party made in accordance herewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for any representation, warranty, covenant, agreement or indebtedness of any Securitization Entity under the Notes or any Related Document, or for any other liability or obligation of any Securitization Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for or in respect of the validity or insufficiency of this Agreement or for the due execution hereof by any party hereto other than the Manager, or for the form, character, genuineness, sufficiency, value or validity of any part of the Collateral, or for or in respect of the validity or insufficiency of the Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for any action or inaction of the Trustee or the Control Party, or for the performance of, or the supervision of the performance of, any obligation under this Agreement or any other Related Document that is required to be performed by the Trustee or the Control Party under this Agreement or any other Related Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Financial Liability</u>. No provision of this Agreement (other than the last sentence of <u>clause (d)</u> above) shall require the Manager to expend or risk its funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Manager shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it. Notwithstanding the foregoing, the Manager shall be obligated to perform its obligations hereunder, consistent with the Management Standard, notwithstanding the fact that the Manager may not be entitled to be reimbursed for all of its expenses incurred in connection with its obligations hereunder as a result of any limit on amounts payable pursuant to the definitions of Weekly Management Fee, Weekly Canadian Management Fee and Supplemental Management Fee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reliance</u>. The Manager may conclusively rely on, and shall be protected in acting or refraining from acting when doing so, in each case in accordance with any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Manager may accept a certified copy of a resolution of the board of directors or other governing body of any Person as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner or ascertainment of which is not specifically prescribed herein, the Manager may for all purposes hereof rely on a certificate, signed by any Authorized Officer of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Manager for any action taken or omitted to be taken by it in good faith in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Consultations with Third Parties; Advice of Counsel</u>. In the exercise and performance of its duties and obligations hereunder or under any of the other Related Documents, the Manager (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them and (ii) may, at the expense of the Manager, consult with counsel, accountants and other professionals or experts selected and monitored by the Manager in good faith and in the absence of gross negligence, and the Manager shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other professionals or experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Independent Contractor</u>. In performing its obligations as manager hereunder the Manager acts solely as an independent contractor of the Securitization Entities, except to the extent the Manager is deemed to be an agent of the Securitization Entities by virtue of engaging in franchise sales activities as broker. Nothing in this Agreement shall, or shall be deemed to, create or constitute any joint venture, partnership, employment or any other relationship between any of the Securitization Entities and the Manager other than the independent contractor contractual relationship established hereby. Nothing herein shall be deemed to vest in the Manager title or any ownership or property interest in or to the Domino's<u>Domino's</u> IP. The Manager shall not be, nor shall be deemed to be, liable for any acts or obligations of the Securitization Entities, the Control Party or the Trustee (except as set forth in <u>Section 4.3(f)</u><u>Section 4.3(f)</u> hereof and except with respect to the leases related to the Leased Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers where DPL, in its individual capacity, is required to act as co-obligor pursuant to the terms of such leases) and, without limiting the foregoing, the Manager shall not be liable under or in connection with the Notes. The Manager shall not be responsible for any amounts required to be paid by the Trustee under or pursuant to the Indenture.

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<u>Section 4.4</u> Section 4.4 <u>Merger; Resignation and Assignment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Preservation of Existence</u>. The Manager shall not merge into any other Person or convey, transfer or lease all or substantially all of its assets; <u>provided</u>, <u>however</u>, that nothing contained in this Agreement shall be deemed to prevent (a) the merger into the Manager of another Person, (b) the consolidation of the Manager and another Person, (c) the merger of the Manager into another Person or (d) the sale of all or substantially all of the property or assets of the Manager to another Person, so long as (i) the surviving Person of the merger or the purchaser of the assets of the Manager shall continue to be engaged in the same line of business as the Manager and shall have the capacity to perform its obligations hereunder with at least the same degree of care, skill and diligence as measured by customary practices with which the Manager is required to perform such obligations hereunder, (ii) in the case of a merger or sale, the surviving Person of the merger or the purchaser of the assets of the Manager shall expressly assume all obligations of the Manager under this Agreement and expressly agree to be bound by all provisions applicable to the Manager under this Agreement in a supplement to this Agreement in form and substance reasonably satisfactory to the Control Party and (iii) with respect to such event, in and of itself, the Rating Agency Condition has been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Resignation</u>. The Manager shall not resign from the rights, powers, obligations and duties hereby imposed on it with respect to the performance of the Services except (a) upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which the Manager could take to make the performance of its duties hereunder permissible under applicable law or (b) if the Manager is terminated as the Manager pursuant to <u>Section 6.1(b)</u><u>Section 6.1(b)</u>. As to <u>clause (a)(i)</u> of this <u>clause (b)</u>, any such determination permitting the resignation of the Manager shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee, the Servicer, the Back-Up Manager and the Master Issuer. No such resignation shall become effective until a Successor Manager shall have assumed the responsibilities and obligations of the Manager in accordance with <u>Section 6.1(b)</u><u>Section 6.1(b)</u>. The Trustee, the Servicer, the Back-Up Manager, the Master Issuer and the Rating Agencies shall be notified of such resignation in writing by the Manager. From and after such effectiveness, the Successor Manager shall be, to the extent of the assignment, the "<u>"</u>Manager" <u>"</u> hereunder. Except as provided above in this <u>Section 4.4(b)</u><u>Section 4.4(b)</u>, the Manager may not assign this Agreement or any of its rights, powers, duties or obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination of Duties</u>. The duties and obligations of the Manager under this Agreement shall continue until such obligations shall have been terminated as provided in Section 4.4(b) or <u>Section 6.1(b)</u><u>Section 4.4(b) or (d), or Section 6.1(b)</u>. Such duties and obligations shall survive the exercise by any of the Securitization Entities, the Trustee or the Control Party of any right or remedy under this Agreement, or the enforcement by any Securitization Entity, the Trustee, the Control Party or any Noteholder of any provision of the Indenture, the other Related Documents, the Notes or this Agreement. For the avoidance of doubt, a termination of the obligations of the Manager under Section 4.4(b) or Section 6.1(b) of this Agreement shall not terminate the obligations of DPL to provide Supplied Products and Services to the Product Supply Entities or DPL's right to receive compensation for such role. If DPL is terminated as Manager pursuant to Section 4.4(b) or Section 6.1(b), DPL, the Product Supply Entities and any other entity

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Notwithstanding anything to the contrary herein, upon the release at any time of the Canadian Distributor as a Guarantor under the Global G&C Agreement, the Canadian Manufacturer shall be automatically terminated as Sub-Manager and all rights and obligations of the Canadian Manufacturer under any Sub-Management Arrangement or</u> <u>Related Document in such capacity (including, without limitation, the right to receive the Weekly Canadian Management Fee) shall cease to be effective (other than with respect to any accrued and unpaid fees and expenses and any contingent indemnification obligations owing to the Canadian Manufacturer hereunder or under any other Related Documents).</u>

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party to a Product Purchase Agreement with DPL may negotiate in good faith to enter into any new agreements or amendments to existing agreements as necessary to preserve the supply relationship and structure. Any such new agreement or amendment to which a Securitization Entity is party shall require consent of the Control Party.

<u>Section 4.5</u> Section 4.5 <u>Taxes</u>. The Manager shall file or cause to be filed all federal tax returns and all state and other tax returns which are required to be filed by the Manager. The Manager shall pay or make adequate provisions for the payment of all taxes shown as due on such returns, and all assessments made against it or any of its property (other than any amount of tax the validity of which is being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Manager). The charges, accruals and reserves on the Manager's<u>Manager's</u> books in respect of taxes shall be, in the Manager's<u>Manager's</u> reasonable opinion, adequate.

<u>Section 4.6</u> Section 4.6 <u>Notice of Certain Event</u>s. On the determination of either the chief financial officer or the chief legal officer of the Manager or its direct or indirect parent regarding the occurrence of any of the following events: (a) a Manager Termination Event or (b) any litigation, arbitration or other proceeding pending before or by any court, administrative agency, arbitrator or governmental body having jurisdiction over the Manager or any of its properties either asserting the illegality, invalidity or unenforceability of any of the Related Documents, seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of any of the Related Documents or which could reasonably be expected to have a Material Adverse Effect, the Manager shall provide written notice to the Trustee, the Servicer, the Back-Up Manager, the Master Issuer and the Rating Agencies of the same promptly and in any event within five (5) Business Days .

<u>Section 4.7</u> Section 4.7 <u>Capitalization</u>. The Manager shall have sufficient capital to perform all of its obligations under this Agreement at all times from the Closing Date and until the Indenture has been terminated in accordance with the terms thereof.

<u>Section 4.8</u> Section 4.8 <u>Franchise Law Determination</u>. The Manager shall file such documents as are necessary to register as a franchise broker or franchise sales agent as required by any state franchising authority. Upon final determination by any state franchising authority'' that the Manager is considered by such state franchising authority to be a "<u>"</u>subfranchisor "<u>"</u>, the Manager within 120 days of such determination shall file such documents and take such other compliance actions as are required by such state franchising authority or under such state's<u>state's</u> franchise laws.

<u>Section 4.9</u> Section 4.9 <u>Maintenance of Separateness</u>. The Manager covenants that, except as contemplated by the Related Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the books and records of each Securitization Entity will be maintained separately from those of the Manager and each of its Affiliates that is not a Securitization Entity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all financial statements of the Manager that are consolidated to include any Securitization Entity and that are distributed to any party will contain detailed notes clearly stating that (i) all of such Securitization Entity's<u>Entity's</u> assets are owned by such Securitization Entity and (ii) such Securitization Entity is a separate entity and has creditors who have received interests in the Securitization Entity's<u>Entity's</u> assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Manager will observe (and will cause each of its Affiliates that is not a Securitization Entity to observe) limited liability company or corporate formalities in its dealing with any Securitization Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Manager shall not (and shall not permit any of its Affiliates that is not a Securitization Entity to) commingle its funds with any funds of any Securitization Entity; <u>provided</u> that the foregoing shall not prohibit the Manager from holding funds of the Securitization Entity in its capacity as manager for such entity in a segregated account identified for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Manager will (and shall cause each of its Affiliates that is not a Securitization Entity to) maintain arm's<u>arm's</u> length relationships with each Securitization Entity and each of the Manager and its Affiliates that are not Securitization Entities will be compensated at market rates for any services it renders or otherwise furnishes to such Securitization Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Manager will not be, and will not hold itself out to be, responsible for the debts of any Securitization Entity or the decisions or actions in respect of the daily business and affairs of any Securitization Entity and the Manager will not permit any Securitization Entity to hold the Manager out to be responsible for the debts of such Securitization Entity or the decisions or actions in respect of the daily business and affairs of such Securitization Entity; <u>provided</u> that the foregoing shall not prohibit DPL, in its individual capacity, from acting as co-obligor with respect to the leases related to the Leased Domestic Manufacturing and Distribution<u>Supply Chain</u> Centers where required by such leases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) upon an officer of the Manager obtaining actual knowledge that any of the foregoing provisions in this <u>Section 4.9</u><u>Section 4.9</u> hereof has been breached or violated in any material respect, the Manager will take such actions as may be reasonable and appropriate under the circumstances to correct and remedy such breach or violation as soon as reasonably practicable under such circumstances.

<u>Section 4.10</u> Section 4.10 <u>No ERISA Plan</u>. Neither the Manager nor any corporation or any trade, business, organization or other entity (whether or not incorporated), that would be treated together with the Manager as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA shall establish, maintain, contribute to, incur any obligation to contribute to, or incur any liability in respect of, any Plan that is subject to Title IV of ERISA.

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<u>ARTICLE 5</u><u>ARTICLE 5</u>

<u>REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO</u> 

<u>POST-SECURITIZATION ASSETS</u> 

<u>Section 5.1</u> Section 5.1 <u>Representations and Warranties Made in Respect of Post- Securitization Assets</u>. The Manager represents and warrants to the Master Issuer and the other Securitization Entities, and the Trustee, as of the dates set forth below (except if otherwise expressly noted) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Post-Securitization Domestic Franchise Arrangements</u>. As of the applicable Post-Securitization Asset Addition Date with respect to the Post- Securitization Domestic Franchise Arrangement acquired on such Post- Securitization Asset Addition Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such Post-Securitization Domestic Franchise Arrangement does not contain terms and conditions that are reasonably expected to result in (A) a material decrease in the amount of Retained Collections, taken as a whole, (B) a material adverse change in nature or quality of Retained Collections, taken as a whole, or (C) a material adverse change in the general assets categories generating Retained Collections, taken as a whole, in each case when compared to the amount, nature, quality or general categories generating Collections that could have been reasonably expected to result had such Post-Securitization Domestic Franchise Arrangement been entered into in accordance with the Prior Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such Post-Securitization Domestic Franchise Arrangement is the legal, valid and binding obligation of the parties thereto, has been fully and properly executed by the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such Post-Securitization Domestic Franchise Arrangement complies in all material respects with all applicable Requirements of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No Franchisee party to such Post- Securitization Domestic Franchise Arrangement is, to the Manager's<u>Manager's</u> knowledge subject to an Event of Bankruptcy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Continuing Franchise Fees and similar fees payable pursuant to such Post-Securitization Domestic Franchise Arrangement are payable at least weekly; <u>provided</u>, <u>however</u>, that the Manager may cause the applicable Franchisor to enter into Post- <u>Post-Securitization</u> Securitization Domestic Franchise Arrangements that provide for Continuing Franchise Fees and similar fees to be payable less frequently than weekly if the aggregate fees payable under all Post-Securitization Domestic Franchise Arrangements that provide for payment of Continuing Franchise Fees and similar fees less frequently than weekly are not reasonably anticipated to exceed 10% of total Retained Collections in the twelve-month period immediately following the commencement of any such Post-Securitization Domestic Franchise Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except as required by law, such Post- Securitization Domestic Franchise Arrangement contains no contractual rights of setoff or contractual defenses to obligations to make payment of any amounts payable by the Franchisee under such Post-Securitization Domestic Franchise Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Such Post-Securitization Domestic Franchise Arrangement contains no restrictions on assignment that are reasonably expected to be materially more onerous on the Domestic Franchisor thereto than the Prior Terms (which do not include any such restrictions on assignments); <u>provided</u>, <u>however</u>, that the Manager may cause the Domestic Franchisor to enter into Post-Securitization Domestic Franchise Arrangements that include such restrictions with the prior written consent of the Control Party, such consent not to be unreasonably withheld (it being agreed that in determining whether to so consent, the Control Party may assess whether such restrictions (together with other structural protections implemented by the Domestic Franchisor) will adversely affect the liquidation value of all Domestic Franchise Arrangements and the Domino's<u>Domino's</u> IP); <u>provided</u> that the royalties from such Post-Securitization Domestic Franchise Arrangements are not reasonably anticipated to exceed 5% of the total royalties of all Post-Securitization Domestic Franchise Arrangements in the four (4) fiscal quarter period immediately following the commencement of such Post-Securitization Domestic Franchise Arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Post-Securitization International Franchise Arrangements</u>. As of the applicable Post-Securitization Asset Addition Date with respect to the Post-Securitization International Franchise Arrangement acquired on such Post- Securitization Asset Addition Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such Post-Securitization International Franchise Arrangement is the legal, valid and binding obligation of the parties thereto, has been fully and properly executed by the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Either (a) such Post-Securitization International Franchise Arrangement requires the Franchisee under such Post-Securitization International Franchise Arrangement to comply in all material respects with all applicable Requirements of Law and to indemnify the International Franchisor <u>or the International Franchisor (Michigan)</u> for any losses arising out of such Franchisee's<u>Franchisee's</u> failure to comply with the applicable Requirements of Law, including any necessary approvals or consents from a Governmental Authority or (b) the Manager has obtained a legal opinion or other evidence reasonably acceptable to the Control Party to the effect that such Post-Securitization International Franchise Arrangement complies in all material respects with all applicable Requirements of Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No Franchisee party to such Post- Securitization International Franchise Arrangement is, to the Manager's<u>Manager's</u> knowledge, subject to an Event of Bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Post-Securitization Owned Property</u>. As of the applicable Post-Securitization Asset Addition Date with respect to any Post-Securitization Owned Property acquired on such date, the Manager has conducted or caused to be conducted a "<u>"</u>desktop" <u>"</u> Phase I environmental study on such Owned Property and has taken or caused to be taken appropriate remediation or follow-up study measures on such Owned Property, consistent with the Management Standard.

<u>Section 5.2</u> Section 5.2 <u>Covenants in Respect of New Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Other Contributed, Developed or Acquired Assets</u>. In consideration of being engaged as the Manager, the Manager agrees that neither it nor its Affiliates (other than the Securitization Entities) will compete with the business of the Securitization Entities (other than <u>(i)</u> operation of <u>(x)</u> Company-Owned Stores and<u>, (y) any business or other assets disposed of pursuant to a Permitted Asset Disposition and (z) acquiring or entering into International Franchise Arrangements in accordance with the terms set forth in this Section 5.2 and (ii)</u> the sale of inventory owned by the Canadian Manufacturer after the Series 2007-1 Closing Date) and, accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Future Brand IP</u>. The Manager and its Affiliates (A) shall contribute to the IP Holder, or otherwise cause the IP Holder to own, all rights in and to all Future Brand Assets; <u>provided</u>, that the Control Party shall have the right to direct, in accordance with the Base Indenture, that Future Brand Assets be held by one or more newly formed Securitization Entities that will act as Additional IP Holders, if the Control Party reasonably believes that such Future Brand Assets could impair the Collateral if it were held by the IP Holder, and that separating the ownership of such Future Brand Assets from the rest of the Domino's<u>Domino's</u> IP will not impair the enforceability of the Domino's<u>Domino's</u> IP, (B) acknowledge and agree that all such Future Brand IP is developed for the benefit of the IP Holder or the applicable Additional IP Holder and (C) shall contribute to IP Holder or the applicable Additional IP Holder, or otherwise cause IP Holder or the applicable Additional IP Holder to enter into, develop or acquire, Future Brand Assets. In making any determination with respect to Future Brand Assets, the Control Party shall have the right to consult with the Back-Up Manager or other third-party experts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Franchise Agreements</u>. Unless otherwise agreed to in writing by the Control Party, any contribution to, or development or acquisition by, the Master Issuer of any Franchise Arrangements (whether related to the Domino's<u>Domino's</u> Brand or any Future Brand) shall be subject to all applicable provisions of the Indenture, this Agreement (including the applicable representations and covenants in <u>ARTICLE 2</u><u>Article 2</u> and <u>ARTICLE 5</u><u>Article 5</u>), the IP License Agreements and the other Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Additional Securitization Entities</u>. The Manager shall have the right to form an Additional Securitization Entity for the purpose of holding Future Brand Assets until such time as the Control Party shall direct the Manager as to which Securitization Entity should hold such Future Brand Assets in accordance with <u>clause (i)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>Non-Securitization Entity MFA Arrangements. Notwithstanding anything to the contrary herein or in any other Related Documents, any Non-Securitization Entity (in its capacity as a Non-Securitization International Franchisor) will be permitted to acquire International Franchise Agreements from third-party master Franchisees (such arrangements, "Non-Securitization Entity MFA Arrangements"), so long as (i) such Non-Securitization International Franchisor enters into a license agreement with the IP Holder (a "Non-Securitization International Franchisor IP License Agreement") setting forth the Non-Securitization International Franchisor IP License Agreement Terms set forth below, (ii) to the extent that the royalties generated by International Franchise Agreements held by Non-Securitization Entities, in the aggregate, constitute more than 5% of Retained Collections, calculated on a pro forma basis giving effect to such International Franchise Agreements acquisition, for the preceding four (4) Quarterly Collection Periods, such Non-Securitization International Franchisor shall appoint an independent director, independent manager, or similar person, as applicable, whose duties will include approving or providing consent for any voluntary bankruptcy filing, and (iii) either (1) the royalty rate paid by such Non-Securitization International Franchisor under each such International Franchise Agreement will be (x) no less, calculated as a percentage of Gross Sales in the related territory, than the royalty rate previously paid by the existing third-party master Franchisee and (y) no less than the average royalty rate paid by third-party master franchisees in the same geographic region or (2) the Control Party has provided its prior consent or Rating Agency Confirmation has been obtained; provided, that the royalty rate payable by any Non-Securitization Entity under an International Franchise Agreement may be adjusted from time to time by the Manager (each such adjustment, a "Permitted Adjustment") in accordance with the Management Standard, as long as either of conditions (1) and (2) above is satisfied. Any Non-Securitization International Franchisors may sell International Franchise Agreements to third-party master Franchisees at any time, provided that either (1) (a) the royalty rate paid by the assignee of such International Franchise Agreement will be no less, calculated as a percentage of Gross Sales in the related territory, than the royalty rate previously paid by the existing third-party master Franchisee and (b) the license rate to be paid to IP Holder is at least the amount paid immediately prior to the sale or assignment, or (2) the Control Party has provided its prior consent or Rating Agency Confirmation has been obtained. The "Non-Securitization International Franchisor IP</u> <u>License Agreement Terms" consist of the following terms, with respect to any Non-Securitization International Franchisor IP License Agreement:</u>

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<u>1) The form of the applicable Non-Securitization International Franchisor IP License Agreement will be substantially similar to the applicable then-current form of franchise agreement, master franchise agreement, store franchise agreement, area development agreement or similar agreement, as applicable (including with respect to the duration of its term), and other sublicense agreements will contain conditions on the sublicensee's use of the applicable Domino's IP that are substantially similar to those set forth in the applicable Non-Securitization International Franchisor IP License Agreement. The applicable Non-Securitization International Franchisor will use commercially reasonable efforts to include the IP Holder as a third-party beneficiary of such licensee's rights (but none of its duties, obligations or liabilities) under its sublicense agreements.</u>

<u>2) For so long as there are Notes Outstanding under the Indenture, the IP Holder and the Non-Securitization International Franchisor under the applicable Non-Securitization International Franchisor IP License Agreement may agree to terminate or amend the applicable Non-Securitization International Franchisor IP License Agreement only (i) with the prior written consent of the Control Party, to the extent required under the Indenture, in respect of any amendment that is intended to reduce the license fees payable under the Non-Securitization International Franchisor IP License Agreement (other than any Permitted Adjustment) or remove or amend any of the International Franchise IP License Agreement Additional Covenants described herein, (ii) if such termination or amendment constitutes a Permitted Termination/Amendment or (iii) in connection with any amendment required by applicable law or regulation.</u>

<u>3) If the Non-Securitization International Franchisor under the applicable Non-Securitization International Franchisor IP License Agreement materially violates any of its obligations under such Non-Securitization International Franchisor IP license Agreement, such Non-Securitization International Franchisor will be required to cure such violation to the satisfaction of the IP Holder within 30 days following its receipt of a Breach Notice or, with respect to a violation that can be cured but not within such 30 day period, within a reasonable time not to exceed an additional 60 days. Simultaneously with delivery of any Breach Notice to the Non-Securitization International Franchisor, the IP Holder will also deliver a copy of such Breach Notice to the Manager, the Control Party, the Back-Up Manager, the Trustee and the Rating Agencies. If the Non-Securitization International Franchisor fails to fully remedy a material violation of its obligations to the satisfaction of the IP Holder within the specified time period, then the IP Holder may terminate the applicable Non-Securitization International Franchisor IP License Agreement, subject to the prior written consent of the Control Party, to the extent required under the Indenture, for so long as there are Notes Outstanding under the Indenture.</u>

<u>4) Upon expiration or termination of a Non-Securitization International Franchisor IP License Agreement prior to expiration or upon non-renewal of the term of such Non-Securitization International Franchisor IP License Agreement, sublicenses granted by the licensee will terminate unless written permission by the IP Holder</u> <u>is granted prior to such expiration or termination of the Non-Securitization International Franchisor IP License Agreement.</u>

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<u>5) Neither the Non-Securitization International Franchisor under the applicable Non-Securitization International Franchisor IP License Agreement nor the IP Holder will be permitted to assign its rights or delegate its duties under the Non-Securitization International Franchisor IP License Agreement without the prior written consent of (a) the other party thereto and (b) for so long as there are Notes Outstanding under the Indenture, the Control Party; provided that (x) such Non-Securitization International Franchisor is permitted to assign its rights and duties, in whole but not in part, to another Non-Securitization Entity and (y) the IP Holder is permitted to delegate its rights and duties to the Manager, as its agent under this Agreement, and to pledge its rights under the applicable Non-Securitization International Franchisor IP License Agreement to the Trustee to secure the Notes. The Trustee or the Control Party is permitted to assign, and/or authorize the assignment of, the IP Holder's rights under the applicable Non-Securitization International Franchisor IP License Agreement in connection with the exercise by the Trustee of its available rights and remedies following the occurrence and during the continuance of an Event of Default under the Indenture.</u>

<u>6) The term of each Non-Securitization International Franchisor IP License Agreement will be for one (1) year from the execution of such Non-Securitization International Franchisor IP License Agreement and such agreement will automatically renew for additional one (1) year terms unless either party provides the other party with notice of its intent not to renew prior to the end of the then-current term.</u>

<u>7) The applicable Non-Securitization International Franchisor IP License Agreement shall contain the following additional covenants (the "International Franchise IP License Agreement Additional Covenants"):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>I. a prohibition on the payment of dividends or distributions directly or indirectly to Holdco prior to payment of royalties under the applicable International Franchise IP License Agreement;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>II. an agreement not to incur third-party indebtedness in respect of borrowed money (subject to certain exclusions, including for operating leases, including any [Head/Tail Leases] any foreign exchange or other hedging transactions and any guarantees of payment obligations of International NSE Franchisees under vendor, supplier, or similar third-party agreements) and an agreement not to pledge any of its respective assets to secure its obligations to any Persons other than certain permitted liens; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>III. an agreement that it will not sell, transfer or otherwise dispose of any material assets other than (i) any termination or non-renewal of an International NSE Franchise Arrangement (or other franchise agreement or sublicense granted in accordance with the terms of the applicable International Franchise IP License Agreement) or other disposition of inventory or any other asset, in each case in accordance with commercially reasonable business practices, when no longer useful, necessary or material to the operation of its business, or that would not otherwise be materially adverse to</u>

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<u>the IP Holder, (ii) any disposition of any asset in connection with entering into a new master franchise arrangement and associated International NSE Franchise Arrangements, (iii) any other disposition consented to by the independent director, independent manager, or similar Person, as applicable, (iv) any assignment of one or more International NSE Franchise Agreements (or other franchise agreement or sublicense granted in accordance with the terms of the applicable International Franchise IP License Agreement) to another Non-Securitization Entity; provided that either (x) the related Non-Securitization International Franchisor IP License Agreement will be assigned to the Non-Securitization Entity that is acquiring such International NSE Franchise Agreement(s) (or other franchise agreement or sublicense) or (y) such Non-Securitization Entity will enter into a new Non-Securitization International Franchisor IP License Agreement with the IP Holder or (v) any assignment of one or more International NSE Franchise Agreements (or other franchise agreement or sublicense granted in accordance with the terms of the applicable International Franchise IP License Agreement) to the International Franchisor or the International Franchisor (Michigan).</u>

<u>ARTICLE 6</u><u>ARTICLE 6</u>

<u>DEFAULT</u> 

<u>Section 6.1</u> Section 6.1 <u>Manager Termination Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Manager Termination Events. Any of the following events or occurrences shall constitute a Manager Termination Event (a <u>"</u><u>"</u>Manager Termination Event<u>"</u><u>"</u>) under this Agreement, the assertion as to the occurrence of which may be made, and notice of which may be given, by either the Master Issuer or the Trustee (acting at the direction of the Control Party):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any failure by the Manager to remit to the Collection Account, any Base Indenture Account or any Series Account, within three (3) Business Days of its actual knowledge of its receipt thereof, any payments required to be deposited into the Collection Account, such Base Indenture Account or such Series Account received by it in respect of the Managed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Quarterly DSCR <u>(or, on and after the Series 2025-1 Springing Amendments Implementation Date, the Interest-Only DSCR)</u> for any Quarterly Payment Date is less than 1.20x.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any failure by the Manager to provide (A) any required certificate or report set forth in <u>Sections 4.1(a)</u>, <u>(b)</u>, <u>(d)</u> or <u>(k)</u> of the Base Indenture within three Business Days of its due date or (B) any required certificate or report set forth in <u>Section 4.1(c)</u> of the Base Indenture when due;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a material default by the Manager in the due performance and observance of any provision of this Agreement or any other Related Document to which it is party and the continuation of such default uncured for a period of 30 days after it has been notified thereof by the Master Issuer or the Control Party, or otherwise obtained knowledge of such default; <u>provided</u>, <u>however</u>, that as long as the Manager is diligently attempting to cure such default, such cure period shall be extended by an additional period as may be required to cure such default, but in no event by more than an additional 30 days; and <u>provided</u>, <u>further</u>, that any default related to transfer of a defective asset pursuant to the terms of this Agreement, a Distribution and Contribution Agreement or a Contribution and Sale Agreement shall be deemed cured for purposes hereof upon payment in full by the applicable transferor of the liquidated damages amount specified in this Agreement, such Distribution and Contribution Agreement or such Contribution and Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any representation, warranty or statement of the Manager made in this Agreement or any other Related Document or in any certificate, report or other writing delivered pursuant thereto that is not qualified by materiality or the definition of "<u>"</u>Material Adverse Effect"<u>"</u> proves to be incorrect in any material respect, or any such representation, warranty or statement of the Manager that is qualified by materiality or the definition of "<u>"</u>Material Adverse Effect"<u>"</u> proves to be incorrect, in each case as of the time when the same was made or deemed to have been made or as of any other date specified in such document or agreement; <u>provided</u> that if any such breach is capable of being remedied within 30 days of the Manager's<u>Manager's</u> knowledge of such breach or receipt of notice thereof, then a Manager Termination Event shall only occur under this <u>clause (vi)</u> as a result of such breach if it is not cured in all material respects by the end of such 30 day period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an Event of Bankruptcy with respect to the Manager shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any final, non-appealable order, judgment or decree is entered in any proceedings against the Manager by a court of competent jurisdiction decreeing the dissolution of the Manager and such order, judgment or decree remains unstayed and in effect for more than ten days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a final non-appealable judgment for an amount in excess of $25,000,000<u>200,000,000</u> (exclusive of any portion thereof which is insured) is rendered against the Manager or, so long as DPL is the Manager, is rendered against Holdco or Intermediate Holdco by a court of competent jurisdiction and is not paid or discharged within 30<u>forty five (45)</u> days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) an acceleration of more than $25,000,000<u>200,000,000</u> of the Indebtedness of the Manager or, so long as DPL is the Manager, Intermediate Holdco or Holdco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) this Agreement or a material portion thereof ceases to be in full force and effect or enforceable in accordance with its terms (other than in accordance with the express termination provisions thereof and other than <u>Section 2.1(l)</u>), or the Manager asserts as much in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a failure by the Manager, Holdco, or any direct or indirect subsidiary of Holdco (apart from the Securitization Entities) to comply with the Holdco Specified Non-Securitization Debt Cap <u>in accordance with the terms of the Parent Company Support Agreement</u>, and such failure has continued for a period of 45 days after Holdco has been notified by any Securitization Entity or the Control Party, or otherwise has obtained knowledge of such non-compliance.<u>; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xii)</u> <u>solely on or after the Series 2025-1 Springing Amendments Implementation Date, the occurrence of a Change in Management following the occurrence of a Change of Control.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies</u>. Upon the occurrence and continuance of any Manager Termination Event, subject to the limitations set forth in the Indenture, (i) the Control Party, acting at the direction of the Controlling Class Representative, may waive such Manager Termination Event or (ii) the Master Issuer or the Control Party, acting at the direction of the Controlling Class Representative, may, by notice given to the Manager (<u>a "Manager Termination Notice") (</u>with copies to the Trustee, the Back-Up Manager and the Rating Agencies and to whichever of the Master Issuer and the Control Party has not provided such notice), direct the Trustee to terminate all of the rights, powers, duties, obligations and responsibilities of the Manager under this Agreement, including, without limitation, all rights of the Manager to receive all or a portion of the management compensation provided for in <u>Section 2.7</u><u>Section 2.7</u> or any expense reimbursement hereunder, other than to the extent accrued prior to such termination and not previously paid. Upon any termination or the giving of the notice referred to in the preceding sentence, the Manager shall promptly notify the Master Issuer, the Trustee, the Servicer and the Back-Up Manager of such notice and the rights, powers, duties, obligations and responsibilities of the Manager under this Agreement to the extent specified in such notice, whether with respect to the Managed Assets, the Collection Account, any Weekly Management Fee, Weekly Canadian Management Fee, Supplemental Management Fee (other than to the extent accrued prior to such termination and not previously paid) or otherwise shall vest in and be assumed by any Successor Manager appointed by the Control Party. No termination or resignation of the Manager shall become effective until a Successor Manager whose appointment has been directed and approved by the Control Party (acting at the direction of the Controlling Class Representative) shall have assumed the rights, powers, duties, obligations and responsibilities of the Manager. The Manager shall cooperate with the Successor Manager to facilitate such transition, shall execute and deliver any instrument as shall reasonably be necessary for such transition, and shall use best efforts to promptly assign and transfer to the Successor Manager all books and records, property, money and other assets held by such Manager hereunder; <u>provided</u>,

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 <u>however</u>, that the Manager shall have access, during normal business hours and upon reasonable notice, to all books and records that the Manager reasonably believes would be necessary or desirable for the Manager in connection with the preparation of any tax or other governmental reports and filings and other uses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and during the continuation of a Manager Termination Event where the rights and powers of the Manager have been terminated, each Securitization Entity and the Trustee (at the direction of the Control Party) are hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Manager, as attorney in fact or otherwise, all documents and other instruments (including any notices to Franchisees deemed necessary or advisable by the Master Issuer, the Franchisors or the Control Party), and to do or accomplish all other acts or things necessary or appropriate, to effect such vesting and assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Manager Termination Event</u>. Promptly after the occurrence of any Manager Termination Event pursuant to <u>Section 6.1(a)</u><u>Section 6.1(a)</u>, the Manager shall transmit notice of such Manager Termination Event to the Control Party and the Trustee, with a copy to each Rating Agency and the Back-Up Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Continuation of Supplied Products and Services</u>. Notwithstanding the occurrence of a Manager Termination Event, DPL will remain obligated to provide Supplied Products and Services to the Product Supply Entities and will retain the right to receive compensation for such services.

<u>Section 6.2</u> Section 6.2 <u>Disentanglement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Obligations</u>. The Manager is required to cooperate with the Back-Up Manager in the performance of the Back-up Manager's Cold Back-Up Management Duties and Warm Back-Up Management Duties. Upon termination of the Manager following a Manager Termination Event, the Manager shall (i) cooperate with the Back-Up Manager in the conduct of the Hot Back-Up Management Duties and<u>and the Control Party in connection with</u> the implementation of the <u>approved</u> Transition Plan until a Successor Manager is identified and (ii) accomplish a<u>and the</u> complete transition to the<u>a</u> Successor Manager <u>(including, for the avoidance of doubt, in connection with any resignation of the Manager)</u>, without interruption or adverse impact on the provision of Services (the "<u>"</u><u>Disentanglement</u> "<u>"</u><u>). The Manager will use its commercially reasonable efforts during the Disentanglement Period to (i) not materially reduce its existing staff and resources that were devoted to or shared with the provisions of the Services prior to the date of the applicable Manager Termination Notice and allow reasonable access to the Manager's premises, systems, and offices during the Disentanglement Period (ii) unless otherwise directed by the Back-Up Manager, the Control Party or the Trustee, continue to perform all Services not being performed by the Back-Up Manager or a Successor Manager as part of the Hot Back-Up Management Duties (such activities being referred to as "Continuity of Services"</u>). Thereafter, the Manager shall<u>is required to</u> cooperate fully with the Successor Manager <u>or Interim Successor Manager as the case may be,</u> and otherwise promptly take all actions <u>reasonably</u> required to assist in effecting a complete Disentanglement <u>while using commercially reasonable efforts to maintain Continuity of Services</u> and shall follow any <u>reasonable</u> directions that may be provided by the Control Party <u>and/</u>or the Back-Up Manager. The Manager shall provide all information and

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assistance regarding the terminated Services required for Disentanglement <u>and Continuity of Services</u>, including data conversion and migration, interface specifications and related professional services <u>and provide for the prompt and orderly conclusion of all work, as the Control Party and the Back-Up Manager may reasonably direct, including completion or partial completion of projects, documentation of all work in progress, and other measures to assure an orderly transition to the Successor Manager or Interim Successor Manager, as the case may be</u>. The Manager shall provide for the prompt and orderly conclusion of all work as the Servicer and the Back-Up Manager may direct, including completion or partial completion of projects, documentation of all work in progress, and other measures to assure an orderly transition to the Successor Manager. All services relating to Disentanglement <u>and Continuity of Services</u>

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("<u>the</u> "<u>Disentanglement Services</u>"<u>"</u>), including all reasonable training for personnel of the Back-Up Manager<u>(including in its capacity as Interim Successor Manager)</u>, the Successor Manager or the Successor Manager's<u>Manager's</u> designated alternate service provider in the performance of the Services, shall be deemed a part of the Services to be performed by the Manager. The Manager will use commercially reasonable efforts to utilize existing resources to perform the Disentanglement Services<u>, other than those related to Continuity of Services, which shall remain separate obligations of the Manager</u>.

<u>After the occurrence of a Hot Back-Up Management Trigger Event but prior to the Disentanglement Period, the Manager shall, unless otherwise directed by the Trustee (acting at the direction of the Control Party acting at the direction of the Controlling Class Representative or if there is no Controlling Class Representative, the Majority of Controlling Class Members), continue to perform all management functions under the Management Agreement and the other Related Documents other than those being performed by the Back-Up Manager as part of the Hot Back-Up Management Duties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Charges for Disentanglement Services</u>. So long as the Manager and the Canadian Manufacturer continue to provide the Services (whether or not the Manager has been terminated as Manager or the services of the Canadian Manufacturer have been terminated hereunder) during the Disentanglement Period, the Manager and the Canadian Manufacturer shall continue to be paid their respective compensation set forth in <u>Section 2.7</u><u>Section 2.7</u>. Upon the Successor Manager's<u>Manager's</u> assumption of the obligation to perform all Services hereunder, the Manager shall be entitled to reimbursement of its actual costs for the provision of any Disentanglement Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Duration of Disentanglement Obligations</u>. The Manager's<u>Manager's</u> obligation to provide Disentanglement Services will continue during the period (the "<u>"</u><u>Disentanglement Period</u>"<u>"</u>) commencing on the date that a<u>earlier of (A) delivery of the Manager Termination Notice to the Manager or (B) delivery of a resignation notice by the Manager (or upon automatic termination following the occurrence of any</u> Manager Termination Event occurs<u>described in clause (vi) in the definition of Manager Termination Event) following</u> and ending on the date on which the Successor Manager or the re-engaged Manager shall assume all of the obligations of the Manager hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sub-Management Arrangements; Authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to each Sub-Management Arrangement and unless the Control Party elects to terminate such Sub- Management Arrangement in accordance with <u>Section 2.12</u><u>Section 2.12</u> hereof, the Manager will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) assign to the Successor Manager or its designated alternate service provider all of the Manager's<u>Manager's</u> rights under such Sub-Management Arrangement to which it is party used by the Manager in performance of the transitioned Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) procure any third party authorizations necessary to grant the Successor Manager or its designated alternate service provider the use and benefit of such Sub-Management Arrangement to which it is party used by the Manager in performing the transitioned Services, pending their assignment to the Successor Manager under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Control Party elects to terminate such Sub-Management Arrangement in accordance with <u>Section 2.12</u><u>Section 2.12</u> hereof, the Manager will take all reasonable actions necessary or reasonably requested by the Control Party to accomplish a complete transition of the Services performed by a Sub-manager under the applicable Sub- Management Arrangement to the Successor Manager, or to any alternate service provider designated by the Control Party, without interruption or adverse impact on the provision of Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Confidential Information</u>. The Manager will comply with the terms of <u>ARTICLE 7</u><u>Article 7</u> relating to the return and destruction of Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Third-Party Intellectual Property</u>. The Manager will assist the Successor Manager or its designated alternate service provider in obtaining any necessary licenses or consents to use any third-party Intellectual Property then being used by the Manager or any Sub-manager, including pursuant to the DPL IP License Agreement. The Manager will assign any such license or sublicense directly to the Successor Manager or its designated alternate service provider to the extent the Manager has the necessary rights to assign such agreements to the Successor Manager or its designated alternate service provider without incurring any additional cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>License to Use</u> <u>Domino's</u><u>Domino's</u> <u>IP</u>. Promptly following the occurrence of a Manager Termination Event and the appointment of a Successor Manager, the IP Holder will enter into a license agreement with such Successor Manager with respect to the Domino's<u>Domino's</u> IP on substantially the same terms as the DPL IP License Agreement.

<u>Section 6.3</u> Section 6.3 <u>No Effect on Other Parties</u>. Upon any termination of the rights and powers of the Manager from time to time pursuant to <u>Section 6.1</u><u>Section 6.1</u>, or a resignation pursuant to <u>Section 4.4(b)</u><u>Section 4.4(b)</u>, upon any appointment of a Successor Manager, all the rights, powers, duties, obligations and responsibilities of the Securitization Entities, the Control Party or the Trustee under this Agreement, the Indenture and the other Related Documents shall remain unaffected by such termination or appointment and shall remain in full force and effect thereafter, except as otherwise expressly provided in this Agreement or in the Indenture.

<u>Section 6.4</u> Section 6.4 <u>Rights Cumulative</u>. All rights and remedies from time to time conferred upon or reserved to the Securitization Entities, the Trustee, the Servicer, the Control Party, the Back-Up Manager or the Noteholders or to any or all of the foregoing are cumulative, and none is intended to be exclusive of another or any other right or remedy which they may have at law or in equity. Except as otherwise expressly provided herein, no delay or omission in insisting upon the strict observance or performance of any provision of this Agreement, or in exercising any right or remedy, shall be construed as a waiver or relinquishment of such provision, nor shall it impair such right or remedy. Every right and remedy may be exercised from time to time and as often as deemed expedient. <u>The provisions of this Article VI shall survive termination of this Agreement until such time as a Successor Manager is appointed and accepts such appointment hereunder and the Manager has fully completed the Disentanglement provisions set forth herein.</u>

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<u>ARTICLE 7</u><u>ARTICLE 7</u>

<u>CONFIDENTIALITY</u> 

<u>Section 7.1</u> Section 7.1 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto acknowledge that during the term of this Agreement each party may receive Confidential Information from another party hereto. Each party agrees to maintain the Confidential Information in the strictest of confidence and will not, at any time, use, disseminate or disclose any Confidential Information to any person or entity other than those of its employees or representatives who have a "<u>"</u>need to know"<u>"</u>, who have been apprised of this restriction. Recipient shall be liable for any breach of this <u>Section 7.1(a)</u><u>Section 7.1(a)</u> by any of its employees or representatives and shall immediately notify Discloser in the event of any loss or disclosure of any Confidential Information of Discloser. Upon termination of this Agreement, Recipient will return to Discloser, or at Discloser's<u>Discloser's</u> request, destroy, all documents and records in its possession containing the Confidential Information of Discloser. Confidential Information shall not include information that: (i) is already known to Recipient without restriction on use or disclosure prior to receipt of such information from Discloser; (ii) is or becomes part of the public domain other than by breach of this Agreement by, or other wrongful act of, Recipient; (iii) is developed by Recipient independently of and without reference to any Confidential Information; (iv) is received by Recipient from a third party who is not under any obligation to Discloser to maintain the confidentiality of such information; or (v) is required to be disclosed by applicable law, statute, rule, regulation, subpoena, court order or legal process; <u>provided</u> that Recipient shall promptly inform the Discloser of any such requirement and cooperate with any attempt by the Discloser to obtain a protective order or other similar treatment. It shall be the obligation of Recipient to prove that such an exception to the definition of Confidential Information exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained in Section 7.1(a)<u>Section 7.1(a)</u>, the Securitization Entities, the Trustee, the Servicer, the Back-Up Manager or the Noteholders may use, disseminate or disclose any Confidential Information to any person or entity in connection with the enforcement of rights of the Securitization Entities, the Trustee, the Servicer, the Back-Up Manager or the Noteholders under the Indenture or the Related Documents; <u>provided, however</u>, that prior to disclosing any such Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to any such person or entity other than in connection with any judicial or regulatory proceeding, such person or entity shall agree in writing to maintain such Confidential Information in a manner at least as protective of the Confidential Information as the terms of <u>Section 7.1(a)</u><u>Section 7.1(a)</u>; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to any such person or entity in connection with any judicial or regulatory proceeding, the Recipient will (x) promptly notify Discloser of each such requirement and identify the documents so required thereby, so that Discloser may seek an appropriate protective order or similar treatment and/or waive compliance with the provisions of this Agreement; (y) use reasonable efforts to assist Discloser in obtaining such protective order or other similar treatment protecting such Confidential Information prior to any such disclosure; and (z) consult with Discloser on the advisability of taking legally available steps to resist or narrow the scope of such requirement. If, in the absence of such a protective order or similar treatment, the Recipient is nonetheless required by mandatory applicable law to disclose any part of Discloser's<u>Discloser's</u> Confidential Information which is disclosed to it under this Agreement, the Recipient may disclose such Confidential Information without liability under this Agreement, except that the Recipient will furnish only that portion of the Confidential Information which is legally required.

<u>ARTICLE 8</u><u>ARTICLE 8</u>

<u>MISCELLANEOUS PROVISIONS</u> 

<u>Section 8.2</u> Section 8.2 <u>Amendments to this Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be amended from time to time in writing by the parties to this Agreement; <u>provided</u> that (i) any amendment that could reasonably materially adversely affect the interest of the Noteholders shall require the consent of the Control Party, which consent shall not be unreasonably withheld, and (ii) with the consent of the Control Party, a Securitization Entity may be withdrawn from this Agreement if the Equity Interests of such Securitization Entity are foreclosed upon in the exercise of remedies upon an Event of Default. Notwithstanding the foregoing, no consent of the Control Party shall be required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to correct or amplify the description of any required activities of the Manager or Canadian Manufacturer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to add to the duties or covenants of the Manager or Canadian Manufacturer for the benefit of any Noteholders or any other Secured Parties, or to add provisions to this Agreement so long as such action does not materially adversely affect the interests of the Noteholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to correct any manifest error or to cure any ambiguity, defect or provision that may be inconsistent with the terms of the Indenture or any other Related Document, or to correct or supplement any provision herein that may be inconsistent with the terms of the Indenture or any offering memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to evidence the succession of another Person to any party to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to comply with Requirements of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to take any action necessary and appropriate to facilitate the origination of Post-Securitization Franchise Arrangements, the acquisition and management of Manufacturing and Distribution<u>Supply Chain</u> Centers, or the management and preservation of the Franchise Arrangements, in each case, in accordance with the Management Standard; <u>or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to provide for additional Services related to any Company-Owned Stores, <u>provided</u> the Rating Agency Condition is satisfied; or<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to adjust, at the end of any fiscal year, the Product Supply Margin to a percentage not to exceed 15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after the execution of any amendment, the Manager shall send to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency a conformed copy of such amendment, but the failure to do so will not impair or affect its validity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment or modification effected contrary to the provisions of this <u>Section 8.2</u><u>Section 8.2</u> shall be null and void.

<u>Section 8.3</u> Section 8.3 <u>Amendments to other Agreements</u>. The Co-Issuers and the Trustee agree not to amend the Indenture or the Related Documents without the Manager's<u>Manager's</u> consent if such amendment would materially increase the Manager's<u>Manager's</u> obligations or liabilities, or materially decrease the Manager's<u>Manager's</u> rights or remedies under this Agreement, the Indenture or any other Related Document.

<u>Section 8.4</u> Section 8.4 <u>Acknowledgement</u>. Without limiting the foregoing, the Manager hereby acknowledges that, on the date hereof, the Securitization Entities will pledge to the Trustee under the Indenture and the Global G&C Agreement, all of such Securitization Entities'<u>'</u> right and title to, and interest in, this Agreement and the Collateral; and such pledge includes all of such Securitization Entities'<u>'</u> rights, remedies, powers and privileges, and all claims of such Securitization Entities against the Manager, under or

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with respect to this Agreement (whether arising pursuant to the terms of this Agreement or otherwise available at law or in equity), including (i) the rights of such Securitization Entities and the obligations of the Manager hereunder and (ii) the right, at any time, to give or withhold consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this Agreement or the obligations in respect of the Manager hereunder to the same extent as such Securitization Entities may do. The Manager hereby consents to such pledges described above, acknowledges and agrees that the Trustee and its assigns<u>, the Back-Up Manager</u> and the Control Party, shall be third-party beneficiaries of the rights of such Securitization Entities arising hereunder and agree that the Trustee<u>, the Back-Up Manager</u> or the Control Party may enforce the provisions of this Agreement, exercise the rights of such Securitization Entities and enforce the obligations of the Manager hereunder without the consent of the such Securitization Entities.

<u>Section 8.5</u> Section 8.5 <u>Governing Law; Waiver of Jury Trial; Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed in accordance with and governed by 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto each hereby waive any right to have a jury participate in resolving any dispute, whether in contract, tort or otherwise, arising out of, connected with, relating to or incidental to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties hereto each hereby irrevocably submit (to the fullest extent permitted by applicable law) to the non-exclusive jurisdiction of any New York state or federal court sitting in the borough of Manhattan, New York City, State of New York, over any action or proceeding arising out of or relating to this Agreement or any related documents and the parties hereto hereby irrevocably agree that all claims in respect of such action or proceeding shall be heard and determined in such New York state or federal court. The parties hereto each hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection each may now or hereafter have, to remove any such action or proceeding, once commenced, to another court on the grounds of forum non conveniens or otherwise.

<u>Section 8.6</u> Section 8.6 <u>Notices</u>. All notices, requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent by (a) certified or registered mail, return receipt requested, postage prepaid, (b) national prepaid overnight delivery service, (c) telecopy or other facsimile transmission (following with hard copies to be sent by national prepaid overnight delivery service) or (d) <u>(d)</u> personal delivery with receipt acknowledged in writing, to the address set forth in the Base Indenture. Any party hereto may change its address for notices hereunder by giving notice of such change to the other parties hereto, with a copy to the Control Party. Any change of address of a Noteholder shown on a Note Register shall, after the date of such change, be effective to change the address for such Noteholder hereunder. All notices and demands shall be deemed to have been given either at the time of the delivery thereof to any officer or manager of the Person entitled to receive such notices and demands at the address of such Person for notices hereunder, or on the third day after the mailing thereof to such address, as the case may be.

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<u>Section 8.7</u> Section 8.7 <u>Severability of Provisions</u>. If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect.

<u>Section 8.8</u> Section 8.8 <u>Delivery Dates</u>. If the due date of any notice, certificate or report required to be delivered by the Manager hereunder falls on a day that is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the next succeeding day that is a Business Day.

<u>Section 8.9</u> Section 8.9 <u>Binding Effect; Limited Rights of Others</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto. Except as provided in the preceding sentence and except for the rights of the third party beneficiaries described in <u>Section 8.4</u><u>Section 8.4</u>, nothing in this Agreement expressed or implied, shall be construed to give any Person other than the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenants, agreements, representations or provisions contained herein.

<u>Section 8.10</u> Section 8.10 <u>Article and Section Headings</u>. The Article and Section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

<u>Section 8.11</u> Section 8.11 <u>Counterparts</u>. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

<u>Section 8.12 Amendment and Restatement. The parties hereto agree in each of their respective capacities under the Original Management Agreement and this Agreement that (i) this Agreement amends, estates and supersedes the Original Management Agreement in its entirety, which is superseded in its entirety by this Agreement and shall be of no further force or effect except as amended and restated hereby and (ii) from and after the date hereof, all references in each Related Document to the Original Management Agreement or the "Management Agreement" shall be deemed and agreed to refer to this Agreement.</u>

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IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Management Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

[Signature blocks]

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<u>Exhibit C</u> 

Amended Parent Company Support Agreement

*[See attached]* 

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EXECUTION<u>CONFORMED</u> VERSION <u> </u>

<u>THROUGH OMNIBUS AMENDMENT DATED SEPTEMBER 5, 2025</u>

**PARENT COMPANY SUPPORT AGREEMENT** 

made by

DOMINO'S PIZZA, INC.

in favor of

CITIBANK, N.A.,

as Trustee

Dated as of March 15, 2012

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | Page |
| Section 1 DEFINED TERMS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Definitions | 2 |
| Section 2 PERFORMANCE OBLIGATIONS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Contribution Agreements | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Management Agreement | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Holdco's Liability | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Commingling of Assets. | 3 |
| Section 3 REPRESENTATIONS AND WARRANTIES | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Due Qualification | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Due Authorization; Conflicts | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Enforceability | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Financial Statements | 4 |
| Section 4 LIMITATION ON INDEBTEDNESS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Limitation on Indebtedness | 5 |
| Section 5 MISCELLANEOUS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Nonpetition Covenant | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Amendments; Waivers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Notices, Etc. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Entire Agreement | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Governing Law | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Successors | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Third-Party Beneficiary | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 Severability | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 Counterpart Originals | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 **Table of Contents**, Headings, etc | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 Waiver of Jury Trial | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 Submission to Jurisdiction; Waivers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 Termination | 8 |

---

i

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**PARENT COMPANY SUPPORT AGREEMENT** 

PARENT COMPANY SUPPORT AGREEMENT (as amended, supplemented or otherwise modified from time to time, this "<u>Agreement</u>"), dated as of March 15, 2012, made by DOMINO'S PIZZA, INC., a Delaware corporation ("<u>Holdco</u>"), in favor of CITIBANK, N.A., a national banking association ("<u>Citibank</u>"), as trustee under the Indenture referred to below (in such capacity, together with its successors, the "<u>Trustee</u>") for the benefit of the Secured Parties. All capitalized terms used herein but not otherwise defined herein shall have the meanings contemplated in <u>Section 1</u> hereof.

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:

WHEREAS, Domino's Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "<u>Domestic</u> Distributor"),<u>Supply Chain Holder"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company ("PFS Supply Chain Holder"),</u> Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>SPV Canadian Holdco</u>") and Domino's IP Holder LLC (the "<u>IP Holder</u>," and together with the Master Issuer, the Domestic Distributor<u>Supply Chain Holder, PFS Supply Chain Holder</u> and the SPV Canadian Holdco, the "<u>Co-Issuers</u>") and Citibank, as Trustee and securities intermediary, have entered into the Amended and Restated Base Indenture, dated as of the date of this Agreement (as amended, modified or supplemented from time to time, exclusive of any Series Supplements, the "<u>Base Indenture</u>" and, together with all Series Supplements, the "<u>Indenture</u>"), providing for the issuance from time to time of one or more Series of Notes thereunder;

WHEREAS, subsidiaries of Holdco have entered into or will enter into the Distribution and Contribution Agreements and the Contribution and Sale Agreements;

WHEREAS, the Master Issuer, the other Co-Issuers, Domino's SPV Guarantor LLC, Domino's Pizza Franchising LLC, Domino's Pizza International Franchising Inc., Domino's Pizza Canadian Distribution ULC, Domino's EQ LLC, Domino's RE LLC, Domino's Pizza LLC ("<u>DPL</u>" or the "<u>Manager</u>"), Domino's Pizza NS Co. and the Trustee have entered in the Amended and Restated Management Agreement (the "<u>Management Agreement</u>") dated as of the date hereof;

WHEREAS, DPL is a wholly-owned subsidiary of Domino's, Inc., a Delaware corporation ("<u>Intermediate Holdco</u>");

WHEREAS, Intermediate Holdco is a wholly-owned subsidiary of Holdco;

WHEREAS, Holdco has and will derive substantial direct and indirect benefit from the contribution of assets under the Distribution and Contribution Agreements and the Contribution and Sale Agreements; and

WHEREAS, Holdco will derive substantial direct and indirect benefit from the services provided by DPL under the Management Agreement;

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NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Holdco agrees with the Trustee, for the benefit of the Secured Parties, as follows:

**SECTION 1** 

**<u>DEFINED TERMS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For all purposes of this Agreement, except as set forth in <u>Section 1.1(b)</u> below, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in <u>Annex A</u> to the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following terms shall have the following meanings:

"<u>Holdco Consolidated Entities</u>" means, collectively, Holdco and its consolidated Subsidiaries.

"<u>Holdco Debt Incurrence Test</u>" means, with respect to any transaction or action in connection with the Incurrence of any Indebtedness by Holdco or any Holdco Consolidated Entity, a test that will be satisfied if, after giving effect to such transaction or action, the Holdco Leverage Ratio is (1) prior to the Series 2021-1 Springing Amendments Implementation Date, less than or equal to 7.0x and (2) on and after the Series 2021-1 Springing Amendments Implementation Date, less than or equal to 7.5x. For the avoidance of doubt, any Notes defeased, satisfied or discharged in accordance with the terms of the Indenture shall not be included in the calculation of the Holdco Leverage Ratio.

"<u>Holdco Specified Non-Securitization Debt Cap</u>" means <u>(i)</u> $75,000,000.<u>125,000,000, or (ii) on and after the 2025-1 Springing Amendments Implementation Date, the greater of (A) 20% of Net Cash Flow over the four (4) Quarterly Collection Periods immediately preceding the relevant date of determination and (B) $225,000,000.</u>

"<u>Incur</u>", "<u>Incurrence</u>" and derivatives thereof, means to, directly or indirectly, create, incur, assume, guarantee, pledge assets to secure or become liable, contingently or otherwise, with respect to, or otherwise become responsible for the payment of, any obligation. For the avoidance of doubt, any arrangement that permits future advances, borrowings, drawings or other Incurrences will be treated as being fully utilized as of any date that the permissibility or level of Incurrences is being determined, and will be deemed to be Incurred for all purposes on the date such arrangement is entered into.

"<u>Specified Non-Securitization Debt</u>" means Indebtedness that may be incurred by Holdco or any Holdco Consolidated Entity (other than the Securitization Entities).

"<u>Transferor</u>" means the party identified as the "Transferor" in any Distribution and Contribution Agreement or Contribution and Sale Agreement.

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**SECTION 2** 

**<u>PERFORMANCE OBLIGATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Contribution Agreements</u>.

Holdco hereby agrees to cause each Transferor to perform each of the obligations, including any indemnity obligations, and the duties of such Transferor under each Distribution and Contribution Agreement and each Contribution and Sale Agreement to which such Transferor is a party, in each case as and when due; <u>provided</u>, <u>however</u>, to the extent that such Transferor has not performed any such obligation or duty within thirty (30) days after such obligation or duty was required to be performed, Holdco hereby agrees to either (a) perform such obligation or duty or (b) cause any other Person (other than such Transferor) to perform such obligation or duty on Holdco's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Management Agreement</u>.

Holdco hereby agrees to cause the Manager to perform each of the obligations, including any indemnity obligations, and the duties of the Manager under the Management Agreement, in each case as and when due; <u>provided</u>, <u>however</u>, to the extent that the Manager has not performed any such obligation or duty within thirty (30) days after such obligation or duty was required to be performed (or such longer cure period, not to exceed sixty (60) days, as is provided in the Management Agreement), Holdco hereby agrees to either (a) perform such obligation or duty or (b) cause any other Person (other than the Manager) to perform such obligation or duty on Holdco's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Holdco's Liability</u>.

Holdco's liability hereunder shall be absolute and irrevocable and, without limiting the foregoing, shall not be released, discharged or otherwise affected by any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition, arrangement or other similar proceeding relating to any Transferor or the Manager or to any of their properties or assets, or any resulting release or discharge of any obligation of any Transferor or the Manager or any other circumstances that constitute or might be construed to constitute a legal or equitable discharge of or defense to the obligations of Holdco hereunder. For the avoidance of doubt, the performance obligations of Holdco set forth in this <u>Section 2</u> do not in any way obligate Holdco to perform the obligations and duties of any other party under any other Related Document, including the obligations and duties of the Co-Issuers under the Indenture or to pay any amounts owed by any Transferor or the Manager other than amounts due in respect of indemnity obligations as expressly provided in the Distribution and Contribution Agreements, Contribution and Sale Agreements or the Management Agreement, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Commingling of Assets</u>.

Holdco hereby agrees that except as contemplated by the Related Documents, it shall not commingle its assets with those of any Securitization Entity.

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**SECTION 3** 

**<u>REPRESENTATIONS AND WARRANTIES</u>**

Holdco hereby represents and warrants, for the benefit of the Trustee and the Secured Parties, as follows as of the Closing Date:

Organization and Good Standing.

Holdco is a corporation duly formed and organized, validly existing and in good standing under the laws of the State of Delaware and has full power and authority to own its properties and conduct its business as such properties are currently owned and such business is presently conducted and to execute, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Due Qualification</u>.

Holdco is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals in all jurisdictions where the ownership or lease of property or the conduct of its business requires such qualifications, licenses and approvals, except where the failure to be so qualified or to obtain such licenses or approvals would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Due Authorization; Conflicts</u>.

The execution, delivery and performance by Holdco of this Agreement are within Holdco's power and authority, have been duly authorized and do not contravene (i) the Holdco Charter Documents, (ii) any applicable law, order, rule or regulation applicable to Holdco of any court or of any federal, state or foreign regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Holdco or its properties (including any Requirements of Law regarding licensing and consumer protection) or (iii) any contractual restriction binding on or affecting Holdco, in the case of <u>clause (ii)</u> or <u>(iii)</u> above, the violation of which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Enforceability</u>.

This Agreement is the legal, valid and binding obligation of Holdco enforceable against Holdco in accordance with its terms, except as such enforceability may be subject to the effect of any bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally or general principles of equity (whether such enforcement is considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Financial Statements</u>.

The financial statements included in Holdco's Annual Report on Form 10-K for the fiscal year ended January 1, 2012, as filed with the Securities and Exchange Commission on February 28, 2012 (including the schedules and notes thereto), have been prepared in accordance with GAAP and present fairly the financial position of Holdco Consolidated Entities as of the date thereof and the results of their operations and their cash flows for the periods covered thereby (except, in the case of unaudited quarterly financial statements, for the absence of footnotes and normal year-end audit adjustments).

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**SECTION 4** 

**<u>LIMITATION ON INDEBTEDNESS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Limitation on Indebtedness</u>.

For so long as the Indenture has not been terminated in accordance with its terms, Holdco Consolidated Entities (other than the Securitization Entities) shall not Incur any Indebtedness in excess of the Holdco Specified Non-Securitization Debt Cap; <u>provided</u> that the Holdco Specified Non-Securitization Debt Cap will not be applicable to any issuance or incurrence of any Specified Non-Securitization Debt (i) <u>(a)</u> incurred to refinance or repay the Notes in whole <u>or (b) on and after the 2025-1 Springing Amendments Implementation Date, that otherwise constitutes Permitted Refinancing Indebtedness (which includes a Refinancing in part)</u>, (ii) after the issuance of which the Holdco Debt Incurrence Test is satisfied after giving effect to the incurrence of such Indebtedness and for which the applicable creditors (excluding any creditor with respect to an aggregate amount of outstanding Indebtedness less than $150,000<u>500,000</u>) have executed a non-disturbance agreement with the Trustee, as directed by the Manager and in a form reasonably satisfactory to the Control Party and the Trustee, that acknowledges the terms of the Related Documents including the bankruptcy remote status of the Securitization Entities and their respective assets, (iii) that is considered Indebtedness due solely to a change in accounting rules that takes effect subsequent to the Closing Date but that was not considered Indebtedness prior to such date or (iv) in respect of any obligation of DPL to reimburse the Master Issuer for any draws under any letters of credit issued under a Variable Funding Note Purchase Agreement in accordance with the terms thereof.

**SECTION 5<u> </u>**

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Nonpetition Covenant</u>.

Holdco shall not, prior to the date that is one year and one 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Amendments; Waivers</u>.

Any provision of this Agreement may be amended or waived from time to time with the consent of the Control Party, only if such amendment or waiver is executed by the parties hereto in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Notices, Etc.</u>

Any notice or communication provided for hereunder shall be in writing and delivered in person, delivered by email or facsimile, or mailed by first-class mail (registered or certified, return receipt requested) or overnight air courier guaranteeing next day delivery, to such other party's address:

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If to Holdco:

Domino's<u>Domino's</u> Pizza, Inc.

30 Frank Lloyd Wright Drive

P.O. Box 997

Ann Arbor, Michigan 48106

Attention: Cristian Dersidan <u>Ryan K. Mulally</u>

Facsimile: [\*\*\*]

<u>Email: [\*\*\*]</u>

with a copy to:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

Attention: Winthrop G. Minot

Facsimile: [\*\*\*]

and

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, NY 10036

Attention: David Midvidy <u>Patricia Lynch</u>

<u>Email: [\*\*\*]</u>

Facsimile: [\*\*\*]

If to the Trustee:

Citibank, N.A.

388 Greenwich Street

14th Floor

New York, NY 10013

Attention: Global Transaction Services–Domino's Pizza

Facsimile: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Entire Agreement</u>.

This Agreement and the other Related Documents contain 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Governing Law</u>.

**THIS AGREEMENT 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).** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Successors</u>.

All agreements of Holdco in this Agreement and each other Related Document to which it is a party shall bind its successors and assigns; <u>provided</u>, <u>however</u>, Holdco may not assign its obligations or rights under this Agreement or any Related Document, except with the written consent of the Control Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Third-Party Beneficiary</u>.

Each of the Control Party and the Controlling Class Representative is an express third-party beneficiary of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Severability</u>.

In case any provision in this Agreement or any other Related Document shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Counterpart Originals</u>.

The parties may sign any number of copies of this Agreement. Each signed copy shall be an original, but all of them together represent the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>**Table of Contents**, Headings, etc</u>.

The **Table of Contents** and headings of the Sections of this Agreement have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <u>Waiver of Jury Trial</u>.

EACH OF HOLDCO AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 <u>Submission to Jurisdiction; Waivers</u>.

Each of Holdco and the Trustee hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Related Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to Holdco or the Trustee, as the case may be, at its address set forth in <u>Section 5.3</u> or at such other address of which the Trustee shall have been notified pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section 5.12</u> any special, exemplary, punitive or consequential damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 <u>Termination</u>.

This Agreement shall terminate upon the satisfaction and discharge of the Indenture in accordance with its terms; <u>provided</u> that the provisions of <u>Section 5.1</u> shall survive such termination.

**[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]** 

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IN WITNESS WHEREOF, each of Holdco and the Trustee has caused this Agreement to be duly executed and delivered by its duly Authorized Officer as of the date first above written.

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| | |
|:---|:---|
| DOMINO'S PIZZA, INC. | DOMINO'S PIZZA, INC. |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |

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Domino's - Parent Company Support Agreement

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| | |
|:---|:---|
| AGREED AND ACCEPTED: | AGREED AND ACCEPTED: |
| CITIBANK, N.A., in its capacity as Trustee | CITIBANK, N.A., in its capacity as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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Domino's - Parent Company Support Agreement

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<u>Exhibit D</u>

Amended Servicing Agreement

*[See attached]* 

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DOMINO'S PIZZA MASTER ISSUER LLC,

DOMINO'S IP HOLDER LLC,

DOMINO'S PIZZA DISTRIBUTION LLC<u>,</u> <u> </u>

<u>DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC</u>

and

DOMINO'S SPV CANADIAN HOLDING COMPANY INC.,

each as Co-Issuer

DOMINO'S PIZZA LLC,

as Manager

CITIBANK, N.A.,

as Trustee,

and

MIDLAND LOAN SERVICES,

A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

as Servicer

AMENDED AND RESTATED

SERVICING AGREEMENT

**Dated as of April 16, 2021** 

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE 1<br>DEFINITIONS AND USAGE | ARTICLE 1<br>DEFINITIONS AND USAGE |  |
| Section 1.1 | Certain Definitions | 5<u>5</u> |
| Section 1.2 | Rules of Construction. | 7 |
| Section 1.3 | Computation of Time Periods | 8<u>8</u> |
| ARTICLE 2 | ARTICLE 2 |  |
| DUTIES AND RESPONSIBILITIES OF THE SERVICER | DUTIES AND RESPONSIBILITIES OF THE SERVICER |  |
| Section 2.1 | Appointment of Servicer | 8<u>8</u> |
| Section 2.2 | Servicing Standard | 8<u>8</u> |
| Section 2.3 | Monitoring and Reviewing Reports | 8 |
| Section 2.4 | Consents to Ministerial Actions and Amendments | 9<u>9</u> |
| Section 2.5 | Advances | 9<u>10</u> |
| Section 2.6 | Warm Back-Up Management Trigger Events | 11<u>14</u> |
| Section 2.7 | Hot Back-Up Management Trigger Events | 12<u>15</u> |
| Section 2.8 | Annual Accountants' Report | 12<u>16</u> |
| Section 2.9 | Annual Performance Certificate | 13<u>16</u> |
| Section 2.10 | Maintenance of Insurance by the Servicer | 13<u>17</u> |
| Section 2.11 | Sub-Servicing Agreements | 14<u>17</u> |
| Section 2.12 | Manager Omitted Payable Sums. | 18 |
| ARTICLE 3<br> INFORMATION | ARTICLE 3<br> INFORMATION |  |
| Section 3.1 | Reliance on Information | 15<u>19</u> |
| <br> ARTICLE 4<br>COMPENSATION, EXPENSES AND INDEMNITY | <br> ARTICLE 4<br>COMPENSATION, EXPENSES AND INDEMNITY |  |
| Section 4.1 | Compensation | 16<u>21</u> |
| Section 4.2 | Costs and Expenses. | 18<u>23</u> |
| Section 4.3 | Liability of the Servicer | 18<u>23</u> |
| Section 4.4 | Limitation of Liability of the Servicer | 19<u>24</u> |
| <br> ARTICLE 5<br>THE SERVICER | <br> ARTICLE 5<br>THE SERVICER |  |
| Section 5.1 | Representations and Warranties Concerning the Servicer | 21<u>27</u> |
| Section 5.2 | Limitations of Responsibility of the Servicer | 21<u>28</u> |
| Section 5.3 | Right to Receive Instructions | 21<u>29</u> |
| Section 5.4 | Independent Contractor. | 21<u>29</u> |
| Section 5.5 | Merger, Consolidation or Conversion of the Servicer | 21<u>29</u> |
| Section 5.6 | Rights of the Trustee in Respect of the Servicer | 21<u>30</u> |
| Section 5.7 | Servicer as Owner of a Note | 21<u>30</u> |

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| | | |
|:---|:---|:---|
| <br> ARTICLE 6<br>SERVICER TERMINATION EVENTS | <br> ARTICLE 6<br>SERVICER TERMINATION EVENTS |  |
| Section 6.1 | Servicer Termination Events | 21<u>30</u> |
| Section 6.2 | Notification to Noteholders | 21<u>33</u> |
| Section 6.3 | Waiver of Servicer Termination Events | 21<u>33</u> |
| Section 6.4 | Additional Remedies of Trustee upon Servicer Termination Event | 21<u>3</u><u>4</u> |
| <br> ARTICLE 7<br>CONFIDENTIALITY | <br> ARTICLE 7<br>CONFIDENTIALITY |  |
| Section 7.1 | Confidentiality | 21<u>34</u> |
| <br> ARTICLE 8<br>MISCELLANEOUS PROVISIONS | <br> ARTICLE 8<br>MISCELLANEOUS PROVISIONS |  |
| Section 8.1 | Term; Termination of Agreement | 21<u>35</u> |
| Section 8.2 | Resignation | 21<u>36</u> |
| Section 8.3 | Amendments to this Agreement | 21<u>37</u> |
| Section 8.4(c) | Amendments to other Agreements. | 21<u>38</u> |
| Section 8.5<u>8.4</u> | Successors and Assigns; Additional Co-Issuers | 21<u>38</u> |
| Section 8.6<u>8.5</u> | Nonpetition Covenant | 21<u>38</u> |
| Section 8.7<u>8.6</u> | Acknowledgement | 21<u>38</u> |
| Section 8.8<u>8.7</u> | Governing Law; Waiver of Jury Trial; Jurisdiction | 21<u>38</u> |
| Section 8.9<u>8.8</u> | Notices | 21<u>39</u> |
| Section 8.10<u>8.9</u> | Delivery Dates | 21<u>42</u> |
| Section 8.11<u>8.10</u> | Entire Agreement | 21<u>43</u> |
| Section 8.12<u>8.11</u> | Severability of Provisions | 21<u>43</u> |
| Section 8.13<u>8.12</u> | Binding Effect; Limited Rights of Others | 21<u>43</u> |
| Section 8.14<u>8.13</u> | Article and Section Headings | 21<u>43</u> |
| Section 8.15<u>8.14</u> | Counterparts | 21<u>43</u> |
| Section 8.16<u>8.15</u> | Survival | 21<u>44</u> |
| <u>Section 8.16</u> | <u>Amendment and Restatement</u> | <u>44</u> |
|  Exhibit A – Management Assertion regarding Annual Accountant's Report | Exhibit A – Management Assertion regarding Annual Accountant's Report |  |

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AMENDED AND RESTATED SERVICING AGREEMENT

This AMENDED AND RESTATED SERVICING AGREEMENT, dated as of April 16<u>April 16</u>, 2021 (this "<u>Agreement</u>"), is entered into by and among Domino's Pizza Master Issuer LLC (the "<u>Master Issuer</u>"), a Delaware limited liability company, the Master Issuer's direct, wholly-owned subsidiaries, Domino's IP Holder LLC, a Delaware limited liability company (the "<u>IP Holder</u>"), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "Domestic Distributor"), and <u>Supply Chain Holder"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "PFS Domestic Supply Chain Holder" and</u> Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>SPV Canadian Holdco</u>" and, together with the Master Issuer, the IP Holder and<u>,</u> the Domestic Distributor<u>Supply Chain Holder and the PFS Domestic Supply Chain Holder</u> and their respective successors and assigns, and any other affiliate of Domino's Pizza, Inc. a Delaware corporation (together with its successors and assigns, "<u>Holdco</u>"), that becomes a Co-Issuer under the Indenture and its successor and assigns, collectively, the "<u>Co-Issuers</u>" and each, a "<u>Co-Issuer</u>"); Domino's Pizza LLC, a Michigan limited liability company (together with its successors and assigns, the "<u>Manager</u>"); Citibank, N.A. ("<u>Citibank</u>"), as trustee (together with its successors and assigns, the "<u>Trustee</u>") and Midland Loan Services, a division of PNC Bank, National Association, as Servicer (together with its successors and assigns, the "<u>Servicer</u>").

<u>RECITALS</u> 

WHEREAS, the Co-Issuers and Citibank, as Trustee and securities intermediary, have entered into the Amended and Restated Base Indenture, dated as of March 15, 2012 (as amended, restated, amended and restated or otherwise modified and in effect from time to time, the "<u>Base Indenture</u>"), pursuant to which the Co-Issuers may issue from time to time one or more series of Notes (the "<u>Notes</u>"), in each case in accordance with a supplemental indenture supplementing the Base Indenture (the Base Indenture, as supplemented by each such Supplemental Indenture, the "<u>Indenture</u>");

WHEREAS, the Co-Issuers, Domino's Pizza LLC, as the Manager and in its individual capacity, Domino's SPV Guarantor LLC, Domino's Pizza Franchising LLC, Domino's Pizza International Franchising Inc., Domino's Pizza Canadian Distribution ULC, Domino's EQ LLC, Domino's RE LLC, Domino's Pizza NS Co., and the Trustee have entered into the Amended and Restated Management Agreement, dated as of March 15, 2012 (as amended, restated, amended and restated or otherwise modified and in effect from time to time, the "Management Agreement"), pursuant to which, among other duties, the Manager performs certain franchising, distribution, intellectual property and operational functions on behalf of the Securitization Entities;

WHEREAS, the Co-Issuers, the Manager, the Trustee<u>, the other Securitization Entities</u> and the Back-Up Manager have entered into the Amended and Restated Back-Up Management and Consulting Agreement, dated as of the date of this Agreement (as amended, restated, amended and restated or otherwise modified and in effect from time to time, the "Back-Up Management Agreement") pursuant to which, among other duties, the Back-Up Manager will continue to (i) provide consulting and other back-up management services to the Servicer, the

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Co-Issuers and the Trustee for the benefit of the Secured Parties and (ii) if and as required, develop and/or implement a transition plan and serve<u>, as applicable,</u> as the <u>Interim</u> Successor Manager <u>following a termination or resignation of the Manager</u> until a Successor Manager (other than the Back-Up Manager) has been appointed <u>and has accepted such appointment</u>;

WHEREAS, the Co-Issuers, the Manager, the Trustee and the Servicer entered into the Servicing Agreement, dated as of March 15, 2012 (the "<u>Original Servicing Agreement</u>").

WHEREAS, the Co-Issuers and the Manager wish to amend and restate the Original Servicing Agreement in its entirety pursuant to Section 8.3 thereto in order for the Co-Issuers and the Manager to engage the Servicer to continue to (i) monitor and review reports and other information provided to it by the Manager and the Back-Up Manager, (ii) as the Control Party, act on behalf of the Trustee, or direct the Trustee to act in connection with proposed waivers, amendments, consents and other actions with respect to the Indenture and other Related Documents, (iii) assist the Back-Up Manager with the development and possible implementation of a transition plan for a Successor Manager, (iv)<u>of the Transition Plan following a Warm Back-Up Management Trigger Event, (iv) assist the Back-Up Manager with the implementation of the Transition Plan in connection with the termination of the Manager, (v)</u> make, in certain circumstances, Debt Service Advances with respect to interest on Senior Notes and Collateral Protection Advances for payment of taxes, rent, assessments, insurance premiums and other costs and expenses necessary to protect, preserve or restore the collateral pledged by the Co-Issuers under the Indenture and for payment of<u>or to pay, prior to the Series 2021-1 Springing Amendments Implementation Date,</u> any expenses of any Securitization Entity, including Distributor<u>(without duplication) Supply Chain Expenses, Supply Chain</u> Costs of Goods Sold and Distribution<u>, Supply Chain Operating Expenses and Supply Chain</u> Center Expenses (each, as defined in the Indenture), <u>and subject to the "netting" requirement in the final sentence of the defined term "Collateral Protection Advance") and, on and after the Series 2021-1 Springing Amendments Implementation Date, any Securitization Operating Expense</u> to the extent not previously paid pursuant<u>the Manager elects not</u> to <u>make</u> a Manager Advance (as defined in the Management Agreement),<u>to cover such expense</u> and (v) provide consulting services to the Noteholders and the Co-Issuers upon the occurrence of a Hot Back-Up Management Trigger Event; and

WHEREAS, the Servicer is willing and desires to provide the services of the Servicer described in this Agreement, the Management Agreement, the Back-Up Management Agreement and the Indenture, on the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows:

<u>ARTICLE 1</u> 

<u>DEFINITIONS AND USAGE</u> 

Section 1.1 <u>Certain Definitions</u>. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein have the meanings assigned to such terms in, or incorporated by reference into, the Base Indenture,

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including the terms defined in Annex A thereto. An index to terms defined in this Agreement is provided at the end of this Agreement. The following capitalized terms shall have the following meanings:

"<u>Advance Period</u>" means, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, a period of time commencing on the date the Servicer makes a Debt Service Advance or Collateral Protection Advance and ending on the date the Servicer is reimbursed in full (from amounts other than Debt Service Advances or Collateral Protection Advances) for all outstanding Debt Service Advances or Collateral Protection Advances with interest thereon.

" <u>Advance Suspension Period</u>" has the meaning set forth in <u>Section 2.5(c)(iii)</u> hereof.

"<u>Agreement</u>" has the meaning set forth in the introduction hereof.

"<u>Annual Accountants' Report</u>" has the meaning set forth in <u>Section 2.8</u> hereof.

"<u>Annual Performance Certificate</u>" has the meaning set forth in <u>Section 2.9</u> hereof.

"<u>Back-Up Management Agreement</u>" has the meaning set forth in the Recitals hereof.

"<u>Base Indenture</u>" has the meaning set forth in the Recitals hereof.

"<u>Co-Issuer</u>" and "<u>Co-Issuers</u>" have the meanings set forth in the introduction hereof.

"<u>Confidential Information</u>" has the meaning set forth in <u>Section 7.1</u> hereof.

"<u>Consent Fees</u>" has the meaning set forth in <u>Section 4.1(b)</u> hereof.

"<u>Criteria</u>" has the meaning set forth in <u>Section 2.8</u> hereof.

"<u>Domestic</u> <u>Distributor</u><u>Supply Chain Holder</u>" has the meaning set forth in the introduction hereof.

"<u>Holdco</u>" has the meaning set forth in the introduction hereof.

"<u>Indemnitee</u>" has the meaning set forth in <u>Section 4.3(a)</u> hereof.

"<u>Indenture</u>" has the meaning set forth in the Recitals hereof.

"<u>IP Holder</u>" has the meaning set forth in the introduction hereof.

"<u>Liquidation Fee</u>" has the meaning set forth in <u>Section 4.1(d)</u> hereof.

"<u>Management Agreement</u>" has the meaning set forth in the Recitals hereof.

"<u>Manager</u>" has the meaning set forth in the introduction hereof.

"<u>Manager Omitted Payable Sums</u>" has the meaning set forth in <u>Section 2.12</u> hereof.

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"<u>Master Issuer</u>" has the meaning set forth in the introduction hereof.

"<u>Net Liquidation Proceeds</u>" has the meaning set forth in <u>Section 4.1(d)</u> hereof.

"<u>Notes</u>" has the meaning set forth in the Recitals hereof.

"<u>Omitted Payable Sums Certification</u>" has the meaning set forth in <u>Section 2.12</u> hereof.

"<u>Representatives</u>" has the meaning set forth in <u>Section 7.1(a)</u> hereof.

"<u>Required Claims-Paying Rating</u>" has the meaning set forth in <u>Section 2.10</u> hereof.

"<u>Servicer</u>" has the meaning set forth in the introduction hereof.

"<u>Servicer Indemnified Parties</u>" has the meaning set forth in <u>Section 4.4(a)</u> hereof.

"<u>Servicer Termination Events</u>" has the meaning set forth in <u>Section 6.1(a)</u> hereof.

"<u>Servicer Termination Notice</u>" has the meaning set forth in <u>Section 6.1(b)</u> hereof.

"<u>Servicing Fee</u>" has the meaning set forth in <u>Section 4.1(a)</u> hereof.

"<u>Servicing Standard</u>" has the meaning set forth in <u>Section 2.2</u> hereof.

"<u>SPV Canadian Holdco</u>" has the meaning set forth in the introduction hereof.

"<u>Sub-Servicer</u>" has the meaning set forth in <u>Section 2.11(a)</u> hereof.

"<u>Sub-Servicing Agreements</u>" has the meaning set forth in <u>Section 2.11(a)</u> hereof.

"<u>Successor Servicer</u>" has the meaning set forth in <u>Section 6.1(b)</u> hereof.

"<u>Transition Plan</u>" has the meaning set forth in <u>Section 2.6</u> hereof.

"<u>Trustee</u>" has the meaning set forth in the introduction hereof.

"<u>Workout Fee</u>" has the meaning set forth in <u>Section 4.1(e)</u> hereof.

Section 1.2 <u>Rules of Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> Each term defined in this Agreement or in or incorporated by reference into this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement and each term defined in the plural form shall mean the singular thereof when the singular form of such term is used herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> The words "<u>hereof</u>," "<u>herein</u>," "<u>hereunder</u>" and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> The definitions contained or used in this Agreement are equally applicable to both the masculine as well as to the feminine and neuter genders of such terms.

Section 1.3 <u>Computation of Time Periods</u>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "<u>from</u>" means "<u>from and including</u>" and the words "<u>to</u>" and "<u>until</u>" each means "<u>to but excluding</u>."

<u>ARTICLE 2</u> 

<u>DUTIES AND RESPONSIBILITIES OF THE SERVICER</u> 

Section 2.1 <u>Appointment of Servicer</u>. Midland Loan Services, a division of PNC Bank, National Association is hereby appointed as the Servicer to provide the services set forth in this Agreement, and Midland Loan Services, a division of PNC Bank, National Association hereby accepts such appointment and agrees to perform such services subject to and in accordance with the terms of this Agreement, the Indenture and the other Related Documents.

Section 2.2 <u>Servicing Standard</u>. The Servicer is authorized to, and agrees that it will, perform its services in accordance with applicable law, the terms of this Agreement, the Indenture and the other Related Documents (a) using the same care, skill, prudence and diligence with which the Servicer generally services and administers comparable obligations for other third parties, giving due consideration to customary and usual standards of practice of prudent servicing by institutional commercial loan servicers; (b) with a view to timely payment of all scheduled payments of interest and, if any of the Notes come into and continue in default, the maximization of the recovery on the Notes to the Noteholders, on a net present value basis (the relevant discounting of anticipated collections that will be distributable to Noteholders to be performed at the applicable Note Rate) and (c) <u>giving due consideration to the customary and usual standards of practice of prudent, institutional commercial loan servicers, but</u> without regard to any conflict of interest arising from: (i) any relationship that the Servicer or any Affiliate thereof may have with the Securitization Entities, the Manager, the Back-Up Manager, the Trustee, the Noteholders or any customer of the foregoing, any of their respective Affiliates or any other party to the Related Documents; (ii) the ownership of any Note by the Servicer or any Affiliate thereof; (iii) the obligation of the Servicer to make Debt Service Advances or Collateral Protection Advances; (iv) the right of the Servicer or any Affiliate thereof to receive compensation for its services or reimbursement of costs, generally under this Agreement or with respect to any particular transaction; and (v) any debt or equity of Holdco or any Affiliate thereof held by the Servicer or any Affiliate thereof (collectively, the "<u>Servicing Standard</u>").

Section 2.3 <u>Monitoring and Reviewing Reports</u>. Based on the information provided to it by the Back-Up Manager and pursuant to the Indenture and/or obtained by the Servicer pursuant to this Agreement or the other Related Documents, the Servicer shall review the performance of the Manager under the Management Agreement by promptly reviewing such information upon receipt thereof or upon posting thereof to the Trustee's or the Manager's website.

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Section 2.4 <u>Consents to Ministerial Actions and Amendments</u>. In addition to the duties and obligations specifically set forth in this <u>Article 2</u>, the Servicer shall be the Control Party under the Indenture with respect to all Series of Notes, and in that capacity shall direct the Trustee to act (or to refrain from acting) or shall act on behalf of the Trustee in connection with any Consent Request. As Control Party, the Servicer is authorized to consent, subject to the Servicing Standard, to Consent Requests that do not require the consent of any Noteholder or the Controlling Class Representative. For any Consent Request that requires the consent, waiver or direction of the Controlling Class Representative, the Servicer, as Control Party, shall review such Consent Request and shall formulate and present a Consent Recommendation to the Controlling Class Representative whether to approve or not to approve such Consent Request. The Control Party is not authorized to implement any such Consent Request until the Control Party receives the consent, waiver or direction of the Controlling Class Representative; <u>provided</u> that if the Controlling Class Representative fails to approve or reject a Consent Request within 10 Business Days after receipt of such Consent Request and the related Consent Recommendation, or if there is no Person acting as the Controlling Class Representative at such time (including during any CCR Election Period), the Control Party shall approve or reject such Consent Request in accordance with the Servicing Standard. For Consent Requests that expressly require the consent, waiver of direction of affected Noteholders or 100% of the Noteholders pursuant to the terms of the Related Documents, the Control Party will review such Consent Request and will present a Consent Recommendation to the Trustee, which will forward such Consent Request and Consent Recommendation to the Noteholders. The Control Party will be required to obtain the consent of the affected Noteholders or 100% of the Noteholders, as required under the Related Documents, to implement such Consent Requests. The duties and obligations of the Servicer listed in this <u>Article 2</u> are not exclusive and the duties and obligations of the Servicer under the Indenture and the other Related Documents shall be as specified therein. The Servicer (whether in its role as Servicer or as Control Party) will have the right to consult with the Back-Up Manager with respect to any Consent Requests and Consent Recommendations and any other proposed course of action under any Related Document and reserves the right to condition any Consent Request requested by the Securitization Entities upon the payment of any Consent Fees and all third-party out-of-pocket expenses payable to the Securitization Entities under this Agreement or under the terms of the related consent. Additionally, (i) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, in the event that the Control Party elects, in its sole discretion, to consult with the Back-Up Manager with respect to any Consent Request<u>, Consent Recommendations</u> or proposed Debt Service Advance or Collateral Protection Advance, the Co-Issuers also shall be responsible to pay a Back-Up Manager Consent Consultation Fee to the Back-Up Manager and (ii) in no event shall the Servicer, the Control Party or the Back-Up Manager assume or be responsible for any financial obligations or liabilities of the Securitization Entities or the Manager pursuant to the Management Agreement or any other Related Document. The Servicer, as Control Party, subject to the terms of the Back-Up Management Agreement, shall have the right to consult with the Back-Up Manager with respect to any Consent Requests, <u>Consent Recommendations,</u> or proposed Advances, provided, that (i) from and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, in the event the Servicer, as Control Party, elects to consult with the Back-Up Manager with respect to any Consent Requests, <u>Consent Recommendations,</u> or proposed Advances, the Securitization Entities will pay certain amounts to the Back-Up Manager in accordance with and to the extent described in the

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Back-Up Management Agreement, and (ii) in no event shall the Servicer, the Control Party or the Back-Up Manager assume or be responsible for any financial obligations or liabilities of the Securitization Entities or the Manager pursuant to the Management Agreement or any other Related Document. <u>For the avoidance of doubt and notwithstanding anything to the contrary in the Related Documents, in the performance of its duties, either the Servicer nor the Control Party shall be required to assume ownership of any of the Securitization Entities or any of their assets, or to assume direct or indirect liability for any of them, *provided*, *however,* that for the avoidance of doubt, the foregoing shall not limit the Servicer's obligations hereunder with respect to Collateral Protection Advances, or exculpate or otherwise impact, reduce or impair the scope of the Servicer's liability as set forth in Section 4.3 hereof. Additionally, on and after the Series 2021-1 Springing Amendments Implementation Date, in the event that the Control Party elects, in its sole discretion, to consult with the Back-Up Manager with respect to any Consent Request, Consent Recommendation or proposed Advances, the Co-Issuers also shall be responsible to pay a Back-Up Manager Consulting Fee to the Back-Up Manager.</u> 

Section 2.5 <u>Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Debt Service Advances</u>. If the Manager determines on any Accounting Date that the Senior Notes Interest Shortfall Amount with respect to the following Quarterly Payment Date will be greater than zero (after reallocation of available funds in the Trustee Accounts as contemplated by the Indenture and the Senior Notes Interest Reserve Account or available to be drawn under any Interest Reserve Letter of Credit pursuant to the Indenture), the Manager shall send a notice specifying the Senior Notes Interest Shortfall Amount along with copies of the related Weekly Manager's Certificate to the Servicer (with copies to the Back-Up Manager and the Trustee) no later than 5:00 p.m. (New York City time) on the Accounting Date. The Servicer shall make a Debt Service Advance in an amount equal to such Senior Notes Interest Shortfall Amount no later than 3:00 p.m. (New York City time) on the Business Day prior to the following Quarterly Payment Date; <u>provided</u> that the Servicer shall not be required to make any Debt Service Advance if the Servicer has determined in accordance with the Servicing Standard that such Debt Service Advance (with interest thereon) is a Nonrecoverable Advance or, on or after the <u>Series 2021-1</u> Springing Amendments Implementation Date, would constitute a Nonrecoverable Advance or an Advance Suspension period is then in effect, and the Servicer has notified the Master Issuer, the Manager, the Back-Up Manager and the Trustee no later than 3:00 p.m. on the Business Day prior to such Quarterly Payment Date that such Debt Service Advance is a Nonrecoverable Advance or, on or after the <u>Series 2021-1</u> Springing Amendments Implementation Date, would constitute a Nonrecoverable Advance or an Advance Suspension period is then in effect; <u>provided</u>, <u>further</u>, for the avoidance of doubt, that if for any reason (other than the Servicer's determination in accordance with Section 2.5(c) that such Advance is a Nonrecoverable Advance) such Debt Service Advance is not made by the Servicer (or the Trustee pursuant to the terms of the Indenture) on or prior to such Quarterly Payment Date and such Senior Notes Quarterly Interest Amount has not been paid in full thereafter, whether due to the occurrence of an Advance Suspension Period or otherwise, such Debt Service Advance shall still be required to be made (following the cure of such Advance Suspension Period, if applicable, and the absence of any subsequent Advance Suspension Period). In no event shall the Servicer be obligated to make any advances with respect to principal on the Notes, any make-whole prepayment premiums, any Series Hedge Payment Amounts, any Class A-1 Senior Notes Administrative Expenses, any Class A-1 Senior Notes Quarterly Commitment Fees, any

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Senior Notes Quarterly Post-ARD Contingent Interest, and Senior Subordinated Notes Quarterly Post-ARD Contingent Interest or any reserve amounts or any interest payable on, or any other amount due with respect to, the Senior Subordinated Notes or the Subordinated Notes. In addition, for the avoidance of doubt, neither the Servicer nor the Trustee will be required to make any Debt Service Advance in respect of any Class A-1 Notes Interest Adjustment Amount to the extent such Debt Service Advance would be duplicative of a Debt Service Advance already made. All Debt Service Advances will be deposited into the Senior Notes Interest Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) Collateral Protection Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From time to time, and based on information received from the Manager or the Back-Up Manager or obtained by the Servicer in accordance with this Agreement and the other Related Documents, the Servicer shall make Collateral Protection Advances (i) if the Servicer determines in its sole discretion exercised in good faith<u>accordance with the Servicing Standard</u> that a Collateral Protection Advance is necessary to prevent an immediate loss to the interest of the Secured Parties in the Collateral and <u>provided</u> that the Servicer receives information in a sufficient amount of time to prevent such immediate loss, or (ii) to pay <u>prior to the Series 2021-1 Springing Amendments Implementation Date,</u> any expense owed by any Securitization Entity, including Distributor<u>(without duplication) Supply Chain Expenses, Supply Chain</u> Costs of Goods Sold and Distribution<u>, Supply Chain Operating Expenses and Supply Chain</u> Center Expenses, <u>and, on and after the Series 2021-1 Springing Amendments Implementation Date, any Securitization Operating Expenses</u> to the extent not previously paid pursuant to a Manager Advance; <u>provided</u>, <u>however</u>, that in no event will the Servicer make any Collateral Protection Advance to the extent the Servicer determines in accordance with the Servicing Standard that such Collateral Protection Advance (with interest thereon) is a Nonrecoverable Advance in accordance with <u>Section 2.5(c)</u> or, on or after the <u>Series 2021-1</u> Springing Amendments Implementation Date, would constitute a Nonrecoverable Advance or an Advance Suspension Period is then in effect. <u>For purposes of the definition of "Collateral Protection Advance", "Supply Chain Expenses", "Supply Chain Costs of Goods Sold", "Supply Chain Operating Expenses" and "Supply Chain Center Expenses" will be net of any and all amounts paid by any persons, including Franchisees, towards such Supply Chain Expenses, Supply Chain Costs of Goods Sold, Supply Chain Operating Expenses and Supply Chain Center Expenses, respectively.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or after the <u>Series 2021-1</u> Springing Amendments Implementation Date, to the extent that the Co-Issuers, any Affiliate of the Co-Issuers, or any other third-party requests that the Servicer make a Collateral Protection Advance (such an advance a "<u>Requested Collateral Protection Advance</u>"), (i) the Servicer shall not be required to review any such request until expense reimbursement and indemnification arrangements in favor of Servicer shall have been made to the reasonable satisfaction of the Servicer in connection with such requested Collateral Protection Advance and (ii) such request shall be required to be accompanied by all supporting documentation reasonably requested by the Servicer. Requested Collateral Protection Advances shall, if approved in accordance with the above paragraphs, generally be required to be made within thirty (30) days after receipt of such required information and an agreement with respect to such satisfactory expense reimbursement and indemnification arrangements,

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absent immediate exigency as determined by the Servicer in accordance with the Servicing Standard. For the avoidance of doubt, the Servicer may also elect to make Collateral Protection Advances of its own accord in accordance with the Servicing Standard and will be reimbursed for Collateral Protection Advances with the same priority whether or not such Collateral Protection Advances are Requested Collateral Protection Advances. In no event will the Trustee be required to make a Collateral Protection Advance, including a Requested Collateral Protection Advance, unless the Servicer has determined that such Collateral Protection Advance has been approved, the Servicer has subsequently failed to make such Collateral Protection Advance and the Trustee has determined that such Collateral Protection Advance would not be a Nonrecoverable Advance in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Nonrecoverable Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In making any determination as to whether an Advance is a Nonrecoverable Advance, the Servicer may consider only the obligations of the Securitization Entities under the terms of the Related Documents as they may have been modified, the related Collateral in "as is" or then- current condition and the timing and availability of anticipated cash flows as modified by the Servicer's assumptions regarding the possibility and effect of future adverse changes, together with such other factors that the Servicer determines should be taken into account in accordance with the Servicing Standard, including but not limited to an estimate of future expenses (including expenses that could be incurred by the Servicer, Trustee and/or Back-Up Manager in a bankruptcy proceeding affecting the Securitization Entities), timing of recovery (including delays that could be expected by the Servicer in a bankruptcy proceeding affecting the Securitization Entities) the deteriorating value of the Collateral, the inability of any reserves or Accounts to be used to repay Debt Service Advances or Collateral Protection Advances with interest thereon, the inherent risk of a protracted period to complete liquidation or the potential inability and cost to liquidate collateral, including, but not limited to, as a result of intervening creditor claims or of a bankruptcy proceeding affecting the Securitization Entities and the effect thereof on the existence, validity and priority of any security interest encumbering the Collateral, the direct and indirect equity interests in the Securitization Entities, available cash on deposit in the Concentration Accounts and Collection Account (only to the extent available to repay Debt Service Advances or Collateral Protection Advances with interest thereon and to the extent that cash therein is or will not be restricted, delayed or unavailable as a result of any bankruptcy, receivership or similar judicial proceeding relating to the Co-Issuers), the inability of any reserves or Accounts to be utilized to repay Debt Service Advances or Collateral Protection Advances with interest thereon, the future allocations and disbursements of cash on deposit in the Concentration Accounts and Collection Account (only to the extent available to repay Debt Service Advances or Collateral Protection Advances with interest thereon and to the extent that cash therein is or will not be restricted, delayed or unavailable as a result of any bankruptcy, receivership or similar judicial proceeding relating to the Co-Issuers), and the net proceeds derived from any of the foregoing. The Trustee will be entitled to conclusively rely on the Servicer's determination that an Advance is or would be nonrecoverable. The Servicer or the Trustee may update or change its nonrecoverability determination at any time, and may decide that a requested Debt Service Advance or Collateral Protection Advance that was previously deemed to

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be a Nonrecoverable Advance shall have become recoverable or that a Debt Service Advance or Collateral Protection Advance that was previously made will have become nonrecoverable. Notwithstanding the foregoing, all outstanding Debt Service Advances and Collateral Protection Advances made by the Servicer or the Trustee and any accrued interest thereon will be paid strictly in accordance with the Priority of Payments, even if the Servicer or the Trustee, as applicable, determines that any such advance is a Nonrecoverable Advance after such Advance has been made or, on or after the <u>Series 2021-1</u> Springing Amendments Implementation Date, would constitute a Nonrecoverable Advance or an Advance Suspension Period is then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any determination by the Servicer that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, will be made by the Servicer in accordance with the Servicing Standard and will be required to be evidenced by a certificate of an Authorized Officer of the Servicer delivered to the Trustee, the Manager and the Back-Up Manager, setting forth the basis for such determination and accompanied by any asset valuation or other information that the Servicer has produced or obtained in connection with such determination, (i) for a Debt Service Advance, no later than 3:00 p.m. on the Business Day prior to the Quarterly Payment Date for which the Debt Service Advance was needed and (ii) for a Collateral Protection Advance, within one Business Day of the determination by the Servicer that such advance is a Nonrecoverable Advance. Any such determination by the Servicer will be conclusive and binding on the Secured Parties. The Trustee will be entitled to conclusively rely on the Servicer's determination that an Advance (and interest thereon) is or would be nonrecoverable. The <u>Servicer or the Trustee may update or change its nonrecoverability determination from time to time, and the</u> cost of obtaining any expert evaluations or other information or reports in connection with the determination of whether an Advance would constitute a Nonrecoverable Advance will be expenses of the Servicer and reimbursable as Collateral Protection Advances in accordance with the Priority of Payments as a Collateral Protection Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On or after the <u>Series 2021-1</u> Springing Amendments Implementation Date, in the event that (i) the Person providing the expense reimbursement and indemnification arrangements to the Servicer as required in connection with a Requested Collateral Protection Advance is in default of its obligations thereunder or (ii) either (A) the Securitization Entities and/or the Manager are in default of their obligations under this Agreement, the Management Agreement, the Indenture or any other Related Document regarding required financial, Account or related reporting obligations or (B) the Securitization Entities and/or the Manager have failed to fully and timely cooperate with all reasonable requests of the Servicer, Control Party and/or Back-Up<u>, Back-Up Manager (including in its capacity as Interim Successor Manager) and/or Successor</u> Manager in connection with the performance by such parties of their respective obligations under the Related Documents (including any duty by any such parties to obtain an appraisal of the Collateral, or perform an in-depth situation analysis of the Manager and its financial position and/or of the Collateral and/or the Securitization Entities during a Warm Back-Up Management Trigger Event, a Hot Back-Up Management Trigger Event, in connection with a Consent Request, in connection with a proposed Debt Service Advance or Collateral Protection Advance, or if an Advance

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Period has been continuing for at least 60 days, as applicable, in each of cases (A) and (B), such that the Servicer determines in its sole but good faith discretion, that it cannot make a nonrecoverability determination pursuant to the Servicing Standard prior to the date in respect of which the Debt Service Advance or Collateral Protection Advance was required or requested ("<u>Advance Suspension Period</u>"), the Servicer's (and Trustee's) obligation to make any such Debt Service Advance or Collateral Protection Advance shall be suspended and of no force and effect until full cure of all circumstance described in clause (i) above and/or of any information failure deliveries or lack of cooperation described in clause (ii) above that prevents the Servicer (or Trustee solely to the extent that the Servicer fails to make a Debt Service Advance or Collateral Protection Advance and the Trustee does not make a determination that such Debt Service Advance or Collateral Protection Advance would be a Nonrecoverable Advance) from making a non-recoverability determination. The Servicer shall provide prompt written notice to each of the Trustee, the Manager and the Back-Up Manager as soon as practicable (but in all events by no later than 3:00 p.m. (New York time) on the Business Day prior to the date for which a Debt Service Advance or Collateral Protection Advance was required or requested) if any Advance Suspension Period is deemed to be in effect, setting forth with particularity the basis therefor and the required cure actions/deliverables. At any time that an Advance Suspension Period is cured, the Servicer shall promptly notify the Trustee, the Manager and the Back-Up Manager and shall, absent such Debt Service Advance or Collateral Protection Advance no longer being required or requested (or the occurrence of a subsequent Advance Suspension Period), make its determination as to whether or not such Debt Service Advance or Collateral Protection Advance is a Nonrecoverable Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d) Remittances</u>. All Debt Service Advances shall be remitted by the Servicer in same day funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e) Advance Interest; Repayments</u>. Interest will accrue on any unreimbursed Debt Service Advances and Collateral Protection Advances at a rate equal to the Advance Interest Rate. Such interest will be calculated on the basis of a 360-day year of twelve 30-day months<u>, compounded monthly,</u> and shall be due and payable to the Servicer in arrears on each Weekly Allocation Date to the extent funds are available therefor in accordance with the Priority of Payments. Principal payments on Debt Service Advances and Collateral Protection Advances will be payable on each Weekly Allocation Date to the extent funds are available therefor in accordance with the Priority of Payments.

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<u>development of the Transition Plan) upon written notice to each of the Back-Up Manager, the Trustee (which shall provide such notice to the Noteholders) and the Co-Issuers. The</u> Securitization Entities and the Manager must also fully cooperate with all reasonable requests of the Back-Up Manager in its<u>connection with the performance by such parties of their respective obligations under the Related Documents including any</u> duty to obtain an appraisal of the Collateral, or perform an in-depth situation analysis of the Manager and its financial position and/or of the Collateral and/or the Securitization Entities in each case, during a Warm Back-Up Management Trigger Period or a Hot Back-Up Management Trigger Period, if a Consent Request or<u>, Consent Recommendation,</u> Debt Service Advance or Collateral Protection Advance request is then under consideration and the Control Party has requested a review, analysis and/or evaluation thereof by the Back-Up Manager or if an Advance Period has been continuing for at least 60 days.

Section 2.7 <u>Hot Back-Up Management Trigger Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> Following the occurrence of a Hot Back-Up Management Trigger Event <u>(as defined in the Back-Up Management Agreement)</u>, the Servicer, as Control Party under the Indenture (at the direction of the Controlling Class Representative), may direct the Trustee to terminate the Manager by the delivery of a termination notice to the Manager (with a copy to each of the Co-Issuers, the Back-Up Manager and the Rating Agencies). Following the occurrence of a Hot Back-Up Management Trigger Event, the Servicer shall assist the Back-Up Manager <u>in accordance with the Servicing Standard</u> and work with the Back-Up Manager in good faith to develop the Transition Plan and shall work with the Back-Up Manager to implement the Transition Plan until a Successor Manager (other than the Back-Up Manager) has been appointed by the Control Party (acting at the direction of the Controlling Class Representative). If the Back-Up Manager serves as the Interim Successor Manager or <u>in its sole and absolute discretion,</u> Successor Manager, the Back-Up Manager shall act only in consultation with, and at the direction of, the Servicer (including in its capacity as Control Party) (and, if otherwise required under the Related Documents, the Co-Issuers). In such case, the Servicer shall continue to work with the Back-Up Manager to implement the Transition Plan until a Successor Manager (other than the Back-Up Manager) has been appointed by the Control Party (at the direction of the Controlling Class Representative).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> Following the occurrence and during the continuation of a Hot Back-Up Management Trigger Event, the Servicer, as Control Party, will work with the Trustee and the Controlling Class Representative to exercise any remedies available to the Noteholders under the Indenture. Subject to the next two immediately succeeding sentences, the Controlling Class Representative shall have the right to direct the Control Party to institute, and direct the time, method and place of conducting, any proceeding in respect of any enforcement of the Liens on the Collateral or conducting any proceeding for any remedy available to the Trustee and to direct the exercise of any power conferred on the Trustee. Notwithstanding anything to the contrary in the Related Documents, the Controlling Class Representative shall not be able to prevent the Control Party from transferring ownership of all or any portion of the Collateral if any Advance is outstanding for ninety (90) days or longer and the Control Party determines in accordance with the Servicing Standard that such transfer of ownership would be in the best interest of the Noteholders (taken as a whole). Notwithstanding anything to the contrary in the Related Documents, no advice, direction or objection from or by the Controlling Class Representative

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may: (i) require or cause the Servicer, the Trustee or the Control Party to violate applicable law, the terms of the Notes or Related Documents or any other provision of this Agreement, including the Servicer's obligation to act in accordance with the Servicing Standard; (ii) expose the Control Party, the Servicer or the Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, to any material claim, suit or liability; or (iii) expand the scope of the Servicer's or Control Party's responsibilities under this Agreement or any other Related Document <u>or reduce either such party's right thereunder</u>.

Section 2.8 <u>Annual Accountants' Report</u>. Within 180 days after the end of each fiscal year of the Servicer, the Servicer shall deliver to the Manager, the Trustee and the Rating Agencies a separate report (the "<u>Annual Accountants' Report</u>"), concerning the fiscal year just ended, prepared by the Servicer's independent certified public accountants, to the effect that: (a) such firm has examined the servicing assertion, prepared substantially in the form of <u>Exhibit A</u> hereto, delivered by the Servicer; (b) such examination was made in accordance with the generally accepted auditing standards established by the American Institute of Certified Public Accountants and accordingly included examining, on a test basis, evidence about management's compliance, as Servicer, with the minimum servicing criteria as set forth in the Securities and Exchange Commission's Regulation AB (the "<u>Criteria</u>"), to the extent such Criteria are applicable to the servicing obligations set forth in the Agreement; (c) management of the Servicer has asserted to such firm that the Servicer has complied with the minimum servicing standards identified in the Criteria, as of the end of and for the preceding fiscal year, to the extent that such standards are applicable to the servicing obligations set forth in this Agreement; and (d) except as described in the report, management's assertion is fairly stated in all material respects. The report shall also indicate that the firm is independent of the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. In the event such independent accountants require the Manager to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this <u>Section 2.8</u>, the Servicer shall direct the Manager in writing to so agree; it being understood and agreed that the Manager shall deliver such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Manager shall not have made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. In rendering the Annual Accountants' Report, the firm may rely, as to matters relating to the direct servicing and administration of the Notes and the Collateral by Sub-Servicers, upon comparable reports of firms of independent certified public accountants rendered on the basis of examinations conducted in accordance with the same standards, within one year of the report with respect to those Sub-Servicers.

Section 2.9 <u>Annual Performance Certificate</u>. The Servicer shall deliver to the Trustee, the Manager and the Rating Agencies on or before April 30 of each year, beginning in 2013, at its own expense, a statement signed by an Authorized Officer of the Servicer (the "<u>Annual Performance Certificate</u>"), to the effect that, to the actual knowledge of such officer, the Servicer has fulfilled its obligations under this Agreement in all material respects throughout the preceding calendar year or portion thereof, during which the Notes were Outstanding (and if it has not so fulfilled certain of such obligations, specifying the details thereof).

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Section 2.10 <u>Maintenance of Insurance by the Servicer</u>. The Servicer shall at all times during the term of this Agreement keep in force with an insurance company or security or bonding company qualified to write the related insurance policy in the relevant jurisdiction that possesses the Required Claims-Paying Rating, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligation to service the Notes and the Collateral for which it is responsible hereunder. The "<u>Required Claims-Paying Rating</u>" shall mean a claims paying ability with at least one of the following ratings: (a) "A3" by Moody's, (b) "A-" by S&P, (c) "A-" by Fitch, (d) "A-:X" by A.M. Best Company, Inc., (e) "A(low)" by DBRS, or (f) any comparable rating from any other insurer acceptable to the Rating Agencies, as evidenced by satisfaction of the Rating Agency Condition. Notwithstanding the foregoing, so long as the long-term debt obligations or the deposit account or claims-paying ability of the Servicer (or its immediate or remote parent) is rated at least "BBB-" by S&P (if rated by S&P), the Servicer (or its public parent) shall be allowed to provide self-insurance with respect to any of its obligations under this <u>Section 2.10</u>.

Section 2.11 <u>Sub-Servicing Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> The Servicer may enter into sub-servicing agreements ("<u>Sub-Servicing Agreements</u>") to provide for the performance by third parties (each, a "<u>Sub-Servicer</u>") of any or all of its obligations hereunder, <u>provided</u> that, in each case, the Sub-Servicing Agreement: (i) must be consistent with this Agreement in all material respects and does not subject the Trustee to any liability and (ii) expressly or effectively provides that if the Servicer shall for any reason no longer act in such capacity hereunder (including by reason of a Servicer Termination Event), any successor to the Servicer hereunder (including the Trustee) may thereupon either assume all of the rights and, except to the extent that they arose prior to the date of assumption, obligations of the Servicer under such agreement or terminate such rights and obligations, in either case without payment of any penalty or termination fee (other than any right of reimbursement and indemnification). References in this Agreement to actions taken or to be taken by the Servicer include actions taken or to be taken by a Sub-Servicer on behalf of the Servicer; and, in connection therewith, all amounts advanced by any Sub-Servicer to satisfy the obligations of the Servicer hereunder to make Debt Service Advances and Collateral Protection Advances shall be deemed to have been advanced by the Servicer out of its own funds and accordingly such Debt Service Advances and Collateral Protection Advances shall be recoverable by the Servicer. The Servicer shall be responsible for remitting any such funds that are payable to any Sub-Servicer to such Sub-Servicer and the Sub-Servicer shall look only to the Servicer for repayment thereof. The Servicer shall notify the Trustee, the Manager and the Back-Up Manager in writing promptly of the appointment by it of any Sub-Servicer, and shall deliver to the Trustee, copies of all Sub-Servicing Agreements, and any amendments thereto and modifications thereof, entered into by it promptly upon its execution and delivery of such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> Each Sub-Servicer shall be authorized to transact business in the state or states where the Collateral is located, if and to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> The Servicer, for the benefit of the Trustee and the Noteholders, shall (at no expense to the Trustee or the Noteholders) monitor the performance and enforce the obligations of its Sub-Servicers under the Sub-Servicing Agreements. Such enforcement, including the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their

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respective terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Servicer, in its reasonable judgment, would require were it the holder of the Notes. Subject to the terms of the Sub-Servicing Agreement, the Servicer shall have the right to remove a Sub-Servicer retained by it at any time in accordance with the Servicing Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> If the Servicer ceases to serve as such under this Agreement for any reason (including by reason of a Servicer Termination Event) and a Sub-Servicing Agreement is to be assumed by the Trustee or other Successor Servicer, then the Servicer at its expense shall deliver to the assuming party all documents and records relating to such Sub-Servicing Agreement and an accounting of amounts collected and held on behalf of it thereunder, and otherwise use its reasonable efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> Notwithstanding any Sub-Servicing Agreement, the Servicer (for so long as it is the Servicer hereunder) shall remain obligated and liable to the Trustee and the Noteholders for the performance of its obligations and duties under this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions as if it alone were servicing and administering the Notes and the Collateral. No appointment of a Sub-Servicer shall result in any additional expense to the Trustee, the Noteholders or the Co-Issuers other than those contemplated herein. <u>However, to the extent that this Agreement requires the Servicer to perform obligation outside the United States, and the Servicer appoints a sub-servicer to perform any or all of such obligations, the reasonable fees and expenses of such sub-servicer shall be added to the amount of the Servicing Fee.</u>

Section 2.12 <u>Manager Omitted Payable Sums</u>. On and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, if the Manager fails or refuses to include in a Manager's Certificate the reimbursement or payment of (i) Debt Service Advances or Collateral Protection Advances and interest thereon, (ii) Servicing Fees, (iii) fees, expenses and indemnities payable to the Trustee or the Servicer pursuant to the Related Documents, (iv) Back-Up Manager Fees and Back-Up Manager Consent Consultation Fees or (v) other expenses then due and reimbursable to such parties pursuant to the Related Documents, in each case due and payable on the related Weekly Allocation Date in accordance with the Priority of Payments, all as set forth in an Officer's Certificate prepared by the Servicer in good faith and delivered by the Servicer to the Manager, the Trustee and the Back-Up Manager, accompanied by supporting back up documentation in reasonable detail ("<u>Manager Omitted Payable Sums</u>"), and such failure is not timely cured, the Servicer will have the right to submit to the Trustee, with a copy to the Manager and the Back-Up Manager, a written certification (an "<u>Omitted Payable Sums Certification</u>"), based upon the Manager's Certificate delivered by the Manager for the next Weekly Allocation Date and reflecting solely such changes as are necessary to reflect the inclusion of such Manager Omitted Payable Sums then due in their proper priorities in the Priority of Payments, and upon which the Trustee may conclusively rely, whereupon the Trustee shall allocate amounts pursuant to the Priority of Payments in accordance with such Omitted Payable Sums Certification on such next Weekly Allocation Date. The delivery by the Servicer of an Omitted Payable Sums Certification to the Trustee shall be deemed to satisfy any requirements set forth in the Indenture for the Co-Issuers (or the Manager on their behalf) to provide written direction to the Trustee with respect to the movement of funds on the related Weekly Allocation Date.

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<u>ARTICLE 3</u> 

<u>INFORMATION</u> 

Section 3.1 <u>Reliance on Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> In connection with the performance of its obligations under this Agreement and the other Related Documents, the Servicer (whether in its role as Servicer or Control Party) and the Servicer Indemnified Parties are entitled to conclusively rely and shall be protected in acting or refraining from acting based upon any resolution, Officer's Certificate, Opinion of Counsel, certificate, <u>or other written information (including, without limitation, any</u> instrument, report, consent, order, document or other paper) reasonably believed by it to be genuine and to have been signed by or presented by the proper person<u>Person, without the obligation to investigate the accuracy or completeness of any such certification or written information,</u> and will have no liability <u>for actions taken or not taken</u> in reliance thereon. The Servicer may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any such action taken, suffered or omitted by it under this Agreement in good faith and in reliance thereon. The Servicer shall have the right to consult with the Back-Up Manager in connection with any request for consent received by the Servicer whether in its role as Servicer or Control Party) or any other action that the Servicer or the Control Party is required to provide under the Related Documents. In making any determination with respect to the Domino's IP, the Control Party will have the right to consult with the Back-Up Manager or other third-party experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) On and after the Series 2025-1 Springing Amendments Implementation Date, the Servicer (including in its capacity as Control Party) will not be liable for (i) any action taken, or not taken, in accordance with the Servicing Standard by the Servicer pursuant to this Agreement or other Related Documents due to the Manager or any other party failing to comply with the terms and conditions of the Related Documents (including but not limited to the Management Agreement and the Back-Up Management Agreement) after having been reasonably requested to comply therein (it being understood that such a reasonable request will not be construed to require the Servicer to affirmatively take any legal, administrative, judicial or other action to enforce the provisions of the Related Documents) or (ii) its failure to perform any duties to the extent that such duties depend upon the prior performance by another deal party of duties that have been waived or remain unperformed.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> (b) Notwithstanding anything to the contrary contained herein, to the extent that the information required to be furnished by the Servicer or the Control Party is based on information required to be provided by the Co-Issuers, the Trustee, the Back-Up Manager or the Manager, the Servicer's or the Control Party's obligation to furnish such information will be contingent on the Servicer's or Control Party's receipt of such information from the Co-Issuers, the Manager, the Back-Up Manager or the Trustee within a reasonable period of time prior to the time such information is required to be delivered, and the Servicer (whether in its role as

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Servicer or Control Party) shall not be in breach of this Agreement solely to the extent the failure to deliver any information is due to the failure of the Co-Issuers, the Manager, the Back-Up Manager or the Trustee to timely provide such information. The Servicer will be entitled to rely on information supplied by the Co-Issuers, the Trustee, Back-Up Manager or the Manager in any case without independent verification. The failure of the Servicer to disclose any information required to be disclosed or delivered by the Related Documents shall not constitute a breach of this Agreement to the extent that the Servicer so fails because such disclosure, in the reasonable belief of the Servicer, would violate <u>Section 7.1</u> or any applicable law or any provision of a Related Document prohibiting disclosure of information with respect to the Notes or Collateral. The Servicer may disclose any such information or any additional information to any Person so long as such disclosure is consistent with <u>Section 7.1</u>, applicable law and the Servicing Standard; <u>provided</u> that if the Servicer has been informed in writing by the Manager or any Securitization Entity that such information is material nonpublic information, the Servicer shall inform the recipient thereof that such information is material nonpublic information. The Servicer may affix to any information provided by it any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> (c) The Servicer may make available by electronic media and bulletin board service on a password-protected basis certain information and may make available by electronic media or bulletin board service (in addition to making such information available as otherwise provided herein) any information that the Servicer is required to provide pursuant to and in accordance this Agreement or the Related Documents (other than to the Trustee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> (d) The Servicer may, but is not required to, make any information it is required to provide hereunder or under the Related Documents available on the Servicer's internet website with the use of a password, in which case the Servicer shall provide such password to (i) the Co-Issuers, who by their acceptance of such password shall be deemed to have agreed not to disclose such password to any other Person and (ii) the Rating Agencies, the Trustee, the Back-Up Manager and, provided the Manager has informed the Servicer that it has received an executed confidentiality agreement in form and substance acceptable to the Manager, the Controlling Class Representative. In connection with providing access to its internet website, the Servicer may require registration and the acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure of such information, and which may provide indemnification to the Servicer for any liability or damage that may arise therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> (e) If the Servicer is required to deliver any information under any provision of this Agreement or the Related Documents, the Servicer may satisfy such obligation by (x) physically delivering a paper copy of such information, (y) delivering such information in a commonly used electronic format (other than to the Trustee) or (z) making such information available on the Servicer's internet website (other than to the Trustee). Notwithstanding any provision to the contrary, the Servicer shall not have any obligation to deliver any information that is then made available on the Servicer's or the Trustee's password-protected internet website; <u>provided</u> that it has notified all parties entitled to delivery of such information, by electronic mail or other notice, to the effect that such information shall thereafter be made available on such password-protected internet website from time to time, and <u>provided</u>, <u>further</u>, that if any recipient does not agree to the conditions required to access the password-protected internet website as described in <u>Section 3.1(d)</u>, the Servicer shall provide such information pursuant to either <u>clause (x) or (y)</u> above.

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<u>ARTICLE 4</u> 

<u>COMPENSATION, EXPENSES AND INDEMNITY</u> 

Section 4.1 <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Servicing Fee</u>. Subject to this <u>Section 4.1(a)</u>, as compensation for the performance of its obligations under this Agreement, the Co-Issuers shall pay the Servicer a servicing fee (<u>inclusive, to the extent then unpaid, of any Consent Fee) (</u>the "<u>Servicing Fee</u>"). The Servicing Fee will accrue at a rate per annum equal to 0.02% <u>multiplied by</u> the Aggregate Outstanding Principal Amount of the Notes at the beginning of the related Interest Period. Following the occurrence <u>and during the continuation</u> of a Warm Back-Up Management Trigger Event or a Class A-1 Senior Notes Amortization Event and until the end of such Warm Back-Up Management Trigger Event or such Class A-1 Senior Notes Amortization Event, as applicable, the rate applicable to the Servicing Fee will be increased to 0.10% per annum. Following the occurrence <u>and during the continuation</u> of a Hot Back-Up Management Trigger Event (or, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, an Advance Period) and until such Hot Back-Up Management Trigger Event (or Advance Period, as applicable) is no longer in effect, the rate applicable to the Servicing Fee will be further increased to 0.20% per annum. The Servicing Fee shall be calculated on the basis of a 360-day year of twelve 30-day months and shall be due and payable in arrears on each Weekly Allocation Date from amounts available for such purpose pursuant to, and in accordance with, the Priority of Payments to the extent of funds available therefor.<u>; provided that, to the extent that this Agreement requires the Servicer to perform obligations outside of the United States, and the Servicer appoints a sub-servicer to perform any or all such obligations, the reasonable fees and expenses of such sub-servicer shall be added to the amount of the Servicing Fee.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) Consent Fees</u>. The Control Party will be entitled to receive a reasonable, to-be-negotiated processing fee with respect to each Consent Request it receives under any Related Document, based on the complexity and time required (each, a "<u>Consent Fee</u>**)**, plus reimbursement for all reasonably related reasonable out-of-pocket expenses, including the reasonable compensation, disbursements and expenses of the Control Party's agents and outside counsel, experts and consultants (regardless of whether the related consent, approval, amendment, waiver, modification or other action is given or consummated). Each Consent Fee and related costs and expenses will be paid to the Control Party at the closing of the Consent Request and as a condition precedent to the Control Party's approval thereof (or, as part of the Servicing Fee (in the case of any Consent Fee) or Collateral Protection Advances (in the case of any costs and expenses) in accordance with the Priority of Payments to the extent such amounts remain unpaid).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Closing Fee</u>. On the Original Closing Date, the Master Issuer paid the Servicer a closing fee equal to $502,500. <u>On the Series 2025-1 Closing Date, the Master Issuer paid the Servicer a closing fee equal to $396,000.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Liquidation Fees</u>. Following the occurrence and during the continuance of an Event of Default, but without duplication of the Workout Fees, subject to this <u>Section 4.1(d)</u> and in accordance with the Priority of Payments, the Servicer shall receive a liquidation fee (the "<u>Liquidation Fee</u>") with respect to any Collateral as to which the Trustee receives any Net Liquidation Proceeds on behalf of the Secured Parties. As of any date of determination, the Liquidation Fee will be equal to 1.25% <u>multiplied by</u> the Net Liquidation Proceeds received by the Trustee at such time. "<u>Net Liquidation Proceeds</u>" means, for any applicable period of determination, all cash amounts (other than Co-Issuers <u>Non-Reinvestment</u> Insurance Proceeds) received by the Trustee or the Servicer, as applicable, in connection with (a) the full, discounted or partial liquidation of any Collateral securing the Notes following an Event of Default, through, as applicable, a foreclosure sale or after exercise of remedies under the Indenture, exclusive of any portion thereof required to be released to the Securitization Entities in accordance with applicable law and/or any applicable terms and conditions of the Indenture or the other Related Documents, or (b) the realization upon any deficiency judgment obtained against any Co-Issuer during such period, in each case net of any expenses incurred by the Servicer and the Trustee in connection with such liquidation or realization. Any outstanding Liquidation Fees shall be due and payable in arrears on the Weekly Allocation Date that immediately follows receipt of the related Net Liquidation Proceeds by the Trustee or the Servicer, as applicable, pursuant to, and in accordance with, the Priority of Payments provided that an invoice for payment thereof has been received by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>Workout Fees</u>. Following the occurrence of an Event of Default, but without duplication of any Liquidation Fees, subject to this <u>Section 4.1(e)</u>, the Servicer shall receive a Workout Fee for consulting services provided by the Servicer in connection with the analysis and implementation of any recapitalization of the Co-Issuers, restructuring or workout of the Notes or exercise of remedies in respect of the Collateral <u>in connection with such Event of Default</u>. Prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, the "<u>Workout Fee</u>" will be equal to 1.25% of the net proceeds attributable to such analysis and implementation of any such recapitalization of the Co-Issuers, restructuring or workout of the Notes or exercise of remedies and will be payable in arrears on each Weekly Allocation Date in accordance with the Priority of Payments to the extent of funds available therefore following receipt by the Master Issuer of an invoice for payment thereof from the Servicer. On and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the Workout Fee will be an amount equal to 1.25% of each payment of interest on and principal of the Notes that are outstanding upon the occurrence of the Event of Default (including, if applicable, the final principal balance paid on the Series Legal Final Maturity Date) attributable to such analysis and implementation of any such recapitalization of the Co-Issuers, restructuring or workout of such Notes or exercise of remedies that is paid on and after the date on which such Events of Default are subsequently cured, until such Notes are paid in full, payable on each Weekly Allocation Date, in accordance with the Priority of Payments, calculated on the amount of such outstanding principal and interest on the Notes that is allocated for payment to the Noteholders pursuant to the Priority of Payments on such Weekly Allocation Date. The Servicer will not earn the higher rate applicable to the Servicing Fee that applies following a Warm Back-Up Management Trigger Event or a Hot Back-Up Management Trigger Event so long as the Servicer is receiving the Workout Fee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> If the Servicer is terminated or resigns pursuant to Article VIII of this Agreement, the Servicer will be entitled to receive all unreimbursed Advances made by the Servicer (with interest thereon at the Advance Interest Rate) and all accrued and unpaid fees and indemnification payments then due and payable following the termination or resignation of the Servicer.

Section 4.2 <u>Costs and Expenses</u>. The Servicer in its capacity as Servicer and Control Party shall be entitled to receive from the Co-Issuers (i) reasonable out-of-pocket costs and expenses and attorneys', experts' and consultants' fees for any consent, approval, amendment, waiver, modification, advance request or other action requested by the Co-Issuers (regardless of whether such consent, approval, amendment, waiver, modification or other action is given or consummated) and (ii) at any time (a) prior to the occurrence of a Warm Back-Up Management Trigger Event or Hot Back-Up Management Trigger Event, reasonable out-of-pocket <u>costs and</u> expenses and attorneys' fees <u>and, upon notice to the Co-Issuers, experts' and consultants' fees, in each case,</u> in connection with its non-routine servicing duties performed by the Servicer pursuant to the Related Documents and (b) on or after the occurrence of a Warm Back-Up Management Trigger Event or a Hot Back-Up Management Trigger Event, reasonable out-of-pocket <u>costs and</u> expenses and attorneys'<u>, experts' and consultants'</u> fee in connection with its servicing duties. All such expenses set forth in this <u>Section 4.2</u> shall be reimbursable to the Servicer as a Collateral Protection Advance.

Section 4.3 <u>Liability of the Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> The Servicer shall be liable in accordance with this Agreement only to the extent of the obligations specifically imposed upon and undertaken by the Servicer under this Agreement. Notwithstanding the foregoing, the Servicer agrees to indemnify and hold each Co-Issuer, the Trustee, the Manager, the Back-Up Manager and their respective members, officers, directors, managers, employees and agents (each, an "<u>Indemnitee</u>") harmless against all claims, losses, penalties, fines, forfeitures, legal fees, liabilities, obligations, damages, actions, suits and related costs and judgments and other costs, fees and reasonable expenses that any of them may incur as a result of (i) the Servicer's negligent disregard of its obligations under this Agreement, (ii) the <u>material</u> breach by the Servicer of any representation, warranty or covenant under this Agreement or (iii) the Servicer's negligence <u>(or, with respect to the Back-Up Manager only, the Servicer's gross negligence)</u>, bad faith, willful misconduct or fraudulent behavior in the performance of its duties under this Agreement; <u>provided</u>, <u>however</u>, that the Servicer shall have no indemnification obligations to the extent any such claims, losses, penalties, fines, forfeitures, legal fees, liabilities, obligations, damages, actions, suits and related costs and judgments and other costs, fees and reasonable expenses are caused by the negligence, bad faith, willful misconduct or fraudulent behavior of any such party, including by such party's failure to perform its respective obligations under the Related Documents; and provided further that the Servicer will not be liable for any action it takes, suffers or omits to take in the absence of negligence <u>(except as to the Back-Up Manager only, the Servicer's gross negligence)</u>, bad faith, willful misconduct or fraudulent behavior which it believes to be authorized or within the discretion or rights or powers conferred upon it by this Agreement or any other applicable Related Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> Any Indemnitee that proposes to assert the right to be indemnified under this <u>Section 4.3</u> will promptly, after receipt of notice of the commencement of any action, suit or

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proceeding against such party in respect of which a claim is to be made against the Servicer under such section, notify the Servicer of the commencement of such action, suit or proceeding, enclosing a copy of all papers served. In the event that any action, suit or proceeding shall be brought against any Indemnitee, such Indemnitee shall notify the Servicer of the commencement thereof and the Servicer shall be entitled to participate in, and to the extent that it shall wish, to assume, the defense thereof, with counsel reasonably satisfactory to such Indemnitee (which, in the case of a Co-Issuer, shall be reasonably satisfactory to the Controlling Class Representative as well and which will be deemed to be reasonably satisfactory to the Controlling Class Representative if the Controlling Class Representative does not object to such counsel within two Business Days of request of a written request for approval thereof), and after notice from the Servicer to such Indemnitee of its election to assume the defense thereof, the Servicer shall not be liable to such Indemnitee for any legal expenses subsequently incurred by such Indemnitee in connection with the defense thereof; <u>provided</u>, that the Servicer shall not enter into any settlement with respect to any claim or proceeding unless such settlement includes an unconditional release of such Indemnitee from all liability on claims that are the subject matter of such settlement; and <u>provided</u>, <u>further</u>, that such Indemnitee shall have the right to employ its own counsel in any such action the defense of which is assumed by the Servicer in accordance with this <u>Section 4.3</u>, but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless the employment of counsel by such Indemnitee has been specifically authorized by the Servicer, or unless the Servicer is advised in writing by counsel to such Indemnitee or to the Controlling Class Representative that joint representation would give rise to a conflict between such Indemnitee's position and the position of the Servicer and its Affiliates in respect of the defense of the claim or the Servicer shall have failed within a reasonable period of time to assume the defense of such claim or proceeding.

Section 4.4 <u>Limitation of Liability of the Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> Neither the Servicer (in its capacity as Servicer and as Control Party) nor any of its members, officers, directors, managers, employees or agents (collectively, the "<u>Servicer Indemnified Parties</u>") shall be under any liability to the Co-Issuers, the Manager, the Back-Up Manager, the Controlling Class Representative, the Trustee, or the Noteholders for any action taken, or omitted to be taken, by it in good faith pursuant to this Agreement, or for errors in judgment made in good faith; <u>provided</u>, <u>however</u>, that this provision shall not protect the Servicer Indemnified Parties against liability for any <u>material</u> breach of a<u>any</u> representation, warranty or covenant made herein, or against any expense or liability specifically required to be borne thereby without right of reimbursement pursuant to the terms hereof, or against any liability that would otherwise be imposed by reason of negligence, <u>(or, with respect to the Back-Up Manager, gross negligence)</u> bad faith, willful misconduct or fraudulent behavior in the performance of their obligations or duties hereunder or by reason of negligent disregard of such obligations or duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> The Co-Issuers shall jointly and severally indemnify and hold harmless the Servicer Indemnified Parties from and against any claims, losses, penalties, fines, forfeitures, legal fees, liabilities, obligations, damages, actions, suits and related costs and judgments and other costs, fees and reasonable expenses that any of them may incur arising out of or incurred in connection with this Agreement, any other Related Document, the Notes, or any of the Collateral, other than any such claim, loss, penalty, fine, forfeiture, legal fee, liability, obligation,

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damage, action, suit and related cost or judgment or other cost, fee or reasonable expense: (i) specifically required to be borne by the Servicer pursuant to the terms of this Agreement or (ii) resulting from (A) any material breach of a representation, warranty or covenant made by the Servicer or (B) the negligence <u>(or, with respect to the Back-Up Manager only, the Servicer's gross negligence)</u>, bad faith, willful misconduct or fraudulent behavior of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> The Servicer shall not be under any obligation to appear in, prosecute or defend any legal action unless such action is related to its respective duties under this Agreement and in its opinion does not involve it in any ultimate expense or liability; <u>provided</u>, <u>however</u>, that the Servicer may, in its discretion, undertake any such action which it may reasonably deem necessary or desirable with respect to the enforcement and/or protection of the rights and duties of the parties hereto and the interests of the Noteholders hereunder or under the other Related Documents. In such event, the legal expenses and costs of such action, and any liability resulting therefrom, shall be expenses, costs and liabilities of the Co-Issuers and the Servicer shall be entitled to the direct payment of such expense, or to be reimbursed therefor. All indemnities and reimbursements on account of the Servicer Indemnified Parties pursuant to this <u>Section 4.4</u> shall be payable out of funds on deposit in the Collection Account in accordance with the Priority of Payments. Interest will accrue on any unpaid indemnification payments and any unpaid legal expenses and costs due and payable to the Servicer pursuant to this <u>Section 4.4(c)</u> at a rate equal to the Advance Interest Rate. Such interest will be calculated on the basis of a 360-day year of twelve 30-day months and shall be due and payable by the Co-Issuers to the Servicer in arrears on each Weekly Allocation Date to the extent funds are available therefor in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> The Servicer, both in its capacity as Servicer and as Control Party, shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Controlling Class Representative or the Noteholders pursuant to the Indenture or other Related Documents relating to the time, method and place of conducting any proceeding for any remedy available to the Servicer (in its capacity as Servicer and/or as the Control Party), or exercising any power conferred upon the Servicer (in its capacity as Servicer and/or as the Control Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> In the exercise and performance of its duties and obligations hereunder or under any of the Related Documents, the Servicer (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them and (ii) may, at its own expense if it is acting solely on its own behalf and not on behalf of or for the benefit of the Noteholders, consult with counsel, accountants and other professionals or experts selected by the Servicer and the advice or opinion of any such counsel, accountants or other professionals or experts will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it under this Agreement in good faith and reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> No recourse may be taken, directly or indirectly, with respect to the obligations of the Servicer under this Agreement or any other Related Document or any certificate or other writing delivered in connection herewith or therewith, against any partner, owner, beneficiary, agent, officer, director, employee or agent of the Servicer, in its individual capacity, any holder of equity in the Servicer or in any successor or assign of the Servicer in its individual capacity, except as any such Person may have expressly agreed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> Following the <u>Series 2021-1</u> Springing Amendments Implementation Date, in no event will the Servicer (including in its capacity as Control Party) or any partner, owner, beneficiary, agent, officer, director, employee or agent of the Servicer be held liable for any exemplary, punitive, special, indirect or consequential damages of any kind resulting from any action taken or omitted to be taken by it or them under this Agreement. Additionally, the Servicer (including in its capacity as Control Party) will not be liable for any claims, losses, penalties, fines, forfeitures, legal fees, liabilities, obligations, damages, actions, suits and related costs and judgments and other costs, fees and reasonable expenses, suffered by any party to any of the Related Documents arising out of or caused by any delay in, or failure of, performance by the Servicer (including in its capacity as Control Party), in whole or in part, arising out of, or caused by, circumstances beyond the Servicer's control, including, without limitation: acts of God, earthquakes, fires, floods, wars, civil or military disturbances, sabotage, epidemics, pandemics, riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents, labor disputes, acts of civil or military authority or governmental actions, natural disasters or other catastrophe or similar occurrences (it being understood that Servicer shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances)<u>, or the inability or unwillingness of the Manager to perform its obligations under the Back-Up Management Agreement, including as a result of bankruptcy filing or otherwise an insolvency event of the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(h) On and after the Series 2025-1 Springing Amendments Implementation Date, the Servicer (including in its capacity as Control Party) will not be liable for (x) any action taken, or not taken, in accordance with the Servicing Standard by the Servicer pursuant to the Servicing Agreement or other Related Documents due to the Manager or any other party failing to comply with the terms and conditions of the Related Documents (including but not limited to the Management Agreement and the Back-Up Management Agreement) after having been reasonably requested to comply therewith (it being understood that such a reasonable request will not be construed to require the Servicer to affirmatively take any legal, administrative, judicial or other action to enforce the provisions of the Related Documents) or (y) its failure to perform any duties to the extent that such duties depend upon the prior performance by another deal party of duties that have been waived or remain unperformed.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) On or after the 2025-1 Springing Amendments Implementation Date, the Servicer shall not be required, pursuant to this Agreement or any other Related Document (other than the indemnification provisions therein), to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights, powers or obligations under this Agreement or any other Related Document if the Servicer has reasonable grounds for believing that any fees paid to the Servicer under this Agreement or any other funds to be received by the Servicer from any Transaction Party pursuant to any other Related Document are insufficient to repay such funds or adequately indemnify the Servicer against such risk or liability. For the avoidance of doubt, the Servicer will be required to make Advances in accordance with, but subject to the limitations in, this Agreement without regard to the foregoing sentence.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(j) On and after the Series 2025-1 Springing Amendments Implementation Date, except in the case of the Servicer's own negligence (except as to the Back-Up Manager only, Servicer's gross negligence), bad faith, willful misconduct or fraudulent behavior, the Servicer's aggregate liability for any and all claims arising under this Agreement or any other Related Documents will be limited to the amount equivalent to the fees actually paid to the</u>

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<u>Servicer under this Agreement during the twenty-four (24) month period preceding the occurrence giving rise to such claims, less any amounts (excluding Advances) previously paid by the Servicer under this Agreement or other Related Documents and not reimbursed to the Servicer thereunder. For the avoidance of doubt, the Servicer will be required to make Advances in accordance with this Agreement without regard to the foregoing liability limitation.</u>

<u>ARTICLE 5</u> 

<u>THE SERVICER</u> 

Section 5.1 <u>Representations and Warranties Concerning the Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> The Servicer represents and warrants to the Co-Issuers, the other Securitization Entities party hereto and the Trustee, as of the date hereof and each Series Closing Date (except if otherwise expressly noted), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Organization and Good Standing</u>. The Servicer is duly organized, validly existing in good standing as a national banking association under the laws of the United States and the Servicer is in compliance with all Requirements of Law, except where the failure to so qualify or comply would not have a material adverse effect on the ability of the Servicer to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Power and Authority</u>. The Servicer has all requisite power and authority to enter into and consummate all transactions involving the Servicer contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Conflicts</u>. The Servicer's execution and delivery of, performance under and compliance with this Agreement will not violate the Servicer's organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, which default or breach, in the reasonable judgment of the Servicer, is likely to affect materially and adversely either the ability of the Servicer to perform its obligations under this Agreement or the financial condition of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Enforceability</u>. This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and binding obligation of the Servicer, enforceable against the Servicer in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, liquidation, moratorium and other laws affecting the enforcement of creditors' rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Violations</u>. The Servicer is not in violation of, and its execution and delivery of, performance under and compliance with this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Servicer's reasonable judgment, is likely to affect materially and adversely either the ability of the Servicer to perform its obligations under this Agreement or the financial condition of the Servicer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>No Litigation</u>. No litigation is pending or, to the best of the Servicer's knowledge, threatened against the Servicer, the outcome of which, in the Servicer's reasonable judgment, would prohibit the Servicer from entering into this Agreement or that, in the Servicer's reasonable judgment, could reasonably be expected to materially and adversely affect either the ability of the Servicer to perform its obligations under this Agreement or the financial condition of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Errors and Omission Insurance</u>. The Servicer has errors and omissions insurance or is self-insuring with respect to such risks, which in either case complies with the requirements of <u>Section 2.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Consents and Approvals</u>. No consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation by the Servicer of the transactions contemplated herein, except for those consents, approvals, authorizations or orders that previously have been obtained or cannot be obtained prior to the actual performance by the Servicer of its obligations under this Agreement and except where the lack of such consent, approval, authorization or order would not have a material adverse effect on the ability of the Servicer to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> The representations and warranties of the Servicer set forth in <u>Section 5.1(a)</u> shall survive the execution and delivery of this Agreement and shall inure to the benefit of the Trustee, the Co-Issuers and the Noteholders for so long as the Notes remain Outstanding. Upon discovery by the Trustee, the Controlling Class Representative or the Servicer of a breach of such foregoing representations and warranties that materially and adversely affects the interests of the Noteholders, the party discovering such breach shall give prompt written notice thereof, as applicable, to the Trustee, the Servicer, the Co-Issuers, the Manager, the Back-Up Manager and the Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> Any Successor Servicer shall be deemed to have made, as of the date of its succession, each of the representations and warranties set forth in <u>Section 5.1(a)</u>, subject to such appropriate modifications to the representation and warranty to accurately reflect such successor's jurisdiction of organization and whether it is a corporation, partnership, bank, association or other type of organization.

Section 5.2 <u>Limitations of Responsibility of the Servicer</u>. The Servicer will have no responsibility under this Agreement other than to render the services called for hereunder in good faith and, to the extent applicable, consistent with the Servicing Standard. Other than the duties specifically set forth in <u>Article 2</u>, the Indenture, the Management Agreement, the Back-Up Management Agreement and the other Related Documents, the Servicer (in its capacity as Servicer or Control Party) shall have no obligation to supervise, verify, monitor or administer the performance of, and shall have no liability for any action taken or omitted to be taken by, the Manager, the Back-Up Manager, the Co-Issuers or the Trustee. The duties and obligations of the Servicer shall be determined solely by the express provisions of this Agreement, the Indenture, the Management Agreement, the Back-Up Management Agreement and the other Related Documents and no implied covenants or obligations shall be read into this Agreement against the Servicer.

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Section 5.3 <u>Right to Receive Instructions</u>. In the event that the Servicer (in its capacity as Servicer or Control Party) is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement or any other Related Document, or any such provision is, in the good faith judgment of the Servicer, ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement or any Related Document permits any determination by the Servicer or is silent or is incomplete as to the course of action that the Servicer is required to take with respect to a particular set of facts, the Servicer may give notice (in such form as shall be appropriate under the circumstances) to the Controlling Class Representative requesting instructions in accordance with the Base Indenture and, to the extent that the Servicer (in its capacity as Servicer and Control Party) shall have acted or refrained from acting in good faith in accordance with any such instructions received from the Controlling Class Representative, the Servicer (in its capacity as Servicer and Control Party) shall not be liable on account of such action or inaction to any Person. If the Servicer (in its capacity as Servicer or Control Party) shall not have received appropriate instructions from the Controlling Class Representative within ten (10) days of such notice (or within such shorter period of time reasonably appropriate under the circumstances as may be specified in such notice) the Servicer may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or other Related Documents, as the Servicer shall deem to be in the best interests of the Noteholders and the Securitization Entities. The Servicer (in its capacity as Servicer and Control Party) shall have no liability to any Person for such action or inaction taken in reliance on the preceding sentence except for the Servicer's own negligence <u>(or with respect to the Back-Up Manager only, the Servicer's gross negligence)</u>, bad faith, willful misconduct or fraudulent behavior.

Section 5.4 <u>Independent Contractor</u>. In performing its obligations as Servicer hereunder the Servicer acts solely as an independent contractor of the Co-Issuers, the Trustee and the Controlling Class Representative. Nothing in this Agreement shall, or shall be deemed to, create or constitute any joint venture, partnership, employment, or any other relationship between any Securitization Entity, the Trustee, the Manager, the Back-Up Manager or the Controlling Class Representative and the Manager other than the independent contractor contractual relationship established hereby. The Servicer (in its capacity as Servicer or Control Party) shall not be, nor shall be deemed to be, liable for any acts or obligations of the Securitization Entities, the Manager, the Back-Up Manager, the Controlling Class Representative or the Trustee and, without limiting the foregoing, the Servicer shall not be liable under or in connection with the Notes.

Section 5.5 <u>Merger, Consolidation or Conversion of the Servicer</u>. The Servicer may be merged or consolidated with or into any Person, or transfer all or substantially all of its assets to any Person, in which case any Person resulting from any merger or consolidation to which the Servicer shall be a party, or any Person succeeding to the business of the Servicer, shall be the successor hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; <u>provided</u>, <u>however</u>, that no successor or surviving Person shall succeed to the rights of the Servicer unless the Rating Agency Condition has been satisfied with respect to such succession at the Servicer's cost and expense.

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Section 5.6 <u>Rights of the Trustee in Respect of the Servicer</u>. Upon reasonable request from the Trustee or the Co-Issuers, the Servicer shall furnish the Trustee with its most recent publicly available annual audited financial statements (or, if not available, the most recent publicly available audited annual financial statements of its corporate parent, on a consolidated basis) and such other information as is publicly available regarding the business, affairs, property and condition, financial or otherwise of the Servicer.

Section 5.7 <u>Servicer as Owner of a Note</u>. The Servicer or an Affiliate of the Servicer may become the holder of any Note with the same rights it would have if it were not the Servicer or an Affiliate thereof. If, at any time during which the Servicer or an Affiliate thereof is the Holder of (or, in the case of a Book-Entry Note, Note Owner with respect to) any Note, the Servicer proposes to take any action (including for this purpose, omitting to take a particular action) that is not expressly prohibited by the terms hereof and would not, in the Servicer's reasonable judgment, violate the Servicing Standard, but that, if taken, might nonetheless, in the Servicer's reasonable judgment, be considered by other Persons to violate the Servicing Standard, then the Servicer may (but need not) seek the approval of the Noteholders to such action by delivering to the Trustee a written notice that (a) states that it is delivered pursuant to this <u>Section 5.7</u>, (b) identifies the percentage interest in each Class of Notes beneficially owned by the Servicer or by an Affiliate thereof and (c) describes in reasonable detail the action that the Servicer proposes to take. The Trustee, upon receipt of such notice, shall forward it to the Noteholders (other than the Servicer and its Affiliates), together with a request for approval by the Noteholders of each such proposed action. If at any time a majority of the Noteholders (calculated without regard to the Notes beneficially owned by the Servicer or its Affiliates) shall have consented in writing to the proposal described in the written notice, and if the Servicer shall act as proposed in the written notice, such action shall be deemed to comply with the Servicing Standard. The Trustee shall be entitled to reimbursement from the Servicer for the reasonable expenses of the Trustee incurred pursuant to this <u>Section 5.7</u>. It is not the intent of the foregoing provision that the Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder, but rather in the case of unusual circumstances.

<u>ARTICLE 6</u> 

<u>SERVICER TERMINATION EVENTS</u> 

Section 6.1 <u>Servicer Termination Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> "<u>Servicer Termination Events</u>" means any one of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the failure by the Servicer to pay or remit any amount required to be paid or remitted by the Servicer under the terms of this Agreement within two (2) Business Days of the date on which such amount was required to be paid or remitted under this Agreement (it being understood that the Servicer will not be responsible for the failure of the Trustee to remit funds that were received by the Trustee from or on behalf of the Servicer in accordance with this Agreement);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the failure by the Servicer to perform or comply with any other covenant or agreement contained in this Agreement, and (x) prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, such failure continues for a period of thirty (30) consecutive days following the earlier to occur of the Actual Knowledge of the Servicer of such failure or written notice to the Servicer of such failure by the Trustee, the Back-Up Manager or the Manager or (y) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, such failure continues unremedied for a period of thirty (30) consecutive days following written notice to the Servicer from the Trustee, the Back-Up Manager or the Manager of such failure, requiring the same to be remedied; provided that if a failure described in this clause (y) is capable of being cured and the Servicer is diligently pursuing such cure, such 30-day period will be extended an additional thirty (30) days upon delivery of an Officer's Certificate by the Servicer to the Trustee prior to the end of such initial 30-day period certifying that such failure is capable of being cured and that the Servicer is diligently pursuing such cure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any representation, warranty or statement made by the Servicer in this Agreement proves to be incorrect in any material respect as of the time when the same was made or deemed to have been made or as of any other date specified in this Agreement, and (x) prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, such breach continues for a period of sixty (60) consecutive days following the earlier to occur of the Actual Knowledge of the Servicer of such breach or written notice to the Servicer of such breach by the Trustee, the Back-Up Manager or the Manager or (y) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, such breach materially and adversely affects the interest of any Noteholder and such breach remains unremedied for a period of sixty (60) consecutive days following written notice to the Servicer from the Trustee, the Back-Up Manager or the Manager of such breach, requiring the same to be remedied; provided that if a breach described in this clause (y) is capable of being cured and the Servicer is diligently pursuing such cure, such 60-day period will be extended an additional thirty (30) days upon delivery of an Officer's Certificate by the Servicer to the Trustee prior to the end of such initial 60-day period certifying that such failure is capable of being cured and that the Servicer is diligently pursuing such cure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an effective resolution is passed by the Servicer for the winding up or liquidation of the Servicer, except a winding up for the purpose of a merger, reconstruction or amalgamation, in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any petition is filed, or any case or proceeding is commenced, against the Servicer under the Bankruptcy Code, the Federal Deposit Insurance Act or any other similar applicable federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation, receivership or reorganization, and such filing, case or proceeding has not been dismissed within sixty (60) days after such filing or commencement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the institution by the Servicer of proceedings to be adjudicated as bankrupt or insolvent, or the consent by the Servicer to the institution of bankruptcy, insolvency or receivership proceedings against it, or the filing by the Servicer of a petition or answer or consent seeking reorganization relief under the Bankruptcy Code or any other similar applicable federal or state law, or the consent by the Servicer to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Servicer, or of any substantial part of its property, or the making by the Servicer of an assignment for the benefit of creditors, or the admission by the Servicer in writing of its inability to pay its debts generally as they become due, or the taking of action by the Servicer in furtherance of any such action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the rating on the Notes assigned by a Rating Agency has been qualified, downgraded or withdrawn or otherwise made the subject of a "negative" credit watch and such Rating Agency has determined such rating event is a result of the Servicer's action (or failure to act) in its capacity as Servicer or such rating event (x) if occurring prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, is the result of an adverse change to the rating status of the Servicer, PNC Bank, National Association or any of their respective Affiliates or (y) if occurring on or after the <u>Series 2021-1</u> Springing Amendments Implementation Date, is the sole or material result of (A) the Servicer's action (or failure to act) in its capacity as Servicer or (B) an adverse change to such Rating Agency's servicer rating status of the Servicer or PNC Bank, National Association (and such rating event is not withdrawn by such Rating Agency within sixty (60) days of such rating event).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Servicer Termination Event has occurred and is continuing, the Trustee may, and, at the direction of the Controlling Class Representative (or, if there is no Controlling Class Representative at such time, a Majority of Controlling Class Members), the Trustee shall, terminate the Servicer in its capacity as such by the delivery of a termination notice (a "<u>Servicer Termination Notice</u>") to the Servicer (with a copy to each of the Co-Issuers, the Back-Up Manager, the Manager and the Rating Agencies); <u>provided</u>, that the delivery of a Servicer Termination Notice will not be required in respect of any Servicer Termination Event described in <u>clauses (iv), (v) and (vi)</u> above. If the Trustee, acting at the direction of the Controlling Class Representative, delivers a Servicer Termination Notice to the Servicer pursuant to this Agreement (or automatically upon the occurrence of any Servicer Termination Event described <u>in clauses (iv), (v) and (vi)</u> of the definition thereof), all rights (other than those rights that survive termination pursuant to the terms hereof), powers, duties, obligations and responsibilities of the Servicer under this Agreement will vest in and be assumed by the successor servicer (the "<u>Successor Servicer</u>") appointed by (i) prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, the Controlling Class Representative (or, if there is no Controlling Class Representative at such time, a Majority of Controlling Class Members) and (ii) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the Co-Issuers upon the satisfaction of the Rating Agency Condition. If, (x) prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, no Successor Servicer has been appointed by the Controlling Class Representative (or, if there is no Controlling Class Representative at such time, a Majority of Controlling Class Members) or (y) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the Rating Agency Condition has not been satisfied with respect to a successor Servicer, in each case, within 90 days of the occurrence of a Servicer Termination Event, the Back-Up Manager may, in its sole and absolute discretion, serve as successor Servicer (upon satisfaction of the Rating Agency Condition) and otherwise the Trustee will serve as the

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Successor Servicer. The appointment of a Successor Servicer other than the Trustee will be subject to the satisfaction of the Rating Agency Condition. The Servicer shall assist in the transition to the Successor Servicer. The Servicer agrees that, if it is terminated pursuant to this <u>Section 6.1(b)</u>, it shall promptly (and in any event no later than ten (10) Business Days subsequent to its receipt of a Servicer Termination Notice) provide the Trustee or its designee with all documents and records reasonably requested thereby to enable the Successor Servicer to assume the Servicer's functions hereunder, and shall otherwise cooperate with the Successor Servicer in effecting the termination of the Successor Servicer's responsibilities and rights hereunder (<u>provided</u>, <u>however</u>, that the Servicer shall, if terminated pursuant to this <u>Section 6.1(b)</u>, continue to be obligated to pay and shall be entitled to receive all amounts accrued or owing by or to it under this Agreement or the other Related Documents on or prior to the date of such termination, whether in respect of Debt Service Advances, Collateral Protection Advances, interest on Servicer Advances, unpaid fees or otherwise, and it and its directors, officers, employees and agents shall continue to be entitled to the benefits of <u>Section 4.4</u> notwithstanding any such termination) and shall pay all costs and expenses incurred in connection therewith.

Section 6.2 <u>Notification to Noteholders</u>. Upon any resignation of the Servicer pursuant to <u>Section 8.2</u> or as contemplated in <u>Section 8.3</u>, any termination of the Servicer pursuant to <u>Section 6.1</u>, any appointment of a Successor Servicer or the effectiveness of any designation of a Successor Servicer, the Trustee shall give prompt written notice thereof to Noteholders, the Manager, the Back-Up Manager and the Co-Issuers. Not later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice or lapse of time or both, would constitute a Servicer Termination Event and (ii) five (5) Business Days after a Responsible Officer of the Trustee has Actual Knowledge of the occurrence of such an event, the Trustee shall transmit by mail<u>send such notice</u> to all Noteholders notice of such occurrence, unless such event shall have been cured.

Section 6.3 <u>Waiver of Servicer Termination Events</u>. The Controlling Class Representative (or if there is no Controlling Class Representative at such time, a Majority of Controlling Class Members) may waive any Servicer Termination Event; <u>provided</u>, <u>however</u>, a waiver of a Servicer Termination Event described in <u>clauses (i), (iv), (v) or (vi)</u> of the definition thereof will also require the consent of the Trustee <u>(acting at the direction of the Controlling Class Representative</u>). Notwithstanding the definition of Controlling Class Representative, in no event shall the Control Party have the right to act or refrain from acting with respect to a Servicer Termination Event. Upon any such waiver of a Servicer Termination Event, such Servicer Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other Servicer Termination Event or impair any right consequent thereon except to the extent expressly so waived. No election not to exercise, failure to exercise or delay in exercising any right, nor any course of dealing or performance, shall operate as a waiver of any right under this Agreement or applicable law, nor shall any single or partial exercise of any such right preclude any other further exercise thereof or the exercise of any other right under this Agreement or applicable law.

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Section 6.4 <u>Additional Remedies of Trustee upon Servicer Termination Event</u>. During the continuance of any Servicer Termination Event, so long as such Servicer Termination Event shall not have been remedied or waived, the Trustee, in addition to the rights specified in <u>Section 6.1(b)</u>, shall have the right (exercisable subject to the Indenture), in its capacity as trustee, to take all actions now or hereafter existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Secured Parties (including the institution and prosecution of all judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection therewith). Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer Termination Event.

<u>ARTICLE 7</u> 

<u>CONFIDENTIALITY</u> 

Section 7.1 <u>Confidentiality</u>. "<u>Confidential Information</u>" means information (including Know-How) treated as confidential and proprietary by Holdco, any Securitization Entity or the Manager that is disclosed to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> The Servicer acknowledges that during the term of this Agreement it may receive Confidential Information in its capacity as Servicer or Control Party from Holdco, the Securitization Entities, the Manager and the Back-Up Manager. The Servicer agrees to use reasonable controls (but in all events at least the same degree of care and controls that the Servicer uses to protect its own confidential and proprietary information of similar importance) to maintain the Confidential Information in confidence and only use the Confidential Information for purposes of its duties under this Agreement, and will not, at any time, disseminate or disclose any Confidential Information to any person or entity other than those of its affiliates and its and their directors, officers, employees, agents, consultants or representatives who have a "need to know" such information in connection with this Agreement (collectively, the "<u>Representatives</u>"), and its applicable regulatory authorities and auditors. The Servicer shall inform its Representatives of these restrictions, shall be liable for any breach of this <u>Article 7</u> by any of its Representatives and shall immediately notify the Manager in the event of any loss or disclosure of any Confidential Information. Confidential Information shall not include information that: (i) is already known to the Servicer without restriction on use or disclosure prior to receipt of such information from Holdco, a Securitization Entity or the Back-Up Manager; (ii) is or becomes part of the public domain other than by breach of this Agreement by, or other wrongful act of, the Servicer; (iii) is developed by the Servicer independently of and without reference to any Confidential Information; (iv) is received by the Servicer from a third party who is not under any obligation to Holdco, any Securitization Entity or the Back-Up Manager to maintain the confidentiality of such information or (v) is required to be disclosed by applicable law, statute, rule, regulation, subpoena, court order or legal process; provided that the Servicer promptly notifies Holdco, the Securitization Entities and the Manager of any such requirement and reasonably cooperates with Holdco, the Securitization Entities and the Manager to minimize the extent of any such disclosure. The duties hereunder shall survive termination of this Agreement and (A) for trade secret information, shall continue for as long as such information remains a trade secret under applicable law, and (B) for all other Confidential Information, shall continue for three (3) years after the term of this Agreement in accordance with <u>Section 8.1</u> hereof.

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(<u>b</u>) All books, records, documents, papers or other materials relating to Holdco's, the Securitization Entities' or the Manager's business, Intellectual Property, customers, suppliers, distributors, franchisees, products or projects received by the Servicer containing Confidential Information or other proprietary information or trade secrets of Holdco, any Securitization Entity or the Manager, including any copies thereof, shall at all times be and remain the property of Holdco, the applicable Securitization Entity or the Manager, as the case may be, and shall be destroyed or returned immediately to Holdco the applicable Securitization Entity or the Manager, as the case may be, upon termination of this Agreement, or earlier at the request of Holdco, the applicable Securitization Entity or the Manager; <u>provided</u>, <u>however</u>, that the Servicer may retain such limited media and materials containing Confidential Information for customary archival and audit purposes (including with respect to regulatory compliance) only for reference with respect to the prior dealings between the parties and subject to the confidentiality terms of this Agreement. Upon request, the Servicer shall provide an officer's certificate attesting to the return and/or destruction of all materials containing Holdco's, the Securitization Entities' or the Manager's Confidential Information.

(<u>c</u>) Nothing in this <u>Article 7</u> shall be construed as preventing Holdco or any Securitization Entity from pursuing any and all remedies available to it for the breach or threatened breach of covenants made in this <u>Article 7</u>, including recovery of money damages for temporary or permanent injunctive relief.

(<u>d</u>) It is understood that nothing in this Agreement is intended to preclude the Servicer or its affiliates from engaging in related types of consulting work with other firms or organizations, whether in a related business or otherwise; <u>provided</u> that reasonable and proper professional safeguards are maintained to ensure that Confidential Information is not made available to such others.

<u>ARTICLE 8</u> 

<u>MISCELLANEOUS PROVISIONS</u> 

Section 8.1 <u>Term; Termination of Agreement</u>. The duties and obligations of the Servicer under this Agreement shall continue until the latest to occur of (x) the final payment or other liquidation of the last outstanding asset included in the Collateral and (y) the satisfaction and discharge of the Indenture pursuant to Article Twelve of the Base Indenture. Notwithstanding the foregoing, this Agreement may be terminated by the Servicer in its sole discretion if the Co-Issuers issue new Series of<u>Additional</u> Notes after the Closing Date (excluding, for the avoidance of doubt, Notes issued on the Closing Date) and the Servicer does not consent to continue its obligations under this Agreement (including the obligation to make Debt Service Advances and Collateral Protection Advances), and such termination shall be effective on the date of such new issuance. In addition, on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the Co-Issuers may remove and replace the Servicer upon thirty (30) days' notice to the Servicer, <u>the Back-Up Manager</u>, the Trustee and the Rating Agencies, so long as (i) a Successor Servicer has been identified prior to such removal notice and (ii) the Rating Agency Condition has been satisfied as of the date of the Servicer is replaced. This Agreement shall also be terminated upon resignation of the Servicer pursuant to <u>Section 8.2</u> or upon the assumption of the duties and obligations of the Servicer by a Successor Servicer pursuant to <u>Section 6.1(b)</u>.

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Section 8.2 <u>Resignation</u>. Subject to <u>Section 8.1</u>, this <u>Section 8.2</u> and <u>Section 6.1(b)</u>, the Servicer may not resign as Servicer hereunder except upon determination that (a) the performance of its duties under this Agreement is no longer possible under applicable law and there is no reasonable action the Servicer could take to make the performance of such duties possible under applicable law, or (b) the performance of its duties is in material conflict by reason of applicable law with any other activities carried on by it, and there is no reasonable action the Servicer could take to remove such material conflict. Any such determination under <u>clause (a)</u> above requiring the Servicer's resignation will be evidenced by an Opinion of Counsel to such effect, delivered to the Trustee, the Co-Issuers, the Manager and the Back-Up Manager. No such resignation will be effective until a Successor Servicer has been appointed (i) prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, by the Controlling Class Representative (or, if there is no Controlling Class Representative at such time, a Majority of Controlling Class Members) and (ii) on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, by the Co-Issuers and the Rating Agency Condition has been satisfied with respect to such proposed successor Servicer and, in each case, such successor Servicer has assumed the obligations of the Servicer in accordance with this Agreement; <u>provided</u> that if no successor Servicer has been appointed and assumed the obligations of the Servicer, and on and after the <u>Series 2021-1</u> Springing Amendments Implementation Date, the Rating Agency Condition has not been satisfied, within 90 days after the Servicer has given notice of such resignation, the Servicer may petition any court of competent jurisdiction to appoint a successor Servicer. In addition, the Servicer shall have the right to resign or assign its servicing rights at any other time; <u>provided</u> that (i) a Person willing to be the Successor Servicer thereto (prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, proposed by the resigning Servicer and reasonably acceptable to the Controlling Class Representative, or if there is no Controlling Class Representative at such time, acceptable to a Majority of Controlling Class Members) has been identified, (ii) the Rating Agency Condition has been satisfied, (iii) the resigning Servicer pays all reasonable out-of-pocket costs and expenses in connection with such transfer and (iv) the Successor Servicer accepts appointment prior to the effectiveness of such resignation or assignment and accepts the duties and obligations of the Servicer under this Agreement and the other Related Documents. The Servicer shall not be permitted to resign except as contemplated above in this <u>Section 8.2</u> or as otherwise contemplated in <u>Section 8.1</u>. Upon termination of this Agreement in accordance with <u>Section 8.1</u> or resignation of the Servicer in accordance with this <u>Section 8.2</u>, the Servicer shall be entitled to receive all unpaid Servicing Fees, Liquidation Fees, Workout Fees, reimbursements for Debt Service Advances and Collateral Protection Advances, including interest thereon at the Advance Interest Rate, and any unpaid indemnity payments and unreimbursed costs and expenses due and payable to the Servicer pursuant to this Agreement (to the extent the Servicer is entitled to repayment of such indemnity payments and reimbursement of such costs and expenses hereunder) including interest thereon at the Advance Interest Rate, in each case, in accordance with the Priority of Payments. Following the <u>Series 2021-1</u> Springing Amendments Implementation Date, if the Servicer has performed any material work toward a workout, liquidation or modification which is in process, but has not been, or will not be, completed as of the date of the Servicer's termination or resignation, the Servicer will be entitled, in addition to all other fees and expenses due and owing, a commercially reasonable fee (as determined by the Controlling Class Representative or, if there is no Controlling Class Representative, as determined by the successor Servicer) as compensation for the Servicer's work toward such workout, liquidation or modification.

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Section 8.3 <u>Amendments to this Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> This Agreement may only be amended in writing by the parties hereto and upon satisfaction of the Rating Agency Condition; <u>provided</u> that satisfaction of the Rating Agency Condition is not required to (i) cure any ambiguity or correct or supplement any provisions in this Agreement that are defective or inconsistent with any other provision in this Agreement, any other Related Document or any offering memoranda or private placement memoranda prepared in connection with the Notes; <u>provided</u>, further, that, prior to the <u>Series 2021-1</u> Springing Amendments Implementation Date, no such amendment will adversely affect, in any material respect, the interests of the holders of any Class of Notes in any manner, without the consent of the Majority of Noteholders of such Class (or, with respect to the Controlling Class, the Controlling Class Representative). Any amendment or modification effected contrary to the provisions of this <u>Section 8.3</u> shall be null and void. Unless otherwise specified in such waiver, a waiver of any right under this Agreement shall be effective only in the specific instance and for the specific purpose for which it is given. No election not to exercise, failure to exercise or delay in exercising any right, nor any course of dealing or performance, shall operate as a waiver of any right under this Agreement or applicable law, nor shall any single or partial exercise of any such right preclude any other for further exercise thereof or the exercise of any other right under this Agreement or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> Following the <u>Series 2021-1</u> Springing Amendments Implementation Date, this Agreement and the other Related Documents may be amended, amended and restated, supplemented or otherwise modified by the parties thereto or the applicable Securitization Entities, the Manager, the Trustee and any other applicable party may enter into new Related Documents without the consent of the Control Party or the Servicer (except to the extent that the amendment, restatement, supplement, modification or new Related Document impacts the rights, <u>protections</u><u>,</u> indemnities, remedies, liabilities and/or obligations of the Control Party, the Servicer or the Back-Up Manager, in which circumstance consent of the Control Party, the Servicer or the Back-Up Manager, as applicable, shall be required, to the extent that the Control Party, the Servicer or the Back-Up Manager, as applicable, shall continue to act as Control Party, Servicer or Back-Up Manager, as applicable, following the execution of any such amendment, restatement, supplement, modification or new Related Document), the Controlling Class Representative, or any Noteholder, for the purpose of modifying, replacing or subdividing the role of the Servicer, the Back-Up Manager, the Control Party or the Controlling Class Representative, with the receipt of a Rating Agency Confirmation being required for any change in respect of any of such parties' obligation(s) to make Collateral Protection Advances or Debt Service Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Section 8.4</u> <u>Amendments to other Agreements</u>. The<u>Notwithstanding anything to the contrary set forth in any Related Documents, the</u> Co-Issuers and the Trustee agree<u>may</u> not to amend the Indenture or the<u>any other</u> Related Documents<u>Document</u> without the Servicer's consent if such amendment would adversely affect the Servicer's rights, duties <u>indemnities, duties, protections, remedies, liabilities, obligations and</u>/or immunities under this Agreement, the Indenture or any other Related Document.

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<u>Section 8.4</u> <u>Section 8.5</u> <u>Successors and Assigns; Additional Co-Issuers.</u> This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto. Any Affiliate of Holdco that becomes a co-issuer of Notes under the Indenture may become a party to this Agreement by entering into a written addendum pursuant to which such Affiliate agrees to all of the provisions of this Agreement and to assume all of the rights, duties and obligations of a Co-Issuer hereunder.

<u>Section 8.5</u> <u>Section 8.6</u> <u>Nonpetition Covenant</u>. The Servicer shall not, prior to the date that is one year and one day after the payment in full of the Outstanding Principal Amount of the Notes of each Series, petition or otherwise invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against any Securitization Entity under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of such Securitization Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of such Securitization Entity.

<u>Section 8.6</u> <u>Section 8.7</u> <u>Acknowledgement</u>. Without limiting the foregoing, the Servicer hereby acknowledges that, on the date hereof, the Co-Issuers will pledge to the Trustee under the Indenture and the Global G&C Agreement, all of such Co-Issuers' right and title to, and interest in, this Agreement, and such pledge includes all of such Co-Issuers' rights, remedies, powers and privileges, and all claims of such Co-Issuers against the Servicer, under or with respect to this Agreement (whether arising pursuant to the terms of this Agreement or otherwise available at law or in equity), including (i) the rights of such Co-Issuers and the obligations of the Servicer hereunder and (ii) the right, at any time, to give or withhold consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this Agreement or the obligations in respect of the Servicer hereunder to the same extent as such Co-Issuers may do. The Servicer hereby consents to such pledges described above, acknowledges and agrees that (x) the Controlling Class Representative shall be third-party beneficiaries of the rights of such Co-Issuers arising hereunder and (y) that the Trustee and the Controlling Class Representative may enforce the provisions of this Agreement, exercise the rights of such Co-Issuers and enforce the obligations of the Servicer hereunder without the consent of such Co-Issuers.

<u>Section 8.7</u> <u>Section 8.8</u> <u>Governing Law; Waiver of Jury Trial; Jurisdiction</u>.

(<u>a</u>) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

(<u>b</u>) The parties hereto each hereby waives any right to have a jury participate in resolving any dispute, whether in contract, tort or otherwise, arising out of, connected with, relating to or incidental to the transactions contemplated by this Agreement.

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(<u>c</u>) The parties hereto each hereby irrevocably submits (to the fullest extent permitted by applicable law) to the non-exclusive jurisdiction of any New York state or federal court sitting in the borough of Manhattan, New York City, State of New York, over any action or proceeding arising out of or relating to this Agreement or any related documents, and the parties hereto hereby irrevocably agree that all claims in respect of such action or proceeding shall be heard and determined in such New York state or federal court. The parties hereto each hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection each may now or hereafter have, to remove any such action or proceeding, once commenced, to another court on the grounds of <u>forum</u> <u>non</u> <u>conveniens</u> or otherwise.

<u>Section 8.8</u> <u>Section 8.9</u> <u>Notices</u>. All notices, requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent by (a) certified or registered mail, return receipt requested, postage prepaid, (b) national prepaid overnight delivery service, (c) telecopy or other facsimile transmission (following with hard copies to be sent by national prepaid overnight delivery service) or (d) personal delivery with receipt acknowledged in writing, to the addresses set forth below. If the Indenture or this Agreement permits reports to be posted to a password-protected website, such reports shall be deemed delivered when posted on such website. Any party hereto may change its address for notices hereunder by giving notice of such change to the other parties hereto; <u>provided</u> that the Manager shall notify the other parties of the address of the Controlling Class Representative and of any change of identity or address of the Controlling Class Representative or any Rating Agency. All notices and demands to any Person hereunder shall be deemed to have been given either at the time of the delivery thereof at the address of such Person for notices hereunder, or on the third day after the mailing thereof to such address, as the case may be. All notices, requests or other communications under this Agreement shall be given to the parties hereto at the following addresses:

<u>If to the Master Issuer</u>:

Domino's Pizza Master Issuer LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Stuart A. Levy

Email: [\*\*\*]

[\*\*\*]

<u>Attention: Ryan K. Mulally</u>

<u>Email: [\*\*\*]</u>

<u>If to the IP Holder</u>:

Domino's IP Holder LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

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Attention: Stuart A. Levy <u>Ryan K. Mulally</u>

Email: <u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>[\*\*\*]</u>

I<u>f to the Domestic</u> <u>Distributor</u><u>Supply Chain Holder:</u>

Domino's Pizza Distribution LLC

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: [\*\*\*]Stuart A. Levy Ryan <u>K. Mulally</u>

Email: <u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>If to</u> <u>SPV Canadian Holdco</u><u>PFS Domestic Supply Chain Holder</u>:

Domino's SPV Canadian Holding Company Inc<u>Progressive Food</u>

<u>Distribution LLC</u>

24 Frank Lloyd Wright Drive

P.O. Box 485

Ann Arbor, MI 48105

Attention: Stuart A. Levy Ryan <u>K. Mulally</u>

Email: <u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>If to</u> <u>the Manager</u><u>SPV Canadian Holdco</u>:

Domino's Pizza LLC<u>SPV Canadian Holding Company Inc</u>

30<u>24</u> Frank Lloyd Wright Drive

P.O. Box 997<u>485</u>

Ann Arbor, MI 48106<u>48105</u>

Attention: Jessica Parrish <u>Ryan K. Mulally</u>

Email: <u>[\*\*\*]</u>

<u>[\*\*\*]</u>

<u>with a copy</u><u>If</u> <u>to</u> <u>the Manager</u>:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Attention: Patricia Lynch

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Email: [\*\*\*]

<u>At the address to be provided by the Manager pursuant to the Base Indenture.</u>

<u>If to any Co-Issuer with a copy to</u>:

Domino's Pizza LLC

30 Frank Lloyd Wright Drive

P.O. Box 997

Ann Arbor, MI 48106

Attention: Stuart A. Levy

Email: [\*\*\*]

[\*\*\*]

<u>At the address to be provided by any Co-Issuer pursuant to the Base Indenture.</u>

and

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Attention: Patricia Lynch

Email: [\*\*\*]

<u>If to the Back-Up Manager</u>:

FTI Consulting, Inc.

3 Times Square

11th Floor

New York, NY 10036

Attention: Robert J. Darefsky

Facsimile: [\*\*\*]

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<u>At the address to be provided by the Back-Up Manager pursuant to the Base Indenture.</u>

<u>If to the Servicer</u>:

<u>At the address to be provided by the Servicer pursuant to the Base Indenture.</u>

Midland Loan Services, a division of PNC Bank, National Association

10851 Mastin Street,

Building 82, Suite 700,

Overland Park, KS 66210

Attn: President

Facsimile: [\*\*\*]

<u>If to the Trustee</u>:

Citibank, N.A.

388 Greenwich Street

New York, NY 10013

Attention: Agency & Trust — Domino's

Email: [\*\*\*]

<u>At the address to be provided by the Trustee pursuant to the Base Indenture.</u>

<u>If to the Controlling Class Representative</u>:

At the address to be provided by the Controlling Class Representative pursuant to the Base Indenture.

<u>If to a Rating Agency</u>:

At the address provided by the Rating Agency pursuant to the Base Indenture.

<u>Section 8.9</u> <u>Section 8.10</u> <u>Delivery Dates</u>. If the due date of any notice, certificate or report required to be delivered by the Servicer hereunder falls on a day that is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the next succeeding day that is a Business Day.

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<u>Section 8.10</u> <u>Section 8.11</u><u> </u><u>Entire Agreement</u>. This Agreement and the documents referenced herein, including the Indenture, the Management Agreement, the Back-Up Management Agreement and the Related Documents, set forth the entire agreement and understanding of the parties relating to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings, whether oral or written, relating to the subject matter hereof.

<u>Section 8.11</u> <u>Section 8.12</u><u> </u><u>Severability of Provisions</u>. If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect.

<u>Section 8.12</u> <u>Section 8.13</u><u> </u><u>Binding Effect; Limited Rights of Others</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto. Except as provided in the preceding sentence and in <u>Sections 8.4</u> and <u>8.6</u>, nothing in this Agreement expressed or implied, shall be construed to give any Person other than the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenants, agreements, representations or provisions contained herein.

<u>Section 8.13</u> <u>Section 8.14</u> <u>Article and Section Headings</u>. The article and section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

<u>Section 8.14</u> <u>Section 8.15</u> <u>Counterparts;</u> Electronic Signatures and Transmission. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. For purposes of this Agreement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission. "Electronic Transmission" means any form of communication not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process. The Trustee is authorized to accept written instructions, directions, reports, notices or other communications delivered by Electronic Transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission, and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports,

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notices or other communications or information to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties (except to the extent such action results from gross negligence, willful misconduct or fraud by the Trustee). Any requirement in this Agreement that is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit signature to be by facsimile or electronic signature and shall not be deemed to prohibit delivery thereof by Electronic Transmission. Notwithstanding anything to the contrary in this Agreement, any and all communications (both text and attachments) by or from the Trustee that the Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic Transmission will be encrypted. The recipient of the Electronic Transmission will be required to complete a one-time registration process.

<u>Section 8.15</u> <u>Section 8.16</u> <u>Survival</u>. The provisions of <u>Sections</u> <u>2.7</u>, <u>4.1</u>, <u>4.2</u>, <u>4.3</u>, <u>4.4</u>, <u>8.6</u>, <u>8.8</u> and this Section 8.16 shall survive the termination of this Agreement.

<u>Section 8.16</u> <u>Section 8.17</u> <u>Amendment and Restatement</u>. The parties hereto agree in each of their respective capacities under the Original Servicing Agreement and this Agreement that (i) this Agreement amends, estates and supersedes the Original Servicing Agreement in its entirety, which is superseded in its entirety by this Agreement and shall be of no further force or effect except as amended and restated hereby and (ii) from and after the date hereof, all references in each Related Document to the Original Servicing Agreement or the "Servicing Agreement" shall be deemed and agreed to refer to this Agreement.

*[The remainder of this page is intentionally left blank]* 

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IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Servicing Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
|  DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer | DOMINO'S PIZZA MASTER ISSUER LLC, as Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |
|  DOMINO'S IP HOLDER LLC, as Co-Issuer | DOMINO'S IP HOLDER LLC, as Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |
|  DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer | DOMINO'S PIZZA DISTRIBUTION LLC, as Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |
| <u>DOMINO'S PROGRESSIVE FOOD DISTRIBUTIONS LLC, as Co-Issuer</u> | <u>DOMINO'S PROGRESSIVE FOOD DISTRIBUTIONS LLC, as Co-Issuer</u> |
| <u>By:</u> |  |
|  | <u>Name:</u>  |
|  | <u>Title:</u>  |
|  DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer | DOMINO'S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |

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Domino's – Amended and Restated Servicing Agreement

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| | |
|:---|:---|
| DOMINO'S PIZZA LLC, as Manager | DOMINO'S PIZZA LLC, as Manager |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |

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Domino's – Amended and Restated Servicing Agreement

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| | |
|:---|:---|
|  CITIBANK, N.A., as Trustee | CITIBANK, N.A., as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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Domino's – Amended and Restated Servicing Agreement

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| | |
|:---|:---|
| MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Servicer | MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Servicer |
| By: |  |
|  | Name: |
|  | Title: |

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Domino's – Amended and Restated Servicing Agreement

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<u>Index to Terms Defined in this Agreement</u> 

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| | |
|:---|:---|
|  Agreement | 4.0 |
|  Annual Accountants' Report | 12.0 |
|  Annual Performance Certificate | 13.0 |
|  Back-Up Management Agreement | 5.0 |
|  Base Indenture | 4.0 |
|  Citibank | 4.0 |
|  Co-Issuer | 4.0 |
|  Co-Issuers | 4.0 |
|  Confidential Information | 27.0 |
|  Consent Fee | 17.0 |
|  Criteria | 13.0 |
|  Domestic Distributor<u>Supply Chain Holder</u> | 4.0 |
|  Holdco | 4.0 |
|  Indemnitee | 18.0 |
|  Indenture | 4.0 |
|  IP Holder | 4.0 |
|  Liquidation Fee | 17.0 |
|  Management Agreement | 4.0 |
|  Manager | 4.0 |
|  Master Issuer | 4.0 |
|  Net Liquidation Proceeds | 17.0 |
|  Notes | 4.0 |
|  Representatives | 28.0 |
|  Required Claims-Paying Rating | 13.0 |
|  Servicer | 4.0 |
|  Servicer Indemnified Parties | 19.0 |
|  Servicer Termination Events | 24.0 |
|  Servicer Termination Notice | 26.0 |
|  Servicing Fee | 17.0 |
|  Servicing Standard | 9.0 |
|  SPV Canadian Holdco | 4.0 |
|  Sub-Servicer | 14.0 |
|  Sub-Servicing Agreements | 14.0 |
|  Successor Servicer | 26.0 |
|  Transition Plan | 11.0 |
|  Trustee | 4.0 |
|  Workout Fee | 17.0 |

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<u>Exhibit A</u> 

SERVICER ASSERTION

Re: Annual Accountants' Report

Reference is made to the Amended and Restated Servicing Agreement, dated as of April 16, 2021 (as amended, restated, amended and restated or otherwise modified and in effect from time to time, the "<u>Servicing Agreement</u>") by and among Domino's Pizza Master Issuer LLC, Domino's IP Holder LLC, Domino's Pizza <u>Distribution LLC, Domino's Progressive Foods</u> Distribution LLC and Domino's SPV Canadian Holding Company Inc., as Co-Issuers, Domino's Pizza LLC, as Manager, Citibank, N.A., as Trustee, and Midland Loan Services, a division of PNC Bank, National Association, as Servicer. Capitalized terms not defined here shall have the meanings set forth in, or incorporated by reference into, the Servicing Agreement.

Pursuant to Section 2.9 of the Servicing Agreement, it is hereby certified that on behalf of Midland Loan Services, a division of PNC Bank, National Association (the "<u>Servicer</u>"), (i) a review of the Servicer's activities during the calendar year [___] (the "Reporting Period") and of its performance under the Servicing Agreement has been made under the undersigned officer's supervision and (ii) to the best of the undersigned officer's knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Servicing Agreement in all material respects throughout the Reporting Period.

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| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

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<u>Exhibit E-1</u> 

Model Operating Agreement Amendments (LLCs)

*[See attached]* 

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EXECUTION VERSION<u>Conformed 2nd A&R LLCA through Omnibus Amendment dated September 5, 2025</u>

**SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY** 

**AGREEMENT** 

**OF** 

**DOMINO'S PIZZA FRANCHISING LLC** 

This Second Amended and Restated Limited Liability Company Agreement (together with the schedules attached hereto, and as further amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>") of Domino's Pizza Franchising LLC, a Delaware limited liability company (the "<u>Company</u>"), dated as of March 15, 2012, is entered into by and among Domino's Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), as the sole equity member (together with any other member admitted to the Company in accordance with <u>Section 23</u> hereof, the "<u>Member</u>") and Orlando C. Figueroa and Benjamin B. Abedine<u>Albert J. Fioravanti and Linda Ciaramella</u>, each as a Special Member and an Independent Manager (as such terms are defined on <u>Schedule A</u> attached hereto). Capitalized terms used and not otherwise defined in this Agreement have the meanings assigned to such terms in the Indenture.

The Company was formed pursuant to the filing of the Certificate of Formation (as hereinafter defined) with the Secretary of State of the State of Delaware on March 2, 2007, as amended on March 13, 2007. The Member of the Company adopted the Amended and Restated Limited Liability Company Agreement, dated as of April 16, 2007 (the "<u>Existing Limited Liability Company Agreemen</u><u>t</u>") pursuant to and in accordance with the Delaware Limited Liability Company Act (6 <u>Del</u>. C. § 18-101 <u>et seq</u>.), as amended from time to time (the "<u>Act</u>"). The Member and Orlando C. Figueroa and Benjamin B. Abedine<u>Albert J. Fioravanti and Linda Ciaramella</u>, each of whom may be automatically admitted to the Company as a Special Member pursuant to <u>Section 5(c)</u>, hereby agree to (i) continue the company pursuant to and in accordance with the Act and (ii) amend and restate the Existing Limited Liability Company Agreement in its entirety as follows:

Section 1. <u>Name</u>. The name of the limited liability company continued hereby is Domino's Pizza Franchising LLC.

Section 2. <u>Principal Business Office</u>. The principal business office of the Company shall be located at 24 Frank Lloyd Wright Drive, P.O. Box 485, Ann Arbor, Michigan 48105, or such other location as may hereafter be determined by the Member.

Section 3. <u>Registered Office</u>. The address of the registered office of the Company in the State of Delaware is Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801.

Section 4. <u>Registered Agent</u>. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801.

Section 5. <u>Member</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The mailing address of the Member is set forth on <u>Schedule B</u> attached hereto. The Member was admitted to the Company as a member of the Company upon its execution of a counterpart signature page to the Existing Limited Liability Company Agreement, and hereby continues the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 9(j)</u>, the Member may act by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of any event that causes the Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon the resignation of the Member and the admission of an additional member of the Company pursuant to <u>Sections 22</u> and <u>23</u>), each Person acting as an Independent Manager pursuant to <u>Section 10</u>, who (i) shall be specified from time to time as provided in <u>Section 10</u>, (ii) shall have executed a signature page to this Agreement and (iii) shall initially be Orlando C. Figueroa and Benjamin B. Abedine<u>be Albert J. Fioravanti and Linda Ciaramella</u>, shall, without any action of any Person and simultaneously with the Member ceasing to be a member of the Company, automatically be admitted to the Company as a Special Member and shall continue the Company without dissolution. Prior to the occurrence of any such event and admission to the Company as a Special Member, no Person acting as an Independent Manager shall be a member of the Company nor shall such Person have any rights or obligations under this Agreement, except (A) his or her duties and obligations as an Independent Manager pursuant to this Agreement and (B) his or her obligation to become a Special Member and be admitted to the Company upon the occurrence of the conditions specified in the preceding sentence. No Special Member may resign from the Company or transfer his or her rights or obligations as Special Member unless (1) a successor Special Member has been admitted to the Company as Special Member by executing a counterpart to this Agreement and (2) such successor has also accepted his or her appointment as an Independent Manager pursuant to <u>Section 10</u>; <u>provided</u>, <u>however</u>, that each Special Member shall automatically cease to be a member (but not an Independent Manager) of the Company upon the admission to the Company of a substitute Member, appointed by the personal representative of the Person that had been the last remaining member. Upon admission to the Company, each Special Member shall be a member of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions of Company assets. Pursuant to Section 18-301 of the Act, a Special Member shall not be required to make any capital contributions to the Company and shall not receive a limited liability company interest in the Company. A Special Member, in his or her capacity as Special Member, may not bind the Company. Except as required by any mandatory provision of the Act, a Special Member, in his or her capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including, without limitation, any Material Action. In order to implement the admission to the Company of a Special Member, each Person acting as an Independent Manager pursuant to <u>Section 10</u> and who is designated to be a Special Member in accordance with this <u>Section 5(c)</u> shall execute a counterpart to this Agreement.

Section 6. <u>Certificates</u>. Michael R. Newell was previously designated as an "authorized person" within the meaning of the Act, and has executed, delivered and filed (such filing being hereby ratified and confirmed in all respects) the Certificate of Formation with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an "authorized person" ceased, and the Officers of the Company (as defined in <u>Section 11</u> and further specified in <u>Schedule E</u>) thereupon became the designated "authorized persons" and shall continue as the designated "authorized persons"

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within the meaning of the Act. The Officers of the Company, as authorized persons within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Officers shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any other jurisdiction in which the Company may wish to conduct business.

On March 13, 2007, Elisa D. Garcia C., acting as an "authorized person," executed, delivered and filed (such filing being hereby ratified and confirmed in all respects) the Certificate of Amendment of the Certificate of Formation of Domino's Pizza Franchisor LLC, amending the Company's name to Domino's Pizza Franchising LLC with the Secretary of State of the State of Delaware.

The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate of Formation as provided in the Act.

Section 7. <u>Purposes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purposes to be conducted or promoted by the Company shall be to engage solely in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to engage in the activities described in <u>Section 7(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to hold, together with its Subsidiaries, assets sufficient to qualify for the Large Franchisor Exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to license the Domino's IP for use in the Domestic Territory from the IP Holder pursuant to the Domestic Franchisor IP License Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to enter into and serve as "franchisor" with respect to all Post-Securitization Domestic Franchise Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to enter into and perform its obligations under Third-Party License Agreements related to the Domino's Brand or any Future Brand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to retain a Manager to manage its assets pursuant to a Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to guarantee, pursuant to the Global G&C Agreement, the obligations of the Co-Issuers under the Indenture and the other Related Documents and any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to pledge substantially all of its assets, including its right, title and interest in the Equity Interests of any Securitization Entities (to the extent required by the Related Documents), to secure its guarantee of the Co-Issuers' obligations under the Indenture and the other Related Documents and any Notes issued thereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to make distributions from time to time to the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to own the Equity Interests of the Domestic Distribution Real Estate Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) to engage in such other activities as may be required in connection with conservation of the Collateral and the making of payments to the Noteholders or the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) to enter into the other Related Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) to incur obligations with respect to letters of credit issued under any Variable Funding Note Purchase Agreement to secure obligations of one or more Non-Securitization Entities if the Master Issuer receives a reasonable, arms-length fee from each such Non-Securitization Entity whose obligations are so secured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) to maintain the Domestic Franchising Concentration Account and the related Account Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) to engage in certain other activities required or permitted under the Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to engage in and perform any lawful act or activity and to exercise any powers permitted to limited liability companies organized under the laws of the State of Delaware that are related or incidental to, or necessary, convenient or advisable for, the accomplishment of the above-mentioned purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company is hereby authorized to execute, deliver and perform, by or through the Member or any Manager or Officer <u>or Transitional Officer (subject to the terms of Section 11(g)), if any,</u> acting on behalf of the Company, and each is hereby authorized to execute and deliver, the Related Documents to which the Company is a party and all documents, agreements, certificates, financing statements or instruments contemplated thereby or related thereto, all without any further act, vote or approval of any other Person notwithstanding any other provision of this Agreement, the Act or applicable law, rule or regulation. The foregoing authorization shall not be deemed a restriction on the powers of the Member or any Manager or Officer <u>or Transitional Officer, if any,</u> to enter into other agreements or documents on behalf of the Company, each to the extent consistent with and related or incidental to, or necessary, convenient or advisable for, the accomplishment of the permitted purposes set forth in clause (a) above.

Section 8. <u>Powers</u>. Subject to <u>Section 9(j)</u> <u>and Section 11(g)</u>, the Company, and the Board of Managers and the Officers <u>or Transitional Officer, if any</u>, on behalf of the Company, (i) shall have and exercise all powers necessary, convenient or incidental to accomplish the purposes of the Company set forth in Section 7 and (ii) shall have and exercise all of the powers and rights conferred upon limited liability companies formed pursuant to the Act.

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Section 9. <u>Management</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Board of Managers</u>. Subject to <u>Section 9(j)</u> <u>and 11(g)</u>, the business and affairs of the Company shall be managed by or under the direction of a Board of one or more Managers (other than the Independent Managers except for those matters referred to in <u>Sections 9(j)(ii)</u>, <u>9(j)(iii)</u>, and <u>9(j)(v))</u> designated by the Member. Subject to <u>Section 10</u>, the Member may determine at any time in its sole and absolute discretion the number of Managers to constitute the Board. The authorized number of Managers may be increased or decreased by the Member at any time in its sole and absolute discretion, upon notice to all Managers, and subject in all cases to <u>Section 10</u>. The initial number of Managers shall be five (5), two (2) of which shall be Independent Managers pursuant to <u>Section 10</u>. Each Manager elected, designated or appointed by the Member shall hold office until a successor is elected and qualified or until such Manager's earlier death, resignation, expulsion or removal; <u>provided</u> that in the event that an Independent Manager resigns or is otherwise removed from its position as Independent Manager, a replacement Independent Manager shall be appointed as set forth in <u>Section 10</u>. Each Manager shall execute and deliver the LLC Management Agreement, substantially in the form of <u>Schedule</u> <u>C</u> attached hereto. A Manager need not be a member of the Company. The initial Managers designated by the Member are listed on <u>Schedule D</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Powers</u>. Subject to <u>Section 9(j)</u> <u>and, with respect to the Transitional Officer, Section 11(g)</u>, the Board of Managers shall have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise. Subject to <u>Sections 7</u> and 9 <u>and Section 11(g) with respect to the Transitional Officer (if any)</u>, the Board of Managers has<u>shall</u> <u>have</u> the authority to bind the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Meetings of the Board of Managers</u>. The Board of Managers may hold meetings, both regular and special, within or outside the State of Delaware. Regular meetings of the Board may be held without notice at such time and at such place as shall from time to time be determined by the Board. Special meetings of the Board may be called by the President on not less than one day's notice to each Manager (other than the Independent Managers except for those matters referred to in <u>Sections 9(j)(ii)</u>, <u>9(j)(iii)</u>, and <u>9(j)(v))</u> by telephone, facsimile, mail, telegram or any other means of communication, and special meetings shall be called by the President or Secretary in like manner and with like notice upon the written request of any one or more of the Managers (other than the Independent Managers except for those matters referred to in <u>Sections 9(j)(ii)</u>, <u>9(j)(iii)</u> and <u>9(j)(v))</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Quorum; Acts of the Board</u>. Except as otherwise provided in any other provision of this Agreement and subject to <u>Sections 9(j)(ii)</u>, <u>9(j)(iii)</u> and <u>9(j)(v)</u>, at all meetings of the Board or any committee thereof, a majority of the Managers or such committee (other than the Independent Managers) shall constitute a quorum for the transaction of business and, except as otherwise provided in any other provision of this Agreement, and subject to <u>Sections 9(j)(ii)</u>, <u>9(j)(iii)</u> and <u>9(j)(v)</u>, the act of a majority of the Managers (other than the Independent Managers) present at any meeting of the Board or any committee thereof at which there is a quorum shall be the act of the Board or such committee. If a quorum shall not be present at any meeting of the Board or any committee thereof, a majority of the Managers present at such meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. Any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all members of the Board or committee, as the case may be, that are required at a meeting of the Board, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Electronic Communications</u>. Board members, or any committee designated by the Board, may participate in meetings of the Board, or any committee, by means of telephone conference or similar communications equipment that allows all Persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the meeting. If all the participants are participating in a meeting by telephone conference or similar communications equipment, such meeting shall be deemed to have been held at the principal place of business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Committees of Managers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Board may, by resolution passed by a majority of the Board (other than the Independent Managers), designate one or more committees, each committee to consist of one or more of the Managers of the Company. The Board may designate one or more Managers as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any such committee, to the extent provided in the resolution of the Board, and subject to, in all cases, <u>Sections 9(j)(ii)</u>, <u>9(j)(iii)</u>, <u>9(j)(v)</u> and <u>10</u>, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Company. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board. Each committee shall keep regular minutes of its meetings and report the same to the Board when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Compensation of Managers; Expenses</u>. The Board shall have the authority to fix the compensation of Managers. The Managers may be paid their expenses, if any, of attendance at meetings of the Board, which may be a fixed sum for attendance at each meeting of the Board or a stated salary as Manager. No such payment shall preclude any Manager from serving the Company in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Removal of Managers</u>. Unless otherwise restricted by law, and subject to Section 10, any Manager or the entire Board of Managers may be removed or expelled, with or without cause, at any time by the Member, and any vacancy caused by any such removal or expulsion may be filled by action of the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Managers as Agents</u>. To the extent of their powers set forth in this Agreement and subject to <u>Section 9(j)</u>, the Managers are agents of the Company for the purpose of the Company's business, and the actions of the Managers taken in accordance with the powers set forth in this Agreement shall bind the Company. Notwithstanding the last sentence of Section 18-402 of the Act, except as provided in this Agreement or in a resolution of the Board, a Manager may not bind the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Limitations on the Company's Activities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This <u>Section 9(j)</u> is being adopted in order to comply with certain provisions required in order to qualify the Company as a "special purpose" entity. The Company is to be operated in such a manner as the Board of Managers deems reasonable and necessary or appropriate to preserve the limited liability of the Member, the separateness of the Company from the business and affairs of the Member or any Affiliate of the Member, and until one year and one day after the Notes have been paid in full, to comply with the provisions of this <u>Section</u> 9m<u>9(j)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Member shall not be authorized or empowered, as long as the Indenture has not been terminated in accordance with the terms thereof, to amend, alter, change or repeal the definition of "Independent Manager" or <u>Sections 5(c)</u>, 7, 8, <u>9(a)</u>, <u>9(h)</u>, <u>9(j)</u>, <u>10</u>, <u>11(f)</u>, 16, <u>20(a)</u><u>(</u>v<u>iv</u><u>)</u>, <u>20(a)(</u>vi<u>v</u> <u>)</u>, <u>21</u>, <u>22</u>, <u>23</u>, <u>24</u>, <u>25</u> or 30 or Schedule A (but, with respect to <u>Schedule A</u>, only to the extent that a term defined in Schedule A is used in any of the Sections of this Agreement referenced in this sentence or within the definition of such term) of this Agreement without the unanimous written consent of the Board (including all Independent Managers); it <u>being understood</u> that any such amendment or repeal made without obtaining such unanimous consent shall, to the fullest extent permitted by law, be null and void ab <u>initio</u>. Subject to this <u>Section 9(j)</u>, the Member reserves the right to amend, alter, change or repeal any provisions contained in this Agreement in accordance with <u>Section 30</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding any other provision of this Agreement and any provision of law that otherwise so empowers the Company, the Member, the Board, any committee of the Board, any Officer, any Manager or any other Person, as long as the Indenture has not been terminated in accordance with its terms, none of the Member, the Board, any Officer, any Manager nor any other Person shall be authorized or empowered, nor shall any of them permit the Company to, without the prior written consent of the Member and the prior unanimous written consent of the Board (including all Independent Managers), take any Material Action; provided, however, that, as long as the Indenture has not been terminated in accordance with its terms, the Board may not vote on, or authorize the taking of, any Material Action, unless there are at least two (2) Independent Managers then serving in such capacity; provided further, that, as long as the Indenture has not been terminated in accordance with its terms and so long as such Material Action will be taken after the Series 2012-1 Closing Date, the Company shall provide written notice of any Material Action taken to each Rating Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) So long as the Indenture has not been terminated in accordance with its terms, the Company shall not incur any Indebtedness except as permitted under the Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company shall do all things necessary to preserve and keep in full force and effect its existence and limited liability company powers; <u>provided</u>, <u>however</u>, that the Company shall not be required to preserve any such limited liability company powers if the Board (including all Independent Managers) shall unanimously determine that the preservation thereof is no longer desirable for the conduct of the Company's business and that the loss thereof would not be disadvantageous in any material respect to the Company. The Company shall also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain its own books and records and bank accounts (separate from any other Person, other than any other
Securitization Entity) including preparation of separate financial statements in accordance with GAAP;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at all times hold itself out to the public as a legal entity separate from and not a division of the Member or
any other Person (other than any other Securitization Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in accordance with the terms hereof, ensure that the Board of Managers shall, at all times, have at least two
(2) Independent Managers for so long as the Indenture has not been terminated in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) file its own tax returns, if any, as may be required under applicable law, to the extent it is (i) not
part of a consolidated group filing a consolidated return or returns or (ii) not treated as a division, for tax purposes, of another taxpayer or otherwise disregarded for tax purposes, and pay any taxes so required to be paid under applicable
law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as contemplated by the Related Documents or with respect to any other Securitization Entity, not
commingle its assets with assets of any other Person, including, without limitation, any Member and any direct or ultimate parent of any Member and hold all of its assets in its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) conduct its own business in its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pay its own liabilities only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) so long as the Indenture has not been terminated in accordance with its terms, maintain an arm's length
relationship with DPL and the Affiliates of DPL (other than any other Securitization Entity), <u>except as contemplated or permitted herein or by the Related Documents</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay the salaries of its own employees, its operating expenses and the fees and expenses of its agents, and
maintain a sufficient number of employees in light of its contemplated business operations, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) so long as the Indenture has not been terminated in accordance with its terms, not hold out its credit or
assets as being available to satisfy the obligations of others nor guarantee or become obligated for the debts of any other entity other than any other Securitization Entity (except as contemplated or permitted herein or by the Related Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) allocate fairly and reasonably any overhead for shared office space;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) use separate stationery, invoices, checks and telephone and facsimile numbers separate from DPL and the
Affiliates of DPL (other than any other Securitization Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) so long as the Indenture has not been terminated in accordance with its terms, not pledge its assets for the
benefit of any other Person (except as contemplated by the Related Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) correct any known misunderstanding regarding its separate existence and identity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) maintain adequate capital in light of its contemplated business purposes, transactions and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) cause its Board of Managers to meet at least annually or act pursuant to written consent and keep minutes of
such meetings and actions and observe all other Delaware limited liability company formalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) so long as the Indenture has not been terminated in accordance with its terms, not acquire any obligations or
securities or other ownership interests of DPL or any Affiliate of DPL other than any other Securitization Entity (except as contemplated by the Related Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) so long as the Indenture has not been terminated in accordance with its terms, not incur, create or assume any
Indebtedness (except as permitted by the Related Documents or this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) so long as the Indenture has not been terminated in accordance with its terms, not guarantee any obligation of
any Person other than any other Securitization Entity or except as permitted by the Related Documents or this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) so long as the Indenture has not been terminated in accordance with its terms, to the fullest extent permitted
by law, not engage, directly or indirectly, in any business other than the actions required or permitted to be performed under the Related Documents or this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) so long as the Indenture has not been terminated in accordance with its terms, to the fullest extent permitted
by law, not engage in any dissolution, liquidation, consolidation, merger, asset sale or transfer of ownership interests other than such activities as are permitted by the Related Documents or this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) so long as the Indenture has not been terminated in accordance with its terms, not make or permit to remain
outstanding any loan or advance to, or own or acquire any stock or securities of, any Person other than any other Securitization Entity, except that (1) the Company may own membership interests in its subsidiaries permitted under the Related
Documents or this Agreement and may invest in those investments permitted under the Related Documents or this Agreement and may make any advance or loan permitted in the Related Documents or this Agreement and permit the same to remain outstanding
in accordance with such provisions and (2) the Company may hold Franchise <u>Franchisee</u> Promissory Notes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) so long as the Indenture has not been terminated in accordance with its terms, not form, acquire or hold any
Subsidiary other than any other Securitization Entity except as permitted under the Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) cause the Managers, Officers, agents and other representatives of the Company to act at all times with respect
to the Company consistently and in furtherance of the foregoing and in the best interest of the Company; <u>provided that, in the case of the Transitional Officer (if any), such actions of the Transitional Officer (if any) shall be subject to Section 11(g)(vi) hereof;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) cause any Independent Manager of the Company, to the extent permitted by law, until one year and one day after
the Notes have been paid in full, to make decisions with respect to the business and daily operations of the Company independent of, and not dictated by, the Member or any Affiliate of the Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) comply with the provisions of this Agreement.

Failure of the Company, or the Member or the Board on behalf of the Company, to comply with the foregoing covenants or any other covenants set forth herein, shall not affect the status of the Company as a separate legal entity or the limited liability of the Member or Managers. In the absence of actual knowledge to the contrary, each Member of the Board shall be entitled to assume that the Manager is in compliance with its obligations under the Management Agreement.

Section 10. <u>Independent Managers</u>. As long as the Indenture has not been terminated in accordance with its terms, the Company shall, in accordance with the provisions of this Agreement, have at least two (2) Independent Managers who will be appointed by the Member. The Independent Managers shall not delegate their duties, authorities or responsibilities hereunder. To the fullest extent permitted by law, including, without limitation, Section 18-1101(c) of the Act, the Independent Managers shall consider only the interests of the Company, including its respective creditors, and not its Affiliates, in acting or otherwise voting on any matter provided for in this Agreement; <u>provided</u>, <u>however</u>, that nothing contained in this sentence or in this Agreement shall in any way restrict the Company's ability to make distributions to the extent such distributions are not prohibited by the Act. Except for duties to the Company as set forth in the immediately preceding sentence (including duties to the Member and the Company's creditors solely to the extent of their respective economic interests in the Company but excluding (i) all other interests of the Member, (ii) the interests of other Affiliates of the Company and (iii) the interests of any group of Affiliates of which the Company is a part), the Independent Managers shall not have any fiduciary duties to the Member, any Manager or any other Person bound by this Agreement; provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. To the fullest extent permitted by law, including Section 18-1101(e) of the Act, an Independent Manager shall not be liable to the Company, the Member or any other Person bound by this Agreement for breach of contract

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or breach of duties (including fiduciary duties), unless the Independent Manager acted in bad faith or engaged in willful misconduct. As long as the Indenture has not been terminated in accordance with its terms, unless otherwise restricted by law, the Independent Managers may not be removed unless it is for Cause. As long as the Indenture has not been terminated in accordance with its terms, to the fullest extent permitted by law, no resignation or removal of an Independent Manager, and no appointment of any successor Independent Manager, shall be effective until each such successor (i) shall have accepted his or her appointment as an Independent Manager by a written instrument, which may be a counterpart signature page to the LLC Management Agreement, and (ii) shall have executed a counterpart to this Agreement as required pursuant to <u>Section 5(c)</u>. As long as the Indenture has not been terminated in accordance with its terms, in the event of a vacancy in the position of any Independent Manager, the Member shall, as soon as practicable, appoint a successor Independent Manager and until such vacancy is filled, the Board shall be prohibited from voting on any Material Action; <u>provided that, at any time there is a Transitional Officer, the Transitional Officer shall have the authority in accordance with Section 11(g) hereof, at the sole cost of the Company, to appoint a successor Independent Manager to the extent the Member does not make such an appointment within thirty (30) days of the commencement of any such vacancy (or for such shorter period to the extent that the Transitional Officer has reasonable ground to believe that the Member will not replace the Independent Manager within such period)</u>. Notwithstanding anything to the contrary contained in this Agreement, for so long as the Indenture has not been terminated in accordance with its terms, no Independent Manager shall be removed or replaced on any date other than the Closing Date unless the Company provides the Trustee and the Controlling Class Representative with no less than five (5) Business Days' prior written notice, unless waived, of (a) any proposed removal of such Independent Manager (including the finding of Cause), and (b) the identity of the proposed replacement Independent Manager, together with a certification that such replacement satisfies the requirements for an Independent Manager set forth in this Agreement; <u>provided</u>, <u>however</u>, that such five (5) Business Days' prior notice requirement shall not apply in the event of the disability, incapacity or death of an Independent Manager. As a condition to the effectiveness of any such replacement or appointment, for so long as the Indenture has not been terminated in accordance with its terms, the Member shall certify to the Company that the designated Person satisfied the criteria set forth in the definition of "Independent Manager" and the Board shall acknowledge in writing, that in the Board's reasonable judgment, the designated Person satisfies the criteria set forth in the definition of "Independent Manager." All right, power and authority of the Independent Managers shall be limited to the extent necessary to exercise those rights, and perform those duties, of the Independent Managers specifically set forth in this Agreement. No Independent Manager shall at any time serve as trustee in bankruptcy for any Affiliate of the Company. Notwithstanding any other provision of this Agreement to the contrary, the Independent Managers, in their capacity as Independent Managers, may only act, vote or otherwise participate in those matters referred to in <u>Sections 9(j)(ii)</u>, <u>9(j)(iii)</u> and <u>9(j)(v)</u>.

Section 11. <u>Officers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Officers</u>. The initial Officers of the Company shall be designated by the Member. The additional or successor Officers of the Company shall be chosen by the Board (other than the Independent Managers) and may consist of a President, a Secretary, a Treasurer a Chief Financial Officer and a Chief Executive Officer. The Board of Managers (other than the Independent Managers) may also choose one or more Vice Presidents, Assistant Vice Presidents,

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Assistant Secretaries, Assistant Treasurers and Corporate Controllers. Any number of offices may be held by the same Person. The Board of Managers (other than the Independent Managers) may appoint such other Officers and agents as it shall deem necessary or advisable, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board of Managers (other than the Independent Managers). The salaries of all Officers and agents of the Company shall be fixed by or in the manner prescribed by the Board of Managers (other than the Independent Managers). The Officers of the Company shall hold office until their successors are chosen and qualified. Any Officer may be removed at any time, with or without cause, by the affirmative vote of a majority of the Board of Managers (other than the Independent Managers). Any vacancy occurring in any office of the Company shall be filled by the Board (other than the Independent Managers). The initial Officers of the Company designated by the Member are listed on <u>Schedule E</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>President and Vice Presidents</u>. The President shall be the chief executive officer of the Company, shall preside at all meetings of the Board of Managers and shall have direct charge of all business operations of the Company and, subject to the control of the Board of Managers, shall have general charge and supervision of the business of the Company. The President or any other Officer authorized by the President or the Board of Managers (other than the Independent Managers) shall execute all bonds, mortgages and other contracts on the Company's behalf, except (i) where required or permitted by law or this Agreement to be otherwise signed and executed, including <u>Section 7(b)</u>, (ii) where signing and execution thereof shall be expressly delegated by the Board of Managers (other than the Independent Managers) to some other Officer or agent of the Company and (iii) as otherwise permitted by <u>Section 11(c)</u>. Any vice presidents of the Company shall have duties as shall be designated from time to time by the Board of Managers (other than the Independent Managers) or the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Secretary and Assistant Secretaries</u>. The Secretary shall be responsible for filing legal documents and maintaining records for the Company. The Secretary or Assistant Secretary shall attend all meetings of the Board of Managers and record all the proceedings of the meetings of the Company and of the Board of Managers in a book to be kept for that purpose and shall perform like duties for the standing committees when required. The Secretary shall give, or shall cause to be given, notice of all meetings of the Member, if any, and special meetings of the Board, and shall perform such other duties as may be prescribed by the Board of Managers (other than the Independent Managers) or the President, under whose supervision the Secretary shall serve. The Secretary shall have such other duties and powers as may from time to time be designated by the Board of Managers (other than the Independent Managers) or the President. Any Assistant Secretaries shall have such duties and powers as shall be designated from time to time by the Board of Managers (other than the Independent Managers) or the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Treasurer and Assistant Treasurers</u>. Unless the Board of Managers (other than the Independent Managers) otherwise specifies, the Treasurer, corporate controller and the chief financial officer of the Company shall be in charge of its funds and valuable papers and shall have such other duties and powers as may be designated from time to time by the Board of Managers (other than the Independent Managers) or the President. Any Assistant Treasurers of the Company shall have such duties and powers as shall be designated from time to time by the Board of Managers (other than the Independent Managers) or the President.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Officers as Agents</u>. The Officers, to the extent of their powers set forth in this Agreement or otherwise vested in them by action of the Board of Managers not inconsistent with this Agreement, are agents of the Company for the purpose of the Company's business and, subject to <u>Section 9(j)</u>, the actions of the Officers taken in accordance with such powers shall bind the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Nonpetition by Officers</u>. Until the date that is one year and one day after the date upon which the Indenture is terminated in accordance with the terms thereof, each Officer shall agree, on account of any indemnification or other payment owing to such Officer by the Company under <u>Section 20</u> or any payment otherwise owing to such Officer from the Company, not to acquiesce, petition or otherwise invoke or cause the Company to invoke the process of any court or Governmental Authority for the purpose of commencing or sustaining an involuntary case against the Company under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Company or any substantial part of the property of the Company, or ordering the winding up or liquidation of the affairs of the Company. Each Officer shall be deemed to have consented to (a) the provisions of this <u>Section 11(f)</u> by accepting an appointment as an Officer by the Board of Managers and (b) each of the Company and the Member having the right to enforce the provisions of this <u>Section 11(f)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> <u>Transitional Officer. Notwithstanding any provision in this Agreement to the contrary:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>Upon the occurrence of a Manager Termination Event and delivery of (A) a Manager Termination Notice with respect to the termination of the Manager pursuant to Section 6.1 of the Management Agreement, (B) a notice from the Trustee (as defined in the Management Agreement) to the Back-Up Manager with respect to the commencement of the Back-Up Manager's performance of the Hot Back-Up Management Duties pursuant to Section 2.5 of the Back-Up Management Agreement and (C) a notice to the Manager from the Back-Up Manager or a Successor Manager, in writing, that the Back-Up Manager or Successor Manager, as applicable, has reasonably determined that the Manager has failed to comply with its Disentanglement and Continuity of Services obligations set forth in Section 6.2(a) of the Management Agreement, the Back-Up Manager or Successor Manager, as applicable, may, but shall not be obligated to, appoint one individual to serve as a "Transitional Officer" of the Company. If a Transitional Officer is so appointed, the Back-Up Manager shall give prompt written notice (within no more than two (2) Business Days (as defined in the Indenture)) thereto to each of the Servicer, the Control Party (each as defined in the Indenture) and the Trustee, inclusive of full contact information therefor. For the avoidance of doubt, the Transitional Officer, if any, shall be an officer of the Company but only as and to the extent of the Transitional Officer's obligations and liabilities specifically set forth herein.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>The Transitional Officer, if appointed, shall have the authority to take all actions necessary, in accordance with and pursuant to the Back-Up Management Agreement and the Related Documents, to: (A) exercise full inspection and audit rights with respect to the</u> <u>Company and to protect the Collateral and the condition and value thereof, (B) restructure and re-negotiate (or terminate) or assist in restructuring and renegotiating (or terminating) one or more Related Documents previously entered into by the Company, (C) on behalf of the Company, make and implement personnel decisions or advise the Company in making or implementing personnel decisions on behalf of the Company, (D) hire, on behalf of the Company, or assist the Company in hiring external consultants and other qualified Persons to facilitate operations, subject to any restrictions contained in the Related Documents, (E) assist the Control Party in the liquidation of the Collateral to the extent such liquidation is permitted under the Related Documents and allowed or as directed to by the Trustee (at the direction of the Control Party (acting at the direction of the Controlling Class Representative)) under the Related Documents or applicable Requirements of Law, if reasonably necessary, subject to satisfaction of the applicable conditions to such actions under the applicable Related Documents and (F) implement the Transition Plan (collectively, and together with the authority set forth below in Section 11(g)(iii), the "Scope of Authority"). For greater certainty, all actions of the Company outside of the Scope of Authority shall continue to be made in accordance with Sections 7, 8 and 9 of this Agreement. For the avoidance of doubt and notwithstanding anything to the contrary either in this Agreement or in any Related Document, the Transitional Officer shall, in no event, be required to assume any ownership interest in the Company or ownership in or to any of its assets, or to assume direct or indirect liability for any of them.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Upon any vacancy in the position of Independent Manager that continues for at least thirty days (or such shorter period to the extent that the Transitional Officer has reasonable ground to believe that the Member will not replace the Independent Manager within such period), the Transitional Officer shall have the authority to appoint a successor Independent Manager at the sole cost of the Company; provided, however, that any such successor Independent Manager shall satisfy the definition of "Independent Manager" set forth in this Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>Once appointed, the Transitional Officer's term shall end on the earlier of the first day on which (A) the Back-Up Manager no longer serves as Interim Successor Manager, (B) if a Successor Manager has been appointed, a complete Disentanglement has been effected or (C) the Back-Up Manager, in its sole and absolute discretion, terminates such appointment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>The Company, as and when required pursuant to the terms of the Back-Up Management Agreement, shall cause the Transitional Officer to be covered by or otherwise named as a named insured, an "insured person", an "executive" or an "individual insured", as may apply, on its directors' and officers' insurance policy, if any, and, as reasonably requested by the Back-Up Manager, any other insurance maintained by it, in each case, to the extent required by, in accordance with, and subject to the terms and conditions of, the Related Documents.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>To the fullest extent permitted by law, including Section 18-1101(e) of the Act, the Transitional Officer shall consider the interests of the Company, including its creditors, and may consider the Back-Up Manager's duties and obligations under the Back-Up Management Agreement, in carrying out its duties under this Agreement. Except for duties to the Company as set forth in the immediately preceding sentence (including duties to the Member and the Company's creditors solely to the extent of their respective economic interests in the Company but excluding (i) all other interests of the Member, (ii) the interests of other Affiliates</u>

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<u>of the Company, and (iii) the interests of any group of Affiliates of which the Company is a part), the Transitional Officer shall not have any fiduciary duties to the Member, the Board of Managers or any other Person bound by this Agreement; provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vii)</u> <u>The term "Manager" as used in this Section 11(g) shall mean such term as defined in the Management Agreement.</u>

Section 12. <u>Limited Liability</u>. Except as otherwise expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and neither the Member nor the Special Member nor any Manager <u>nor the Transitional Officer</u> shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member, Special Member or Manager <u>or Transitional Officer</u> of the Company. <u>Notwithstanding anything to the contrary contained in this Agreement, any liability of Transitional Officer under this Agreement shall be limited by the terms and provisions as set forth in the Back-Up Management Agreement and nothing set forth in this Agreement shall in any way limit the rights of the Back-Up Manager under the Back-Up Management Agreement, including, without limitation, any rights (including the right to collect any fees and/or reimbursements of costs and/or expenses), privileges, protections and/or indemnifications.</u>

Section 13. <u>Capital Contributions</u>. The Member has made an initial capital contribution to the Company in an amount as listed on <u>Schedule B</u> attached hereto. In accordance with <u>Section 5(c)</u>, the Special Member shall not be required to make any capital contributions to the Company.

Section 14. <u>Additional Contributions</u>. The Member is not required to make any additional capital contribution to the Company. However, the Member may make additional capital contributions to the Company at any time. <u>Schedule B</u> of this Agreement shall be revised from time to time to the extent that the Member makes an additional capital contribution to the Company. The provisions of this Agreement, including this <u>Section 14</u>, are intended to benefit the Member and the Special Member and, to the fullest extent permitted by law, shall not be construed as conferring any benefit upon any creditor of the Company (and no such creditor of the Company shall be a third-party beneficiary of this Agreement), and the Member and the Special Member shall not have any duty or obligation to any creditor of the Company to make any contribution to the Company or to issue any call for capital pursuant to this Agreement.

Section 15. <u>Allocation of Profits and Losses</u>. The Company's profits and losses shall be allocated to the Member.

Section 16. <u>Distributions</u>. In accordance with the terms of the Related Documents, distributions shall be made, from time to time, to the Member at the times and in the aggregate amounts determined by the Board (other than the Independent Managers) and may be made pursuant to a standing resolution of the Board; <u>provided</u>, <u>however</u>, distributions shall be made no less frequently than on each Weekly Allocation Date, commencing with the first Weekly Allocation Date to occur in April 2007, in an amount equal to the Free Cash Flow for the

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applicable Weekly Collection Period. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to the Member on account of its interest in the Company if such distribution would violate the Act (including Section 18-607 of the Act) or any other applicable law. Further, so long as the Indenture has not been terminated in accordance with its terms, the Company shall make distributions, subject to the Act (including Section 18-607 of the Act), solely to the extent permitted by the Indenture.

Section 17. <u>Fiscal Year; Books and Records</u>. The fiscal year of the Company shall operate on a 52 or 53 week year ending, in the case of a 52 week year, on the Sunday closest to December 31 with fiscal quarters comprised of three 12-week periods and one 16-week period, and in the case of a 53 week year, on the Sunday closest to December 31 with fiscal quarters comprised of three 12-week periods and one 17-week period.

The Company shall keep complete and accurate books of account and records with respect to the Company's business. The books of the Company shall at all times be maintained by the Board (other than the Independent Managers) or any Officer designated by the Board (other than the Independent Managers). The Member and its duly authorized representatives shall have the right to examine the Company's books, records and documents during normal business hours. The Company, and the Board on behalf of the Company, shall not have the right to keep confidential from the Member any information that the Board would otherwise be permitted to keep confidential from the Member pursuant to Section 18-305(c) of the Act. The Company's books of account shall be kept using the method of accounting determined by the Member. The Company's independent auditor, if any, shall be an independent public accounting firm selected by the Member.

Section 18. <u>Tax Classification</u>. The Member intends that the Company be treated for United States federal tax purposes as a disregarded entity pursuant to United States Treasury Regulations § 301.7701-2(c)(2), and, notwithstanding anything to the contrary contained in this Agreement, neither the Company nor the Member shall take any action or position for any purposes that is inconsistent with such intent.

Section 19. <u>Other Business</u>. The Related Documents provide that certain business opportunities must be provided to the Securitization Entities. To the extent not inconsistent with these obligations and notwithstanding any duty otherwise existing at law or in equity, the Member, the Special Members<u>, the Transitional Officer</u> and any Affiliate of the Member or a Special Member<u> </u><u>or the Transitional Officer</u>, subject to the Related Documents, may engage in or possess an interest in other business ventures of every kind and description, independently or with others, including any business venture that may compete with the business of the Company, and the Company shall not have any rights in or to such independent ventures or the income or profits therefrom by virtue of this Agreement. To the fullest extent permitted by law, no member of the Board of Managers or <u>,</u>Member <u>or the Transitional Officer (if any)</u><u> </u>which acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company shall have any duty to communicate or offer such opportunity to the Company. No amendment or repeal of this <u>Section 19</u> shall apply to or have any effect on the liability or alleged liability of any member of the Board of Managers or <u>,</u>Member <u>or any Transitional Officer (if any)</u><u> </u>for or with respect to any opportunities of which any such member of the Board of Managers or <u>,</u>Member <u>or Transitional Officer (if any)</u> becomes aware prior to

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such amendment or repeal. If the provisions of this <u>Section 19</u> are inconsistent with the provisions of any Related Document or any agreement between the Company and any Member or any member of the Board of Managers, such persons party to such Related Documents and such agreements agree to be bound by such Related Documents and such agreements.

Section 20. <u>Exculpation and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the fullest extent permitted by law, neither<u>none of</u> the Member, any Special Members, <u>the Transitional Officer nor</u> any Officer, Manager or agent of the Company nor any employee, officer, representative, agent or Affiliate of the Member, any Special Members<u>, the Transitional Officer</u> or any Manager, or any manager, member, director, stockholder, partner, officer, representative or agent of any of the foregoing (each a "<u>Covered Person</u>" and collectively, the "<u>Covered Persons</u>") shall be liable to the Company or any other Person that is a party to, or is otherwise bound by, this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in connection with the business of the Company or any of its subsidiaries and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this Agreement, except that<u>, subject to the limitation on liability set forth in the Back-Up Management Agreement with respect to the Back-Up Manager or any Transitional Officer appointed by the Back-Up Manager,</u> a Covered Person shall be liable for any such loss, damage or claim incurred by reason of such Covered Person's bad faith, gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the fullest extent permitted by applicable law, the Company shall indemnify, defend and hold harmless a Covered Person for any liability, loss, damage or claim incurred by such Covered Person, including reasonable attorney's fees and costs and any amounts expended in the settlement of any such claims of liability, loss, damage or claim by reason of any act or omission performed or omitted by such Covered Person in connection with the business of the Company or any of its subsidiaries and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this Agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Covered Person by reason of such Covered Person's bad faith, gross negligence or willful misconduct with respect to such acts or omissions; <u>provided</u>, <u>however</u>, that any indemnity under this <u>Section 20</u> by the Company shall be provided out of and to the extent of Company assets only, and the Member and any Special Members shall not have personal liability on account thereof; and <u>provided</u> <u>further</u>, that, notwithstanding any other provision of this Agreement, as long as the Indenture has not been terminated in accordance with its terms, the payment of any indemnity (or advance of expenses) from funds of the Company (as distinct from funds from other sources, such as insurance) under this <u>Section 20</u> shall only be payable in accordance with the priorities set forth in Priority of Payments set forth in the Indenture. The Company may pay for insurance covering liability of the Covered Persons in operation of the Company's affairs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized in this <u>Section 20</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company, including information, opinions, reports or statements as to the value and amount of the assets, liabilities or any other facts pertinent to the existence and amount of assets from which distributions to the Member might properly be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Until the date that is one year and one day after the date upon which the Indenture is terminated in accordance with the terms thereof, each Person bound by this Agreement shall agree, solely on account of any indemnification or other payment owing to such Covered Person by the Company under this <u>Section 20</u>, not to acquiesce, petition or otherwise invoke or cause the Company to invoke the process of any court or Governmental Authority for the purpose of commencing or sustaining an involuntary case against the Company under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Company or any substantial part of the property of the Company, or ordering the winding up or liquidation of the affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Company or to any other Person, a Covered Person acting under this Agreement shall not be liable to the Company or to any other Person bound by this Agreement for its good faith reliance on the provisions of this Agreement or any approval or authorization granted by the Company or any other Covered Person, except that a Covered Person shall not be exculpated from any such liability incurred by reason of such Covered Person's gross negligence, bad faith or willful misconduct. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of a Covered Person to the Company or its members otherwise existing at law or in equity, are agreed by the Member and the Special Member to replace such other duties and liabilities of such Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendment</u>. The provisions of this <u>Section 20</u> may be amended or repealed in accordance with <u>Section 30</u>; <u>provided</u>, <u>however</u>, that no amendment or repeal of such provisions that adversely affects the rights of any Covered Person under this <u>Section 20</u> with respect to its acts or omissions at any time prior to such amendment or repeal shall apply to any Covered Person without its prior consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Survival</u>. The foregoing provisions of this <u>Section 20</u> shall survive any termination of this Agreement.

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Section 21. <u>Assignment</u>. So long as the Indenture has not been terminated in accordance with its terms, the Member may not assign, pledge or hypothecate, in whole or in part, its limited liability company interest in the Company except as permitted under the Related Documents.

Section 22. <u>Resignation</u>. As long as the Indenture has not been terminated in accordance with its terms, the Member may not resign, except as permitted under the Related Documents. Notwithstanding <u>Section 21</u>, if the Member is permitted to resign pursuant to this <u>Section 22</u>, an additional Person shall be admitted as a Member to the Company, subject to <u>Section 23</u>, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a Member of the Company.

Section 23. <u>Admission of Additional Members</u>. Subject to Section 18, one or more additional Members of the Company may be admitted to the Company with the written consent of the Member; <u>provided</u>, <u>however</u>, that the Rating Agency Condition has been satisfied in connection with any such admission.

Section 24. <u>Dissolution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 9(j)</u>, the Company shall be dissolved, and its affairs shall be wound up, upon the first to occur of the following: (i) the termination of the legal existence of the last remaining Member of the Company or the occurrence of any other event which terminates the continued membership of the last remaining member of the Company in the Company, unless the Company is continued without dissolution in a manner permitted by this Agreement or the Act or (ii) the entry of a decree of judicial dissolution under Section 18-802 of the Act. Upon the occurrence of any event that causes the last remaining member of the Company to cease to be a member of the Company or that causes the Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon the resignation of the Member and the admission of an additional member of the Company pursuant to <u>Sections 22</u> and <u>23</u>), to the fullest extent permitted by law, the personal representative (as such term is defined in the Act) of such member is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued membership of such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of the Company, effective as of the occurrence of the event that terminated the continued membership of such member in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement, the Bankruptcy of the Member or a Special Member shall not cause the Member or such Special Member, respectively, to cease to be a member of the Company and upon the occurrence of such an event, the business of the Company shall continue without dissolution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Agreement, each of the Member and the Special Members waives any right it might have to agree in writing to dissolve the Company upon the Bankruptcy of the Member or such Special Member, or the occurrence of an event that causes the Member or such Special Member to cease to be a member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of the Company in an orderly manner), and the assets of the Company shall be applied in the manner, and in the order of priority, set forth in Section 18-804 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities and obligations of the Company, shall have been distributed to the Member in the manner provided for in this Agreement and (ii) the Certificate of Formation shall have been canceled in the manner required by the Act.

Section 25. <u>Waiver of Partition; Nature of Interest</u>. Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, each of the Member and the Special Members hereby irrevocably waives any right or power that such Person might have to cause the Company or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of the Company, to compel any sale of all or any portion of the assets of the Company pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of the Company. The Member shall not have any interest in any specific assets of the Company. The interest of the Member in the Company is personal property.

Section 26. <u>Benefits of Agreement; No Third-Party Rights</u>. Except as contemplated by the Related Documents, none of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company (other than Covered Persons) or by any creditor of the Member or any Special Members. Nothing in this Agreement shall be deemed to create any right in any Person (other than Covered Persons) not a party hereto, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person (other than Covered Persons and except as provided in <u>the last sentence of this Section 26</u>, <u>Section 33</u> and except as contemplated by the Related Documents). <u>So long as any Series of Notes are Outstanding under the Indenture, the Back-Up Manager (including on behalf of the Transitional Officer) is an intended third-party beneficiary of Sections 7(b), 8, 9(b), 9(h), 9(j), 10, 11(g), 12, 19, 20, 29, 30 and 33 and may enforce such provisions.</u>

Section 27. <u>Severability of Provisions</u>. Each provision of this Agreement shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are valid, enforceable and legal.

Section 28. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof.

Section 29. <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of the State of Delaware (without regard to conflict or choice of law principles that would cause the application of the internal laws of any other jurisdiction), all rights and remedies being governed by said laws.

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Section 30. <u>Amendments</u>. Subject to <u>Section 9(j)</u>, this Agreement may only be modified, altered, supplemented or amended (a) pursuant to a written agreement executed and delivered by the Member (except that no such modification, alteration, supplement or amendment may modify, alter, supplement or amend the rights, duties and limitations of the Independent Managers without the consent of all Independent Managers), (b) upon seven (7) days' prior written notice to each Manager, (c) with the written consent of the Control Party (at the direction of the Controlling Class Representative), (d) upon prior written notice to the Rating Agencies and (e) (i) to cure any ambiguity contained in this Agreement or (ii) upon satisfaction of the Rating Agency Condition in connection with any such amendment (in the case of (c), (d) and (e), only for so long as the Indenture has not been terminated in accordance with its terms). <u>So long as any Series of Notes are outstanding under the Indenture, none of Sections 7(b), 8, 9, 10, 12, 19, 20, 26, 29, 30 and/or 33 (in each case, solely to the extent related to the rights of the Back-Up Manager or a Transitional officer appointed thereby) nor Section 11(g) hereof may be modified, altered, supplemented, revoked or amended without the consent of the Back-Up Manager.</u>

Section 31. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this Agreement and all of which together shall constitute one and the same instrument.

Section 32. <u>Notices</u>. Any notices required to be delivered hereunder shall be in writing and personally delivered, mailed or sent by telecopy, electronic mail or other similar form of rapid transmission, and shall be deemed to have been duly given upon receipt (a) in the case of the Company, to the Company at its address in <u>Section</u> <u>2</u>, (b) in the case of the Member, to the Member at its address as listed on <u>Schedule B</u> attached hereto and (c) in the case of either of the foregoing, at such other address as may be designated by written notice to the other party.

Section 33. <u>Binding Agreement</u>. Notwithstanding any other provision of this Agreement, the Member agrees that this Agreement, including, without limitation, <u>Sections 7</u>, <u>8</u>, <u>9</u>, <u>10</u>, <u>11(g), 12, 19,</u> <u>20</u>, <u>21</u>, <u>22</u>, <u>23</u>, <u>24</u>, <u>26</u><u>, 29</u>, <u>30</u> and <u>33</u>, constitutes a legal, valid and binding agreement of the Member, and is enforceable against the Member in accordance with its terms. In addition, each Independent Manager shall be an intended beneficiary of this Agreement.

Section 34. <u>Effectiveness</u>. Pursuant to Section 18-201(d) of the Act, this Agreement shall be effective as of March 15, 2012.

*[Remainder of this page intentionally left blank]* 

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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first written above.

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| | |
|:---|:---|
| **MEMBER:** | **MEMBER:** |
| **DOMINO'S PIZZA MASTER ISSUER LLC** | **DOMINO'S PIZZA MASTER ISSUER LLC** |
| By: |  |
|  | Name: Adam J. Gacek |
|  | Title: Secretary |
| **SPECIAL MEMBERS AND INDEPENDENT MANAGERS:** | **SPECIAL MEMBERS AND INDEPENDENT MANAGERS:** |
| By: |  |
|  | Name: Orlando C. Figueroa |
|  | Title: Independent Manager |
| By: |  |
|  | Name: Benjamin B. Abedine |
|  | Title: Independent Manager |

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Domino's - Second Amended and Restated LLC Agreement of Domino's Pizza Franchising LLC

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**SCHEDULE A** 

<u>Definitions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Definitions</u>. When used in this Agreement, the following terms not otherwise defined herein have the following meanings:

"<u>Act</u>" shall have the meaning set forth in the preamble to this Agreement.

"<u>Agreement</u>" means this Second Amended and Restated Limited Liability Company Agreement of the Company, together with the schedules and exhibits attached hereto, as amended, restated, supplemented or otherwise modified from time to time.

<u>"</u><u>Back-Up Management Agreement</u><u>"</u> <u>has the meaning set forth in the Indenture.</u>

<u>"</u><u>Back-Up Manager</u><u>"</u> <u>means FTI Consulting, Inc., a Maryland corporation, together with its successors and assigns, in its capacity as back-up manager pursuant to the Back-Up Management Agreement.</u>

"<u>Bankruptcy</u>" means (a) an Event of Bankruptcy as defined in the Indenture, and (b) to the extent not inconsistent with, or modified by, such definition in the Indenture, the events specified in Section 18-304 of the Act, which together are intended to, and shall, replace and supersede the definition of "Bankruptcy" set forth in Sections 18-101 and 18-304 of the Act.

"<u>Base Indenture</u>" means the Base Indenture, dated as of March 15, 2012, among the Co-Issuers and the Trustee, as amended, restated, supplemented or otherwise modified from time to time, exclusive of Series Supplements.

"<u>Board</u>" or "<u>Board of Managers</u>" means the Board of Managers of the Company.

"<u>Cause</u>" means, with respect to an Independent Manager, (i) acts or omissions by such Independent Manager constituting fraud, dishonesty, negligence, misconduct or other deliberate action which causes injury to the Company or an act by such Independent Manager involving moral turpitude or a serious crime or (ii) that such Independent Manager no longer meets the definition of "Independent Manager" set forth in this Agreement.

"<u>Certificate of Formation</u>" means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware on March 2, 2007, as amended, supplemented or otherwise modified from time to time.

"<u>Company</u>" means Domino's Pizza Franchising LLC, a Delaware limited liability company.

<u>"</u><u>Continuity of Services</u><u>"</u> <u>has the meaning set forth in the Management Agreement.</u>

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"<u>Covered Persons</u>" has the meaning set forth in <u>Section 20(a)</u>.

<u>"</u><u>Disentanglement</u><u>"</u> <u>has the meaning set forth in the Management Agreement.</u>

<u>"</u><u>Hot Back-Up Management Duties</u><u>"</u> <u>has the meaning set forth in the Back-Up Management Agreement.</u>

"<u>Indenture</u>" means the Base Indenture, together with all Series Supplements, as amended, supplemented or otherwise modified from time to time by any Series Supplements thereto in accordance with its terms.

"<u>Independent Manager</u>" means a natural Person who, (i) is not a stockholder or other Equity Interest holder (whether direct, indirect or beneficial), customer (except within the context of retail purchases), advisor, service provider (except with respect to other Securitization Entities) or supplier of the Member or any of its Affiliates <u>(provided</u> that indirect stock or other Equity Interest ownership of the Member or of any Affiliate by such Person through a mutual fund or similar diversified investment pool shall be permitted); (ii) is not and has not been at any time in the past five years an officer, manager, employee or director of the Parent Group; (iii) is not a member of the immediate family of a Person referred to in clauses (i) and (ii); (iv) is not a trustee, conservator or receiver for any member of the Parent Group; (v) has prior experience as an independent director/manager for a corporation/limited liability company involved in a structured financing transaction whose charter documents require the unanimous written consent of all independent directors/managers thereof before such corporation/limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy; and (vi) is provided by Corporation Service Company, CT Corporation, Lord Securities Corporation, National Registered Agents, Inc., Stewart Management Company, Wilmington Trust Company, Wilmington Trust SP Services, Inc., or, if none of those companies is then providing professional independent managers, another nationally-recognized company reasonably approved by the Trustee, in each case that is not an Affiliate of the Company and that provides professional independent managers and other corporate services in the ordinary course of its business<u>; (vii)</u> <u>and (vi) is not a Person that directly or indirectly is or was a representative of, or has entered into a voting agreement with, or is or was affiliated with any creditor of the Company</u>.

"<u>Large Franchisor Exemption</u>" means any exemption from certain registration requirements, under the applicable state franchise registration law, for franchisors meeting certain minimum net worth and other related requirements stated in the applicable state franchise registration law.

"<u>Large Franchisor Reserve Amount</u>" means the amount of money held by the Domestic Franchisor for purposes of qualifying for the Large Franchisor Exemption.

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"<u>LLC Management Agreement</u>" means any agreement executed by any Manager in the form attached hereto as <u>Schedule C</u>. Each LLC Management Agreement shall be deemed incorporated into, and a part of this Agreement.

"<u>Managers</u>" means the Persons elected to the Board of Managers from time to time by the Member, including the Independent Managers, in their capacity as a managers of the Company. A Manager is hereby designated as a "manager" of the Company within the meaning of Section 18-101(10<u>12</u>) of the Act.

<u>"</u><u>Management Agreement</u><u>"</u> <u>has the meaning set forth in the Indenture.</u>

<u>"</u><u>Manager Termination Event</u><u>"</u> <u>has the meaning set forth in the Management Agreement.</u>

<u>"</u><u>Manager Termination Notice</u><u>"</u> <u>has the meaning set forth in the Management Agreement.</u>

"<u>Material Action</u>" means to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) file or consent to the filing of any bankruptcy, insolvency or reorganization petition under any applicable federal or state law relating to bankruptcy naming the Company as debtor or otherwise institute bankruptcy or insolvency proceedings by or against the Company or otherwise seek with respect to the Company relief under any laws relating to the relief from debts or the protection of debtors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) seek or consent to the appointment of a receiver, liquidator, conservator, assignee, trustee, sequestrator, custodian or any similar official for the Company or all or any portion of any of its properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make or consent to any assignment for the benefit of the Company's creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) admit in writing the inability of the Company to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) consent to substantive consolidation with the Member or any Affiliate of the Member (other than any Securitization Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) sell, exchange, lease or otherwise transfer all or substantially all of the assets of the Company or consolidate or merge the Company with another Person whether by means of a single transaction or a series of related transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) amend this Agreement or the Certificate of Formation (except as required by law), except for amendments to this Agreement in circumstances where the consent of the Independent Managers is not required as provided under <u>Section 9(j)</u> or <u>Section 30</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the fullest extent permitted by law, dissolve, liquidate or wind up the Company or approve of any proposal relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to engage in any business activity other than the limited activities as provided under <u>Section 7</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to incur, create or assume an indebtedness other than as expressly permitted under the Related Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) to increase or reclassify the membership interests of the Company or issue any additional membership interests of the Company.

"<u>Member</u>" has the meaning set forth in the preamble to this Agreement; <u>provided</u>, <u>however</u>, the term "Member" shall not include the Special Member.

"<u>Officer</u>" means an officer of the Company described in <u>Section 11</u>.

"<u>Existing Limited Liability Company Agreement</u>" has the meaning set forth in the preamble to this Agreement.

"<u>Parent Group</u>" means each shareholder and Equity Interest holder of the Member and any Affiliate thereof (other than a Securitization Entity), collectively.

"<u>Person</u>" means any natural person, corporation, business trust, joint venture, association, company, partnership, limited liability company, joint stock company, trust, unincorporated organization, Governmental Authority or other entity.

<u>"</u><u>Related Documents</u><u>"</u> <u>has the meaning set forth in the Indenture.</u>

<u>"</u><u>Requirements of Law</u><u>"</u> <u>has the meaning set forth in the Indenture.</u>

"<u>Special Member</u>" means, upon the admission to the Company as a member of the Company, any such Person acting as an Independent Manager who is designated pursuant to <u>Section 5(c)</u>, such Person, in its capacity as a member of the Company. A Special Member shall only have the rights and duties expressly set forth in this Agreement.

<u>"</u><u>Successor Manager</u><u>"</u> <u>has the meaning set forth in the Management Agreement.</u>

<u>"</u><u>Transition Plan</u><u>"</u> <u>has the meaning set forth in the Back-Up Management Agreement.</u>

<u>"</u><u>Transitional Officer</u><u>"</u> <u>has the meaning set forth in Section</u> <u>11(g</u><u>)(</u><u>i</u><u>) of this Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Rules of Construction</u>. Definitions in this Agreement apply equally to both the singular and plural forms of the defined terms. The words "include" and "including" shall be deemed to be followed by the phrase "without limitation." The terms "herein," "hereof' and "hereunder" and other words of similar import refer to this Agreement as a whole and not to

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any particular Section, paragraph or subdivision. The Section titles appear as a matter of convenience only and shall not affect the interpretation of this Agreement. All Section, paragraph, clause, Exhibit or Schedule references not attributed to a particular document shall be references to such parts of this Agreement. All references to any agreement shall include such agreement as it may be amended, supplemented or otherwise modified from time to time hereafter in accordance with its terms.

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**SCHEDULE B** 

<u>Member</u> 

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| | | | |
|:---|:---|:---|:---|
| Name | Mailing Address | Initial<br>Capital<br>Contribution | Membership Interest |
| Domino's Pizza<br>Master Issuer LLC | 24 Frank Lloyd Wright<br>Drive P.O. Box 485 Ann<br>Arbor, Michigan 48106 | $1 | 100% |

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**SCHEDULE C** 

<u>LLC Management Agreement</u> 

_______________ ____, _____

[_________]

Re: <u>LLC Management Agreement — Domino's Pizza Franchising LLC</u>

Ladies and Gentlemen:

For good and valuable consideration, each of the undersigned Persons, who have been designated as Managers of Domino's Pizza Franchising LLC, a Delaware limited liability company (the "<u>Company</u>"), in accordance with the Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of March 15, 2012, as it may be further amended, restated, supplemented or otherwise modified from time to time (the "<u>LLC Agreement</u>"), hereby agree as follows:

<u>Section 1</u>. Each of the undersigned accepts such Person's rights and authority as a Manager under the LLC Agreement and agrees to perform and discharge such Person's duties and obligations as a Manager under the LLC Agreement, and further agrees that such rights, authorities, duties and obligations under the LLC Agreement shall continue until such Person's successor as a Manager is designated or until such Person's resignation or removal as a Manager in accordance with the LLC Agreement. Each of the undersigned agrees and acknowledges that it has been designated as a "manager" of the Company within the meaning of the LLC Agreement, and the Delaware Limited Liability Company Act, as amended.

<u>Section 2</u>. Until the date that is one year and one day after the date upon which the Indenture is terminated in accordance with the terms thereof, each of the undersigned agrees, solely in its capacity as a creditor of the Company on account of any indemnification or other payment owing to the undersigned by the Company, not to acquiesce, petition or otherwise invoke or cause the Company to invoke the process of any court or Governmental Authority for the purpose of commencing or sustaining an involuntary case against the Company under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Company or any substantial part of the property of the Company, or ordering the winding up or liquidation of the affairs of the Company.

<u>Section 3</u>. THIS LLC MANAGEMENT AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD TO CONFLICT OR CHOICE OF LAW PRINCIPLES THAT WOULD CAUSE THE APPLICATION OF THE INTERNAL LAWS OF ANY OTHER JURISDICTION.

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Capitalized terms used and not otherwise defined herein have the meanings set forth in the LLC Agreement.

This LLC Management Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this LLC Management Agreement and all of which together shall constitute one and the same instrument.

*[Remainder of page intentionally left blank]* 

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IN WITNESS WHEREOF, each of the undersigned has executed this LLC Management Agreement as of the day and year first above written.

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| |
|:---|
| Manager |
| Manager |
| Manager |
| Independent Manager |
| Independent Manager |

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| | |
|:---|:---|
| Accepted and agreed as of the date first above written: | Accepted and agreed as of the date first above written: |
| [ ] | [ ] |
| By: |  |
|  | Name: |
|  | Title: |

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**SCHEDULE D** 

<u>Managers</u> 

1. <u>Russell</u> J. Patrick Doyle <u>Weiner</u>, Manager

2. Michael T. Lawton <u>Sandeep</u> <u>Reddy</u>, Manager

3. Adam J. Gacek <u>Ryan</u> <u>K.</u> <u>Mulally</u>, Manager

4. Orlando C. Figueroa <u>Albert</u> <u>J.</u> <u>Fioravanti</u>, Independent Manager

5. Benjamin B. Abedine <u>Linda</u> <u> </u> <u>Ciaramella</u>, Independent Manager

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**SCHEDULE D** 

<u>Officers</u> 

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| | |
|:---|:---|
| **Officer Title** | **Officer Name** |
| CEO<u>President</u> <u>and Chief Executive Officer</u> | <u>Russell</u> J. Patrick Doyle<u>Weiner</u> |
| CFO,<u>Executive</u><u> </u>Vice President <u>and Chief</u> <u>Financial Officer</u> | Michael T. Lawton<u>Sandeep</u> <u>Reddy</u> |
| Treasurer | Cristian Dersidan |
| <u>Executive Vice President, General Counsel and</u> <u>Corporate</u> Secretary | Adam J. Gacek<u>Ryan</u> <u>K.</u> <u>Mulally</u> |
| Assistant Treasurer | Mitch G. Hall |
| Assistant Secretary | Joe Devereaux |
| Vice President, Corporate Controller and Assistant<u>Chief</u> <u>Accounting Officer and</u> Treasurer | Steven J. Goda<u>Jessica</u> <u>L. Parrish</u> |

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<u>Exhibit E-2</u> 

Model Operating Agreement Amendments (International Franchisor)

*[See attached]* 

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**SECOND <u>THIRD</u> AMENDED AND RESTATED CERTIFICATE OF INCORPORATION** 

**<u>INCORPORATION</u> OF** 

**DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC.** 

Domino's Pizza International Franchising Inc., a Delaware corporation (the "<u>Corporation</u>"), hereby certifies that this Second<u>Third</u> Amended and Restated Certificate of Incorporation has been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u> The original Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware (the "<u>Secretary of State</u>") on March 2, 2007 under the name "Domino's Pizza International Franchisor Inc. The Certificate of Amendment of the Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on March 13, 2007 to change the Corporation's name from "Domino's Pizza International Franchisor Inc." to <u>"</u>Domino's Pizza International Franchising Inc." The <u>first</u> Amended and Restated Certificate of Formation<u>Incorporation</u> was filed with the Secretary of State on April 13, 2007. <u>The Second Amended and Restated Certificate of Incorporation was filed with the Secretary of State on March 15, 2012.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u> By consent of the Board of Directors of the Corporation, resolutions were duly adopted, pursuant to Sections 141, 242 and 245 of the DGCL, setting forth a second<u>third</u> amendment and restatement of the Certificate of Incorporation of the Corporation and declaring said amendment and restatement to be advisable. The sole stockholder of the Corporation duly adopted said proposed second<u>third</u> amendment and restatement by written consent in accordance with Sections 228, 242 and 245 of the DGCL. This Second<u>Third</u> Amended and Restated Certificate of Incorporation amends and restates the <u>Second</u> Amended and Restated Certificate of Incorporation,<u>.</u>

The <u>Second</u> Amended and Restated Certificate of Incorporation is hereby amended and related<u>restated</u> to read in its entirety as follows:

**FIRST.** The name of the Corporation is Domino's Pizza International Franchising Inc.

**SECOND.** The address of the Corporation's registered office in the State of Delaware is Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, 19801. The name of its registered agent at such address is The Corporation Trust Company.

**THIRD.** The purposes to be conducted or promoted by the Corporation shall be to engage solely in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to license the Domino's IP for use in the International Territory from the IP Holder pursuant to the International Franchisor IP License Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to acquire the equity of Overseas Franchisor LLC and to assume the rights and obligations of Overseas Franchisor LLC by having Overseas Franchisor LLC merge with and into the Corporation (the "<u>Contemplated Merger</u>"):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> (c) to enter into and serve as "franchisor" with respect to all International Franchise Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> (d) to enter into and perform its obligations under Third-Party License Agreements related to the Domino's Brand or any Future Brand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> (e) to maintain the International Royalties Concentration Account, the Venezuelan Royalties Account, the Cayman Islands Royalties Account and the related Account Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> (f) to retain a Manager to manage its assets pursuant to a Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> (g) to guarantee, pursuant to the Guarantee and Collateral Agreement, the obligations of the Co-Issuers under the Indenture and the other Related Documents and any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> (h) to pledge substantially all of its assets to secure its guarantee of the Co-Issuers' obligations under the Indenture and the other Related Documents and any Notes issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(h)</u> (i) to enter into the other Related Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> (j) to engage in certain other activities required or permitted under the Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(j)</u> (k) to incur obligations with respect to letters of credit issued under any Variable Funding Note Purchase Agreement to secure obligations of one or more Non-Securitization Entities if the Master Issuer receives a reasonable, arms-length fee from each such Non-<u>Non-</u> Securitization Entity whose obligations are so secured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(k)</u> (l) to make distributions from time to time to any stockholder of the Corporation (each, a "Stockholder") pursuant to this <u>Third</u> Amended and Restated Certificate of Incorporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u> (m) to engage in and perform any lawful act or activity and to exercise any powers permitted to corporations organized under the laws of the State of Delaware that are related or incidental to, and necessary, convenient or advisable for, the accomplishment of the abovementioned<u>above-mentioned</u> purposes unless prohibited under the Related Documents.

As used herein, (a) "Base Indenture" means the Amended and Restated Base Indenture, dated as of March 15, 2012, among the Co-Issuers and the Trustee, as amended, supplemented or otherwise modified from time to time, exclusive of Series Supplements, and (b) "Indenture" means the Base Indenture, together with all Series Supplements, as amended, supplemented or otherwise modified from time to time by Supplements thereto in accordance with its terms.

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Capitalized terms used and not otherwise defined in this Second<u>Third</u> Amended and Restated Certificate of Incorporation have the meanings assigned to such terms in the Indenture.

The Corporation shall not engage in any activities other than as permitted under this Article THIRD.

**FOURTH.** The total number of shares of stock which the Corporation shall have authority to issue is 1,000. All such shares are to be Common Stock, par value of $.01 per share, and are to be of one class.

**FIFTH.** Unless and except to the extent that the by-laws of the Corporation shall so require, the election of directors of the Corporation need not be by written ballot.

**SIXTH.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) Subject to Article 6(d) hereof, the business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. At any time when there is a Transitional Director in office, (A) such Transitional Director (i) shall have no voting power on any matter presented to the Board of Directors other than with respect to the matters set forth in Article 6(d) hereof, in which case the Transitional Director shall have a number of votes equal to the total voting power of all other directors then in office *plus* one vote; (ii) shall not be entitled to notice of any meeting of the Board of Directors if the matters to be acted on at such meeting do not include any of the matters on which the Transitional Director is entitled vote; (iii) shall not be counted for purposes of determining whether a quorum is present at any meeting of the Board of Directors if the matters acted on at such meeting do not include any of the matters on which the Transitional Director is entitled to vote (such that a majority of the other directors who are entitled to vote on such matters shall constitute a quorum); and (iv) other than to the extent necessary to act and to vote on matters specifically set forth in Article 6(d), the Transitional Director shall otherwise have no authority to bind the Corporation, and (B) every reference in this Third Amended and Restated Certificate of Incorporation, the bylaws of the Corporation or any other agreement to which the Corporation is a party to a majority or other proportion of the directors shall refer to a majority or other proportion of the votes of the directors.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The number of directors of the Corporation shall be as from time to time fixed by, or in the manner provided in<u>,</u> the by-laws of the Corporation;<u>:</u> <u>provided</u>, <u>however</u>, that, as long as the Indenture has not been terminated in accordance with its terms, at all times the Board of Directors shall include at least two (2) directors<u>Independent Directors</u>, each of whom is a natural Person and (i) is not a stockholder<u>Stockholder</u> or holder of other Equity Interests (whether direct, indirect or beneficial), customer (except within the context of retail purchases), advisor, service provider (except with respect to other Securitization Entities) or supplier of the Corporation or any of its Affiliates (provided that indirect stock or other Equity Interest ownership of the Corporation or of any Affiliate by such Person through a

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mutual fund or similar diversified investment pool shall be permitted); (ii) is not and has not been at any time in the past five years an officer, employee or director of the Parent Group; (iii) is not a member of the immediate family of a Person referred to in clauses (i) and (ii); (iv) is not a trustee, conservator or receiver for any member of the Parent Group; (v) has prior experience as an independent director/manager for a corporation/limited liability company involved in a structured financing transaction whose charter documents require the unanimous <u>vote or</u> written consent of all independent directors/managers thereof before such corporation/limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy; and (vi) is provided by Corporation Service Company, CT Corporation, Lord Securities Corporation, National Registered Agents, Inc., Stewart Management Company, Wilmington Trust Company, Wilmington Trust SP Services, Inc., or, if none of those companies is then providing professional independent directors, another nationally-recognized company reasonably approved by the Trustee, in each case that is not an Affiliate of the Corporation and that provides professional independent directors and other corporate services in the ordinary course of its business (the "<u>Independent Directors</u>"<u>''</u>). Notwithstanding the foregoing, an Independent Director may serve in similar capacities for other "special purpose" corporations or entities formed by the Master Issuer or any Affiliate thereof. The Independent Directors shall not delegate their duties, authorities or responsibilities hereunder. To the fullest extent permitted by law, including the DGCL, the Independent Directors shall consider only the interests of the Corporation and its creditors, and not its stockholders<u>Stockholders</u> or Affiliates, in acting or otherwise voting on any mater<u>matter</u> provided for in this Second<u>Third</u> Amended and Restated Certificate of Incorporation; provided, however, that nothing contained in this sentence or in this Second<u>Third</u> Amended and Restated Certificate of Incorporation shall in any way restrict the Corporation's ability to make distributions to the extent such distributions are not prohibited by the DGCL. As long as the Indenture has not been terminated in accordance with its terms, unless otherwise restricted by law, the Independent Directors may not be removed unless it is for Cause. As long as the Indenture has not been terminated in accordance with its terms, to the fullest extent permitted by law, no resignation or removal of any Independent Director, and no appointment of any successor Independent Director, at any time when such resignation or removal would leave the Corporation without at least two (2) Independent Directors, shall be effective until a sufficient number of successors thereto shall each have accepted his or her appointment as an Independent Director. All right, power and authority of the Independent Directors shall be limited to the extent necessary to exercise those rights, and perform those duties, of the Independent Directors specifically set forth in this Second<u>Third</u> Amended and Restated Certificate of Incorporation. No Independent Director shall at any time serve as trustee in bankruptcy for any affiliate of the Corporation. Notwithstanding any other provision of this Second<u>Third</u> Amended and Restated Certificate of Incorporation to the contrary, each Independent Director, in its capacity as Independent Director, may only act, vote or otherwise participate in those matters referred to in Articles THIRD, SEVENTH, EIGHTH, TENTH and ELEVENTH. Notwithstanding anything to the contrary contained in this Second<u>Third</u> Amended and Restated Certificate of Incorporation, for so long as the Indenture has not been terminated in accordance with its terms, no Independent Director shall be removed or replaced unless the Stockholders provide the Trustee and the

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Controlling Class Representative with no less than five (5) Business Days' prior written notice, unless waived, of (a) any proposed removal of such Independent Director (including the finding of Cause), and (b) the identity of the proposed replacement Independent Director, together with a certification that such replacement satisfies the requirements for an Independent Director set forth in this Second<u>Third</u> Amended and Restated Certificate of Incorporation; provided, however, that such notice requirement shall not apply in the event of the disability, incapacity or death of an Independent Director<u>; provided that, at any time there is a Transitional Director, the Transitional Director shall have the authority, at the sole cost and expense of the Corporation, in accordance with Article 6(d) hereof to propose and appoint a replacement of the Independent Director if there a vacancy in the position of an Independent Director, within thirty (30) days of the commencement of any such vacancy (or such shorter period to the extent that the Transitional Director has reasonable ground to believe that the Corporation will not replace such Independent Director within such period) and in connection with the filling of the vacancy or vacancies by the Transitional Directors, the other directors of the Corporation shall not have the ability to vote or act in connection therewith</u>. As a condition to the effectiveness of any such replacement or appointment, for so long as the Indenture has not been terminated in accordance with its terms, the Stockholders shall certify to the Corporation that the designated Person satisfies the criteria set forth in the definition of "Independent Director" and the Board of Directors shall acknowledge in writing, that in the Board of Directors' reasonable judgment, the designated Person satisfies the criteria set forth in the definition of "Independent Director."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board of Directors shall not vote on any matter requiring the vote of the Independent Directors under this Second<u>Third</u> Amended and Restated Certificate of Incorporation unless there are at least two (2) Independent Directors then serving in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d) Notwithstanding any provision in this Third Restated Certificate of Incorporation to the contrary:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) The Corporation shall not take any of the actions referred to in this Article 6(d)(i), without, in addition to any other vote required by law, the approval of the Transitional Director, if a Transitional Director is then in office: (A) exercise full inspection and audit rights and to protect the Collateral (as defined in the Indenture) and the condition and value thereof, (B) restructure and re-negotiate or terminate (or assist in restructuring and re-negotiating or terminating) one or more Related Documents previously entered into by the Corporation, (C) make and implement personnel decisions on behalf of the Corporation or advise the Corporation in making and implementing personal decisions on behalf of the Corporation, (D) hire or assist in hiring external consultants and other qualified Persons to facilitate operations on behalf of the Corporation, (E) implement the Transition Plan and (F) assist the Control Party in the liquidation of the Collateral to the extent such liquidation is permitted under the Related Documents and allowed or as directed to by the Trustee (at the direction of the Control Party (acting at the direction of the Controlling Class Representative)) under the Related Documents or applicable Requirements of Law, if reasonably necessary, subject to satisfaction of the applicable conditions to such actions under the applicable Related Documents. For the avoidance of doubt and notwithstanding anything to the contrary either in this Third Restated Certificate of Incorporation or in any</u> <u>Related Document, the Transitional Director shall, in no event, be required to assume any ownership interest in the Corporation or ownership in or to any of its assets, or to assume direct or indirect liability for any of them.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) Upon any vacancy in the position of an Independent Director that continues for at least thirty days (or such shorter period to the extent that the Transitional Director has reasonable ground to believe that the Corporation will not replace such Independent Director within such period), the Transitional Director shall have the authority, at the sole cost and expense of the Corporation, to appoint a replacement such Independent Director; provided, however, that any such replacement Independent Director shall satisfy the definition of "Independent Director" set forth in this Amended and Restated Certificate of Incorporation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii) Provided (A) a Manager Termination Notice has been delivered with respect to the Manager pursuant to Section 6.1 of the Management Agreement, (B) a notice from the Trustee (as defined in the Management Agreement) to the Back-Up Manager has been delivered with respect to commencement of the Hot Back-Up Management Duties pursuant to Section 2.5 of the Back-Up Management Agreement, and (C) a notice to the Manager from the Back-Up Manager or a Successor Manager, in writing, that the Back-Up Manager or Successor Manager, as applicable, has reasonably determined that the Manager has failed to comply with its Disentanglement and/or Continuity of Services obligations set forth in Section 6.2 of the Management Agreement and at the sole and absolute discretion of the Back-Up Manager (without any obligation to do so), a Transitional Director has been designated by the Back-Up Manager or Successor Manager, as applicable, pursuant to the terms of the Back-Up Management Agreement, the number of directors constituting the Board of Directors will be automatically increased by one, which newly created directorship shall be the Transitional Director. If a Transitional Director has been designated, the Back-Up Manager shall give prompt written notice (within no more than two (2) Business Days (as defined in the Indenture)) thereto to each of the Servicer, the Control Party (each as defined in the Indenture) and the Trustee, inclusive of full contact information therefor. Once elected, the Transitional Director's term shall end on the earlier of the first day on which (x) the Back-Up Manager no longer serves as Interim Successor Manager or (y) if a Successor Manager has been appointed, a complete Disentanglement has been effected or (z) the Back-Up Manager terminates the appointment of the Transitional Director, in its sole and absolute discretion, and concurrently with the end of such Transitional Director's term, the number of directors constituting the Board of Directors will be automatically decreased by one.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv) The Corporation shall cause the Transitional Director to be covered by or otherwise named as a named insured, an "insured person", an "executive" or an "individual insured", as may apply, on its directors' and officers' insurance policy, if any, and, as reasonably requested by the Back-Up Manager, any other insurance maintained by the Corporation, in each case, to the extent required by, in accordance with, and subject to the terms and conditions of, the Related Documents and on terms acceptable to the Back-Up Manager.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v) To the fullest extent permitted by law, including the DGCL, the Transitional Director shall consider the interests of the Corporation, including its creditors, and the Stockholders of the Corporation and may consider the Back-Up Manager's duties and obligations under the Back-Up Management Agreement, in carrying out its duties under this Third Restated Certificate of Incorporation.</u>

As used in this Article SIXTH, (i) "<u>Parent Group</u>" means each shareholder and Equity Interest holder of the Master Issuer and any Affiliate thereof (other than the Corporation), collectively and (ii) "Cause" means with respect to an Independent Director, (a) acts or omissions by such Independent Director constituting fraud, dishonesty, negligence, misconduct or other deliberate action which causes injury to the Corporation or an act by such Independent Director involving moral turpitude or a serious crime or (b) that such Independent Director no longer meets the definition of "Independent Director" set forth in this Second Amended and Restated Certificate of Incorporation.

**SEVENTH.** Subject to Article TENTH, in furtherance and not in limitation of the powers conferred by the laws of the State of Delaware, the Board of Directors of the Corporation is expressly authorized to adopt, alter and repeal the by-laws of the Corporation, subject to the power of the Stockholders to alter or repeal any by-law whether adopted by them or otherwise; provided, however, that any such adoption, alteration or repeal by the Board of Directors that relates to or affects in any way the criteria for, qualifications or the requirement that the Corporation maintain at least two (2) Independent Directors, for so long as the Indenture has not been terminated in accordance with its terms, must receive the prior affirmative vote or written consent of the Independent Directors.

**EIGHTH.** This Article EIGHTH is being adopted in order to comply with certain provisions required in order to qualify the Corporation as a "special purpose" entity. The Corporation is to be operated in such a manner as the Board of Directors deems reasonable and necessary or appropriate to preserve the separateness of the Corporation from the business and affairs of the Stockholders and any Affiliate of the Stockholders, and until one year and one day after the Notes have been paid in full, to comply with the provisions of this Article EIGHTH.

The Corporation shall do all things necessary to preserve and keep in full force and effect its existence and rights (charter and statutory); <u>provided</u>, <u>however</u>, that the Corporation shall be permitted to enter in the Contemplated Merger without further action by the Board of Directors; and <u>provided</u>, <u>further</u>, that the Corporation shall not be required to preserve any such right if the Board of Directors (including all Independent Directors) shall unanimously determine that the preservation thereof is no longer desirable for the conduct of the Corporation's business and that the loss thereof would not be disadvantageous in any material respect to the Corporation. The Corporation also shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain its own books and records and bank accounts (separate from any other Person, other than any other Securitization Entity) including preparation of separate financial statements in accordance with GAAP;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at all times hold itself out to the public as a legal entity separate from and not a division of any Stockholder or any other Person (other than any other Securitization Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in accordance with the terms hereof, ensure that the Board of Directors shall, at all times, have two (2) Independent Directors for so long as the Indenture has not been terminated in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) file its own tax returns, if any, as may be required under applicable law, to the extent it is (i) not part of a consolidated group filing a consolidated return or returns or (ii) not treated as a division, for tax purposes, of another taxpayer or otherwise disregarded for tax purposes, and pay any taxes so required to be paid under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as contemplated by the Related Documents or with respect to any other Securitization Entity, not commingle its assets with assets of any other Person, including, without limitation, any Stockholder and any direct or ultimate parent of any Stockholder and hold all of its assets in its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) conduct its own business in its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pay its own liabilities only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) so long as the Indenture has not been terminated in accordance with its terms, maintain an arm's length relationship with DPL and the Affiliates of DPL (other than any other Securitization Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay the salaries of its own employees, its operating expenses and the fees and expenses of its agents, and maintain a sufficient number of employees in light of its contemplated business operations, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) so long as the Indenture has not been terminated in accordance with its terms, not hold out its credit or assets as being available to satisfy the obligations of others nor guarantee or become obligated for the debts of any other entity other than any other Securitization Entity' (except as contemplated or permitted by the Related Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) allocate fairly and reasonably any overhead for shared office space;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) use separate stationery, invoices, checks and telephone and facsimile numbers separate from DPL and the Affiliates of DPL (other than any other Securitization Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) so long as the Indenture has not been terminated in accordance with its terms, not pledge its assets for the benefit of any other Person (except as contemplated by the Related Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) correct any known misunderstanding regarding its separate identity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) maintain adequate capital in light of its contemplated business purposes, transactions and liabilities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) cause the Board of Directors to meet at least annually or act pursuant to written consent and keep minutes of such meetings and actions and observe all other Delaware corporate formalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) so long as the Indenture has not been terminated in accordance with its terms, not acquire any obligations or securities or other ownership interests of DPL or any Affiliate of DPL other than any other Securitization Entity (except as contemplated by the Related Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) so long as the Indenture has not been terminated in accordance with its terms, not incur, create or assume any Indebtedness (except as permitted by the Related Documents or this Second<u>Third</u> Amended and Restated Certificate of Incorporation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) so long as the Indenture has not been terminated in accordance with its terms, not guarantee any obligation of any Person other than any other Securitization Entity or except as permitted by the Related Documents or this Second<u>Third</u> Amended and Restated Certificate of Incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) so long as the Indenture has not been terminated in accordance with its terms, to the fullest extent permitted by law, not engage, directly or indirectly, in any business other than the actions required or permitted to be performed under the Related Documents or this Second<u>Third</u> Amended and Restated Certificate of Incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) so long as the Indenture has not been terminated in accordance with its terms, to the fullest extent permitted by law, not engage in any dissolution, liquidation, consolidation, merger, asset sale or transfer of ownership interests other than such activities as are permitted by the Related Documents or this Second<u>Third</u> Amended and Restated Certificate of Incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) so long as the Indenture has not been terminated in accordance with its terms, not make or permit to remain outstanding any loan or advance to, to own or acquire any stock or securities of, any Person other than any other Securitization Entity, except that (1) the Corporation may own membership interests in its Subsidiaries permitted under the Related Documents or this Second<u>Third</u> Amended and Restated Certificate of Incorporation and may invest in those investments permitted under the Related Documents or this Second<u>Third</u> Amended and Restated Certificate of Incorporation and may make any advance or loan permitted under the Related Documents or this Second<u>Third</u> Amended and Restated Certificate of incorporation<u>Incorporation</u> and permit the same to remain outstanding in accordance with such provisions, and (2) the Corporation also may hold Franchisee Promissory Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) so long as the indenture has not been terminated in accordance with its terms, not form, acquire or hold any Subsidiary other than any other Securitization Entity except as permitted under the Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the fullest extent permitted by law, cause the Directors, Officers, agents and other representatives of the Corporation to act at all times with respect to the Corporation consistently and in furtherance of the foregoing and in the best interest of the Corporation; and

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(y) comply with the provisions of this Second <u>Third</u> Amended and Restated Certificate of Incorporation , <u>.</u> 

Failure of the Corporation, or the Board on behalf of the Corporation, to comply with the foregoing covenants or any other covenants set forth herein, shall not affect the status of the Corporation as a separate legal entity. In the absence of actual knowledge to the contrary, each Member<u>member</u> of the Board shall be entitled to assume that the Manager is in compliance with its obligations under the Management Agreement.

**NINTH.** A director of the Corporation shall not be liable to the Corporation or its Stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as the same exists or may hereafter be amended. Any amendment, modification or repeal of the foregoing sentence shall not adversely affect any right or protection of a director of the Corporation hereunder in respect of any act or omission occurring prior to the time of such amendment, modification or repeal.

**TENTH.** The Corporation reserves the right at any time, and from time to time, to amend, alter, change or repeal any provision contained in this Second<u>Third</u> Amended and Restated Certificate of Incorporation, and other provisions authorized by the laws of the State of Delaware at the time in force may be added or inserted, in the manner now or hereafter prescribed by law; and all rights, preferences and privileges of whatsoever nature conferred upon stockholders<u>Stockholders</u>, directors or any other persons whomsoever by and pursuant to this Second<u>Third</u> Amended and Restated Certificate of Incorporation in its present form or as hereafter amended are granted subject to the rights reserved in this article;<u>:</u> <u>provided</u> that, for so long as the Indenture has not been terminated in accordance with its terms, this Agreement<u>Amended and Restated Certificate of Incorporation</u> may only be amended, altered, changed or repealed with (a) the written consent of the Control Party (at the direction of the Controlling Class Representative), (b) upon prior written notice to the Rating Agencies and (c) (i) to cure any ambiguity contained in this Agreement<u>Amended and Restated Certificate of Incorporation</u> or (ii) upon satisfaction of the Rating Agency Condition in connection with any such amendment; <u>provided</u> further, for so long as the Indenture has not been terminated in accordance with its terms, (a) none of Article THIRD, SIXTH, SEVENTH, EIGHTH, TENTH, ELEVENTH and TWELFTH (the "<u>Restricted Articles</u>"), shall be amended without the unanimous vote of the entire Board of Directors without any vacancies, including the two (2) Independent Directors, (b) the Corporation's by-laws or any amendment, alteration or repeal thereof shall not in any manner be inconsistent with the Restricted Articles and (c) the Corporation shall not amend or change any provision of any Article that is not a Restricted Article so as to be inconsistent with the Restricted Articles. <u>None of (i) Articles THIRD, SIXTH, EIGHTH, NINE and/or this Article TENTH (in each case, to the extent related to the rights of the Back-Up Manager or any Transitional Director appointed thereby) nor (ii) Article SIXTH(d) may be modified, altered, changed, supplemented, revoked or amended without the consent of the Back-Up Manager.</u>

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**ELEVENTH.** Notwithstanding any other provision of this Second<u>Third</u> Amended and Restated Certificate of Incorporation and any provision of law that otherwise so empowers the Corporation, for so long as the Indenture has not been terminated in accordance with its terms, the Corporation shall not do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage in any activity other than as permitted by Article THIRD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the fullest extent permitted by law, without the affirmative vote of one hundred percent (100%) of the entire Board of Directors without any vacancies (including the Independent Directors), (i) dissolve, liquidate or wind-up, in whole or in part, or approve any proposal relating thereto, (ii) except as permitted by the Related Documents, consolidate or merge with or into any other entity or (iii) except as provided in Article THIRD or as permitted by the Related Documents, sell, exchange, lease or otherwise transfer all or substantially all of the assets of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the fullest extent permitted by law, without the affirmative vote of one hundred percent (100%) of the entire Board of Directors without any vacancies (including the Independent Directors), (i) file or consent to the filing of any bankruptcy, insolvency or reorganization petition under any applicable federal or state law relating to bankruptcy naming the Corporation as debtor or otherwise institute bankruptcy or insolvency proceedings by or against the Corporation or otherwise seek with respect to the Corporation relief under any laws relating to the relief from debts or the protection of debtors generally; (ii) seek or consent to the appointment of a receiver, liquidator, conservator, assignee, trustee, sequestrator, custodian or any similar official for the Corporation or all or any portion of any of its properties; (iii) make or consent to any assignment for the benefit of the Corporation's creditors; (iv) admit in writing the inability of the Corporation to pay its debts generally as they become due; or (v) consent to substantive consolidation with the Stockholders or any Affiliate of the Stockholders;

<u>provided</u>, <u>however</u>, that as long as the Indenture has not been terminated in accordance with its terms, the Corporation shall provide written notice of any of the foregoing actions taken to each Rating Agency;<u>.</u>

<u>provided</u>, <u>further</u>, that notwithstanding the foregoing, the Corporation may take any actions in connection with the Contemplated Merger and may enter into the Contemplated Merger.

To the fullest extent permitted by law, when voting on whether the Corporation will take any action described in paragraph (c) above, each director shall owe its primary fiduciary duty or other obligation to the Corporation (including, without limitation, the creditors of the Corporation) and not to the Stockholders.

**TWELFTH.** The Corporation may declare dividends to be paid to holders of shares of capital stock of the Corporation out of funds legally available for the payment of dividends at the times and in the aggregate amounts determined by the Board of Directors and may be made pursuant to a standing resolution of the Board; provided, however, subject to the existence of legally available funds <u>and subject to Article Sixth(c)</u>, dividends shall be made no less frequently than on each Weekly Allocation Date in an amount equal to the Free Cash Flow for the applicable Weekly Collection Period.

*[Remainder of page intentionally left blank]* 

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IN WITNESS WHEREOF, the Corporation has caused this Third Amended and Restated Certificate of Incorporation to be signed by the undersigned, a duly authorized officer thereof<u>of the Corporation</u>, this <u>5th,</u> day of August<u>September</u>, 2021<u>2025</u>.

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| | |
|:---|:---|
|  | **DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC.** |
| By: |  |
| Name: | Stuart A. Levy |
| Title: | Executive Vice President and <br> Chief Financial Officer |

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| | |
|:---|:---|
| **<u>DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC,</u>** | **<u>DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC,</u>** |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |

---

## Exhibit 10.3

**Exhibit 10.3** 

DOMINO'S PIZZA MASTER ISSUER LLC,

CERTAIN SUBSIDIARIES OF DOMINO'S PIZZA MASTER ISSUER LLC PARTY HERETO,

DOMINO'S SPV GUARANTOR LLC,

DOMINO'S PIZZA LLC,

as Manager and in its individual capacity,

DOMINO'S PIZZA NS CO.,

and

CITIBANK, N.A.,

as Trustee

**AMENDED AND RESTATED MANAGEMENT AGREEMENT** 

**Dated as of March 15, 2012** 

(amending and restating the Master Servicing Agreement dated as of April 16, 2007)

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | Page |
| Article 1 DEFINITIONS | Article 1 DEFINITIONS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 | Certain Definitions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2 | Other Defined Terms | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.3 | Other Terms | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.4 | Computation of Time Periods | 14 |
| Article 2 ADMINISTRATION AND MANAGEMENT OF MANAGED ASSETS | Article 2 ADMINISTRATION AND MANAGEMENT OF MANAGED ASSETS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 | Domino's Pizza LLC to Act as the Manager | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2 | Manager Advances | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.3 | Concentration Accounts | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.4 | Records | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.5 | Administrative Duties of Manager | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.6 | No Offset | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.7 | Compensation | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.8 | Indemnification | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.9 | Nonpetition Covenant | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.10 | Certain Amendments to Documents Governing Managed Assets | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.11 | Franchisor Consent | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.12 | Appointment of Sub-managers | 22 |
| Article 3 STATEMENTS AND REPORTS | Article 3 STATEMENTS AND REPORTS | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 | Reporting by the Manager | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 | Appointment of Independent Accountant | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 | Annual Accountants' Reports | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 | Notice of Reduction in Blended Rate of Continuing Franchise Fees | 24 |
| Article 4 THE MANAGER | Article 4 THE MANAGER | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 | Representations and Warranties Concerning the Manager | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 | Existence | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3 | Performance of Obligations | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4 | Merger; Resignation and Assignment | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5 | Taxes | 31 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.6 | Notice of Certain Events | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.7 | Capitalization | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.8 | Franchise Law Determination | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.9 | Maintenance of Separateness | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.10 | No ERISA Plan | 33 |
| Article 5 REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO POST-SECURITIZATION ASSETS | Article 5 REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO POST-SECURITIZATION ASSETS | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 | Representations and Warranties Made in Respect of Post- | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 | Covenants in Respect of New Collateral | 35 |
| Article 6 DEFAULT | Article 6 DEFAULT | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 | Manager Termination Event | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 | Disentanglement | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3 | No Effect on Other Parties | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4 | Rights Cumulative | 44 |
| Article 7 CONFIDENTIALITY | Article 7 CONFIDENTIALITY | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 | Confidentiality | 44 |
| Article 8 MISCELLANEOUS PROVISIONS | Article 8 MISCELLANEOUS PROVISIONS | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1 | Term of this Agreement | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2 | Amendments to this Agreement | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.3 | Amendments to other Agreements | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.4 | Acknowledgement | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.5 | Governing Law; Waiver of Jury Trial; Jurisdiction | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.6 | Notices | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.7 | Severability of Provisions | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.8 | Delivery Dates | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.9 | Binding Effect; Limited Rights of Others | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.10 | Article and Section Headings | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.11 | Counterparts | 48 |

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-ii-

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**AMENDED AND RESTATED MANAGEMENT AGREEMENT** 

This AMENDED AND RESTATED MANAGEMENT AGREEMENT, dated as of March 15, 2012 (this "<u>Agreement</u>"), is entered into by and among Domino's Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Holder</u>"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company (the "<u>PFS Domestic Supply Chain Holder</u>"), Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>SPV</u> <u>Canadian Holdco</u>"), Domino's IP Holder LLC, a Delaware limited liability company (the "<u>IP Holder</u>", and together with the Master Issuer, the Domestic Supply Chain Holder, the PFS Domestic Supply Chain Holder and SPV Canadian Holdco, the "<u>Co-Issuers</u>"), Domino's SPV Guarantor LLC, a Delaware limited liability company (the "<u>SPV Guarantor</u>"), Domino's Pizza Franchising LLC, a Delaware limited liability company (the "<u>Domestic Franchisor</u>"), Domino's Pizza International Franchising Inc., a Delaware corporation (the "<u>International Franchisor</u>"), Domino's Pizza Canadian Distribution ULC, a Nova Scotia unlimited company (the "<u>Canadian Distributor</u>"), Domino's EQ LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Equipment Holder</u>"), Domino's RE LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Real Estate Holder</u>"), Domino's Pizza International Franchising of Michigan LLC, a Michigan limited liability company (the "<u>International Franchisor (Michigan)</u>", and together with the SPV Guarantor, the Domestic Franchisor, the International Franchisor, the Canadian Distributor, the Domestic Supply Chain Equipment Holder and the Domestic Supply Chain Real Estate Holder, the "<u>Guarantors</u>"), Domino's Pizza LLC, a Michigan limited liability company ("<u>DPL</u>"), Domino's Pizza NS Co., a Nova Scotia unlimited company (the "<u>Canadian Manufacturer</u>"), Citibank, N.A. ("<u>Citibank</u>"), as trustee (the "<u>Trustee</u>"), and any other Securitization Entity that becomes party to this Agreement by execution of a joinder substantially in the form attached hereto as <u>Exhibit A</u>. This Agreement amends and restates the Master Servicing Agreement, dated as of April 16, 2007 (the "<u>Original Management Agreement</u>"), by and among the Co-Issuers, the SPV Guarantor, the Domestic Franchisor, the International Franchisor, the Canadian Distributor, the Manager, the Canadian Manufacturer and Citibank, N.A., as trustee. For all purposes of this Agreement, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in <u>Annex A</u> to the Base Indenture (as defined below). "<u>Manager</u>", when in reference to (a) the servicing of the Managed Assets of the Canadian Distributor, shall mean the Canadian Manufacturer, and (b) the servicing of all other Managed Assets, shall mean DPL; <u>provided</u>, that the term "<u>Manager</u>" shall mean only DPL with respect to <u>Article 3</u> and <u>Sections 2.7</u>, <u>2.8</u>, <u>4.1(a)(i)</u> and <u>8.2</u> herein. All other representations, warranties and covenants of or about DPL made herein are repeated herein with respect to the Canadian Manufacturer, as applicable, as though fully set forth herein.

<u>RECITALS</u> 

WHEREAS, the Master Issuer and the other Co-Issuers have entered into the Amended and Restated Base Indenture, dated as of the date of this Agreement, with Citibank, as Trustee and securities intermediary (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Base Indenture</u>"), pursuant to which the Master Issuer and the other Co-Issuers shall issue series of notes (the "<u>Notes</u>") from time to time, on the terms described therein. Pursuant to the Base Indenture and the Global G&C Agreement, as security for the indebtedness represented by the Notes and the other Obligations, the Master Issuer and the other Securitization Entities are and will be granting to the Trustee on behalf of the Secured Parties, a security interest in the Collateral;

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WHEREAS, since the Series 2007-1 Closing Date, all Post-Securitization Domestic Franchise Arrangements and all Post-Securitization International Franchise Arrangements have been, and will continue to be, originated by the Franchisors;

WHEREAS, from and after the Closing Date, the International Franchisor or the International Franchisor (Michigan) will also originate all Post-Closing Overseas Franchise Arrangements;

WHEREAS, from time to time, the Master Issuer or the Franchisors may purchase or repurchase, as the case may be, the Franchise Arrangement and/or lease with a third party landlord entered into with respect to a Store and undertake to operate such Store (a "<u>Repurchased Store</u>") until such time as a New Franchise Arrangement is entered into with respect to such Repurchased Store;

WHEREAS, each of the Securitization Entities desires to have the Manager operate any Repurchased Store in accordance with the Management Standard;

WHEREAS, each of the Securitization Entities desires to have the Manager enforce its rights and powers and perform its duties and obligations under the Managed Documents to which it is party in accordance with the Management Standard;

WHEREAS, each of the Securitization Entities desires to have the Manager enter into certain agreements and acquire and dispose of certain assets from time to time on its behalf, in each case in accordance with the Management Standard;

WHEREAS, the IP Holder desires to appoint the Manager as its agent for providing comprehensive intellectual property development, enforcement, maintenance, protection, defense, management, licensing, contract administration and other duties or services in connection with the Domino's IP in accordance with the Management Standard;

WHEREAS, the Manager desires to enforce such rights and powers and perform such management obligations and duties, all in accordance with the Management Standard; and

WHEREAS, each of the Securitization Entities desires to enter into this Agreement to provide for, among other things, the management of the respective rights and powers and the performance of the respective duties and obligations of the Securitization Entities, as applicable, under or in connection with the Contribution and Sale Agreements, the Distribution and Contribution Agreements, the Omnibus Transfer Agreement (2025), the Third-Party License Agreements, the Franchise Arrangements, the Domino's IP, the IP License Agreements, the Domestic Supply Chain Assets, the Third- Party Supply Agreements, the Product Purchase Agreements, the Requirements Agreements, the Supply Chain Agreements, the Repurchased Stores, the U.S. production and supply chain business and any other assets acquired by the Securitization Entities (the "<u>Managed Assets</u>"), by the Manager, all in accordance with the Management Standard;

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NOW THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows:

ARTICLE 1

<u>DEFINITIONS</u> 

Section 1.1 <u>Certain Definitions</u>. Capitalized terms used herein but not otherwise defined herein or in Annex A to the Base Indenture shall have the following meanings:

"<u>Agreement</u>" has the meaning set forth in the preamble hereto.

"<u>Asset Management Services</u>" means, in a manner consistent with the Management Standard, the execution of real property leases and equipment leases related to the distribution, production and supply chain where a Non-Securitization Entity remains a co-obligor on such leases, and the management, operation and administration of leased and owned property in the distribution, production and supply chain.

"<u>Back-Up Management Agreement</u>" means the Amended and Restated Back-Up Management and Consulting Agreement, dated as of April 16, 2021, by and among the Co-Issuers, the Manager, the other Securitization Entities, the Trustee and FTI Consulting, Inc., a Maryland corporation, as Back-Up Manager.

"<u>Base Indenture</u>" has the meaning set forth in the recitals hereto.

"<u>Breach Notice</u>" means written notice of a material violation by the applicable licensee under any IP License Agreement.

"<u>Canadian Distributor</u>" has the meaning set forth in the preamble hereto.

"<u>Canadian Manufacturer</u>" has the meaning set forth in the preamble hereto.

"<u>Change in Management</u>": means, on and after the Series 2025-1 Springing Amendments Implementation Date, the event that will occur if more than 50% of the Leadership Team is terminated and/or resigns within 12 months after the date of the occurrence of a Change of Control; *provided*, that for purposes of this definition, the termination and/or resignation of an officer will not include (i) a change in such officer's status in the ordinary course of succession so long as such officer remains affiliated with Holdco or any of its Subsidiaries as an officer or in a similar capacity, (ii) the retirement of such officer, (iii) the death or incapacitation of such officer or (iv) the replacement of such officer with the prior written consent of the Control Party.

"<u>Change of Control</u>" means, on and after the Series 2025-1 Springing Amendments Implementation Date, an event or series of events by which any "Person" or "group" (as such terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or becomes the "beneficial owner" (as such term is used in Rule 13d-3 under the 1934 Act) of more than 35% of the total voting power of the Voting Stock of Holdco. For purposes of this definition, a Person will not be deemed to have beneficial ownership of voting power of Voting Stock subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement.

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"<u>Cold Back-Up Management Duties</u>" has the meaning set forth in the Back-Up Management Agreement.

"<u>Confidential Information</u>" means information (including Know-How) treated as confidential and proprietary by its owner that is disclosed by a party hereto ("<u>Discloser</u>"), either directly or indirectly, in writing or orally, to another party hereto ("<u>Recipient</u>").

"<u>Continuity of Services</u>" has the meaning set forth in <u>Section</u> <u>6.2(a)</u> hereof.

"<u>Current Practices</u>" means, in respect of any action or inaction, the practices, standards and procedures of Domino's Pizza LLC and its Subsidiaries as performed or that have been performed immediately prior to the Closing Date.

"<u>Defective Asset Damages Amount</u>" means with respect to any Post- Securitization Collateral Franchise Document that is a Defective Post-Securitization Asset, an amount equal to the product of (i) the quotient obtained by <u>dividing</u> (A) the absolute value of the sum of all Collections under such Post-Securitization Collateral Franchise Document received during the 12-month period immediately preceding the date such Post-Securitization Collateral Franchise Document became a Defective Post- Securitization Asset <u>minus</u> the aggregate amount of related Excluded Amounts received during such period, by (B) the aggregate amount of all Collections received under all Collateral Franchise Documents during such 12-month period (assuming that all Post- Securitization Collateral Franchise Documents had been included in the Collateral Franchise Documents during such 12-month period) <u>minus</u> the aggregate amount of related Excluded Amounts received during such period and (ii) the Aggregate Outstanding Principal Amount.

"<u>Defective Post-Securitization Asset</u>" means any Post-Securitization Asset that does not meet the applicable requirements of <u>Article 5</u>.

"<u>Discloser</u>" has the meaning ascribed to such term in the definition of "Confidential Information."

"<u>Disentanglement</u>" has the meaning set forth in <u>Section</u> <u>6.2(a)</u> hereof.

"<u>Disentanglement Period</u>" has the meaning set forth in <u>Section</u> <u>6.2(c)</u> hereof.

"<u>Disentanglement Services</u>" has the meaning set forth in <u>Section</u> <u>6.2(a)</u> hereof.

"<u>Domestic Continuing Franchise Fees</u>" means the Continuing Franchise Fees received by the Domestic Franchisor.

"<u>Domestic Franchisor</u>" has the meaning set forth in the preamble hereto.

"<u>Domestic Supply Chain Equipment Holder</u>" has the meaning set forth in the preamble hereto.

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"<u>Domestic Supply Chain Real Estate Holder</u>" has the meaning set forth in the preamble hereto.

"<u>Domestic Supply Chain Holder</u>" has the meaning set forth in the preamble hereto.

"<u>DPL</u>" has the meaning set forth in the preamble hereto.

"<u>Environmental Laws</u>" has the meaning given to such term in <u>Section</u> <u>4.1(m)(i)</u> hereof.

"<u>Equipment Purchasing Services</u>" means, in a manner consistent with the Management Standard, the purchasing and leasing of equipment and machinery on behalf of the Domestic Supply Chain Equipment Holder for use by the Securitization Entities.

"<u>Former Franchisors</u>" means, collectively, DPL and Domino's Pizza International Inc., as predecessor in interest to Domino's International.

"<u>Franchisee Financing Program</u>" means any financing program facilitated by a Securitization Entity pursuant to which a Franchisee receives financing from a third-party lender to open or operate a Store.

"<u>Guarantors</u>" has the meaning set forth in the preamble hereto.

"<u>Holdco Specified Non-Securitization Debt Cap</u>" has the meaning given to such term in the Parent Company Support Agreement.

"<u>Hot Back-Up Management Duties</u>" has the meaning set forth in the Back-Up Management Agreement.

"<u>Improvements</u>" shall mean the buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements now or hereafter erected or located on the real property constituting a part of each Owned Property.

"<u>Indemnitee</u>" has the meaning set forth in <u>Section</u> <u>2.8</u> hereof.

"<u>Independent Accountants</u>" has the meaning set forth in <u>Section</u> <u>3.2</u> hereof.

"<u>International Continuing Franchise Fees</u>" means the Continuing Franchise Fees received by the International Franchisor or the International Franchisor (Michigan).

"<u>International Franchise Arrangements</u>" means all master franchise agreements, store franchise agreements, area development agreements and similar agreements (other than any International NSE Franchise Arrangements) related to Franchised Stores operated or under development in the International Territory (together with any Franchisee Promissory Notes issued in respect of any such agreement).

"<u>International Franchise IP License Agreement Additional Covenants</u>" has the meaning set forth in <u>Section</u> <u>5.2(a)(iv)</u>.

"<u>International Franchisor</u>" has the meaning set forth in the preamble hereto.

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"<u>International Franchisor (Michigan)</u>" has the meaning set forth in the preamble hereto.

"<u>IP Development Services</u>" means the conception, development, creation and/or acquisition of After-Acquired IP Assets, including the filing, prosecution and maintenance of any applications and/or registrations with respect thereto, after the Initial Closing Date by the Manager (or its agents) as the IP Holder's (and any Additional IP Holder's) agent, and in the name and stead of the IP Holder (and any Additional IP Holder).

"<u>IP Management Services</u>" means the following services performed and actions taken on behalf of the IP Holder (and any Additional IP Holder), in each case to the extent that the Manager determines that such action is necessary or advisable, in accordance with the Management Standard:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintaining, enforcing and defending the IP Holder's (and any Additional IP Holder's) rights in and to the Domino's IP, including diligently prosecuting Trademark applications and maintaining Trademark registrations, timely filing statements of use, applications for renewal and affidavits of use and/or incontestability and paying all fees required by applicable law; searching and clearing the Trademarks included in the After-Acquired IP Assets; responding to third-party oppositions of trademark applications or registrations; responding to any office action or other examiner requests; conducting searches, monitoring and taking appropriate actions to oppose or contest any applications or registrations for Trademarks that are likely to cause confusion with or to dilute, or otherwise violate the IP Holder's or any Additional IP Holder's rights in or to, the Trademarks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcing the IP Holder's (and any Additional IP Holder's) legal title in and to the Domino's IP and exercising the IP Holder's (and any Additional IP Holder's) rights, and performing the IP Holder's (and any Additional IP Holder's) obligations, under each IP License Agreement, including ensuring that any use of the Domino's IP satisfies the quality control provisions of such IP License Agreement and is in compliance with all applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) applying for registration of Copyrights and timely filing maintenance and registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) diligently prosecuting applications (including divisionals, continuation-in-parts, provisionals, and reissues) and maintaining the registrations for any Patents, including timely paying all maintenance and registration fees required by applicable law and responding to office actions, requests for reexamination, interferences and any other patent office requests or requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) maintaining registrations for all material domain names included in the Domino's IP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the event that the Manager becomes aware of any imitation, infringement, dilution, misappropriation and/or unauthorized use of the Domino's IP, or any portion thereof, taking reasonable actions to protect, police and enforce such Domino's IP, including, as appropriate, (i) preparing, issuing and responding to and further prosecuting cease and desist, demand and notice letters and requests for a license; and (ii) commencing, prosecuting and/or resolving a claim or suit against such imitation, infringement, dilution, misappropriation and/or the unauthorized use of the Domino's IP, and seeking all appropriate monetary and equitable remedies in connection therewith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) performing such functions and duties, and preparing and filing such documents, as are required under the Indenture or the Global G&C Agreement to be performed, prepared and/or filed by the IP Holder (or any Additional IP Holder), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) causing the IP Holder (and any Additional IP Holder) to execute and recording such financing statements (including continuation statements) or amendments thereof or supplements thereto or such other instruments as the Trustee, the Control Party and the Securitization Entities together may from time to time reasonably request in connection with the security interests in the Domino's IP granted by the IP Holder (and any Additional IP Holder) to the Trustee; <u>provided</u> that such requests are consistent with the standards and obligations set forth in the Base Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causing the IP Holder (and any Additional IP Holder) to execute grants of security interests or any similar instruments as the Trustee, the Control Party and the Securitization Entities together may from time to time reasonably request; <u>provided</u> that such requests are consistent with the standards and obligations set forth in the Base Indenture that are intended to evidence such security interests in the Domino's IP and recording such grants or other instruments with the relevant authority including the U.S. Patent and Trademark Office, the U.S. Copyright Office or any applicable foreign intellectual property office as may be agreed upon by the parties to such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) taking such actions on behalf of the IP Holder (and any Additional IP Holder) as the Master Issuer may reasonably request or the Manager may reasonably recommend that are expressly required by the terms, provisions and purposes of the IP License Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as directed by the Control Party, causing the IP Holder (and any Additional IP Holder) to enter into license agreements with any Securitization Entity, including any Additional Securitization Entity, and to grant such Securitization Entity the right to use the Domino's IP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) preparing for execution by the IP Holder (and any Additional IP Holder) or any other appropriate Person of all documents, certificates and other filings as the IP Holder (or any Additional IP Holder) shall be required to prepare and/or file under the terms of the IP License Agreements; and paying or arranging for payment or discharge of taxes and Liens levied on or threatened against the Domino's IP.

"<u>IP Services</u>" means, collectively, the IP Development Services and the IP Management Services.

"<u>Leadership Team</u>" means, on and after the Series 2025-1 Springing Amendments Implementation Date, the President and Chief Executive Officer, Executive Vice President and Chief Financial Officer, President of Domino's International, Executive Vice President of Supply Chain Services, Executive Vice President of Team U.S.A., Executive Vice President of Franchise Operations and Development, Executive Vice President of Communication, Investor Relations and Legislative Affairs, Executive Vice President and General Counsel, Executive

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Vice President and Chief Information Officer, President of Domino's USA, and Executive Vice President and Chief People Officer of Holdco or any other position that contains substantially the same responsibilities as any of the positions listed above or reports to the President and Chief Executive Officer; <u>provided</u> that from time to time an Authorized Officer of Holdco may, upon written notice to the Control Party and the Trustee, change the list of offices comprising the Leadership Team so long as such list (x) at all times includes, at a minimum, the Chief Executive Officer and Chief Financial Officer (or differently-titled successor offices performing substantially the same functions as the Chief Executive Officer and/or Chief Financial Officer, as the case may be) and (y) at no time exceeds twenty-five (25) offices; *provided, further,* that any changes to such list notified to the Control Party and the Trustee during the period beginning on the date that is ninety (90) days preceding the announcement of a Change of Control and ending on the date that is twelve (12) months following the occurrence of a Change of Control shall be disregarded for purposes of this definition.

"<u>Manager Advances</u>" has the meaning set forth in <u>Section</u> <u>2.2(a)</u> hereof.

"<u>Managed Assets</u>" has the meaning set forth in the recitals hereto.

"<u>Managed Document</u>" means any contract, agreement, arrangement or understanding relating to any of the Managed Assets, including, without limitation, the Contribution and Sale Agreements, the Distribution and Contribution Agreements, the Third-Party License Agreements, the Franchise Arrangements, the IP License Agreements, the Company-Owned Stores Requirements Agreement and the Supply Chain Agreements.

"<u>Management Standard</u>" means standards that (a) are consistent with Current Practices or, to the extent of changed circumstances, practices, technologies, strategies or implementation methods, consistent with the standards as the Manager would implement or observe if the Managed Assets were owned by the Manager; (b) will enable the Manager to comply in all material respects with all of the duties and obligations of the Securitization Entities under the Related Documents and each Collateral Franchise Document; (c) are in material compliance with all applicable Requirements of Law; and with respect to the use and maintenance of the IP Holders' (and any Additional IP Holder's) rights in and to the Domino's IP, are consistent with the standards imposed by the IP License Agreements.

"<u>Manager Termination Event</u>" has the meaning set forth in <u>Section</u> <u>6.1(a)</u> hereof.

"<u>Manager Termination Notice</u>" has the meaning set forth in <u>Section</u> <u>6.1(b)</u> hereof.

"<u>Non-Securitization Entity</u>" means any Domino's Entity that is not a Securitization Entity.

"<u>Non-Securitization Entity MFA Arrangements</u>" has the meaning set forth in <u>Section</u> <u>5.2(a)(iv)</u> hereof.

"<u>Non-Securitization International Franchisor</u>" means any Non-Securitization Entity that acts as a franchisor in respect of Franchised Stores operated or under development in the International Territory.

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"<u>Non-Securitization International Franchisor IP License Agreement</u>" has the meaning set forth in <u>Section</u> <u>5.2(a)(iv)</u> hereof.

"<u>Non-Securitization International Franchisor IP License Agreement Terms</u>" has the meaning set forth in <u>Section</u> <u>5.2(a)(iv)</u> hereof.

"<u>Notes</u>" has the meaning set forth in the recitals hereto.

"<u>Owned Property</u>" means, collectively, those parcels of real property in which any Securitization Entity owns the fee estate, together with any Improvements thereon.

"<u>Permitted Termination/Amendment</u>" means, with respect to any termination or amendment of a Non-Securitization International Franchisor IP License Agreement, such termination or amendment (i) with the prior written consent of the Control Party, to the extent required under the Indenture, (ii) in connection with the issuance of any Additional Notes, (x) to the extent that the credit ratings assigned to such Additional Notes are at the same or greater level than the greater of (A) the then-current credit ratings of the Notes comprising such Class or (B) the initial credit ratings, in each case, of any Series of Notes of the same Class or Tranche that are Outstanding or are being refinanced, without further consent, or (y) otherwise, solely upon satisfaction of the Rating Agency Condition with respect to all Notes; <u>provided</u>, that, in each case, such Additional Notes are rated at least investment grade (unless such Additional Notes are of a Class of Outstanding Notes that received a rating lower than investment grade at the time of issuance, in which case such Additional Notes shall be rated at least as high as the rating of such Class of Outstanding Notes received at the time of issuance), (iii) in the case of an amendment, required in order to effect an assignment of such Non-Securitization International Franchisor IP License Agreement to another Non-Securitization Entity or (iv) in the case of a termination, in connection with a permitted transfer or other disposition of all of the International NSE Franchise Agreements (or other franchise agreement or sublicense) then held by the applicable Non-Securitization International Franchisor.

"<u>Post-Opening Services</u>" means, to the extent required by the Franchise Arrangements, (a) the maintenance of a continuing advisory relationship with Franchisees, including consultation in the areas of marketing, merchandising and general business operations, (b) the provision to each Franchisee of the applicable standards for the Domino's Brand, (c) the use of reasonable efforts to maintain standards of quality, cleanliness, appearance and service at all Stores and (d) the collection and administration of the Advertising Fees and the Company-Owned Store Advertising Fees and the direction of the development of all advertising and promotional programs for the Domino's Brand or any Future Brand.

"<u>Post-Securitization Asset</u>" means a Post-Securitization Collateral Franchise Document, or any Intellectual Property created, developed or acquired after the Series 2007-1 Closing Date by or on behalf of, and owned by, the IP Holder, including, without limitation, all Future Brand IP.

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"<u>Post-Securitization Asset Addition Date</u>" means, with respect to any Post- Securitization Asset, the earliest of (i) the date on which such Post-Securitization Asset is acquired by, or developed for the benefit of, a Securitization Entity, (ii) the later of (a) the date upon which the closing occurs under the applicable contract giving rise to such Post- Securitization Asset and (b) the date upon which all of the diligence contingencies in the contract for purchase of the applicable Post-Securitization Asset expire and the Securitization Entity acquiring such Post-Securitization Asset no longer has the right to cancel such contract and (iii) the date on which a Securitization Entity begins receiving Collections with respect to such Post-Securitization Asset.

"<u>Post-Securitization Collateral Franchise Document</u>" means any Collateral Franchise Document entered into by any of the Securitization Entities (including any renewal) after the Series 2007-1 Closing Date.

"<u>Post-Securitization Owned Property</u>" means any Owned Property acquired after the Series 2007-1 Closing Date.

"<u>Power of Attorney</u>" means the authority granted by the IP Holder (and any Additional IP Holder) to the Manager pursuant to a Power of Attorney in substantially the form set forth as <u>Exhibit B</u> hereto.

"<u>Pre-Opening Services</u>" means, to the extent required by the Franchise Arrangements, (a) the provision to each Franchisee of standards for the design, construction, equipping and operation of any Store owned and operated by such Franchisee and the approval of locations meeting such standards, (b) the provision to individuals designated by the Franchisee of the applicable Franchisor's then-current initial training program corresponding to the Domino's Brand or any Future Brands, as the case may be, at one or more training centers designated by the Manager, (c) the provision to each Franchisee of then-current operating procedures to assist such Franchisee in complying with the applicable Franchisor's standard methods of record keeping, controls, staffing, quality control, training requirements and production methods and (d) the provision to each Franchisee of assistance in the pre-opening, opening and initial operation of the franchise as the Manager deems advisable for purposes of complying with the applicable Franchise Arrangements.

"<u>Prior Terms</u>" means, in respect of each type of contract included in Post- Securitization Franchise Arrangements, the contractual terms and provisions, exclusive of the applicable rates for Initial Franchise Fees or Continuing Franchise Fees, Advertising Fees and similar fees and expenses, that were generally prevailing for agreements of such type, entered into by the Former Franchisors on or before the Series 2007-1 Closing Date.

"<u>Repurchased Store</u>" has the meaning set forth in the recitals hereto.

"<u>Services</u>" means the servicing and administration of the Managed Assets and the Securitization Entities in accordance with the terms of this Agreement, the Indenture, the other Related Documents and the Managed Documents, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) calculating and compiling information required in connection with any report to be delivered pursuant to any Related Document (other than the Back-Up Management Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) preparing and filing of all tax returns and tax reports required to be prepared by any Securitization Entity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) performing the duties and obligations of the Securitization Entities pursuant to the Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) performing the duties and obligations of the Securitization Entities required pursuant to the Franchise Arrangements, including, without limitation, collecting payments under the Franchise Arrangements, providing each Franchisee party to a Franchise Arrangement with operations assistance, access to advertising and marketing materials, information and program updates and ongoing training programs for such Franchisee and its employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) preparing, for the Franchisors, Post-Securitization Franchise Arrangements, including, without limitation, adopting variations to the forms of agreements used in documenting Post-Securitization Franchise Arrangements and preparing and executing documentation of franchise transfers, terminations, renewals, site relocations and ownership changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) preparing, for the Supply Chain Holder, new Supply Chain Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) preparing and filing, for the Master Issuer and the Franchisors, franchise disclosure documents to comply in all material respects with applicable federal, state and foreign laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) preparing, for any Securitization Entity, New Third-Party License Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) ensuring material compliance by the Master Issuer, the Domestic Franchisor, the International Franchisor and the International Franchisor (Michigan) with franchise industry- specific government regulation and applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) performing the obligations of the Securitization Entities under the Managed Documents, including entering into new Managed Documents from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) enforcing and providing legal services with respect to the Managed Assets, including enforcing the Collateral Franchise Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) providing accounting and financial reporting services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) establishing and/or providing quality control services and standards with respect to the promulgation and maintenance of standards for food, equipment, suppliers and distributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) monitoring industry conditions and adapting accordingly to meet changing consumer needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) administering and facilitating any Franchisee Financing Programs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) formulating and implementing growth and business strategies and causing any applicable Securitization Entity to enter into new joint venture, strategic partnership and licensing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) supporting the development of new products for and increased brand awareness of the Domino's Brand, and, if applicable, any Future Brands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) the Pre-Opening Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) the Post-Opening Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) the IP Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) the Supply Chain Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) the Equipment Purchasing Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) the Asset Management Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) any and all additional services that the Manager deems necessary or convenient in connection with the foregoing.

"<u>SPV Canadian Holdco</u>" has the meaning set forth in the preamble hereto.

"<u>SPV Guarantor</u>" has the meaning set forth in the preamble hereto.

"<u>Sub-Management Arrangement</u>" means an arrangement whereby the Manager or the Canadian Manufacturer engages any other Person to perform certain of its duties under this Agreement; <u>provided</u> that any agreement between the Manager and third-party vendors pursuant to which the Manager purchases a specific product or service including, without limitation, the Supply Chain Agreements, shall not be considered to be a Sub- Management Arrangement.

"<u>Sub-manager</u>" means any sub-manager that has entered into a Sub-Management Arrangement with the Manager or the Canadian Manufacturer.

"<u>Successor Manager</u>" means any successor to the Manager appointed by the Control Party (at the direction of the Controlling Class Representative) that has accepted such appointment upon the termination, resignation, replacement or removal of the Manager pursuant to the terms of this Agreement.

"<u>Supply Chain Services</u>" means, in a manner consistent with the Management Standard, the production, acquisition, storage and delivery of food and other Products for resale to Franchisees, to DPL, as owner of Company-Owned Stores and to other Persons on behalf of the Securitization Entities, including enforcing and performing the duties and obligations of the Securitization Entities under the Supply Chain Agreements.

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"<u>Trademarks</u>" means United States, state and non-U.S. trademarks, service marks, trade names, trade dress, designs, logos, slogans and other indicia of source or origin, whether registered or unregistered, registrations and pending applications to register the foregoing, and all goodwill of any business connected with the use of or symbolized thereby, included in the Domino's IP.

"<u>Transition Plan</u>" has the meaning set forth in the Back-Up Management Agreement.

"<u>Trustee</u>" has the meaning set forth in the preamble hereto.

"<u>Trustee Indemnitee</u>" has the meaning set forth in <u>Section</u> <u>2.8(c)</u> hereof.

"<u>Weekly Canadian Management Fee</u>" has the meaning set forth in <u>Section</u> <u>2.7(b)</u>

"<u>Weekly Management Fee</u>" means for each Weekly Allocation Date within a Quarterly Collection Period, either (X) an amount, payable in arrears, determined by <u>dividing</u> (a) the <u>sum</u> of (i) $80,250,000, <u>plus</u> (ii) $17,200 for every integer multiple of $100,000 in aggregate Retained Collections over the preceding four Quarterly Collection Periods; <u>by</u> (b) 52 or 53, as applicable, based on the number of weeks in the fiscal year; <u>provided,</u> that the amount in <u>clause (a)</u> shall not exceed an amount equal to 25% of the aggregate amount of Retained Collections with respect to the preceding four Quarterly Collection Periods or (Y) an amount determined by another formula notified by the Master Issuer in writing to the Trustee and the Control Party; provided that (a) the Master Issuer or the Manager certifies to the Trustee and the Control Party that such other formula was determined in consultation with the Back-Up Manager, (b) after delivering such notification, the Master Issuer will disclose the then-applicable formula in subsequent Quarterly Noteholders' Statements and (c) the Master Issuer or the Manager delivers written confirmation to the Trustee and the Control Party that the Rating Agency Condition with respect to each Series of Notes Outstanding has been satisfied with respect to such new formula. For the avoidance of doubt, the Weekly Management Fee may also be amended in accordance with the amendment provisions in <u>Section</u> <u>8.2</u>.

For purposes of the definition of "Weekly Management Fee", Retained Collections will be deemed to be $320,245,577.47 for the Quarterly Collection Period ended September 8, 2024, $427,161,235.70 for the Quarterly Collection Period ended December 29, 2024, $325,581,495.43 for the Quarterly Collection Period ended March 23, 2025, and $344,203,702.81 for the Quarterly Collection Period ended June 15, 2025. Further, the calculation of Retained Collections for the Quarterly Collection Period ending on September 7, 2025 may be adjusted to reflect the Manager's good faith estimate (in accordance with the Management Standard) of what Retained Collections would have been for the portion of such Quarterly Collection Period occurring prior to the Series 2025-1 Closing Date if the calculation of "Retained Collections" set forth above had been in effect prior to the Series 2025-1 Closing Date.

"<u>Warm Back-Up Management Duties</u>" has the meaning set forth in the Back-Up Management Agreement.

Section 1.2 <u>Other Defined Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each term defined in the singular form in <u>Section</u> <u>1.1</u> or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement and each term defined in the plural form in <u>Section</u> <u>1.1</u> shall mean the singular thereof when the singular form of such term is used herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "hereof," "herein," "hereunder" and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.

Section 1.3 <u>Other Terms</u>. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9.

Section 1.4 <u>Computation of Time Periods</u>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "<u>from</u>" means "<u>from and including</u>" and the words "<u>to</u>" and "<u>until</u>" each means "<u>to but excluding</u>."

ARTICLE 2

<u>ADMINISTRATION AND MANAGEMENT OF MANAGED ASSETS</u> 

Section 2.1 <u>Domino</u><u>'</u><u>s Pizza LLC to Act as the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Engagement of the Manager</u>. The Securitization Entities hereby engage and authorize the Manager and the Manager hereby accepts such engagement to perform the Services in accordance with the terms of this Agreement and, except as otherwise provided herein, the Management Standard. With respect to the IP Services, the Manager shall perform such IP Services in accordance with the Management Standard unless the IP Holder (or Additional IP Holder, as applicable) determines, in its sole discretion, that additional action is necessary or desirable in furtherance of the protection of the Domino's IP, in which case the Manager shall perform such IP Services and additional related services as are reasonably requested by the IP Holder (or Additional IP Holder). The Manager, on behalf of the Securitization Entities, shall have full power and authority, acting alone and subject only to the Management Standard and the specific requirements and prohibitions of this Agreement, the Indenture and the other Related Documents, to do and take any and all actions, or to refrain from taking any such actions, and to do any and all things in connection with performing the Services that the Manager may deem necessary or desirable. The Canadian Manufacturer will perform all Services for the Canadian Distributor for as long as the Canadian Distributor remains a Guarantor under the Global G&C Agreement. Without limiting the generality of the foregoing, but subject to the provisions of this Agreement, the Indenture and the other Related Documents, including, without limitation, <u>Section</u> <u>2.9</u>, the Manager, in connection with performing the Services, is hereby authorized and empowered to execute and deliver, in the Manager's own name (in its capacity as Manager) or in the name of any Securitization Entity, on behalf of any Securitization Entity or the Trustee, as the case may be, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Managed Assets, including, without limitation, consents to sales, transfers or encumbrances of a franchise by any Franchisee or consents to assignments and assumptions of the Franchise Arrangements by any Franchisee in accordance with the terms thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Actions to Perfect Security Interests</u>. Subject to the terms of the Base Indenture and any applicable Series Supplement, the Manager shall take those actions that are required under the Related Documents to maintain continuous perfection and priority (subject to Permitted Liens) of any Securitization Entity's and the Trustee's respective interests in the Collateral. Without limiting the foregoing, the Manager shall file or cause to be filed the financing statements on Form UCC-1 (or the PPSA, as the case may be), and assignments and/or amendments of financing statements on Form UCC-3 (or the PPSA, as the case may be), and other filings required to be filed in connection with each Contribution and Sale Agreement, the Distribution and Contribution Agreements, the IP License Agreements, the Domino's IP, the Base Indenture, the other Related Documents and the transactions contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ownership of Domino's IP</u>. All Domino's IP, including all After-Acquired IP Assets, shall be owned exclusively by the IP Holder or, with respect to certain Future Brand Assets, by an Additional IP Holder, in accordance with <u>Section</u> <u>5.2(a)(i)</u>. The Manager does hereby irrevocably assign and transfer to the IP Holder all right, title and interest in and to any Domino's IP that the Manager has acquired or developed, and shall assign and transfer to the IP Holder or the applicable Additional IP Holder, all right title and interest in and to any Domino's IP that the Manager may acquire or develop, in each case, including all appurtenant goodwill and choses in action, and will take all appropriate measures to record any such assignments, at the Manager's sole cost and expense. The Manager expressly agrees that, to the fullest extent allowed by law, copyrighted works included in the After-Acquired IP Assets shall be deemed to be a "works made for hire" as that term is defined in Section 101 of the United States Copyright Act, as amended. All use of the Domino's IP hereunder, and any goodwill that may arise from the provision of the Services by the Manager, shall inure solely to the benefit of the IP Holder (and any Additional IP Holder, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Grant of Power of Attorney</u>. In order to provide the Manager with the authority to perform and execute its duties and obligations as set forth herein, the IP Holder hereby agrees, and each Additional IP Holder will be required to agree, to execute, upon request of the Manager, a Power of Attorney, which Powers of Attorney shall terminate in the event that the Manager's rights under this Agreement are terminated as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Franchisee Insurance</u>. The Manager acknowledges that, to the extent that it is named as a "loss payee" or "additional insured" under any Franchisee Insurance Policies, it will use commercially reasonable efforts to cause it to be so named in its capacity as the Manager, and the Manager shall promptly remit to the Trustee for deposit in the Collection Account any Franchisee Insurance Proceeds received by it or by any Securitization Entity under any Franchisee Insurance Policy to the extent such Franchisee Insurance Proceeds relate to any Franchise Arrangements. The Manager shall use commercially reasonable efforts to cause the applicable Securitization Entity to be named as "loss payee" or "additional insured" under all Franchisee Insurance Policies at the earliest time such Franchisee Insurance Policies are issued, renewed or replaced after the date hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Manager Insurance</u>. The Manager agrees to maintain adequate insurance in accordance with industry standards and consistent with the type and amount maintained by the Manager on the Closing Date. Such insurance will cover each of the Securitization Entities, as an additional insured or loss payee, to the extent that such Securitization Entity has an insurable interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Collection of Payments; Remittances; Collection Account</u>. The Manager shall cause the collection of all amounts owing under the terms and provisions of each Managed Document in accordance with the Management Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Collections</u>. The Manager shall use commercially reasonable efforts to cause all Collections due and to become due to any Securitization Entity to be deposited into a Concentration Account or the Collection Account, as the case may be, in accordance with Section 5.10 of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Deposit of Misdirected Funds; No Commingling; Misdirected Payments</u>. The Manager shall promptly deposit into any Concentration Account, as determined by the Manager, by the second Business Day immediately following actual knowledge of the receipt thereof by the Manager or any of its Affiliates and in the form received or in cash, all payments received by the Manager or any of its Affiliates in respect of the Managed Assets incorrectly sent to the Manager or any of its Affiliates. The Manager shall not commingle with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager shall notify the Trustee in writing of any amounts incorrectly deposited into the Collection Account, and arrange for the prompt remittance by the Trustee of such funds from the Collection Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager hereunder and shall remit such funds to the Manager based solely on the notification it receives from the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other Amounts Received</u>. The Manager shall cause all amounts received, other than Collections, to be deposited directly into an account maintained by Domino's Pizza LLC or its Affiliates (other than the Securitization Entities) and not subject to the Lien of the Trustee pursuant to the Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Asset Management Services</u>. In connection with the Asset Management Services, the Manager shall use commercially reasonable efforts to renew real property leases and equipment leases related to the distribution, production and supply chain solely in the name of the relevant Securitization Entity and to remove any Non-Securitization Entity that is a co-obligor on any such lease.

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Section 2.2 <u>Manager Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Management Standard, the Manager may, but is not obligated to, advance funds (the "<u>Manager Advances</u>") to, or on behalf of, any Securitization Entity in connection with the operation of the Franchise Assets, the Domino's IP, the Supply Chain Assets or any other assets of a Securitization Entity, including for the payment of (without duplication) Supply Chain Expenses, Supply Chain Costs of Goods Sold, Supply Chain Center Expenses and Supply Chain Operating Expenses, and for purposes of effecting Asset Dispositions, including amounts related to the acquisition of assets disposed of later in such transactions, in each case, solely to the extent that funds available in the applicable accounts are insufficient to pay such amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Manager Advances will accrue interest at the Advance Interest Rate and will be reimbursable on each Weekly Allocation Date in accordance with the Priority of Payments.

Section 2.3 <u>Concentration Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall maintain the Concentration Accounts, deposit funds therein and withdraw funds therefrom in accordance with the terms of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event Holdco has deposited cash collateral as security for its obligations under the Holdco Letter of Credit Agreement into a bank account maintained in the name of the Master Issuer, (i) if Holdco fails to make any payment to the Co-Issuers when due under the Holdco Letter of Credit Agreement, the Manager will withdraw the amount of such delinquent payment from such bank account within one Business Day of the due date of such payment under the Holdco Letter of Credit Agreement and deposit such amount into the Collection Account, and (ii) if the amount on deposit in such account exceeds an amount equal to 105% of the <u>sum of</u> (x) the aggregate exposure under all outstanding Holdco Letters of Credit <u>plus</u> (y) the aggregate amount then due to the Co-Issuers under Section 4 or Section 5 of the Holdco Letter of Credit Agreement, the Manager will, within five Business Days after obtaining Actual Knowledge of such excess, withdraw the amount of such excess from such account and pay such excess to Holdco.

Section 2.4 <u>Records</u>. The Manager shall retain all data (including, without limitation, computerized records) relating directly to, or maintained in connection with, the servicing of the Managed Assets at its address indicated in <u>Section</u> <u>8.6</u> (or at an off-site storage facility reasonably acceptable to the Master Issuer and the Control Party) or, upon 30 days' notice to the Master Issuer, the Servicer, the Back-Up Manager, the IP Holder (and any Additional IP Holder), the Rating Agencies, the Control Party, the Controlling Class Representative and the Trustee, at such other place where the servicing office of the Manager is located, and shall give the Servicer, the Back-Up Manager, the Control Party, the Controlling Class Representative and the Trustee or any Person appointed by any of them access to all such data in accordance with the terms and conditions set forth in Section 8.6 of the Base Indenture; <u>provided</u>, <u>however</u>, that the Trustee shall not be obligated to verify, recalculate or review any such data. If the rights of the Manager shall have been terminated in accordance with <u>Section</u> <u>6.1</u> or the Manager shall have resigned pursuant to <u>Section</u> <u>4.4(b)</u>, the Manager shall, upon demand of the Trustee (based upon the written direction of the Control Party), in the case of a termination pursuant to Section 6.1 or a resignation pursuant to Section 4.4(b), deliver to the demanding party or its designee all data in

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its possession or under its control (including, without limitation, computerized records) necessary for the servicing of the Managed Assets; <u>provided</u>, <u>however</u>, that the Manager may retain a single set of copies of any books and records that the Manager reasonably believes will be required by it for the purpose of performing any of the Manager's accounting, public reporting or other administrative functions that are performed in the ordinary course of the Manager's business; and <u>provided</u>, <u>further</u>, that the Manager shall have access, during normal business hours and upon reasonable notice, to all books and records that the Manager reasonably believes would be necessary or desirable for the Manager in connection with the preparation of any tax or other governmental reports and filings and other uses; and <u>provided</u>, <u>further</u>, that if the Master Issuer or the Trustee shall desire to dispose of any of such books and records at any time within five years of the Manager's termination, the Master Issuer shall, prior to such disposition, give the Manager a reasonable opportunity, at the Manager's expense, to segregate and remove such books and records as the Manager may select. The provisions of this <u>Section</u> <u>2.4</u> shall not require the Manager to transfer any proprietary material or computer programs unrelated to the servicing of the Managed Assets.

Section 2.5 <u>Administrative Duties of Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duties with Respect to the Related Documents</u>. The Manager shall perform its duties and the duties of each applicable Securitization Entity under the Related Documents except for those duties that are required to be performed by the equityholders or the managers of a limited liability company, equityholders or the directors of an unlimited liability company or the stockholders or directors of a corporation pursuant to applicable law. In furtherance of the foregoing, the Manager shall consult the managers or the directors, as the case may be, of the Securitization Entities as the Manager deems appropriate regarding the duties of the Securitization Entities under the Related Documents. The Manager shall monitor the performance of the Securitization Entities and, promptly upon obtaining knowledge thereof, shall advise the applicable Securitization Entity when action is necessary to comply with the such Securitization Entity's duties under the Related Documents. The Manager shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to the Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Duties with Respect to the Securitization Entities</u>. In addition to the duties of the Manager set forth in this Agreement or any of the other Related Documents, the Manager, in accordance with the Management Standard, shall perform such calculations and shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to securities laws and franchise laws. Pursuant to the directions of the Securitization Entities and in accordance with the Management Standard, the Manager shall administer, perform or supervise the performance of such other activities in connection with the Securitization Entities as are not covered by any of the foregoing provisions and as are expressly requested by any Securitization Entity and are reasonably within the capability of the Manager.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Records</u>. The Manager shall maintain, at its sole cost and expense, appropriate books of account and records relating to the Services performed under this Agreement. Such books of account and records shall be accessible for inspection by the Trustee, the Master Issuer, the Servicer, the Back- Up Manager, the Control Party, and the Controlling Class Representative or any Person appointed by any of them during normal business hours and upon reasonable notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Election of Controlling Class</u> <u>Representative</u>. Pursuant to Section 11.1(d) of the Base Indenture, if two CCR Candidates both receive votes from Controlling Class Members holding beneficial interests in exactly 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class, the Manager shall direct the Trustee to appoint one of such CCR Candidates as the Controlling Class Representative.

Section 2.6 <u>No Offset</u>. The obligations of the Manager under this Agreement shall not be subject to, and the Manager hereby waives, any defense, counterclaim or right of offset which the Manager has or may have against the Securitization Entities, whether in respect of this Agreement, any other Related Document, any document governing any Serviced Asset or otherwise.

Section 2.7 <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. As compensation for the performance of their obligations under this Agreement, the Manager and the Canadian Manufacturer shall be entitled to receive arm's-length fees, in each case, out of funds available therefore in accordance with the Priority of Payments, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on each Weekly Allocation Date, payable in arrears, an amount equal to the Weekly Management Fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on each Weekly Allocation Date, the Supplemental Management Fee, if any; <u>provided</u> that the Manager shall, with the written consent or at the direction of the Control Party, acting at the direction of the Controlling Class Representative, pay any Tax Payment Deficiency from the Supplemental Management Fee to the extent allocated for such purpose under the terms of such consent or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Canadian Manufacturer</u>. From the amounts payable under <u>Section</u> <u>2.7(a)</u> in respect of any Weekly Collection Period, as compensation for the performance of its obligations under this Agreement, the Canadian Manufacturer will be compensated on a cost-plus basis for performance of Services for the Canadian Distributor during such Weekly Collection Period (the "<u>Weekly Canadian Management Fee</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Manager</u>. As compensation for the performance of its obligations under this Agreement, the Manager will be entitled to receive all amounts payable under <u>Section</u> <u>2.7(a)</u> in respect of any Weekly Collection Period, <u>less</u> the Weekly Canadian Management Fee, if any, payable in respect of such Weekly Collection Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [<u>Reserved</u>].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reimbursement Amounts</u>. The Manager will be entitled to be reimbursed on each Weekly Allocation Date out of funds available therefor in accordance with the Priority of Payments in the amount of the Weekly Supply Chain Services Reimbursement Amount and the Weekly Equipment Purchasing Reimbursement Amount.

Section 2.8 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager agrees to indemnify and hold each Securitization Entity, the Servicer, both in its capacity as Servicer and as Control Party, the Back-Up Manager and the Trustee, and their respective officers, directors, employees and agents (each an "<u>Indemnitee</u>") harmless against all claims, losses, penalties, fines, forfeitures, legal fees and related costs and judgments and other costs, fees and reasonable expenses that any of them may incur as a result of (i) the failure of the Manager to perform its obligations under this Agreement, (ii) the breach by the Manager of any representation, warranty or covenant under this Agreement or (iii) the Manager's negligence, bad faith or willful misconduct; <u>provided</u>, <u>however</u>, that there shall be no indemnification under this <u>Section</u> <u>2.8(a)</u> for a breach of any representation, warranty or covenant relating to any Post-Securitization Asset provided in <u>Article 5</u>, unless the applicable Indemnitees elect to forego the liquidated damages remedy provided in <u>Section</u> <u>2.8(b)</u> below (with the consent of the Control Party), with respect to the applicable breach; <u>provided</u> <u>further</u> that, solely for purposes of determining the indemnification obligations pursuant to <u>clause (i)</u> above, the definition of "Management Standard" will be read without giving effect to the materiality standard contained in clause (c) of the definition of "Management Standard."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Indemnitee that proposes to assert the right to be indemnified under <u>Section</u> <u>2.8</u> will promptly, after receipt of notice of the commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against the Manager under this <u>Section</u> <u>2.8</u>, notify the Manager of the commencement of such action, suit or proceeding, enclosing a copy of all papers served. In the event that any action, suit or proceeding shall be brought against any Indemnitee (other than the Trustee and its officers, directors, employees and agents), such Indemnitee shall notify the Manager of the commencement thereof and the Manager shall be entitled to participate in, and to the extent that it shall wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee, and after notice from the Manager to such Indemnitee of its election to assume the defense thereof, the Manager shall not be liable to such Indemnitee for any legal expenses subsequently incurred by such Indemnitee in connection with the defense thereof; <u>provided</u> that the Manager shall not enter into any settlement with respect to any claim or proceeding unless such settlement includes a release of such Indemnitee from all liability on claims that are the subject matter of such settlement; and <u>provided further</u> that the Indemnitee shall have the right to employ its own counsel in any such action the defense of which is assumed by the Manager in accordance with this <u>Section</u> <u>2.8</u>, but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless the employment of counsel by such Indemnitee has been specifically authorized by the Manager, or unless the Manager is advised in writing by counsel that joint representation would give rise to a conflict between the Indemnitee's position and the position of the Manager and its Affiliates in respect of the defense of the claim. In the event that any action, suit or proceeding shall be brought against the Trustee or any of its officers, directors, employees or agents (each, a "<u>Trustee Indemnitee</u>"), it shall notify the Manager of the commencement thereof and the Trustee Indemnitee shall have the right to employ its own counsel in any such action at the expense of the Manager. No Indemnitee shall settle or compromise any claim covered pursuant to this <u>Section</u> <u>2.8</u> without the prior written consent of the Manager, which shall not be unreasonably withheld, conditioned or delayed. The provisions of this <u>Section</u> <u>2.8</u> shall survive the termination of this Agreement or the earlier resignation or removal of any party hereto.

Section 2.9 <u>Nonpetition Covenant</u>. The Manager shall not, prior to the date that is one year and one day after the payment in full of the Outstanding Principal Amount of the Notes of any Series, petition or otherwise invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against any Securitization Entity under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of any Securitization Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of any Securitization Entity.

Section 2.10 <u>Certain Amendments to Documents Governing Managed Assets</u>. Except with the prior written consent of the Control Party, the Manager shall not (a) take any action (or omit to take any action) (or permit any such action or inaction) with respect to the Managed Assets or (b) permit the termination, amendment or waiver of any provision of any document governing the Managed Assets, other than in accordance with the Management Standard, and then only if the effect of such action, inaction, termination, amendment or waiver, together with the effect of all other previous actions, inactions, terminations, amendments and waivers, with respect to the Managed Asset or to such documents governing the Managed Assets, could not be reasonably expected to result in (i) a material decrease in the amount of Collections other than Excluded Amounts, taken as a whole, (ii) a material adverse change in the nature or quality of Collections other than Excluded Amounts, taken as a whole or (iii) a material alteration in the general assets categories generating Collections other than Excluded Amounts, taken as a whole, or the relative contribution of each such category; <u>provided</u>, <u>however</u>, that this <u>Section</u> <u>2.10</u> shall not permit the termination, amendment or waiver of, any provision of any Related Document other than in accordance with the terms of such Related Document.

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Section 2.11 <u>Franchisor Consent</u>. Subject to the Management Standard and the terms of the Related Documents, the Manager shall have the authority, on behalf of the applicable Franchisor, to grant or withhold consents of the "franchisor" required under the Franchise Arrangements.

Section 2.12 <u>Appointment of Sub-managers</u>. The Manager may enter into Sub-Management Arrangements; <u>provided</u> that, other than with respect to a Sub- Management Arrangement with an Affiliate of the Manager, no Sub-Management Arrangement shall be effective unless and until (i) the Manager receives the written consent of the Control Party, (ii) the Sub-manager party to such Sub-Management Arrangement executes and delivers an agreement, in the form and substance reasonably satisfactory to the Control Party, to perform and observe, or in the case of an assignment, an assumption by such successor entity of the due and punctual performance and observance of, the applicable covenants and conditions to be performed or observed by the Manager under this Agreement and (iii) such Sub-Management Arrangement or assignment and assumption by such Sub-Manager satisfies the Rating Agency Condition; <u>provided</u> that such Sub-Management Arrangement shall be terminable by the Control Party upon a Manager Termination Event and shall contain disentanglement provisions substantially similar to those provided in <u>Section</u> <u>6.2</u> herein. The Manager shall deliver a copy of each sub-management agreement to the Back-Up Manager.

ARTICLE 3

<u>STATEMENTS AND REPORTS</u> 

Section 3.1 <u>Reporting by the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reports Required Pursuant to the Indenture</u>. The Manager, on behalf of the Master Issuer, will furnish, or cause to be furnished, to the Trustee, the Servicer, the Back-Up Manager and each Paying Agent, as applicable, all reports required to be delivered by any Securitization Entity to such Persons pursuant to Section 4.1 of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Instructions as to Withdrawals and Payments</u>. The Manager, on behalf of the Master Issuer, will furnish, or cause to be furnished, to the Trustee or the Paying Agent, as applicable, written instructions to make withdrawals and payments from the Collection Account and any other Base Indenture Accounts or any Series Account, as contemplated herein, in the Base Indenture or in any Series Supplement. The Trustee and the Paying Agent shall follow any such written instructions in accordance with the terms and conditions of the Base Indenture and any applicable Series Supplement.

Section 3.2 <u>Appointment of Independent Accountant</u>. The Master Issuer shall appoint a firm of independent public accountants of recognized national reputation to serve as the independent accountants ("<u>Independent Accountants</u>") for purposes of preparing and delivering the reports required by <u>Section</u> <u>3.3</u>. It is hereby acknowledged that the accounting firm of PricewaterhouseCoopers LLP is acceptable for purposes of serving as Independent Accountants.

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The Master Issuer may not remove the Independent Accountants without first giving 30 days' prior written notice to the Independent Accountants, with a copy of such notice also given concurrently to the Trustee, the Rating Agencies, the Servicer, the Back-Up Manager and the Manager. Upon any resignation by such firm or removal of such firm, the Master Issuer shall promptly appoint a successor thereto that shall also be a firm of independent public accountants of recognized national reputation to serve as the Independent Accountants hereunder. If the Master Issuer shall fail to appoint a successor firm of Independent Accountants which has resigned or been removed within 30 days after the effective date of such resignation or removal, the Control Party shall promptly appoint a successor firm of independent public accountants of recognized national reputation that is reasonably satisfactory to the Manager to serve as the Independent Accountants hereunder. The fees of any Independent Accountants shall be payable by the Master Issuer.

Section 3.3 <u>Annual Accountants</u><u>'</u> <u>Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before one hundred and twenty (120) days after the end of each fiscal year of the Manager (or, if the last day of such one hundred and twenty (120) day period is not a Business Day, on or prior to the first Business Day following such time period), the Manager shall deliver to the Master Issuer, the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies a separate report, concerning the fiscal year just ended, prepared by the Independent Accountants, to the effect that their examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as they considered necessary in the circumstances in accordance with the standards established by the American Institute of Certified Public Accountants relating to the servicing of the Managed Assets. The nature, scope and design of the procedures will not constitute an audit made in accordance with generally accepted auditing standards, the objective of which is the issuance of an opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before one hundred and twenty (120) days after the end of each fiscal year of the Manager (or, if the last day of such one hundred and twenty (120) day period is not a Business Day, on or prior to the first Business Day following such time period), the Manager shall deliver to the Master Issuer, the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies (i) a report of the Independent Accountants or the Back-Up Manager summarizing the findings of a set of agreed-upon procedures performed by the Independent Accountants or the Back-Up Manager with respect to compliance by the Quarterly Manager's Certificates for such fiscal year (or other period) with the standards set forth in <u>Article 2</u> with respect to such fiscal year (or other) period, and (ii) a report of the Independent Accountants or the Back-Up Manager to the effect that such firm has examined the assertion of the Manager's management as to its compliance with its management requirements for such fiscal year (or other period), and that (A) in the case of the Independent Accountants, such examination was made in accordance with standards established by the American Institute of Certified Public Accountants and (B) except as described in the report, management's assertion is fairly stated in all material respects. In the case of the Independent Accountants, the report will also indicate that the firm is independent of the Manager within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants.

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Section 3.4 <u>Notice of Reduction in Blended Rate of Continuing Franchise Fees</u>. If during any Quarterly Collection Period the weighted average rate of (a) Domestic Continuing Franchise Fees (calculated as the aggregate amount of such Domestic Continuing Franchise Fees <u>divided by</u> the aggregate systemwide sales (after all appropriate deductions) on which such Domestic Continuing Franchise Fees were payable) falls below 5% or (b) International Continuing Franchise Fees (calculated as the aggregate amount of such International Continuing Franchise Fees <u>divided by</u> the aggregate systemwide sales (after all appropriate deductions) on which such International Continuing Franchise Fees were payable) falls below 2.5%, the Manager, on behalf of the Master Issuer, shall give written notice of such reduction to the Servicer, the Back-Up Manager and the Rating Agencies on the next succeeding Quarterly Payment Date.

ARTICLE 4

<u>THE MANAGER</u> 

Section 4.1 <u>Representations and Warranties Concerning the Manager</u>. The Manager represents and warrants to the Master Issuer and the other Securitization Entities, and the Trustee, as of each Series Closing Date (except if otherwise expressly noted), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Manager (i) is a limited liability company, duly formed and organized, validly existing and in good standing under the laws of the State of Michigan, (ii) is duly qualified to do business as a foreign corporation and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its obligations under the Related Documents make such qualification necessary, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect and (iii) has the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted and to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Canadian Manufacturer (i) is an unlimited company, duly formed and organized, validly existing and in good standing under the laws of the Province of Nova Scotia, (ii) is duly qualified to do business as a foreign unlimited company and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its obligations under the Related Documents make such qualification necessary, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect and (iii) has the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted and to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power and Authority; No Conflicts</u>. The execution and delivery by the Manager of this Agreement and its performance of, and compliance with, the terms hereof are within the power of the Manager and have been duly authorized by all necessary corporate action on the part of the Manager. Neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated to be consummated by the Manager, nor

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compliance with the provisions hereof, will conflict with or result in a breach of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under (i) any order or any Governmental Authority or any of the provisions of any Requirement of Law binding on the Manager or its properties, except to the extent that such conflict, breach or default would not result in a Material Adverse Effect, (ii) the DPL Charter Documents or (iii) any of the provisions of any indenture, mortgage, lease, contract or other instrument to which the Manager is a party or by which it or its property is bound or result in the creation or imposition of any Lien upon any of its property pursuant to the terms of any such indenture, mortgage, leases, contract or other instrument except to the extent such default, creation or imposition would not result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Consents</u>. Except for registrations as a franchise broker or franchise sales agent as may be required under federal, state or foreign franchise statutes and regulations, the Manager is not required to obtain the consent of any other party or the consent, license, approval or authorization of, or file any registration or declaration with, any Governmental Authority in connection with the execution, delivery or performance by the Manager of this Agreement, or the validity or enforceability of this Agreement against the Manager, except to the extent that a state or foreign franchise law requires filing and other compliance actions by virtue of considering the Manager as a "subfranchisor".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Due Execution and Delivery</u>. This Agreement has been duly executed and delivered by the Manager and constitutes a legal, valid and binding instrument enforceable against the Manager in accordance with its terms (subject to applicable insolvency laws and to general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Litigation</u>. There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Manager, threatened against or affecting the Manager, before or by any Governmental Authority having jurisdiction over the Manager or any of its properties or with respect to any of the transactions contemplated by this Agreement (i) asserting the illegality, invalidity or unenforceability, or seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of this Agreement, or (ii) which could reasonably be expected to have a Material Adverse Effect. The Manager is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Due Qualification</u>. Except for registrations as a franchise broker or franchise sales agent as may be required under state or foreign franchise statutes and regulations and except to the extent that a state or foreign franchise law requires filing and other compliance actions by virtue of considering the Manager as a "subfranchisor", the Manager has obtained or made all licenses, registrations, consents, approvals, waivers and notifications of creditors, lessors and other Persons, in each case, in connection with the execution and delivery of this Agreement by the Manager, and the consummation by the Manager of all the transactions herein contemplated to be consummated by the Manager and the performance of its obligations hereunder, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Default</u>. The Manager is not in default under any agreement, contract, instrument or indenture to which the Manager is a party or by which it or its properties is or are bound, or with respect to any order of any Governmental Authority, which would have a Material Adverse Effect; and no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such order of any Governmental Authority, which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Taxes</u>. The Manager has filed or caused to be filed all federal tax returns and all state and other tax returns which, to its knowledge, are required to be filed. The Manager has paid or made adequate provisions for the payment of all taxes shown as due on such returns, and all assessments made against it or any of its property (other than any amount of tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Manager). The charges, accruals and reserves on the Manager's books in respect of taxes are, in the Manager's reasonable opinion, adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Accuracy of Information</u>. As of the date thereof, the information contained in the final offering memorandum, dated March 6, 2012, relating to the Notes issued on the Closing Date, regarding (i) the Manager, (ii) the servicing of the Managed Assets by the Manager and (iii) the description of this Agreement therein does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Financial Statements</u>. As of the Closing Date, the audited consolidated financial statements of the Master Issuer and its Subsidiaries dated as of January 2, 2011 and January 1, 2012, incorporated in the offering memorandum dated as of March 6, 2012 and reported on and accompanied by an unqualified report from PricewaterhouseCoopers LLP, have been prepared in accordance with GAAP and present fairly the financial position of the Master Issuer and its Subsidiaries as at such date and the results of their operations and their cash flows for the periods covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Material Adverse Change</u>. Since January 2, 2012, there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No ERISA Plan</u>. Neither the Manager nor any corporation or any trade, business, organization or other entity (whether or not incorporated) that would be treated together with the Manager as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA has established, maintains, contributes to, or has any liability in respect of (or has in the past six years established, maintained, contributed to, or had any liability in respect of) any Plan. Except as set forth in <u>Schedule 4.1</u>, the Manager is not a member of a Controlled Group which has any contingent liability with respect to any post-retirement welfare benefits under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation of coverage laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Environmental Matters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Manager (A) is, and for the past three years has been, in material compliance with any and all applicable foreign, federal, state and local laws and regulations, and directives of any Governmental Authority relating to the protection of human health and safety, natural resources, the environment or hazardous or toxic substances or wastes, pollutants or contaminants ("<u>Environmental Laws</u>"), (B) has received and will have in full force and effect all material permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its businesses (including, without limitation, the business of servicing the Managed Assets) and (C) is in compliance with all terms and conditions of any such permit, license or approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There are no material costs or liabilities associated with Environmental Laws (including, without limitation, any capital operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Manager Termination Event</u>. No Manager Termination Event has occurred or is continuing, and, to the knowledge of the Manager, there is no event which, with notice or lapse of time, or both, would constitute a Manager Termination Event.

Section 4.2 <u>Existence</u>. The Manager shall keep in full effect its existence under the laws of the state of its formation, and maintain its rights and privileges necessary or desirable in the normal conduct of its business and the performance of its obligations hereunder, and will obtain and preserve its qualification to do business in each jurisdiction in which the failure to so qualify either individually or in the aggregate would be reasonably likely to have a Material Adverse Effect.

Section 4.3 <u>Performance of Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Punctual Performance</u>. The Manager shall punctually perform and observe all of its obligations and agreements contained in this Agreement in accordance with the terms hereof and in accordance with the Management Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Limitations of Responsibility of the Manager</u>. The Manager will have no responsibility under this Agreement other than to render the Services called for hereunder in good faith and consistent with the Management Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Right to Receive Instructions</u>. In the event that the Manager is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement or any other Related Document, or any such provision is, in the good faith judgment of the Manager, ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement or any other Related Document permits any determination by the Manager or is silent or is incomplete as to the course of action which the Manager is required to take with respect to a particular set of facts, the Manager may give notice (in such form as shall be appropriate under the circumstances) to the Control Party requesting instructions in accordance with the Base Indenture and, to the extent that the Manager shall have acted or refrained from acting in good faith in accordance with any

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such instructions received from the Control Party, the Manager shall not be liable on account of such action or inaction to any Person; <u>provided</u> that the Control Party shall be under no obligation to provide any instruction if it is unable to decide between alternative courses of action. Subject to the Management Standard, if the Manager shall not have received appropriate instructions from the Control Party within ten days of such notice (or within such shorter period of time as may be specified in such notice) the Manager may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Related Documents, as the Manager shall deem to be in the best interests of the Noteholders and the Securitization Entities. The Manager shall have no liability to any Secured Party, any Noteholder or the Controlling Class Representative for such action or inaction taken in reliance on the preceding sentence except for the Manager's own willful misconduct or negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Duties Except as Specified in this Agreement or in Instructions</u>. The Manager shall not have any duty or obligation to manage, make any payment in respect of, register, record, sell, reinvest, dispose of, create, perfect or maintain title to, or any security interest in, or otherwise deal with the Collateral, to prepare or file any report or other document or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Manager is a party, except as expressly provided by the terms of this Agreement and consistent with the Management Standard, and no implied duties or obligations shall be read into this Agreement against the Manager. The Manager nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Managed Assets which result from claims against the Manager personally that are not related to the ownership or administration of the Managed Assets or the transactions contemplated by the Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Action Except Under Specified Documents or Instructions</u>. The Manager shall not manage, control, use, sell, reinvest, dispose of or otherwise deal with any part of the Collateral except in accordance with the powers granted to, and the authority conferred upon, the Manager pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Limitations on the Manager</u><u>'</u><u>s Liability</u>. Subject to the Management Standard, and except for any loss, liability, expense, damage or injury arising out of, or resulting from, (i) any breach or default by the Manager in the observance or performance of any of its agreements contained in this Agreement, (ii) the breach by the Manager of any representation or warranty made by it herein or (iii) acts or omissions constituting the Manager's own willful misconduct, bad faith or negligence in the performance of its duties hereunder or otherwise, neither the Manager nor any of its Affiliates (other than the Securitization Entities), managers, officers, members or employees shall be liable to any Securitization Entity, the Servicer, the Control Party, the Back-Up Manager, the Noteholders or any other Person under any circumstances, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for any error of judgment made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for any action taken or omitted to be taken by the Manager in good faith in accordance with the Management Standard and in accordance with the instructions of the Control Party made in accordance herewith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for any representation, warranty, covenant, agreement or indebtedness of any Securitization Entity under the Notes or any Related Document, or for any other liability or obligation of any Securitization Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for or in respect of the validity or insufficiency of this Agreement or for the due execution hereof by any party hereto other than the Manager, or for the form, character, genuineness, sufficiency, value or validity of any part of the Collateral, or for or in respect of the validity or insufficiency of the Related Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for any action or inaction of the Trustee or the Control Party, or for the performance of, or the supervision of the performance of, any obligation under this Agreement or any other Related Document that is required to be performed by the Trustee or the Control Party under this Agreement or any other Related Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Financial Liability</u>. No provision of this Agreement (other than the last sentence of <u>clause (d)</u> above) shall require the Manager to expend or risk its funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Manager shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it. Notwithstanding the foregoing, the Manager shall be obligated to perform its obligations hereunder, consistent with the Management Standard, notwithstanding the fact that the Manager may not be entitled to be reimbursed for all of its expenses incurred in connection with its obligations hereunder as a result of any limit on amounts payable pursuant to the definitions of Weekly Management Fee, Weekly Canadian Management Fee and Supplemental Management Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reliance</u>. The Manager may conclusively rely on, and shall be protected in acting or refraining from acting when doing so, in each case in accordance with any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Manager may accept a certified copy of a resolution of the board of directors or other governing body of any Person as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner or ascertainment of which is not specifically prescribed herein, the Manager may for all purposes hereof rely on a certificate, signed by any Authorized Officer of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Manager for any action taken or omitted to be taken by it in good faith in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Consultations with Third Parties; Advice of Counsel</u>. In the exercise and performance of its duties and obligations hereunder or under any of the other Related Documents, the Manager (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them and (ii) may, at the expense of the Manager, consult with counsel, accountants and other professionals or experts selected and monitored by the Manager in good faith and in the absence of gross negligence, and the Manager shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other professionals or experts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Independent Contractor</u>. In performing its obligations as manager hereunder the Manager acts solely as an independent contractor of the Securitization Entities, except to the extent the Manager is deemed to be an agent of the Securitization Entities by virtue of engaging in franchise sales activities as broker. Nothing in this Agreement shall, or shall be deemed to, create or constitute any joint venture, partnership, employment or any other relationship between any of the Securitization Entities and the Manager other than the independent contractor contractual relationship established hereby. Nothing herein shall be deemed to vest in the Manager title or any ownership or property interest in or to the Domino's IP. The Manager shall not be, nor shall be deemed to be, liable for any acts or obligations of the Securitization Entities, the Control Party or the Trustee (except as set forth in <u>Section</u> <u>4.3(f)</u> hereof and except with respect to the leases related to the Leased Domestic Manufacturing and Supply Chain Centers where DPL, in its individual capacity, is required to act as co-obligor pursuant to the terms of such leases) and, without limiting the foregoing, the Manager shall not be liable under or in connection with the Notes. The Manager shall not be responsible for any amounts required to be paid by the Trustee under or pursuant to the Indenture.

Section 4.4 <u>Merger; Resignation and Assignment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Preservation of Existence</u>. The Manager shall not merge into any other Person or convey, transfer or lease all or substantially all of its assets; <u>provided</u>, <u>however</u>, that nothing contained in this Agreement shall be deemed to prevent (a) the merger into the Manager of another Person, (b) the consolidation of the Manager and another Person, (c) the merger of the Manager into another Person or (d) the sale of all or substantially all of the property or assets of the Manager to another Person, so long as (i) the surviving Person of the merger or the purchaser of the assets of the Manager shall continue to be engaged in the same line of business as the Manager and shall have the capacity to perform its obligations hereunder with at least the same degree of care, skill and diligence as measured by customary practices with which the Manager is required to perform such obligations hereunder, (ii) in the case of a merger or sale, the surviving Person of the merger or the purchaser of the assets of the Manager shall expressly assume all obligations of the Manager under this Agreement and expressly agree to be bound by all provisions applicable to the Manager under this Agreement in a supplement to this Agreement in form and substance reasonably satisfactory to the Control Party and (iii) with respect to such event, in and of itself, the Rating Agency Condition has been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Resignation</u>. The Manager shall not resign from the rights, powers, obligations and duties hereby imposed on it with respect to the performance of the Services except (a) upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which the Manager could take to make the performance of its duties hereunder permissible under applicable law or (b) if the Manager is terminated as the Manager pursuant to <u>Section</u> <u>6.1(b)</u>. As to <u>clause (a)(i)</u> of this <u>clause (b)</u>, any such determination permitting the resignation of the Manager shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee, the Servicer, the Back-Up Manager and the Master Issuer. No such resignation shall become effective until a Successor Manager shall have assumed the responsibilities and obligations of the Manager in accordance with <u>Section</u> <u>6.1(b)</u>. The Trustee, the Servicer, the Back-Up Manager, the Master Issuer and the Rating Agencies shall be notified of such resignation in writing by the Manager. From and after such effectiveness, the Successor Manager shall be, to the extent of the assignment, the "Manager" hereunder. Except as provided above in this <u>Section</u> <u>4.4(b)</u>, the Manager may not assign this Agreement or any of its rights, powers, duties or obligations hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination of Duties</u>. The duties and obligations of the Manager under this Agreement shall continue until such obligations shall have been terminated as provided in <u>Section</u> <u>4.4(b)</u> or <u>(d)</u>, or <u>Section</u> <u>6.1(b)</u>. Such duties and obligations shall survive the exercise by any of the Securitization Entities, the Trustee or the Control Party of any right or remedy under this Agreement, or the enforcement by any Securitization Entity, the Trustee, the Control Party or any Noteholder of any provision of the Indenture, the other Related Documents, the Notes or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary herein, upon the release at any time of the Canadian Distributor as a Guarantor under the Global G&C Agreement, the Canadian Manufacturer shall be automatically terminated as Sub-Manager and all rights and obligations of the Canadian Manufacturer under any Sub-Management Arrangement or Related Document in such capacity (including, without limitation, the right to receive the Weekly Canadian Management Fee) shall cease to be effective (other than with respect to any accrued and unpaid fees and expenses and any contingent indemnification obligations owing to the Canadian Manufacturer hereunder or under any other Related Documents).

Section 4.5 <u>Taxes</u>. The Manager shall file or cause to be filed all federal tax returns and all state and other tax returns which are required to be filed by the Manager. The Manager shall pay or make adequate provisions for the payment of all taxes shown as due on such returns, and all assessments made against it or any of its property (other than any amount of tax the validity of which is being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Manager). The charges, accruals and reserves on the Manager's books in respect of taxes shall be, in the Manager's reasonable opinion, adequate.

Section 4.6 <u>Notice of Certain Events</u>. On the determination of either the chief financial officer or the chief legal officer of the Manager or its direct or indirect parent regarding the occurrence of any of the following events: (a) a Manager Termination Event or (b) any litigation, arbitration or other proceeding pending before or by any court, administrative agency, arbitrator or governmental body having jurisdiction over the Manager or any of its properties either asserting the illegality, invalidity or unenforceability of any of the Related Documents, seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of any of the Related Documents or which could reasonably be expected to have a Material Adverse Effect, the Manager shall provide written notice to the Trustee, the Servicer, the Back-Up Manager, the Master Issuer and the Rating Agencies of the same promptly and in any event within five (5) Business Days .

Section 4.7 <u>Capitalization</u>. The Manager shall have sufficient capital to perform all of its obligations under this Agreement at all times from the Closing Date and until the Indenture has been terminated in accordance with the terms thereof.

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Section 4.8 <u>Franchise Law Determination</u>. The Manager shall file such documents as are necessary to register as a franchise broker or franchise sales agent as required by any state franchising authority. Upon final determination by any state franchising authority' that the Manager is considered by such state franchising authority to be a "subfranchisor", the Manager within 120 days of such determination shall file such documents and take such other compliance actions as are required by such state franchising authority or under such state's franchise laws.

Section 4.9 <u>Maintenance of Separateness</u>. The Manager covenants that, except as contemplated by the Related Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the books and records of each Securitization Entity will be maintained separately from those of the Manager and each of its Affiliates that is not a Securitization Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all financial statements of the Manager that are consolidated to include any Securitization Entity and that are distributed to any party will contain detailed notes clearly stating that (i) all of such Securitization Entity's assets are owned by such Securitization Entity and (ii) such Securitization Entity is a separate entity and has creditors who have received interests in the Securitization Entity's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Manager will observe (and will cause each of its Affiliates that is not a Securitization Entity to observe) limited liability company or corporate formalities in its dealing with any Securitization Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Manager shall not (and shall not permit any of its Affiliates that is not a Securitization Entity to) commingle its funds with any funds of any Securitization Entity; <u>provided</u> that the foregoing shall not prohibit the Manager from holding funds of the Securitization Entity in its capacity as manager for such entity in a segregated account identified for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Manager will (and shall cause each of its Affiliates that is not a Securitization Entity to) maintain arm's length relationships with each Securitization Entity and each of the Manager and its Affiliates that are not Securitization Entities will be compensated at market rates for any services it renders or otherwise furnishes to such Securitization Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Manager will not be, and will not hold itself out to be, responsible for the debts of any Securitization Entity or the decisions or actions in respect of the daily business and affairs of any Securitization Entity and the Manager will not permit any Securitization Entity to hold the Manager out to be responsible for the debts of such Securitization Entity or the decisions or actions in respect of the daily business and affairs of such Securitization Entity; <u>provided</u> that the foregoing shall not prohibit DPL, in its individual capacity, from acting as co-obligor with respect to the leases related to the Leased Domestic Manufacturing and Supply Chain Centers where required by such leases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) upon an officer of the Manager obtaining actual knowledge that any of the foregoing provisions in this <u>Section</u> <u>4.9</u> hereof has been breached or violated in any material respect, the Manager will take such actions as may be reasonable and appropriate under the circumstances to correct and remedy such breach or violation as soon as reasonably practicable under such circumstances.

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Section 4.10 <u>No ERISA Plan</u>. Neither the Manager nor any corporation or any trade, business, organization or other entity (whether or not incorporated), that would be treated together with the Manager as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA shall establish, maintain, contribute to, incur any obligation to contribute to, or incur any liability in respect of, any Plan that is subject to Title IV of ERISA.

ARTICLE 5

<u>REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO POST-SECURITIZATION ASSETS</u> 

Section 5.1 <u>Representations and Warranties Made in Respect of Post-</u><u> </u><u>Securitization Assets</u>. The Manager represents and warrants to the Master Issuer and the other Securitization Entities, and the Trustee, as of the dates set forth below (except if otherwise expressly noted) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Post-Securitization Domestic Franchise Arrangements</u>. As of the applicable Post-Securitization Asset Addition Date with respect to the Post- Securitization Domestic Franchise Arrangement acquired on such Post- Securitization Asset Addition Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such Post-Securitization Domestic Franchise Arrangement does not contain terms and conditions that are reasonably expected to result in (A) a material decrease in the amount of Retained Collections, taken as a whole, (B) a material adverse change in nature or quality of Retained Collections, taken as a whole, or (C) a material adverse change in the general assets categories generating Retained Collections, taken as a whole, in each case when compared to the amount, nature, quality or general categories generating Collections that could have been reasonably expected to result had such Post-Securitization Domestic Franchise Arrangement been entered into in accordance with the Prior Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such Post-Securitization Domestic Franchise Arrangement is the legal, valid and binding obligation of the parties thereto, has been fully and properly executed by the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such Post-Securitization Domestic Franchise Arrangement complies in all material respects with all applicable Requirements of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No Franchisee party to such Post- Securitization Domestic Franchise Arrangement is, to the Manager's knowledge subject to an Event of Bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Continuing Franchise Fees and similar fees payable pursuant to such Post-Securitization Domestic Franchise Arrangement are payable at least weekly; <u>provided</u>, <u>however</u>, that the Manager may cause the applicable Franchisor to enter into Post-Securitization Domestic Franchise Arrangements that provide for Continuing Franchise Fees and similar fees to be payable less frequently than weekly if the aggregate fees payable under all Post-Securitization Domestic Franchise Arrangements that provide for payment of Continuing Franchise Fees and similar fees less frequently than weekly are not reasonably anticipated to exceed 10% of total Retained Collections in the twelve-month period immediately following the commencement of any such Post-Securitization Domestic Franchise Arrangement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except as required by law, such Post- Securitization Domestic Franchise Arrangement contains no contractual rights of setoff or contractual defenses to obligations to make payment of any amounts payable by the Franchisee under such Post-Securitization Domestic Franchise Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Such Post-Securitization Domestic Franchise Arrangement contains no restrictions on assignment that are reasonably expected to be materially more onerous on the Domestic Franchisor thereto than the Prior Terms (which do not include any such restrictions on assignments); <u>provided</u>, <u>however</u>, that the Manager may cause the Domestic Franchisor to enter into Post-Securitization Domestic Franchise Arrangements that include such restrictions with the prior written consent of the Control Party, such consent not to be unreasonably withheld (it being agreed that in determining whether to so consent, the Control Party may assess whether such restrictions (together with other structural protections implemented by the Domestic Franchisor) will adversely affect the liquidation value of all Domestic Franchise Arrangements and the Domino's IP); <u>provided</u> that the royalties from such Post-Securitization Domestic Franchise Arrangements are not reasonably anticipated to exceed 5% of the total royalties of all Post-Securitization Domestic Franchise Arrangements in the four (4) fiscal quarter period immediately following the commencement of such Post-Securitization Domestic Franchise Arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Post-Securitization International Franchise Arrangements</u>. As of the applicable Post-Securitization Asset Addition Date with respect to the Post-Securitization International Franchise Arrangement acquired on such Post- Securitization Asset Addition Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such Post-Securitization International Franchise Arrangement is the legal, valid and binding obligation of the parties thereto, has been fully and properly executed by the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Either (a) such Post-Securitization International Franchise Arrangement requires the Franchisee under such Post-Securitization International Franchise Arrangement to comply in all material respects with all applicable Requirements of Law and to indemnify the International Franchisor or the International Franchisor (Michigan) for any losses arising out of such Franchisee's failure to comply with the applicable Requirements of Law, including any necessary approvals or consents from a Governmental Authority or (b) the Manager has obtained a legal opinion or other evidence reasonably acceptable to the Control Party to the effect that such Post-Securitization International Franchise Arrangement complies in all material respects with all applicable Requirements of Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No Franchisee party to such Post- Securitization International Franchise Arrangement is, to the Manager's knowledge, subject to an Event of Bankruptcy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Post-Securitization Owned Property</u>. As of the applicable Post-Securitization Asset Addition Date with respect to any Post-Securitization Owned Property acquired on such date, the Manager has conducted or caused to be conducted a "desktop" Phase I environmental study on such Owned Property and has taken or caused to be taken appropriate remediation or follow-up study measures on such Owned Property, consistent with the Management Standard.

Section 5.2 <u>Covenants in Respect of New Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Other Contributed, Developed or Acquired Assets</u>. In consideration of being engaged as the Manager, the Manager agrees that neither it nor its Affiliates (other than the Securitization Entities) will compete with the business of the Securitization Entities (other than (i) operation of (x) Company-Owned Stores, (y) any business or other assets disposed of pursuant to a Permitted Asset Disposition and (z) acquiring or entering into International Franchise Arrangements in accordance with the terms set forth in this <u>Section</u> <u>5.2</u> and (ii) the sale of inventory owned by the Canadian Manufacturer after the Series 2007-1 Closing Date) and, accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Future Brand IP</u>. The Manager and its Affiliates (A) shall contribute to the IP Holder, or otherwise cause the IP Holder to own, all rights in and to all Future Brand Assets; <u>provided</u>, that the Control Party shall have the right to direct, in accordance with the Base Indenture, that Future Brand Assets be held by one or more newly formed Securitization Entities that will act as Additional IP Holders, if the Control Party reasonably believes that such Future Brand Assets could impair the Collateral if it were held by the IP Holder, and that separating the ownership of such Future Brand Assets from the rest of the Domino's IP will not impair the enforceability of the Domino's IP, (B) acknowledge and agree that all such Future Brand IP is developed for the benefit of the IP Holder or the applicable Additional IP Holder and (C) shall contribute to IP Holder or the applicable Additional IP Holder, or otherwise cause IP Holder or the applicable Additional IP Holder to enter into, develop or acquire, Future Brand Assets. In making any determination with respect to Future Brand Assets, the Control Party shall have the right to consult with the Back-Up Manager or other third-party experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Franchise Agreements</u>. Unless otherwise agreed to in writing by the Control Party, any contribution to, or development or acquisition by, the Master Issuer of any Franchise Arrangements (whether related to the Domino's Brand or any Future Brand) shall be subject to all applicable provisions of the Indenture, this Agreement (including the applicable representations and covenants in <u>Article 2</u> and <u>Article 5</u>), the IP License Agreements and the other Related Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Additional Securitization Entities</u>. The Manager shall have the right to form an Additional Securitization Entity for the purpose of holding Future Brand Assets until such time as the Control Party shall direct the Manager as to which Securitization Entity should hold such Future Brand Assets in accordance with <u>clause (i)</u> above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Non-Securitization Entity MFA Arrangements</u>. Notwithstanding anything to the contrary herein or in any other Related Documents, any Non-Securitization Entity (in its capacity as a Non-Securitization International Franchisor) will be permitted to acquire International Franchise Agreements from third-party master Franchisees (such arrangements, "<u>Non-Securitization Entity MFA Arrangements</u>"), so long as (i) such Non-Securitization International Franchisor enters into a license agreement with the IP Holder (a "<u>Non-Securitization International Franchisor IP License Agreement</u>") setting forth the Non-Securitization International Franchisor IP License Agreement Terms set forth below, (ii) to the extent that the royalties generated by International Franchise Agreements held by Non-Securitization Entities, in the aggregate, constitute more than 5% of Retained Collections, calculated on a pro forma basis giving effect to such International Franchise Agreements acquisition, for the preceding four (4) Quarterly Collection Periods, such Non-Securitization International Franchisor shall appoint an independent director, independent manager, or similar person, as applicable, whose duties will include approving or providing consent for any voluntary bankruptcy filing, and (iii) either (1) the royalty rate paid by such Non-Securitization International Franchisor under each such International Franchise Agreement will be (x) no less, calculated as a percentage of Gross Sales in the related territory, than the royalty rate previously paid by the existing third-party master Franchisee and (y) no less than the average royalty rate paid by third-party master franchisees in the same geographic region or (2) the Control Party has provided its prior consent or Rating Agency Confirmation has been obtained; provided, that the royalty rate payable by any Non-Securitization Entity under an International Franchise Agreement may be adjusted from time to time by the Manager (each such adjustment, a "<u>Permitted Adjustment</u>") in accordance with the Management Standard, as long as either of conditions (1) and (2) above is satisfied. Any Non-Securitization International Franchisors may sell International Franchise Agreements to third-party master Franchisees at any time, provided that either (1) (a) the royalty rate paid by the assignee of such International Franchise Agreement will be no less, calculated as a percentage of Gross Sales in the related territory, than the royalty rate previously paid by the existing third-party master Franchisee and (b) the license rate to be paid to IP Holder is at least the amount paid immediately prior to the sale or assignment, or (2) the Control Party has provided its prior consent or Rating Agency Confirmation has been obtained. The "<u>Non-Securitization International Franchisor IP License Agreement Terms</u>" consist of the following terms, with respect to any Non-Securitization International Franchisor IP License Agreement:

1) The form of the applicable Non-Securitization International Franchisor IP License Agreement will be substantially similar to the applicable then-current form of franchise agreement, master franchise agreement, store franchise agreement, area development agreement or similar agreement, as applicable (including with respect to the duration of its term), and other sublicense agreements will contain conditions on the sublicensee's use of the applicable Domino's IP that are substantially similar to those set forth in the applicable Non-Securitization International Franchisor IP License Agreement. The applicable Non-Securitization International Franchisor will use commercially reasonable efforts to include the IP Holder as a third-party beneficiary of such licensee's rights (but none of its duties, obligations or liabilities) under its sublicense agreements.

2) For so long as there are Notes Outstanding under the Indenture, the IP Holder and the Non-Securitization International Franchisor under the applicable Non-Securitization International Franchisor IP License Agreement may agree to terminate or amend the applicable Non-Securitization International Franchisor IP License Agreement only (i)

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with the prior written consent of the Control Party, to the extent required under the Indenture, in respect of any amendment that is intended to reduce the license fees payable under the Non-Securitization International Franchisor IP License Agreement (other than any Permitted Adjustment) or remove or amend any of the International Franchise IP License Agreement Additional Covenants described herein, (ii) if such termination or amendment constitutes a Permitted Termination/Amendment or (iii) in connection with any amendment required by applicable law or regulation.

3) If the Non-Securitization International Franchisor under the applicable Non-Securitization International Franchisor IP License Agreement materially violates any of its obligations under such Non-Securitization International Franchisor IP license Agreement, such Non-Securitization International Franchisor will be required to cure such violation to the satisfaction of the IP Holder within 30 days following its receipt of a Breach Notice or, with respect to a violation that can be cured but not within such 30 day period, within a reasonable time not to exceed an additional 60 days. Simultaneously with delivery of any Breach Notice to the Non-Securitization International Franchisor, the IP Holder will also deliver a copy of such Breach Notice to the Manager, the Control Party, the Back-Up Manager, the Trustee and the Rating Agencies. If the Non-Securitization International Franchisor fails to fully remedy a material violation of its obligations to the satisfaction of the IP Holder within the specified time period, then the IP Holder may terminate the applicable Non-Securitization International Franchisor IP License Agreement, subject to the prior written consent of the Control Party, to the extent required under the Indenture, for so long as there are Notes Outstanding under the Indenture.

4) Upon expiration or termination of a Non-Securitization International Franchisor IP License Agreement prior to expiration or upon non-renewal of the term of such Non-Securitization International Franchisor IP License Agreement, sublicenses granted by the licensee will terminate unless written permission by the IP Holder is granted prior to such expiration or termination of the Non-Securitization International Franchisor IP License Agreement.

5) Neither the Non-Securitization International Franchisor under the applicable Non-Securitization International Franchisor IP License Agreement nor the IP Holder will be permitted to assign its rights or delegate its duties under the Non-Securitization International Franchisor IP License Agreement without the prior written consent of (a) the other party thereto and (b) for so long as there are Notes Outstanding under the Indenture, the Control Party; provided that (x) such Non-Securitization International Franchisor is permitted to assign its rights and duties, in whole but not in part, to another Non-Securitization Entity and (y) the IP Holder is permitted to delegate its rights and duties to the Manager, as its agent under this Agreement, and to pledge its rights under the applicable Non-Securitization International Franchisor IP License Agreement to the Trustee to secure the Notes. The Trustee or the Control Party is permitted to assign, and/or authorize the assignment of, the IP Holder's rights under the applicable Non-Securitization International Franchisor IP License Agreement in connection with the exercise by the Trustee of its available rights and remedies following the occurrence and during the continuance of an Event of Default under the Indenture.

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6) The term of each Non-Securitization International Franchisor IP License Agreement will be for one (1) year from the execution of such Non-Securitization International Franchisor IP License Agreement and such agreement will automatically renew for additional one (1) year terms unless either party provides the other party with notice of its intent not to renew prior to the end of the then-current term.

7) The applicable Non-Securitization International Franchisor IP License Agreement shall contain the following additional covenants (the "<u>International Franchise IP License Agreement Additional Covenants</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. a prohibition on the payment of dividends or distributions directly or indirectly to Holdco prior to payment of royalties under the applicable International Franchise IP License Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. an agreement not to incur third-party indebtedness in respect of borrowed money (subject to certain exclusions, including for operating leases, including any [Head/Tail Leases] any foreign exchange or other hedging transactions and any guarantees of payment obligations of International NSE Franchisees under vendor, supplier, or similar third-party agreements) and an agreement not to pledge any of its respective assets to secure its obligations to any Persons other than certain permitted liens; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. an agreement that it will not sell, transfer or otherwise dispose of any material assets other than (i) any termination or non-renewal of an International NSE Franchise Arrangement (or other franchise agreement or sublicense granted in accordance with the terms of the applicable International Franchise IP License Agreement) or other disposition of inventory or any other asset, in each case in accordance with commercially reasonable business practices, when no longer useful, necessary or material to the operation of its business, or that would not otherwise be materially adverse to the IP Holder, (ii) any disposition of any asset in connection with entering into a new master franchise arrangement and associated International NSE Franchise Arrangements, (iii) any other disposition consented to by the independent director, independent manager, or similar Person, as applicable, (iv) any assignment of one or more International NSE Franchise Agreements (or other franchise agreement or sublicense granted in accordance with the terms of the applicable International Franchise IP License Agreement) to another Non-Securitization Entity; provided that either (x) the related Non-Securitization International Franchisor IP License Agreement will be assigned to the Non-Securitization Entity that is acquiring such International NSE Franchise Agreement(s) (or other franchise agreement or sublicense) or (y) such Non-Securitization Entity will enter into a new Non-Securitization International Franchisor IP License Agreement with the IP Holder or (v) any assignment of one or more International NSE Franchise Agreements (or other franchise agreement or sublicense granted in accordance with the terms of the applicable International Franchise IP License Agreement) to the International Franchisor or the International Franchisor (Michigan).

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ARTICLE 6

<u>DEFAULT</u> 

Section 6.1 <u>Manager Termination Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Manager Termination Events</u>. Any of the following events or occurrences shall constitute a Manager Termination Event (a "<u>Manager Termination Event</u>") under this Agreement, the assertion as to the occurrence of which may be made, and notice of which may be given, by either the Master Issuer or the Trustee (acting at the direction of the Control Party):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any failure by the Manager to remit to the Collection Account, any Base Indenture Account or any Series Account, within three (3) Business Days of its actual knowledge of its receipt thereof, any payments required to be deposited into the Collection Account, such Base Indenture Account or such Series Account received by it in respect of the Managed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Quarterly DSCR (or, on and after the Series 2025-1 Springing Amendments Implementation Date, the Interest-Only DSCR) for any Quarterly Payment Date is less than 1.20x .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any failure by the Manager to provide (A) any required certificate or report set forth in <u>Sections 4.1(a)</u>, <u>(b)</u>, <u>(d)</u> or <u>(k)</u> of the Base Indenture within three Business Days of its due date or (B) any required certificate or report set forth in <u>Section</u> <u>4.1(c)</u> of the Base Indenture when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a material default by the Manager in the due performance and observance of any provision of this Agreement or any other Related Document to which it is party and the continuation of such default uncured for a period of 30 days after it has been notified thereof by the Master Issuer or the Control Party, or otherwise obtained knowledge of such default; <u>provided</u>, <u>however</u>, that as long as the Manager is diligently attempting to cure such default, such cure period shall be extended by an additional period as may be required to cure such default, but in no event by more than an additional 30 days; and <u>provided</u>, <u>further</u>, that any default related to transfer of a defective asset pursuant to the terms of this Agreement, a Distribution and Contribution Agreement or a Contribution and Sale Agreement shall be deemed cured for purposes hereof upon payment in full by the applicable transferor of the liquidated damages amount specified in this Agreement, such Distribution and Contribution Agreement or such Contribution and Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any representation, warranty or statement of the Manager made in this Agreement or any other Related Document or in any certificate, report or other writing delivered pursuant thereto that is not qualified by materiality or the definition of "Material Adverse Effect" proves to be incorrect in any material respect, or any such representation, warranty or statement of the Manager that is qualified by materiality or the definition of "Material Adverse Effect" proves to be incorrect, in each case as of the time when the same was made or deemed to have been made or as of any other date specified in such document or agreement; <u>provided</u> that if any such breach is capable of being remedied within 30 days of the Manager's knowledge of such breach or receipt of notice thereof, then a Manager Termination Event shall only occur under this <u>clause (vi)</u> as a result of such breach if it is not cured in all material respects by the end of such 30 day period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an Event of Bankruptcy with respect to the Manager shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any final, non-appealable order, judgment or decree is entered in any proceedings against the Manager by a court of competent jurisdiction decreeing the dissolution of the Manager and such order, judgment or decree remains unstayed and in effect for more than ten days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a final non-appealable judgment for an amount in excess of $200,000,000 (exclusive of any portion thereof which is insured) is rendered against the Manager or, so long as DPL is the Manager, is rendered against Holdco or Intermediate Holdco by a court of competent jurisdiction and is not paid or discharged within forty five (45) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) an acceleration of more than $200,000,000 of the Indebtedness of the Manager or, so long as DPL is the Manager, Intermediate Holdco or Holdco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) this Agreement or a material portion thereof ceases to be in full force and effect or enforceable in accordance with its terms (other than in accordance with the express termination provisions thereof and other than <u>Section</u> <u>2.1(l)</u>), or the Manager asserts as much in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a failure by the Manager, Holdco, or any direct or indirect subsidiary of Holdco (apart from the Securitization Entities) to comply with the Holdco Specified Non-Securitization Debt Cap in accordance with the terms of the Parent Company Support Agreement, and such failure has continued for a period of 45 days after Holdco has been notified by any Securitization Entity or the Control Party, or otherwise has obtained knowledge of such non-compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) solely on or after the Series 2025-1 Springing Amendments Implementation Date, the occurrence of a Change in Management following the occurrence of a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies</u>. Upon the occurrence and continuance of any Manager Termination Event, subject to the limitations set forth in the Indenture, (i) the Control Party, acting at the direction of the Controlling Class Representative, may waive such Manager Termination Event or (ii) the Master Issuer or the Control Party, acting at the direction of the Controlling Class Representative, may, by notice given to the Manager (a "<u>Manager Termination Notice</u>") (with copies to the Trustee, the Back-Up Manager and the Rating Agencies and to whichever of the Master Issuer and the Control Party has not provided such notice), direct the Trustee to terminate all of the rights, powers, duties, obligations and responsibilities of the Manager under this Agreement, including, without limitation, all rights of the Manager to receive all or a portion of the management compensation provided for in <u>Section</u> <u>2.7</u> or any expense reimbursement hereunder, other than to the extent accrued prior to such termination and not previously paid. Upon any termination or the giving of the notice referred to in the preceding

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sentence, the Manager shall promptly notify the Master Issuer, the Trustee, the Servicer and the Back-Up Manager of such notice and the rights, powers, duties, obligations and responsibilities of the Manager under this Agreement to the extent specified in such notice, whether with respect to the Managed Assets, the Collection Account, any Weekly Management Fee, Weekly Canadian Management Fee, Supplemental Management Fee (other than to the extent accrued prior to such termination and not previously paid) or otherwise shall vest in and be assumed by any Successor Manager appointed by the Control Party. No termination or resignation of the Manager shall become effective until a Successor Manager whose appointment has been directed and approved by the Control Party (acting at the direction of the Controlling Class Representative) shall have assumed the rights, powers, duties, obligations and responsibilities of the Manager. The Manager shall cooperate with the Successor Manager to facilitate such transition, shall execute and deliver any instrument as shall reasonably be necessary for such transition, and shall use best efforts to promptly assign and transfer to the Successor Manager all books and records, property, money and other assets held by such Manager hereunder; <u>provided</u>, <u>however</u>, that the Manager shall have access, during normal business hours and upon reasonable notice, to all books and records that the Manager reasonably believes would be necessary or desirable for the Manager in connection with the preparation of any tax or other governmental reports and filings and other uses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and during the continuation of a Manager Termination Event where the rights and powers of the Manager have been terminated, each Securitization Entity and the Trustee (at the direction of the Control Party) are hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Manager, as attorney in fact or otherwise, all documents and other instruments (including any notices to Franchisees deemed necessary or advisable by the Master Issuer, the Franchisors or the Control Party), and to do or accomplish all other acts or things necessary or appropriate, to effect such vesting and assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Manager Termination Event</u>. Promptly after the occurrence of any Manager Termination Event pursuant to <u>Section</u> <u>6.1(a)</u>, the Manager shall transmit notice of such Manager Termination Event to the Control Party and the Trustee, with a copy to each Rating Agency and the Back-Up Manager.

Section 6.2 <u>Disentanglement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Obligations</u>. The Manager is required to cooperate with the Back-Up Manager and the Control Party in connection with the implementation of the approved Transition Plan and the complete transition to a Successor Manager (including, for the avoidance of doubt, in connection with any resignation of the Manager), without interruption or adverse impact on the provision of Services (the "<u>Disentanglement</u>"). The Manager will use its commercially reasonable efforts during the Disentanglement Period to (i) not materially reduce its existing staff and resources that were devoted to or shared with the provisions of the Services prior to the date of the applicable Manager Termination Notice and allow reasonable access to the Manager's premises, systems, and offices during the Disentanglement Period (ii) unless otherwise directed by the Back-Up Manager, the Control Party or the Trustee, continue to perform all Services not being performed by the Back-Up Manager or a Successor Manager as part of the Hot Back-Up Management Duties (such activities being referred to as "<u>Continuity of Services</u>"). Thereafter, the Manager is required to cooperate fully with the Successor Manager or Interim Successor

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Manager as the case may be, and otherwise promptly take all actions reasonably required to assist in effecting a complete Disentanglement while using commercially reasonable efforts to maintain Continuity of Services and shall follow any reasonable directions that may be provided by the Control Party and/or the Back-Up Manager. The Manager shall provide all information and assistance regarding the terminated Services required for Disentanglement and Continuity of Services, including data conversion and migration, interface specifications and related professional services and provide for the prompt and orderly conclusion of all work, as the Control Party and the Back-Up Manager may reasonably direct, including completion or partial completion of projects, documentation of all work in progress, and other measures to assure an orderly transition to the Successor Manager or Interim Successor Manager, as the case may be. The Manager shall provide for the prompt and orderly conclusion of all work as the Servicer and the Back-Up Manager may direct, including completion or partial completion of projects, documentation of all work in progress, and other measures to assure an orderly transition to the Successor Manager. All services relating to Disentanglement and Continuity of Services (the "<u>Disentanglement Services</u>"), including all reasonable training for personnel of the Back-Up Manager(including in its capacity as Interim Successor Manager), the Successor Manager or the Successor Manager's designated alternate service provider in the performance of the Services, shall be deemed a part of the Services to be performed by the Manager. The Manager will use commercially reasonable efforts to utilize existing resources to perform the Disentanglement Services, other than those related to Continuity of Services, which shall remain separate obligations of the Manager.

After the occurrence of a Hot Back-Up Management Trigger Event but prior to the Disentanglement Period, the Manager shall, unless otherwise directed by the Trustee (acting at the direction of the Control Party acting at the direction of the Controlling Class Representative or if there is no Controlling Class Representative, the Majority of Controlling Class Members), continue to perform all management functions under the Management Agreement and the other Related Documents other than those being performed by the Back-Up Manager as part of the Hot Back-Up Management Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Charges for Disentanglement Services</u>. So long as the Manager and the Canadian Manufacturer continue to provide the Services (whether or not the Manager has been terminated as Manager or the services of the Canadian Manufacturer have been terminated hereunder) during the Disentanglement Period, the Manager and the Canadian Manufacturer shall continue to be paid their respective compensation set forth in <u>Section</u> <u>2.7</u>. Upon the Successor Manager's assumption of the obligation to perform all Services hereunder, the Manager shall be entitled to reimbursement of its actual costs for the provision of any Disentanglement Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Duration of Disentanglement Obligations</u>. The Manager's obligation to provide Disentanglement Services will continue during the period (the "<u>Disentanglement Period</u>") commencing on the earlier of (A) delivery of the Manager Termination Notice to the Manager or (B) delivery of a resignation notice by the Manager (or upon automatic termination following the occurrence of any Manager Termination Event described in clause (vi) in the definition of Manager Termination Event) following and ending on the date on which the Successor Manager or the re-engaged Manager shall assume all of the obligations of the Manager hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sub-Management Arrangements; Authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to each Sub-Management Arrangement and unless the Control Party elects to terminate such Sub- Management Arrangement in accordance with <u>Section</u> <u>2.12</u> hereof, the Manager will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) assign to the Successor Manager or its designated alternate service provider all of the Manager's rights under such Sub-Management Arrangement to which it is party used by the Manager in performance of the transitioned Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) procure any third party authorizations necessary to grant the Successor Manager or its designated alternate service provider the use and benefit of such Sub-Management Arrangement to which it is party used by the Manager in performing the transitioned Services, pending their assignment to the Successor Manager under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Control Party elects to terminate such Sub-Management Arrangement in accordance with <u>Section</u> <u>2.12</u> hereof, the Manager will take all reasonable actions necessary or reasonably requested by the Control Party to accomplish a complete transition of the Services performed by a Sub-manager under the applicable Sub- Management Arrangement to the Successor Manager, or to any alternate service provider designated by the Control Party, without interruption or adverse impact on the provision of Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Confidential Information</u>. The Manager will comply with the terms of <u>Article 7</u> relating to the return and destruction of Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Third-Party Intellectual Property</u>. The Manager will assist the Successor Manager or its designated alternate service provider in obtaining any necessary licenses or consents to use any third-party Intellectual Property then being used by the Manager or any Sub-manager, including pursuant to the DPL IP License Agreement. The Manager will assign any such license or sublicense directly to the Successor Manager or its designated alternate service provider to the extent the Manager has the necessary rights to assign such agreements to the Successor Manager or its designated alternate service provider without incurring any additional cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>License to Use Domino's IP</u>. Promptly following the occurrence of a Manager Termination Event and the appointment of a Successor Manager, the IP Holder will enter into a license agreement with such Successor Manager with respect to the Domino's IP on substantially the same terms as the DPL IP License Agreement.

Section 6.3 <u>No Effect on Other Parties</u>. Upon any termination of the rights and powers of the Manager from time to time pursuant to <u>Section</u> <u>6.1</u>, or a resignation pursuant to <u>Section</u> <u>4.4(b)</u>, upon any appointment of a Successor Manager, all the rights, powers, duties, obligations and responsibilities of the Securitization Entities, the Control Party or the Trustee under this Agreement, the Indenture and the other Related Documents shall remain unaffected by such termination or appointment and shall remain in full force and effect thereafter, except as otherwise expressly provided in this Agreement or in the Indenture.

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Section 6.4 <u>Rights Cumulative</u>. All rights and remedies from time to time conferred upon or reserved to the Securitization Entities, the Trustee, the Servicer, the Control Party, the Back-Up Manager or the Noteholders or to any or all of the foregoing are cumulative, and none is intended to be exclusive of another or any other right or remedy which they may have at law or in equity. Except as otherwise expressly provided herein, no delay or omission in insisting upon the strict observance or performance of any provision of this Agreement, or in exercising any right or remedy, shall be construed as a waiver or relinquishment of such provision, nor shall it impair such right or remedy. Every right and remedy may be exercised from time to time and as often as deemed expedient. The provisions of this Article VI shall survive termination of this Agreement until such time as a Successor Manager is appointed and accepts such appointment hereunder and the Manager has fully completed the Disentanglement provisions set forth herein.

ARTICLE 7

<u>CONFIDENTIALITY</u> 

Section 7.1 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto acknowledge that during the term of this Agreement each party may receive Confidential Information from another party hereto. Each party agrees to maintain the Confidential Information in the strictest of confidence and will not, at any time, use, disseminate or disclose any Confidential Information to any person or entity other than those of its employees or representatives who have a "need to know", who have been apprised of this restriction. Recipient shall be liable for any breach of this <u>Section</u> <u>7.1(a)</u> by any of its employees or representatives and shall immediately notify Discloser in the event of any loss or disclosure of any Confidential Information of Discloser. Upon termination of this Agreement, Recipient will return to Discloser, or at Discloser's request, destroy, all documents and records in its possession containing the Confidential Information of Discloser. Confidential Information shall not include information that: (i) is already known to Recipient without restriction on use or disclosure prior to receipt of such information from Discloser; (ii) is or becomes part of the public domain other than by breach of this Agreement by, or other wrongful act of, Recipient; (iii) is developed by Recipient independently of and without reference to any Confidential Information; (iv) is received by Recipient from a third party who is not under any obligation to Discloser to maintain the confidentiality of such information; or (v) is required to be disclosed by applicable law, statute, rule, regulation, subpoena, court order or legal process; <u>provided</u> that Recipient shall promptly inform the Discloser of any such requirement and cooperate with any attempt by the Discloser to obtain a protective order or other similar treatment. It shall be the obligation of Recipient to prove that such an exception to the definition of Confidential Information exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained in <u>Section</u> <u>7.1(a)</u>, the Securitization Entities, the Trustee, the Servicer, the Back-Up Manager or the Noteholders may use, disseminate or disclose any Confidential Information to any person or entity in connection with the enforcement of rights of the Securitization Entities, the Trustee, the Servicer, the Back-Up Manager or the Noteholders under the Indenture or the Related Documents; <u>provided</u>, <u>however</u>, that prior to disclosing any such Confidential Information:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to any such person or entity other than in connection with any judicial or regulatory proceeding, such person or entity shall agree in writing to maintain such Confidential Information in a manner at least as protective of the Confidential Information as the terms of <u>Section</u> <u>7.1(a)</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to any such person or entity in connection with any judicial or regulatory proceeding, the Recipient will (x) promptly notify Discloser of each such requirement and identify the documents so required thereby, so that Discloser may seek an appropriate protective order or similar treatment and/or waive compliance with the provisions of this Agreement; (y) use reasonable efforts to assist Discloser in obtaining such protective order or other similar treatment protecting such Confidential Information prior to any such disclosure; and (z) consult with Discloser on the advisability of taking legally available steps to resist or narrow the scope of such requirement. If, in the absence of such a protective order or similar treatment, the Recipient is nonetheless required by mandatory applicable law to disclose any part of Discloser's Confidential Information which is disclosed to it under this Agreement, the Recipient may disclose such Confidential Information without liability under this Agreement, except that the Recipient will furnish only that portion of the Confidential Information which is legally required.

ARTICLE 8

<u>MISCELLANEOUS PROVISIONS</u> 

Section 8.2 <u>Amendments to this Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be amended from time to time in writing by the parties to this Agreement; <u>provided</u> that (i) any amendment that could reasonably materially adversely affect the interest of the Noteholders shall require the consent of the Control Party, which consent shall not be unreasonably withheld, and (ii) with the consent of the Control Party, a Securitization Entity may be withdrawn from this Agreement if the Equity Interests of such Securitization Entity are foreclosed upon in the exercise of remedies upon an Event of Default. Notwithstanding the foregoing, no consent of the Control Party shall be required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to correct or amplify the description of any required activities of the Manager or Canadian Manufacturer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to add to the duties or covenants of the Manager or Canadian Manufacturer for the benefit of any Noteholders or any other Secured Parties, or to add provisions to this Agreement so long as such action does not materially adversely affect the interests of the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to correct any manifest error or to cure any ambiguity, defect or provision that may be inconsistent with the terms of the Indenture or any other Related Document, or to correct or supplement any provision herein that may be inconsistent with the terms of the Indenture or any offering memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to evidence the succession of another Person to any party to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to comply with Requirements of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to take any action necessary and appropriate to facilitate the origination of Post-Securitization Franchise Arrangements, the acquisition and management of Supply Chain Centers, or the management and preservation of the Franchise Arrangements, in each case, in accordance with the Management Standard; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to provide for additional Services related to any Company-Owned Stores, <u>provided</u> the Rating Agency Condition is satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after the execution of any amendment, the Manager shall send to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency a conformed copy of such amendment, but the failure to do so will not impair or affect its validity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment or modification effected contrary to the provisions of this <u>Section</u> <u>8.2</u> shall be null and void.

Section 8.3 <u>Amendments to other Agreements</u>. The Co-Issuers and the Trustee agree not to amend the Indenture or the Related Documents without the Manager's consent if such amendment would materially increase the Manager's obligations or liabilities, or materially decrease the Manager's rights or remedies under this Agreement, the Indenture or any other Related Document.

Section 8.4 <u>Acknowledgement</u>. Without limiting the foregoing, the Manager hereby acknowledges that, on the date hereof, the Securitization Entities will pledge to the Trustee under the Indenture and the Global G&C Agreement, all of such Securitization Entities' right and title to, and interest in, this Agreement and the Collateral; and such pledge includes all of such Securitization Entities' rights, remedies, powers and privileges, and all claims of such Securitization Entities against the Manager, under or with respect to this Agreement (whether arising pursuant to the terms of this Agreement or otherwise available at law or in equity), including (i) the rights of such Securitization Entities and the obligations of the Manager hereunder and (ii) the right, at any time, to give or withhold consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this Agreement or the obligations in respect of the Manager hereunder to the same extent as such Securitization Entities may do. The Manager hereby consents to such pledges described above, acknowledges

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and agrees that the Trustee and its assigns, the Back-Up Manager and the Control Party, shall be third-party beneficiaries of the rights of such Securitization Entities arising hereunder and agree that the Trustee, the Back-Up Manager or the Control Party may enforce the provisions of this Agreement, exercise the rights of such Securitization Entities and enforce the obligations of the Manager hereunder without the consent of the such Securitization Entities.

Section 8.5 <u>Governing Law; Waiver of Jury Trial; Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed in accordance with and governed by 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto each hereby waive any right to have a jury participate in resolving any dispute, whether in contract, tort or otherwise, arising out of, connected with, relating to or incidental to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties hereto each hereby irrevocably submit (to the fullest extent permitted by applicable law) to the non-exclusive jurisdiction of any New York state or federal court sitting in the borough of Manhattan, New York City, State of New York, over any action or proceeding arising out of or relating to this Agreement or any related documents and the parties hereto hereby irrevocably agree that all claims in respect of such action or proceeding shall be heard and determined in such New York state or federal court. The parties hereto each hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection each may now or hereafter have, to remove any such action or proceeding, once commenced, to another court on the grounds of forum non conveniens or otherwise.

Section 8.6 <u>Notices</u>. All notices, requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent by (a) certified or registered mail, return receipt requested, postage prepaid, (b) national prepaid overnight delivery service, (c) telecopy or other facsimile transmission (following with hard copies to be sent by national prepaid overnight delivery service) or (d) personal delivery with receipt acknowledged in writing, to the address set forth in the Base Indenture. Any party hereto may change its address for notices hereunder by giving notice of such change to the other parties hereto, with a copy to the Control Party. Any change of address of a Noteholder shown on a Note Register shall, after the date of such change, be effective to change the address for such Noteholder hereunder. All notices and demands shall be deemed to have been given either at the time of the delivery thereof to any officer or manager of the Person entitled to receive such notices and demands at the address of such Person for notices hereunder, or on the third day after the mailing thereof to such address, as the case may be.

Section 8.7 <u>Severability of Provisions</u>. If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect.

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Section 8.8 <u>Delivery Dates</u>. If the due date of any notice, certificate or report required to be delivered by the Manager hereunder falls on a day that is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the next succeeding day that is a Business Day.

Section 8.9 <u>Binding Effect; Limited Rights of Others</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto. Except as provided in the preceding sentence and except for the rights of the third party beneficiaries described in <u>Section</u> <u>8.4</u>, nothing in this Agreement expressed or implied, shall be construed to give any Person other than the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenants, agreements, representations or provisions contained herein.

Section 8.10 <u>Article and Section Headings</u>. The Article and Section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

Section 8.11 <u>Counterparts</u>. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

Section 8.12 <u>Amendment and Restatement</u>. The parties hereto agree in each of their respective capacities under the Original Management Agreement and this Agreement that (i) this Agreement amends, estates and supersedes the Original Management Agreement in its entirety, which is superseded in its entirety by this Agreement and shall be of no further force or effect except as amended and restated hereby and (ii) from and after the date hereof, all references in each Related Document to the Original Management Agreement or the "Management Agreement" shall be deemed and agreed to refer to this Agreement.

[*The remainder of this page is intentionally left blank*.]

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IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Management Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
|  **DOMINO'S PIZZA LLC**, as Manager and in its individual capacity | **DOMINO'S PIZZA LLC**, as Manager and in its individual capacity |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S PIZZA NS CO.** | **DOMINO'S PIZZA NS CO.** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S PIZZA MASTER ISSUER LLC** | **DOMINO'S PIZZA MASTER ISSUER LLC** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S PIZZA DISTRIBUTION LLC** | **DOMINO'S PIZZA DISTRIBUTION LLC** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC** | **DOMINO'S PROGRESSIVE FOODS DISTRIBUTION LLC** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S SPV CANADIAN HOLDING COMPANY INC.** | **DOMINO'S SPV CANADIAN HOLDING COMPANY INC.** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S IP HOLDER LLC** | **DOMINO'S IP HOLDER LLC** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S SPV GUARANTOR LLC** | **DOMINO'S SPV GUARANTOR LLC** |
| By: |  |
|  | Name: |
|  | Title: |

---

------

---

| | |
|:---|:---|
|  **DOMINO'S PIZZA FRANCHISING LLC** | **DOMINO'S PIZZA FRANCHISING LLC** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC.** | **DOMINO'S PIZZA INTERNATIONAL FRANCHISING INC.** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S PIZZA INTERNATIONAL FRANCHISING OF MICHIGAN LLC** | **DOMINO'S PIZZA INTERNATIONAL FRANCHISING OF MICHIGAN LLC** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S PIZZA CANADIAN DISTRIBUTION ULC** | **DOMINO'S PIZZA CANADIAN DISTRIBUTION ULC** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S EQ LLC** | **DOMINO'S EQ LLC** |
| By: |  |
|  | Name: |
|  | Title: |
|  **DOMINO'S RE LLC** | **DOMINO'S RE LLC** |
| By: |  |
|  | Name: |
|  | Title: |
|  CITIBANK, N.A., in its capacity as Trustee | CITIBANK, N.A., in its capacity as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

## Exhibit 10.4

**Exhibit 10.4** 

**PARENT COMPANY SUPPORT AGREEMENT** 

made by

DOMINO'S PIZZA, INC.

in favor of

CITIBANK, N.A.,

as Trustee

Dated as of March 15, 2012

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | Page |
|  Section 1 DEFINED TERMS | Section 1 DEFINED TERMS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 2 |
|  Section 2 PERFORMANCE OBLIGATIONS | Section 2 PERFORMANCE OBLIGATIONS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Contribution Agreements | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Management Agreement | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Holdco's Liability | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Commingling of Assets | 4 |
|  Section 3 REPRESENTATIONS AND WARRANTIES | Section 3 REPRESENTATIONS AND WARRANTIES | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Due Qualification | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Due Authorization; Conflicts | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Enforceability | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Financial Statements | 5 |
|  Section 4 LIMITATION ON INDEBTEDNESS | Section 4 LIMITATION ON INDEBTEDNESS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Limitation on Indebtedness | 5 |
|  Section 5 MISCELLANEOUS | Section 5 MISCELLANEOUS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Nonpetition Covenant | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Amendments; Waivers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Notices, Etc. | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Entire Agreement | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Governing Law | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Successors | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | Third-Party Beneficiary | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 | Severability | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | Counterpart Originals | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | **Table of Contents**, Headings, etc. | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | Waiver of Jury Trial | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | Submission to Jurisdiction; Waivers | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | Termination | 8 |

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i

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**PARENT COMPANY SUPPORT AGREEMENT** 

PARENT COMPANY SUPPORT AGREEMENT (as amended, supplemented or otherwise modified from time to time, this "<u>Agreement</u>"), dated as of March 15, 2012, made by DOMINO'S PIZZA, INC., a Delaware corporation ("<u>Holdco</u>"), in favor of CITIBANK, N.A., a national banking association ("<u>Citibank</u>"), as trustee under the Indenture referred to below (in such capacity, together with its successors, the "<u>Trustee</u>") for the benefit of the Secured Parties. All capitalized terms used herein but not otherwise defined herein shall have the meanings contemplated in <u>Section</u> <u>1</u> hereof.

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:

WHEREAS, Domino's Pizza Master Issuer LLC, a Delaware limited liability company (the "<u>Master Issuer</u>"), Domino's Pizza Distribution LLC, a Delaware limited liability company (the "<u>Domestic Supply Chain Holder</u>"), Domino's Progressive Foods Distribution LLC, a Delaware limited liability company ("<u>PFS Supply Chain Holder</u>"), Domino's SPV Canadian Holding Company Inc., a Delaware corporation (the "<u>SPV Canadian Holdco</u>") and Domino's IP Holder LLC (the "<u>IP Holder,</u>" and together with the Master Issuer, the Domestic Supply Chain Holder, PFS Supply Chain Holder and the SPV Canadian Holdco, the "<u>Co-Issuers</u>") and Citibank, as Trustee and securities intermediary, have entered into the Amended and Restated Base Indenture, dated as of the date of this Agreement (as amended, modified or supplemented from time to time, exclusive of any Series Supplements, the "<u>Base Indenture</u>" and, together with all Series Supplements, the "<u>Indenture</u>"), providing for the issuance from time to time of one or more Series of Notes thereunder;

WHEREAS, subsidiaries of Holdco have entered into or will enter into the Distribution and Contribution Agreements and the Contribution and Sale Agreements;

WHEREAS, the Master Issuer, the other Co-Issuers, Domino's SPV Guarantor LLC, Domino's Pizza Franchising LLC, Domino's Pizza International Franchising Inc., Domino's Pizza Canadian Distribution ULC, Domino's EQ LLC, Domino's RE LLC, Domino's Pizza LLC ("<u>DPL</u>" or the "<u>Manager</u>"), Domino's Pizza NS Co. and the Trustee have entered in the Amended and Restated Management Agreement (the "<u>Management Agreement</u>") dated as of the date hereof;

WHEREAS, DPL is a wholly-owned subsidiary of Domino's, Inc., a Delaware corporation ("<u>Intermediate Holdco</u>");

WHEREAS, Intermediate Holdco is a wholly-owned subsidiary of Holdco;

WHEREAS, Holdco has and will derive substantial direct and indirect benefit from the contribution of assets under the Distribution and Contribution Agreements and the Contribution and Sale Agreements; and

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WHEREAS, Holdco will derive substantial direct and indirect benefit from the services provided by DPL under the Management Agreement;

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Holdco agrees with the Trustee, for the benefit of the Secured Parties, as follows:

**SECTION 1** 

**<u>DEFINED TERMS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For all purposes of this Agreement, except as set forth in <u>Section</u> <u>1.1(b)</u> below, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in <u>Annex A</u> to the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following terms shall have the following meanings:

"<u>Holdco Consolidated Entities</u>" means, collectively, Holdco and its consolidated Subsidiaries.

"<u>Holdco Debt Incurrence Test</u>" means, with respect to any transaction or action in connection with the Incurrence of any Indebtedness by Holdco or any Holdco Consolidated Entity, a test that will be satisfied if, after giving effect to such transaction or action, the Holdco Leverage Ratio is (1) prior to the Series 2021-1 Springing Amendments Implementation Date, less than or equal to 7.0x and (2) on and after the Series 2021-1 Springing Amendments Implementation Date, less than or equal to 7.5x. For the avoidance of doubt, any Notes defeased, satisfied or discharged in accordance with the terms of the Indenture shall not be included in the calculation of the Holdco Leverage Ratio.

"<u>Holdco Specified Non-Securitization Debt Cap</u>" means (i) $125,000,000, or (ii) on and after the 2025-1 Springing Amendments Implementation Date, the greater of (A) 20% of Net Cash Flow over the four (4) Quarterly Collection Periods immediately preceding the relevant date of determination and (B) $225,000,000.

"<u>Incur</u>", "<u>Incurrence</u>" and derivatives thereof, means to, directly or indirectly, create, incur, assume, guarantee, pledge assets to secure or become liable, contingently or otherwise, with respect to, or otherwise become responsible for the payment of, any obligation. For the avoidance of doubt, any arrangement that permits future advances, borrowings, drawings or other Incurrences will be treated as being fully utilized as of any date that the permissibility or level of Incurrences is being determined, and will be deemed to be Incurred for all purposes on the date such arrangement is entered into.

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"<u>Specified Non-Securitization Debt</u>" means Indebtedness that may be incurred by Holdco or any Holdco Consolidated Entity (other than the Securitization Entities).

"<u>Transferor</u>" means the party identified as the "Transferor" in any Distribution and Contribution Agreement or Contribution and Sale Agreement.

**SECTION 2** 

**<u>PERFORMANCE OBLIGATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Contribution Agreements</u>.

Holdco hereby agrees to cause each Transferor to perform each of the obligations, including any indemnity obligations, and the duties of such Transferor under each Distribution and Contribution Agreement and each Contribution and Sale Agreement to which such Transferor is a party, in each case as and when due; <u>provided</u>, <u>however</u>, to the extent that such Transferor has not performed any such obligation or duty within thirty (30) days after such obligation or duty was required to be performed, Holdco hereby agrees to either (a) perform such obligation or duty or (b) cause any other Person (other than such Transferor) to perform such obligation or duty on Holdco's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Management Agreement</u>.

Holdco hereby agrees to cause the Manager to perform each of the obligations, including any indemnity obligations, and the duties of the Manager under the Management Agreement, in each case as and when due; <u>provided</u>, <u>however</u>, to the extent that the Manager has not performed any such obligation or duty within thirty (30) days after such obligation or duty was required to be performed (or such longer cure period, not to exceed sixty (60) days, as is provided in the Management Agreement), Holdco hereby agrees to either (a) perform such obligation or duty or (b) cause any other Person (other than the Manager) to perform such obligation or duty on Holdco's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Holdco's Liability</u>.

Holdco's liability hereunder shall be absolute and irrevocable and, without limiting the foregoing, shall not be released, discharged or otherwise affected by any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition, arrangement or other similar proceeding relating to any Transferor or the Manager or to any of their properties or assets, or any resulting release or discharge of any obligation of any Transferor or the Manager or any other circumstances that constitute or might be construed to constitute a legal or equitable discharge of or defense to the obligations of Holdco hereunder. For the avoidance of doubt, the performance obligations of Holdco set forth in this <u>Section</u> <u>2</u> do not in any way obligate Holdco to perform the obligations and duties of any other party under any other Related Document, including the obligations and duties of the Co-Issuers under the Indenture or to pay any amounts owed by any Transferor or the Manager other than amounts due in respect of indemnity obligations as expressly provided in the Distribution and Contribution Agreements, Contribution and Sale Agreements or the Management Agreement, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Commingling of Assets</u>.

Holdco hereby agrees that except as contemplated by the Related Documents, it shall not commingle its assets with those of any Securitization Entity.

**SECTION 3** 

**<u>REPRESENTATIONS AND WARRANTIES</u>**

Holdco hereby represents and warrants, for the benefit of the Trustee and the Secured Parties, as follows as of the Closing Date:

Organization and Good Standing.

Holdco is a corporation duly formed and organized, validly existing and in good standing under the laws of the State of Delaware and has full power and authority to own its properties and conduct its business as such properties are currently owned and such business is presently conducted and to execute, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Due Qualification</u>.

Holdco is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals in all jurisdictions where the ownership or lease of property or the conduct of its business requires such qualifications, licenses and approvals, except where the failure to be so qualified or to obtain such licenses or approvals would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Due Authorization; Conflicts</u>.

The execution, delivery and performance by Holdco of this Agreement are within Holdco's power and authority, have been duly authorized and do not contravene (i) the Holdco Charter Documents, (ii) any applicable law, order, rule or regulation applicable to Holdco of any court or of any federal, state or foreign regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Holdco or its properties (including any Requirements of Law regarding licensing and consumer protection) or (iii) any contractual restriction binding on or affecting Holdco, in the case of <u>clause (ii)</u> or <u>(iii)</u> above, the violation of which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Enforceability</u>.

This Agreement is the legal, valid and binding obligation of Holdco enforceable against Holdco in accordance with its terms, except as such enforceability may be subject to the effect of any bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally or general principles of equity (whether such enforcement is considered in a proceeding in equity or at law).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Financial Statements</u>.

The financial statements included in Holdco's Annual Report on Form 10-K for the fiscal year ended January 1, 2012, as filed with the Securities and Exchange Commission on February 28, 2012 (including the schedules and notes thereto), have been prepared in accordance with GAAP and present fairly the financial position of Holdco Consolidated Entities as of the date thereof and the results of their operations and their cash flows for the periods covered thereby (except, in the case of unaudited quarterly financial statements, for the absence of footnotes and normal year-end audit adjustments).

**SECTION 4** 

**<u>LIMITATION ON INDEBTEDNESS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Limitation on Indebtedness</u>.

For so long as the Indenture has not been terminated in accordance with its terms, Holdco Consolidated Entities (other than the Securitization Entities) shall not Incur any Indebtedness in excess of the Holdco Specified Non-Securitization Debt Cap; <u>provided</u> that the Holdco Specified Non-Securitization Debt Cap will not be applicable to any issuance or incurrence of any Specified Non-Securitization Debt (i) (a) incurred to refinance or repay the Notes in whole or (b) on and after the 2025-1 Springing Amendments Implementation Date, that otherwise constitutes Permitted Refinancing Indebtedness (which includes a Refinancing in part), (ii) after the issuance of which the Holdco Debt Incurrence Test is satisfied after giving effect to the incurrence of such Indebtedness and for which the applicable creditors (excluding any creditor with respect to an aggregate amount of outstanding Indebtedness less than $500,000) have executed a non-disturbance agreement with the Trustee, as directed by the Manager and in a form reasonably satisfactory to the Control Party and the Trustee, that acknowledges the terms of the Related Documents including the bankruptcy remote status of the Securitization Entities and their respective assets, (iii) that is considered Indebtedness due solely to a change in accounting rules that takes effect subsequent to the Closing Date but that was not considered Indebtedness prior to such date or (iv) in respect of any obligation of DPL to reimburse the Master Issuer for any draws under any letters of credit issued under a Variable Funding Note Purchase Agreement in accordance with the terms thereof.

**SECTION 5** 

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Nonpetition</u> <u>Covenant</u>.

Holdco shall not, prior to the date that is one year and one 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Amendments; Waivers</u>.

Any provision of this Agreement may be amended or waived from time to time with the consent of the Control Party, only if such amendment or waiver is executed by the parties hereto in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Notices, Etc.</u>

Any notice or communication provided for hereunder shall be in writing and delivered in person, delivered by email or facsimile, or mailed by first-class mail (registered or certified, return receipt requested) or overnight air courier guaranteeing next day delivery, to such other party's address:

If to Holdco:

Domino's Pizza, Inc.

30 Frank Lloyd Wright Drive

P.O. Box 997

Ann Arbor, Michigan 48106

Attention: Ryan K. Mulally

Email: [\*\*\*]

with a copy to:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

Attention: Patricia Lynch

Email: [\*\*\*]

If to the Trustee:

Citibank, N.A.

388 Greenwich Street

14th Floor

New York, NY 10013

Attention: Global Transaction Services–Domino's Pizza

Facsimile: [\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Entire Agreement</u>.

This Agreement and the other Related Documents contain 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Governing Law</u>.

**THIS AGREEMENT 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).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Successors</u>.

All agreements of Holdco in this Agreement and each other Related Document to which it is a party shall bind its successors and assigns; <u>provided</u>, <u>however</u>, Holdco may not assign its obligations or rights under this Agreement or any Related Document, except with the written consent of the Control Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Third-Party Beneficiary</u>.

Each of the Control Party and the Controlling Class Representative is an express third-party beneficiary of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Severability</u>.

In case any provision in this Agreement or any other Related Document shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Counterpart Originals</u>.

The parties may sign any number of copies of this Agreement. Each signed copy shall be an original, but all of them together represent the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>**Table of Contents**, Headings,</u> <u>etc</u>.

The **Table of Contents** and headings of the Sections of this Agreement have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <u>Waiver of Jury Trial</u>.

EACH OF HOLDCO AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 <u>Submission to Jurisdiction; Waivers</u>.

Each of Holdco and the Trustee hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Related Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to Holdco or the Trustee, as the case may be, at its address set forth in <u>Section</u> <u>5.3</u> or at such other address of which the Trustee shall have been notified pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section</u> <u>5.12</u> any special, exemplary, punitive or consequential damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 <u>Termination</u>.

This Agreement shall terminate upon the satisfaction and discharge of the Indenture in accordance with its terms; <u>provided</u> that the provisions of <u>Section</u> <u>5.1</u> shall survive such termination.

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IN WITNESS WHEREOF, each of Holdco and the Trustee has caused this Agreement to be duly executed and delivered by its duly Authorized Officer as of the date first above written.

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| | |
|:---|:---|
| DOMINO'S PIZZA, INC. | DOMINO'S PIZZA, INC. |
| By: |  |
|  | Name: |
|  | Title: |

---

Domino's - Parent Company Support Agreement

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AGREED AND ACCEPTED:

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| | |
|:---|:---|
| CITIBANK, N.A., in its capacity as Trustee | CITIBANK, N.A., in its capacity as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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Domino's - Parent Company Support Agreement

## Exhibit 99.1

**Exhibit 99.1** 

**CAPITALIZATION OF HOLDCO** 

*Substantially all of the revenue-generating assets of Domino's (other than the Company-Owned Stores and, as of the Closing Date, the PULSE Assets and the Technology Assets) are held by the Securitization Entities. DPL serves as the Manager operating the System on behalf of the Securitization Entities. The capitalization of Holdco is presented on a consolidated basis. Only assets that are part of the Collateral will be available to the Co-Issuers to pay interest on and principal of the Offered Notes.* ***Neither Holdco nor any subsidiary*** ***of Holdco, other than the Securitization Entities, will guarantee or in any way be liable for the obligations of the Co-Issuers under the Indenture or the Offered Notes, or any other obligation of the Co-Issuers in connection with the Offered Notes.*** 

All financial information presented below is preliminary and unaudited, and you should not put undue reliance on such preliminary, unaudited financial information.

The following table sets forth the cash and cash equivalents and capitalization of Holdco as of June 15, 2025 derived from the quarterly report on Form 10-Q that Holdco filed with the SEC on July 21, 2025, incorporated by reference herein, (i) on an actual basis and (ii) on an as-adjusted basis to give effect to the transactions contemplated to occur on or about the Closing Date in connection with the issuance of the Offered Notes on the Closing Date, including the repayment in full of the Series 2015-1 Class A-2-II Notes and the Series 2018-1 Class A-2-I Notes, as if such transactions occurred as of such date. This table should be read in conjunction with "*Use of Proceeds*," "*Selected Historical Consolidated Financial Information and Other Data of Holdco*" and Holdco's historical consolidated financial statements and the related notes thereto incorporated by reference into this Offering Memorandum.

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| | | |
|:---|:---|:---|
|  | **June 15, 2025** | **June 15, 2025** |
|  | Actual | As-Adjusted |
| *(dollars in thousands)* |  | *(preliminary)* |
|  Cash and cash equivalents <sup>(1)</sup> | $272859 | $117859 |
|  Debt and finance lease obligations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 Class A-1 Notes<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 Class A-1 Notes<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 Class A-1 Notes<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1 Class A-2-II Notes<sup>(3)</sup> | 742000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1 Class A-2-III Notes<sup>(4)</sup> | 940000 | 940000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1 Class A-2-I Notes<sup>(5)</sup> | 402688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1 Class A-2-II Notes<sup>(5)</sup> | 379000 | 379000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 Class A-2 Notes<sup>(6)</sup> | 648000 | 648000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 Class A-2-I Notes<sup>(7)</sup> | 826625 | 826625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 Class A-2-II Notes<sup>(7)</sup> | 972500 | 972500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offered Notes<sup>(8)</sup> |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease and other obligations | 78924 | 78924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total debt and finance lease obligations<sup>(9)</sup>** | 4989737 | 4845049 |

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(1) Excludes restricted cash and cash equivalents of approximately $211.7 million. Assumes a portion of the
Cash and cash equivalents is used to pay indebtedness on the closing date.

(2) The $200,000,000 Series 2021-1 Class A-1 Notes and the $120,000,000 Series 2022-1 Class A-1 Notes are variable funding notes that were issued by the Co-Issuers on April 16, 2021 and September 16, 2022, respectively. These Notes will be retired on the Series 2025-1 Closing Date, upon which the $320,000,000 Series 2025-1 Class A-1 Notes will be issued. Holdco expects the Master Issuer to have approximately $263.6 million of available borrowing capacity, net of
$56.4 million in undrawn letters of credit issued under the Series 2025-1 Class A-1 Notes on or about the Closing Date.

(3) The Series 2015-1 Class A-2-II Notes were issued by the Co-Issuers on October 21, 2015, and have a final legal maturity of October 2045. The Series 2015-1 Class A-2-II Notes have an expected repayment date of October 2025. The Co-Issuers are expected to use a portion of the proceeds of the Offered Notes to repay all amounts outstanding under the Series 2015-1 Class A-2-II Notes.

(4) The Series 2017-1 Class A-2-III Notes were issued by the Co-Issuers on July 24, 2017 and have a final legal maturity of July 2047. The Series 2017-1 Class A-2-III Notes have an expected repayment date of July 2027.

(5) The Series 2018-1 Class A-2 Notes were issued by the Co-Issuers on April 24, 2018 and have a final legal maturity of July 2048. The Series 2018-1 Class A-2-I Notes have an expected repayment date of October 2025 and the Series 2018-1 Class A-2-II Notes have an expected repayment date of July 2027. The Co-Issuers are expected to use a portion of the proceeds of the Offered Notes to repay all amounts outstanding under the Series 2018-1 Class A-2-I Notes.

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(6) The Series 2019-1 Class A-2 Notes were issued by the Co-Issuers on November 19, 2019 and have a final legal maturity of October 2049. The Series 2019-1 Class A-2 Notes have an expected repayment date of October 2029.

(7) The Series 2021-1 Class A-2 Notes were issued by the Co-Issuers on April 16, 2021 and have a final legal maturity of October 2051. The Series 2021-1 Class A-2-I Notes have an expected repayment date of October 2028 and the Series 2021-1 Class A-2-II Notes have an expected repayment date of October 2031.

(8) The Series 2025-1 Class A-2 Notes will be issued on the Closing Date and will have a final legal maturity of July , 2055. The Series 2025-1 Class A-2-I Notes have an expected repayment date of July 2030. The Series 2025-1 Class A-2-II Notes have an expected repayment date of July 2032.

(9) Represents gross debt and finance lease and other obligation amounts and is not inclusive of debt issuance
costs.

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**SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION** 

**AND OTHER DATA OF HOLDCO** 

*The following tables present certain summary historical consolidated financial information of Holdco.* ***Neither Holdco nor any subsidiary of Holdco, other than the Securitization Entities, will guarantee or in any way be liable for the obligations of the Co-Issuers under the Indenture or the Offered Notes, or any other obligation of the Co-Issuers in connection with the Offered Notes.*** 

Set forth below is selected historical consolidated financial information and other data of Holdco at the dates and for the periods indicated. Unless otherwise noted below, the selected historical financial information and other data as of January 3, 2021, January 2, 2022 and January 1, 2023 and for the fiscal years ended January 3, 2021 and January 2, 2022 have been derived from Holdco's audited financial statements not included in or incorporated by reference into this Offering Memorandum. The selected historical financial information and other data as of December 31, 2023 and December 29, 2024 and for each of the three fiscal years in the period ended December 29, 2024 have been derived from Holdco's audited consolidated financial statements incorporated by reference into this Offering Memorandum. In addition, the selected historical financial information and other data for the fifty-two weeks ended June 15, 2025 have been derived from Holdco's unaudited consolidated financial statements for the quarterly periods ended September 8, 2024, December 29, 2024, March 23, 2025 and June 15, 2025, and you should not put undue reliance on such unaudited financial information. For the avoidance of doubt, the quarterly periods ended September 8, 2024, December 29, 2024 and March 23, 2025 are not included in nor incorporated by reference into this Offering Memorandum.

While Holdco believes that Holdco EBITDA and Holdco Adjusted EBITDA as presented below, are useful to prospective noteholders as important supplemental financial measures that are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in Holdco's industry, they should not be used as substitutes for GAAP measures of liquidity or performance. See "*Non-GAAP Financial Measures*" for more information.

The selected historical consolidated financial information and other data should be read in conjunction with "*Use of Proceeds*," and "*Capitalization of Holdco*," all of which are included elsewhere in this Offering Memorandum, and with the "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and the consolidated financial statements and the accompanying notes included in the 2024 10-K, which is incorporated by reference herein.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended,** | **Fiscal Year Ended,** | **Fiscal Year Ended,** | **Fiscal Year Ended,** | **Fiscal Year Ended,** | **52 Weeks<br>Ended** |
|  | **January 3** | **January 2** | **January 1** | **December 31** | **December 29** | **June 15,** |
| *(dollars in thousands)* | **2021** | **2022** | **2023** | **2023** | **2024** | **2025** |
|  **Income Statement Data:** | **Income Statement Data:** | **Income Statement Data:** | **Income Statement Data:** | **Income Statement Data:** | **Income Statement Data:** | **Income Statement Data:** |
|  Revenues | Revenues | Revenues | Revenues | Revenues | Revenues | Revenues |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Company-Owned Stores | $485569 | $478976 | $445810 | $376180 | $393898 | $393039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Franchise | 503196 | 539883 | 556269 | 604897 | 638193 | 647360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Franchise Advertising | 462238 | 479501 | 485330 | 473195 | 509853 | 530773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Stores | 1451003 | 1498360 | 1487409 | 1454272 | 1541944 | 1571172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supply Chain | 2416651 | 2560977 | 2754742 | 2715009 | 2845781 | 2884309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Franchise | 249757 | 298036 | 295007 | 310077 | 318691 | 325752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Revenues | 4117411 | 4357373 | 4537158 | 4479358 | 4706416 | 4781233 |
|  Cost of Sales | 2522918 | 2669131 | 2888552 | 2751941 | 2857914 | 2887515 |
|  Gross Margin | $1594493 | $1688242 | $1648606 | $1727417 | $1848502 | $1893718 |
|  General and Administrative Expense | 406613 | 428333 | 416524 | 434554 | 459492 | 459206 |
|  U.S. Franchise Advertising | 462238 | 479501 | 485330 | 473195 | 509853 | 530773 |
|  Refranchising loss (gain) |  |  | (21173) | 149 | 158 | (3883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from Operations | $725642 | $780408 | $767925 | $819519 | $878999 | $907622 |
|  **Other Financial Data:** |  |  |  |  |  |  |
|  Holdco EBITDA<sup>(1)</sup> | $790680 | $890089 | $848176 | $917872 | $988795 | $1033267 |
|  Holdco Adjusted EBITDA<sup>(1)</sup> | 817846 | 883699 | 857525 | 939121 | 1011671 | 1036365 |
|  **Cash Flow Data:** | **Cash Flow Data:** | **Cash Flow Data:** | **Cash Flow Data:** | **Cash Flow Data:** | **Cash Flow Data:** | **Cash Flow Data:** |
|  Net Cash Provided by Operating | Net Cash Provided by Operating | Net Cash Provided by Operating | Net Cash Provided by Operating | Net Cash Provided by Operating | Net Cash Provided by Operating | Net Cash Provided by Operating |
|  Activities | $592794 | $654206 | $475317 | $590864 | $624897 | $717607 |
|  Capital Expenditures | 88768 | 94172 | 87234 | 105396 | 112885 | 104433 |
|  Holdco Free Cash Flow<sup>(2)</sup> | $504026 | $560034 | $388083 | $485468 | $512012 | $613174 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended,** | **Fiscal Year Ended,** | **Fiscal Year Ended,** | **Fiscal Year Ended,** | **Fiscal Year Ended,** | **52 Weeks<br>Ended** |
|  | **January 3** | **January 2** | **January 1** | **December 31** | **December 29** | **June 15,** |
| *(dollars in thousands)* | **2021** | **2022** | **2023** | **2023** | **2024** | **2025** |
|  **Balance Sheets Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and Cash Equivalents<sup>(3)</sup> | $168821 | $148160 | $60356 | $114098 | $186126 | $272859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted Cash and Cash |  |  |  |  |  |  |
|  Equivalents | 217453 | 180579 | 191289 | 200870 | 195370 | 211734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Working Capital<sup>(4)</sup> | 174589 | 82053 | 57993 | 66982 | (904383) | (894665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, Plant and Equipment, Net | 297364 | 324065 | 302235 | 304365 | 301179 | 290270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1567168 | 1671816 | 1602221 | 1674899 | 1737013 | 1811293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Debt Net of Debt Issuance |  |  |  |  |  |  |
|  Cost<sup>(5)</sup> | 4118873 | 5070226 | 5022233 | 4990428 | 4975338 | 4975836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 4867573 | 5881352 | 5791286 | 5745266 | 5699304 | 5785920 |
|  **Reconciliations** |  |  |  |  |  |  |
|  Net income | $491296 | $510467 | $452263 | $519118 | $584170 | $597110 |
|  Interest expense, net | 170512 | 191461 | 195092 | 184792 | 178848 | 178698 |
|  Provision for income taxes | 63834 | 115238 | 120570 | 133322 | 138045 | 169232 |
|  Depreciation and amortization | 65038 | 72923 | 80251 | 80640 | 87732 | 88227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holdco EBITDA<sup>(1)</sup>**  | $**790680** | $**890089** | $**848176** | $**917872** | $**988795** | $**1033267** |
|  **Adjustments (less) plus:** | **Adjustments (less) plus:** | **Adjustments (less) plus:** | **Adjustments (less) plus:** | **Adjustments (less) plus:** | **Adjustments (less) plus:** | **Adjustments (less) plus:** |
|  Other income<sup>(6)</sup> | $— | $(36758) | $— | $(17713) | $(22064) | $(37418) |
|  Non-cash compensation expense | 24244 | 28670 | 28709 | 37514 | 43255 | 42587 |
|  Loss (gain) on disposal of assets | 2922 | 1189 | 1813 | 1299 | 1527 | 1812 |
|  Refranchising loss (gain) |  |  | (21173) | 149 | 158 | (3883) |
|  Recapitalization-related expenses |  | 509 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holdco Adjusted EBITDA<sup>(1)</sup>** | $**817846** | $**883699** | $**857525** | $**939121** | $**1011671** | $**1036365** |

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(1) Holdco EBITDA and Holdco Adjusted EBITDA are non-GAAP financial
measures, and are unaudited. Please see "Non-GAAP Financial Measures" for more information regarding these financial measures. The above table sets forth a reconciliation of Holdco EBITDA and
Holdco Adjusted EBITDA to net income.

(2) Holdco Free Cash Flow is a non-GAAP financial measure, and is
unaudited. Please see "Non-GAAP Financial Measures" for more information regarding Holdco Free Cash Flow.

(3) Excludes restricted cash and cash equivalents.

(4) Excludes restricted cash and cash equivalents, advertising fund assets, restricted, and advertising fund
liabilities. As of December 29, 2024, Holdco negative working capital totaling $904.4 million primarily included $1.14 billion of current portion of long-term debt associated with Series 2015-1 Class A-2-II Notes and 2018-1 Class A-2-I Notes for each of which the anticipated repayment date is October 2025. Similarly, as of June 15, 2025, Holdco negative working capital totaling $894.7 million primarily included $1.14 billion of current portion of long-term debt
associated with the Series 2015-1 Class A-2-II Notes and 2018-1 Class A-2-I Notes.

(5) Includes current portion.

(6) Represents unrealized and realized gain on investments, net for the fiscal years ended January 1, 2022,
December 31, 2023, December 29, 2024, and fifty-two weeks ended June 15, 2025.