Document:

aimd_ex43.htm

EXHIBIT 4.3
   
  	
	  

 
  
 AINOS, INC.
  
 and
  
 AMERICAN STOCK TRANSFER & TRUST COMPANY, as
 Warrant Agent
   
  	
	  

 
  
 Warrant Agency Agreement
  
 Dated as of August 11, 2022
    
  	 
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 WARRANT AGENCY AGREEMENT
  
 WARRANT AGENCY AGREEMENT, dated as of August 11, 2022 (“Agreement”), between Ainos, Inc., a corporation organized under the laws of the State of Texas (the “Company”), and American Stock Transfer & Trust Company (the “Warrant Agent”).
  
 W I T N E S S E T H
  
 WHEREAS, pursuant to a registered offering by the Company of  780,000 Units (the “Offering”), with each Unit consisting of one share of the Company’s common stock, par value $0.01 per share (the “Common Stock”) and one warrant (the “Warrants”) to purchase one share of Common Stock (the “Warrant Shares”) at a price of $4.25 per share (or 100% of the price of each share of Common Stock sold in the Offering); and
  
 WHEREAS, the Company granted to the underwriters an over-allotment option to purchase up to an additional 117,000 shares of common stock at a per share price of $4.24 and/or up to an additional 117,000 Warrants to purchase up to 117,000 Warrant Shares at a price per Warrant of $0.01, less, in each case, any underwriting discounts and commissions, if any; and
  
 WHEREAS, upon the terms and subject to the conditions hereinafter set forth and pursuant to an effective registration statement on Form S-1, as amended (File No. 333- 264527) (the “Registration Statement”), and the terms and conditions of the Warrant Certificate, the Company wishes to issue the Warrants in book entry form entitling the respective holders of the Warrants (the “Holders,” which term shall include a Holder’s transferees, successors and assigns and “Holder” shall include, if the Warrants are held in “street name,” a Participant (as defined below) or a designee appointed by such Participant); and
  
 WHEREAS, the shares of Common Stock and Warrants to be issued in connection with the Offering shall be immediately separable and will be issued separately, but will be purchased together in the Offering; and
  
 WHEREAS, the Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent’s capacity as the Company’s transfer agent, the delivery of the Warrant Shares (as defined below).
  
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:
  
 Section 1. Certain Definitions. For purposes of this Agreement, all capitalized terms not herein defined shall have the meanings hereby indicated:
  
 (a) “Affiliate” has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
  
 (b) “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action to close.
  
 (c) “Close of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.
  
 (d) “Person” means an individual, corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity.
  
  	 
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 (e) “Warrant Certificate” means a certificate in substantially the form attached as Exhibit 1 hereto, representing such number of Warrant Shares as is indicated therein, provided that any reference to the delivery of a Warrant Certificate in this Agreement shall include delivery of a Definitive Certificate or a Global Warrant (each as defined below).
  
 All other capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.
  
 Section 2. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the terms and conditions hereof, and the Warrant Agent hereby accepts such appointment.
  
 Section 3. Global Warrants.
  
 (a) The Warrants shall be registered securities and shall be evidenced by a global warrant (the “Global Warrants”), in the form of the Warrant Certificate, which shall be deposited with the Warrant Agent and registered in the name of Cede & Co., a nominee of The Depository Trust Company (the “Depositary”), or as otherwise directed by the Depositary. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Global Warrant or (ii) institutions that have accounts with the Depositary (such institution, with respect to a Warrant in its account, a “Participant”).
  
 (b) If the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent to deliver to each Holder a Warrant Certificate.
  
 (c) A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Company and the Warrant Agent for the exchange of some or all of such Holder’s Global Warrants for a separate certificate in the form attached hereto as Exhibit 1 (such separate certificate, a “Definitive Certificate”) evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit 2 (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the surrender by the Holder to the Warrant Agent of a number of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”), the Company and the Warrant Agent shall promptly effect the Warrant Exchange and the Company shall promptly issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company, shall be in the form attached hereto as Exhibit 1 and shall be reasonably acceptable in all respects to such Holder. In connection with a Warrant Exchange, the Company agrees to deliver the Definitive Certificate to the Holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants) of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than Sections 3(c), 3(d) and 9 herein, shall not apply to the Warrants evidenced by the Definitive Certificate. Notwithstanding anything herein to the contrary, the Company shall act as warrant agent with respect to any Definitive Certificate requested and issued pursuant to this section. Notwithstanding anything to the contrary contained in this Agreement, in the event of inconsistency between any provision in this Agreement and any provision in a Definitive Certificate, as it may from time to time be amended, the terms of such Definitive Certificate shall control.
  
  	 
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 (d) A Holder of a Definitive Certificate (pursuant to a Warrant Exchange or otherwise) has the right to elect at any time or from time to time a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below). Upon written notice by a Holder to the Company for the exchange of some or all of such Holder’s Warrants evidenced by a Definitive Certificate for a beneficial interest in Global Warrants held in book-entry form through the Depositary evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit 3 (a “Global Warrants Request Notice” and the date of delivery of such Global Warrants Request Notice by the Holder, the “Global Warrants Request Notice Date” and the surrender upon delivery by the Holder of the Warrants evidenced by Definitive Certificates for the same number of Warrants evidenced by a beneficial interest in Global Warrants held in book-entry form through the Depositary, a “Global Warrants Exchange”), the Company shall promptly effect the Global Warrants Exchange and shall promptly direct the Warrant Agent to issue and deliver to the Holder Global Warrants for such number of Warrants in the Global Warrants Request Notice, which beneficial interest in such Global Warrants shall be delivered by the Depositary’s Deposit or Withdrawal at Custodian system to the Holder pursuant to the instructions in the Global Warrants Request Notice. In connection with a Global Warrants Exchange, the Company shall direct the Warrant Agent to deliver the beneficial interest in such Global Warrants to the Holder within ten (10) Business Days of the Global Warrants Request Notice pursuant to the delivery instructions in the Global Warrant Request Notice (“Global Warrants Delivery Date”). If the Company fails for any reason to deliver to the Holder Global Warrants subject to the Global Warrants Request Notice by the Global Warrants Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Global Warrants (based on the VWAP (as defined in the Warrants) of the Common Stock on the Global Warrants Request Notice Date), $10 per Business Day for each Business Day after such Global Warrants Delivery Date until such Global Warrants are delivered or, prior to delivery of such Global Warrants, the Holder rescinds such Global Warrants Exchange. The Company covenants and agrees that, upon the date of delivery of the Global Warrants Request Notice, the Holder shall be deemed to be the beneficial holder of such Global Warrants.
  
 Section 4. Form of Warrant Certificates. The Warrant Certificate, together with the form of election to purchase Common Stock (“Notice of Exercise”) and the form of assignment to be printed on the reverse thereof, shall be in the form of Exhibit 1 hereto.
  
 Section 5. Countersignature and Registration. The Global Warrant shall be executed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer or Vice President, by facsimile signature which shall be attested by the Secretary or an Assistant Secretary of the Company, by facsimile signature. The Global Warrant shall be countersigned by the Warrant Agent by facsimile signature and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of the Global Warrant shall cease to be such officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Global Warrant, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Global Warrant had not ceased to be such officer of the Company; and any Global Warrant may be signed on behalf of the Company by any person who, at the actual date of the execution of such Global Warrant, shall be a proper officer of the Company to sign such Global Warrant, although at the date of the execution of this Warrant Agreement any such person was not such an officer.
  
 The Warrant Agent will keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration and transfer of the Global Warrants issued hereunder. Such books shall show the names and addresses of the respective Holders of the Global Warrant, the number of warrants evidenced on the face of each of such Global Warrant and the date of each of such Global Warrant. The Warrant Agent will create a special account for the issuance of Global Warrants. The Warrant Agent will keep or cause to be kept at one of its offices, books for the registration and transfer of any Definitive Certificates issued hereunder. Such Company books shall show the names and addresses of the respective Holders of the Definitive Certificates, the number of warrants evidenced on the face of each such Definitive Certificate and the date of each such Definitive Certificate.
   
  	 
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 Section 6. Transfer, Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates. With respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first paragraph of Section 6 and subject to applicable law, rules or regulations, or any “stop transfer” instructions the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the Termination Date (as such term is defined in the Warrant Certificate), any Global Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Global Warrant or Global Warrants, entitling the Holder to purchase a like number of shares of Common Stock as the Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Global Warrant shall make such request in writing delivered to the Warrant Agent, and shall surrender the Global Warrant to be transferred, split up, combined or exchanged at the principal office of the Warrant Agent. Any requested transfer of Warrants, whether in book-entry form or certificate form, shall be accompanied by reasonable evidence of authority of the party making such request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this first paragraph of Section 6, countersign and deliver to the Person entitled thereto a Global Warrant or Global Warrants, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Global Warrants. The Company shall compensate the Warrant Agent per the fee schedule mutually agreed upon by the parties hereto and provided separately on the date hereof.
  
 Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate, which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and, in case of loss, theft or destruction, of indemnity in customary form and amount (but, with respect to any Definitive Certificates, shall not include the posting of any bond by the Holder), and satisfaction of any other reasonable requirements established by Section 8-405 of the Uniform Commercial Code as in effect in the State of Texas, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and deliver a new Warrant Certificate of like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.
  
 Section 7. Exercise of Warrants; Exercise Price; Termination Date.
  
 (a) The Warrants shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable as set forth in the Warrant Certificate. Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant may exercise the Warrant in whole or in part pursuant to Section 2 of the Warrant Certificate. Payment of the Exercise Price, may be made, at the option of the Holder, by wire transfer or by certified or official bank check in United States dollars, as set forth in the Warrant Certificate. In the case of the Holder of a Global Warrant, the Holder shall deliver the executed Notice of Exercise and the payment of the Exercise Price as described herein. Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation performing similar functions), shall effect exercises by delivering to the Depositary (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by the Depositary (or such other clearing corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with the services provided under this Agreement will be in its name and that the Warrant Agent may receive investment earnings in connection with the investment at Warrant Agent risk and for its benefit of funds held in those accounts from time to time. Neither the Company nor the Holders will receive interest on any deposits or Exercise Price. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. The Company hereby acknowledges and agrees that, with respect to a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation performing similar functions), upon delivery of irrevocable instructions to such holder’s Participant to exercise such warrants, that solely for purposes of Regulation SHO that such holder shall be deemed to have exercised such warrants.
  
  	 
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 (b) Upon receipt of a Notice of Exercise for a Cashless Exercise the Company will promptly calculate and transmit to the Warrant Agent the number of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of the Notice of Exercise to the Warrant Agent, which shall issue such number of Warrant Shares in connection with such Cashless Exercise.
  
 (c) Upon the exercise of the Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the Warrant Agent shall cause the Warrant Shares underlying such Warrant Certificate or Global Warrant to be delivered to or upon the order of the Holder of such Warrant Certificate or Global Warrant, registered in such name or names as may be designated by such Holder, no later than the Warrant Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant in the DWAC system of the Depositary and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder by crediting the account of the Holder’s broker with the Depositary through its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant Certificate, such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement, except in the case of a Cashless Exercise, if any Holder fails to duly deliver payment to the Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery Date, the Warrant Agent will not obligated to deliver such Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for each day (or part thereof) until such payment is delivered to the Warrant Agent.
  
 (d) The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the Company maintained with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise the Company via email at the end of each day on which notices of exercise are received or funds for the exercise of any Warrant are received of the amount so deposited to its account.
  
 Section 8. Cancellation and Destruction of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificate shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant Certificates to the Company, or shall, at the written request of the Company, destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof to the Company, subject to any applicable law, rule or regulation requiring the Warrant Agent to retain such canceled certificates.
  
 Section 9. Certain Representations; Reservation and Availability of Shares of Common Stock or Cash.
  
 (a) This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).
  
  	 
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 (b) As of the date hereof, the authorized capital stock of the Company consists of (i) three hundred million (300,000,000) shares of common stock, par value $0.01 per share, of which approximately 19,478,270 shares of Common Stock are issued and outstanding as of August 11, 2022, and 780,000 shares of Common Stock are reserved for issuance upon exercise of the Warrants, and (ii) ten million (10,000,000) shares of preferred stock, par value $0.01 per share, of which no shares are issued and outstanding. Except as disclosed in the Registration Statement, there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the Company any class of capital stock of the Company.
  
 (c) The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Common Stock or its authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants.
  
 (d) The Warrant Agent will create a special account for the issuance of Common Stock upon the exercise of Warrants.
  
 (e) The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for Common Stock in a name other than that of the Holder of the Warrant Certificate evidencing Warrants surrendered for exercise or to issue or deliver any certificate for shares of Common Stock upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any such tax or governmental charge being payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax or governmental charge is due.
  
 Section 10. Common Stock Record Date. Each Person in whose name any certificate for shares of Common Stock is issued (or to whose broker’s account is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to have become the holder of record for the Common Stock represented thereby on, and such certificate shall be dated, the date on which submission of the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant is duly surrendered (but only if required herein) and payment of the Exercise Price (and any applicable transfer taxes) is received on or prior to the Warrant Share Delivery Date; provided, however, that if the date of submission of the Notice of Exercise is a date upon which the Common Stock transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding day on which the Common Stock transfer books of the Company are open.
  
 Section 11. Adjustment of Exercise Price, Number of Shares of Common Stock or Number of the Company Warrants. The Exercise Price, the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section 3 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant to Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than shares of Common Stock, thereafter the number of such other shares so receivable upon exercise of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the shares contained in Section 3 of the Warrant Certificate and the provisions of Sections 7, 11 and 12 of this Agreement with respect to the shares of Common Stock shall apply on like terms to any such other shares. All Warrants originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price, the number of shares of Common Stock purchasable from time to time hereunder upon exercise of the Warrants, all subject to further adjustment as provided herein.
  
  	 
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 Section 12. Certification of Adjusted Exercise Price or Number of Shares of Common Stock. Whenever the Exercise Price or the number of shares of Common Stock issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly prepare a certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Stock a copy of such certificate and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate.
  
 Section 13. Fractional Shares of Common Stock.
  
 (a) The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction to the nearest whole Warrant (rounded down).
  
 (b) The Company shall not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock certificates which evidence fractional shares of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed, the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.
  
 Section 14. Conditions of the Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the Holders from time to time of the Warrant Certificates shall be subject:
  
  	  
	 (a) 
	Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation detailed on Exhibit 4 hereto for all services rendered by the Warrant Agent (and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without gross negligence or willful misconduct finally adjudicated to have been directly caused by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent, provided that there shall be no duplication of payments hereunder and under any other agreements between the Company and the Warrant Agent between with respect to the Warrants or Common Stock. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, or willful misconduct on the part of the Warrant Agent, finally adjudicated to have been directly caused by Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. The Warrant Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection herewith or to take any other action likely to involve the Warrant Agent in expense, unless first indemnified to the Warrant Agent’s reasonable satisfaction. The indemnities provided by this paragraph shall survive the resignation or discharge of the Warrant Agent or the termination of this Agreement. Anything in this Agreement to the contrary notwithstanding, in no event shall the Warrant Agent be liable under or in connection with the Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Warrant Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought, and the Warrant Agent’s aggregate liability to the Company, or any of the Company’s representatives or agents, under this Section 14(a) or under any other term or provision of this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any circumstances, one (1) year’s fees received by the Warrant Agent as fees and charges under this Agreement, but not including reimbursable expenses previously reimbursed to the Warrant Agent by the Company hereunder.
	  
	  
	  

	  
	 (b) 
	Agent for the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the Holders of Warrant Certificates or beneficial owners of Warrants.

 
   
  	 
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	 (c) 
	Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel.
	  
	  
	  

	  
	 (d) 
	Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties.
	  
	  
	  

	  
	 (e) 
	Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of Holders of Warrant Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party.
	  
	  
	  

	  
	 (f) 
	No Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.
	  
	  
	  

	  
	 (g) 
	No Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).
	  
	  
	  

	  
	 (h) 
	No Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificate (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company.
	  
	  
	  

	  
	 (i) 
	No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificate. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law.

 
   
 Section 15. Purchase or Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent or any successor Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Warrant Agent or any successor Warrant Agent shall be party, or any corporation succeeding to the corporate trust business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor Warrant Agent shall succeed to the agency created by this Agreement any of the Warrant Certificates shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement. 
  
  	 
	9
	

	 

 
  
 In case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.
  
 Section 16. Duties of Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound:
  
 (a) The Warrant Agent may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the Company), and the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by it in good faith and in accordance with such opinion.
  
 (b) Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be full authentication to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate.
  
 (c) Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence or willful misconduct, or for a breach by it of this Agreement.
  
 (d) The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Warrant Certificate (except its countersignature thereof) by the Company or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only.
  
 (e) The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change in the number of shares of Common Stock required under the provisions of Section 11 or 13 or responsible for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except with respect to the exercise of Warrants evidenced by the Warrant Certificates after actual notice of any adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any shares of Common Stock will, when issued, be duly authorized, validly issued, fully paid and nonassessable.
  
 (f) Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the carrying out or performing by any party of the provisions of this Agreement.
  
  	 
	10
	

	 

 
  
 (g) The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without gross negligence or willful misconduct.
  
 (h) The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.
  
 (i) The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof.
  
 Section 17. Change of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice in writing sent to the Company and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice in writing, sent to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant Agent, whether appointed by the Company or by such a court, shall be a corporation organized and doing business under the laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Warrant Agent and each transfer agent of the Common Stock, and mail a notice thereof in writing to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the case may be.
  
 Section 18. Issuance of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement.
  
  	 
	11
	

	 

 
  
 Section 19. Notices. Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any Warrant Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with Federal Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested), and (d) the date of transmission, if such notice or communication is delivered via facsimile or email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile or email attachment on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):
  
 (a) If to the Company, to:
  
 Ainos, Inc.
 8880 San Diego Drive, Ste 800
 San Diego, CA 92108
 Attention: Executive Vice President of Operations
  
 (b) If to the Warrant Agent, to:
  
 American Stock Transfer & Trust Company
 6201 15th Ave,
 Brooklyn, NY 11219
  
 For any notice delivered by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered on the next business day following such email, unless the recipient of such email has acknowledged via return email receipt of such email.
  
 (c) If to the Holder of any Warrant Certificate to the address of such Holder as shown on the registry books of the Company. Any notice required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any Warrant, such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the procedures of the Depositary or its designee.
  
 Section 20. Supplements and Amendments.
  
 (a) The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Global Warrants in order to (i) add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants, (ii) to surrender any rights or power reserved to or conferred upon the Company in this Agreement, (iii) to cure any ambiguity, (iv) to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, or (v) to make any other provisions with regard to matters or questions arising hereunder which the Company and the Warrant Agent may deem necessary or desirable, provided that such addition, correction or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material respect.
  
 (b) In addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a majority of the shares of Common Stock issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Warrant Agreement or modifying in any manner the rights of the Holders of the Global Warrants; provided, however, that no modification of the terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or the rights of holders of Warrants to receive liquidated damages or other payments in cash from the Company or reducing the percentage required for consent to modification of this Agreement may be made without the consent of the Holder of each outstanding Warrant Certificate affected thereby; provided further, however, that no amendment hereunder shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment complies with the terms of this Section 20.
  
  	 
	12
	

	 

 
  
 Section 21. Successors. All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.
  
 Section 22. Benefits of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the Company, the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement. This Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates. Notwithstanding anything to the contrary contained herein, to the extent any provision of a Warrant Certificate conflicts with any provision of this Agreement, the provision of the Warrant Certificate shall govern and be controlling.
  
 Section 23. Governing Law. This Agreement and each Warrant Certificate and Global Warrant issued hereunder shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to the conflicts of law principles thereof.
  
 Section 24. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
  
 Section 25. Captions. The captions of the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.
  
 Section 26. No Rights as Shareholder. Except as otherwise specifically provided herein or in the Warrant Certificate, a Holder, solely in its capacity as a holder of Warrants, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of Warrants, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior to the exercise of such Warrants by the Holder.
  
 [Signature page to follow]
   
  	 
	13
	

	 

 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.
  
  	 	 AINOS, INC.
	
	 	 	 	 
		By:	 /s/Chun-Hsein Tsai
	
	  
	  
	Name: Chun-Hsein Tsai	 
	 	 	Title: Chief Executive Officer and Chief Financial Officer	 
	  
	  
	  
	  

	  
	 AMERICAN STOCK TRANSFER & TRUST COMPANY
	  

	  
	  
	  
	  

	  
	 By:
	 /s/Michael Legregin 
	  

	  
	  
	 Name: Michael Legregin 
 Title: Senior Vice President
	  

 
   
  	 
	14
	

	 

 
   
 Exhibit 1
  
 Form of Warrant Certificate
   
  	 
	15
	

	 

 
  
 Exhibit 2
 Form of Warrant Certificate Request Notice
  
 WARRANT CERTIFICATE REQUEST NOTICE
  
 To: American Stock Transfer & Trust Company, as Warrant Agent for Ainos, Inc. (the “Company”)
  
 The undersigned Holder of Common Stock Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:
  
  	 1.
	 Name of Holder of Warrants in form of Global Warrants: _____________________________

	  
	  

	 2.
	 Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants): ________________________________

	  
	  

	 3.
	 Number of Warrants in name of Holder in form of Global Warrants: ___________________

	  
	  

	 4.
	 Number of Warrants for which Warrant Certificate shall be issued: __________________

	  
	  

	 5.
	 Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________

	  
	  

	 6.
	 Warrant Certificate shall be delivered to the following address:

	  
	  

 
 ______________________________
  
 ______________________________
  
 ______________________________
  
 ______________________________
  
 The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Warrant Certificate.
  
 [SIGNATURE OF HOLDER]
  
 Name of Investing Entity: ____________________________________________________
  
 Signature of Authorized Signatory of Investing Entity: ______________________________
  
 Name of Authorized Signatory: ________________________________________________
  
 Title of Authorized Signatory: _________________________________________________
  
 Date: _______________________________________________________________
  
  	 
	16
	

	 

 
  
 Exhibit 3
 Form of Global Warrant Request Notice
  
 GLOBAL WARRANT REQUEST NOTICE
  
 To: American Stock Transfer & Trust Company, as Warrant Agent for Ainos, Inc. (the “Company”)
  
 The undersigned Holder of Common Stock Purchase Warrants (“Warrants”) in the form of Warrants Certificates issued by the Company hereby elects to receive a Global Warrant evidencing the Warrants held by the Holder as specified below:
  
  	 1.
	 Name of Holder of Warrants in form of Warrant Certificates: _____________________________

	  
	  

	 2.
	 Name of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant Certificates): ________________________________

	  
	  

	 3.
	 Number of Warrants in name of Holder in form of Warrant Certificates: ___________________

	  
	  

	 4.
	 Number of Warrants for which Global Warrant shall be issued: __________________

	  
	  

	 5.
	 Number of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant, if any: ___________

	  
	  

	 6.
	 Global Warrant shall be delivered to the following address:

	  
	  

 
 ______________________________
  
 ______________________________
  
 ______________________________
  
 ______________________________
  
 The undersigned hereby acknowledges and agrees that, in connection with this Global Warrant Exchange and the issuance of the Global Warrant, the Holder is deemed to have surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the number of Warrants evidenced by the Global Warrant.
  
 [SIGNATURE OF HOLDER]
  
 Name of Investing Entity: ____________________________________________________
  
 Signature of Authorized Signatory of Investing Entity: ______________________________
  
 Name of Authorized Signatory: ________________________________________________
  
 Title of Authorized Signatory: _________________________________________________
  
 Date: _______________________________________________________________
  
  	 
	17
	

	 

 
  
 Exhibit 4
  
 Warrant Agent Fee Schedule
  
  	 
	18EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
 APPLEBEE’S FUNDING LLC and

 IHOP FUNDING LLC, 

each as Co-Issuer 

and 
 CITIBANK, N.A.,

 as Trustee and Series 2022-1 Securities Intermediary 

 
  

SERIES 2022-1 SUPPLEMENT 

Dated as of August 12, 2022 

to 
 BASE INDENTURE

 Dated as of June 5, 2019 
  

 
 $325,000,000 Series 2022-1 Variable Funding Senior Notes, Class A-1 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION
	  	 	1	 
		
	 ARTICLE II INITIAL ISSUANCE, INCREASES AND DECREASES OF SERIES 2022-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT; ISSUANCE OF ADDITIONAL CLASS A-1 NOTES
	  	 	2	 
			
	 Section 2.1
	 	 Procedures for Issuing and Increasing the Series
2022-1 Class A-1 Outstanding Principal Amount
	  	 	2	 
	 Section 2.2
	 	 Procedures for Decreasing the Series 2022-1 Class A-1 Outstanding Principal Amount
	  	 	3	 
	 Section 2.3
	 	 Issuances of Additional Class A-1
Notes
	  	 	4	 
		
	 ARTICLE III SERIES 2022-1 ALLOCATIONS;
PAYMENTS
	  	 	5	 
			
	 Section 3.1
	 	 Allocations of Net Proceeds with Respect to the Series
2022-1 Class A-1 Notes; Interest Reserve Letter of Credit
	  	 	5	 
	 Section 3.2
	 	 Weekly Allocation Date Applications
	  	 	5	 
	 Section 3.3
	 	 Certain Distributions from the Series 2022-1
Distribution Account
	  	 	5	 
	 Section 3.4
	 	 Series 2022-1
Class A-1 Interest and Certain Fees
	  	 	6	 
	 Section 3.5
	 	 [Reserved]
	  	 	7	 
	 Section 3.6
	 	 Payment of Series 2022-1 Class A-1 Note Principal
	  	 	7	 
	 Section 3.7
	 	 Series 2022-1
Class A-1 Distribution Account
	  	 	10	 
	 Section 3.8
	 	 [Reserved]
	  	 	11	 
	 Section 3.9
	 	 Trustee as Securities Intermediary
	  	 	11	 
	 Section 3.10
	 	 Manager
	  	 	12	 
	 Section 3.11
	 	 Replacement of Ineligible Accounts
	  	 	12	 
		
	 ARTICLE IV FORM OF SERIES 2022-1 CLASS A-1 NOTES
	  	 	13	 
			
	 Section 4.1
	 	 Issuance of Series 2022-1 Class A-1 Notes
	  	 	13	 
	 Section 4.2
	 	 [Reserved]
	  	 	16	 
	 Section 4.3
	 	 Transfer Restrictions of Series 2022-1 Class A-1 Notes
	  	 	16	 
		
	 ARTICLE V GENERAL
	  	 	18	 
			
	 Section 5.1
	 	 Information
	  	 	18	 
	 Section 5.2
	 	 Exhibits
	  	 	19	 
	 Section 5.3
	 	 Ratification of Base Indenture
	  	 	19	 
	 Section 5.4
	 	 Notices to the Rating Agencies
	  	 	19	 
	 Section 5.5
	 	 Counterparts
	  	 	20	 
	 Section 5.6
	 	 Governing Law
	  	 	20	 
	 Section 5.7
	 	 Amendments
	  	 	20	 
	 Section 5.8
	 	 Termination of Series Supplement
	  	 	20	 
	 Section 5.9
	 	 Entire Agreement
	  	 	20	 
	 Section 5.10
	 	 1934 Act
	  	 	20	 
	 Section 5.11
	 	 Electronic Signatures and Transmission
	  	 	21	 

  
 i 

			
	ANNEXES	 	
		
	 Annex A
	 	 Series 2022-1 Supplemental Definitions
List

		
	EXHIBITS	 	
		
	
Exhibit A-1-1:
	 	 Form of Series 2022-1 Class A-1 Advance Note

	
Exhibit A-1-2:
	 	 Form of Series 2022-1 Class A-1 Swingline Note

	
Exhibit A-1-3:
	 	 Form of Series 2022-1 Class A-1 L/C Note

	 Exhibit B-1:
	 	 Form of Transferee Certificate - Series 2022-1 Class A-1 Notes

	 Exhibit C
	 	 Form of Quarterly Noteholders’ Report

	 Exhibit D
	 	 Form of Mandatory/Voluntary Decrease Notice

	 Exhibit E
	 	 Form of Confirmation of Registration of Uncertificated Notes

  

  
 ii 

 SERIES 2022-1 SUPPLEMENT, dated as of
August 12, 2022 (this “Series 2022-1 Supplement”), by and among APPLEBEE’S FUNDING LLC, a Delaware limited liability company (the “Applebee’s Issuer”) and IHOP
FUNDING LLC, a Delaware limited liability company (the “IHOP Issuer” and, together with the Applebee’s Issuer, the “Co-Issuers” and each, a “Co-Issuer”), and CITIBANK, N.A., a national banking association, as trustee (in such capacity, the “Trustee”) and as Series 2022-1 Securities
Intermediary, to the Amended and Restated Base Indenture, dated as of June 5, 2019 (as may be further amended, amended and restated, modified or supplemented from time to time, exclusive of Series Supplements, the “Base
Indenture”), by and among the Co-Issuers and CITIBANK, N.A., as Trustee and as Securities Intermediary. 

PRELIMINARY STATEMENT 

WHEREAS, Sections 2.2, 2.3 and 13.1 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
Annex A 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: 

DESIGNATION 
 There is
hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series 2022-1 Supplement, and such Series of Notes shall be designated as the Series
2022-1 Class A-1 Notes. On the Series 2022-1 Closing Date, one Class of Notes shall be issued: Series 2022-1 Variable Funding Senior Notes, Class A-1 (as referred to herein, the “Series 2022-1 Class A-1 Notes”). The Series 2022-1 Class A-1 Notes shall be issued in three Subclasses: (i) Series 2022-1 Class A-1 Advance Notes (as referred to herein, the “Series 2022-1 Class A-1 Advance Notes”), (ii) Series 2022-1 Class A-1 Swingline Notes (as referred to herein, the “Series 2022-1 Class A-1 Swingline Notes”), and (iii) Series 2022-1
Class A-1 L/C Notes (as referred to herein, the “Series 2022-1 Class A-1 L/C Notes”).
For purposes of the Base Indenture and this Series 2022-1 Supplement, the Series 2022-1 Class A-1 Notes shall be deemed a
Class of “Senior Notes”. 
 ARTICLE I 

DEFINITIONS; RULES OF CONSTRUCTION 

All capitalized terms used herein (including in the preamble and the recitals hereto) and not otherwise defined herein shall have the meanings
assigned to such terms in this Series 2022-1 Supplemental Definitions List attached hereto as Annex A (the “Series 2022-1 Supplemental Definitions
List”) as such Series 2022-1 Supplemental Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof. All capitalized terms not otherwise
defined herein or therein, and the term “written” or “in writing”, shall have the meanings assigned thereto in the Base Indenture or the Base Indenture 

 
Definitions List attached to the Base Indenture as Annex A thereto, as such Base Indenture or Base Indenture Definitions List may be amended, supplemented or otherwise modified from time to time
in accordance with the terms of the Base Indenture. Unless otherwise specified herein, all Article, Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections of the Base Indenture or this Series 2022-1 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 2022-1 Class A-1 Notes and not to any other Series of Notes issued by the Co-Issuers. The
rules of construction set forth in Section 1.4 of the Base Indenture shall apply for all purposes under this Series 2022-1 Supplement. 

ARTICLE II 
 INITIAL
ISSUANCE, INCREASES AND DECREASES OF SERIES 2022-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT; ISSUANCE OF ADDITIONAL CLASS A-1 NOTES

 Section 2.1    Procedures for Issuing and Increasing the Series
2022-1 Class A-1 Outstanding Principal Amount. 

(a)    Subject to satisfaction of the conditions precedent to the making of Series
2022-1 Class A-1 Advances set forth in the Series 2022-1 Class A-1 Note
Purchase Agreement, (i) on the Series 2022-1 Closing Date, the Co-Issuers may cause the Series 2022-1 Class A-1 Initial Advance Principal Amount to become outstanding by drawing ratably, at par, the initial principal amounts of the Series 2022-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2022-1 Class A-1 Advances made on the Series 2022-1 Closing Date (the “Series 2022-1 Class A-1 Initial Advance”) and (ii) on any Business
Day during the Commitment Term that does not occur during a Cash Flow Sweeping Period (or, to the extent applicable following an amendment to the Base Indenture, a “cash trapping period” pursuant to the terms of such amendment), the Co-Issuers may increase the Series 2022-1 Class A-1 Outstanding Principal Amount (such increase referred to as an
“Increase”), by drawing ratably (or as otherwise set forth in the Series 2022-1 Class A-1 Note Purchase Agreement), at par, additional principal
amounts on the Series 2022-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2022-1 Class A-1 Advances made on such Business Day; provided that at no time may the Series 2022-1 Class A-1 Outstanding
Principal Amount exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount. The Series 2022-1 Class A-1 Initial Advance and each Increase shall be made in accordance with the provisions of Sections 2.02 and 2.03 of the Series 2022-1 Class A-1 Note Purchase Agreement and shall be ratably (except as otherwise set forth in the Series 2022-1 Class A-1 Note
Purchase Agreement) allocated among the Series 2022-1 Class A-1 Noteholders (other than the Series 2022-1 Class A-1 Subfacility Noteholders in their capacity as such) as provided therein. Proceeds from the Series 2022-1 Class A-1
Initial Advance and each Increase shall be paid as directed by the Co-Issuers in the applicable Series 2022-1 Class A-1
Advance Request or as otherwise set forth in the Series 2022-1 Class A-1 Note Purchase Agreement. Upon receipt of written notice from the Co-Issuers or the Series 2022-1 Class A-1 Administrative Agent of the Series 2022-1 Class A-1 Initial Advance and any Increase, the Trustee shall indicate in its books and records the amount of the Series 2022-1
Class A-1 Initial Advance or such Increase, as applicable. 

  
 2 

 (b)    Subject to satisfaction of the applicable conditions precedent
set forth in the Series 2022-1 Class A-1 Note Purchase Agreement, on the Series 2022-1 Closing Date, the Co-Issuers may cause (i) the Series 2022-1 Class A-1 Initial Swingline Principal Amount to become outstanding by drawing, at
par, the initial principal amounts of the Series 2022-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Swingline Loans, if any, made on the
Series 2022-1 Closing Date pursuant to Section 2.06 of the Series 2022-1 Class A-1 Note Purchase
Agreement (the “Series 2022-1 Class A-1 Initial Swingline Loan”) and (ii) the Series
2022-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount to become outstanding by causing the issuance, at par, of the initial principal amounts of the Series 2022-1 Class A-1 L/C Notes corresponding to the aggregate Undrawn L/C Face Amount of the Letters of Credit issued on the Series
2022-1 Closing Date pursuant to Section 2.07 of the Series 2022-1 Class A-1 Note Purchase
Agreement (including with respect to the letters of credit in existence prior to the Series 2022-1 Closing Date set forth in Schedule IV to the Series 2022-1 Class A-1 Note Purchase Agreement); provided that at no time may the Series 2022-1 Class A-1 Outstanding Principal
Amount exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount. The procedures relating to increases in the Series
2022-1 Class A-1 Outstanding Subfacility Amount (each such increase referred to as a “Subfacility Increase”) through borrowings of Swingline Loans
and the issuance or incurrence of L/C Obligations are set forth in the Series 2022-1 Class A-1 Note Purchase Agreement. Upon receipt of written notice from the Co-Issuers or the Series 2022-1 Class A-1 Administrative Agent of the issuance of the Series
2022-1 Class A-1 Initial Swingline Loan, the issuance of Series 2022-1
Class A-1 L/C Notes or any Subfacility Increase, the Trustee shall indicate in its books and records the amount of each such issuance or Subfacility Increase. 

Section 2.2    Procedures for Decreasing the Series 2022-1 Class A-1 Outstanding Principal Amount. 
 (a)    Mandatory Decrease.
Whenever a Series 2022-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series
2022-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2022-1
Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 2022-1 Class A-1
Outstanding Principal Amount to zero (each decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount pursuant to this
Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers
obtain knowledge of such Series 2022-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory
Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in
accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result
of such decrease (calculated in accordance with the Series 2022-1 Class A-1 Note Purchase Agreement) shall be deposited into the Collection Account for allocation
as Series 2022-1 Class A-1 Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate
including such Mandatory Decrease. Upon obtaining Actual Knowledge of such a Series 2022-1 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 Exhibit D hereto (by e-mail) of the
need for any such Mandatory Decreases to the Trustee and the Series 2022-1 Class A-1 Administrative Agent. 

  
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 (b)    Voluntary Decrease. Except as provided in
Section 2.2(d), on any Business Day, upon at least three (3) Business Days’ prior written notice substantially in the form of Exhibit D hereto to the Series 2022-1 Class A-1 Administrative Agent and the Trustee, the Co-Issuers may decrease the Series 2022-1
Class A-1 Outstanding Principal Amount (each such decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount
pursuant to this Section 2.2(b), a “Voluntary Decrease”) by depositing in the Series 2022-1 Class A-1 Distribution
Account not later than 12:00 p.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 Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement (which report
shall include the calculation of such amounts and instructions for the distributions thereof) an amount (subject to the last sentence of this Section 2.2(b)) up to the Series 2022-1 Class A-1 Outstanding Principal Amount equal to the amount of such Voluntary Decrease; provided that to the extent the deposit into the Series 2022-1 Class A-1 Distribution Account described above is not made by 12:00 p.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 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a
result of such decrease (calculated in accordance with the Series 2022-1 Class A-1 Note Purchase Agreement) shall be allocated as Series 2022-1 Class A-1 Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such
Voluntary Decrease. It shall be a condition to any Voluntary Decrease that the amount on deposit in the Collection Account is sufficient to pay the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager
Advances (in each case, with interest thereon at the Advance Interest Rate), if any, on the Weekly Allocation Date immediately following such Voluntary Decrease. 

(c)    Upon distribution to the Series 2022-1
Class A-1 Distribution Account of principal of the Series 2022-1 Class A-1 Advance Notes in connection with each
Decrease, the Trustee shall (i) remit such amounts to the Holders of the Series 2022-1 Class A-1 Advance Notes and (ii) indicate in its books and records
such Decrease. 
 (d)    The Series 2022-1
Class A-1 Note Purchase Agreement sets forth additional procedures relating to decreases in the Series 2022-1 Class A-1
Outstanding Subfacility Amount (each such decrease, together with any Voluntary Decrease or Mandatory Decrease allocated to the Series 2022-1 Class A-1 Subfacility
Noteholders, referred to as a “Subfacility Decrease”) through (i) borrowings of Series 2022-1 Class A-1 Advances to repay Swingline Loans and
L/C Obligations or (ii) optional prepayments of Swingline Loans on same day notice. Upon receipt of written notice from the Co-Issuers or the Series 2022-1 Class A-1 Administrative Agent of any Subfacility Decrease, the Trustee shall indicate in its books and records the amount of such Subfacility Decrease. 

Section 2.3    Issuances of Additional Class A-1 Notes. In addition to
the conditions set forth in Section 2.2(b) of the Base Indenture, for so long as the Series 2022-1 Class A-1 Notes are Outstanding, the issuance of any
additional Series of Class A-1 Notes shall also 

  
 4 

 
require the consent of the Series 2022-1 Class A-1 Administrative Agent (which consent shall be deemed to have
been given unless an objection is delivered to the Co-Issuers within ten (10) Business Days after written notice of such proposed issuance is delivered to the Series
2022-1 Class A-1 Administrative Agent pursuant to the last paragraph of Section 8.01 of the Series
2022-1 Class A-1 Note Purchase Agreement). 
 ARTICLE
III 
 SERIES 2022-1 ALLOCATIONS; PAYMENTS 

With respect to the Series 2022-1 Class A-1 Notes only,
the following shall apply: 
 Section 3.1    Allocations of Net Proceeds with Respect to the Series 2022-1 Class A-1 Notes; Interest Reserve Letter of Credit. 

(a)    On the Series 2022-1 Closing Date, the
Co-Issuers shall ensure that the aggregate sum of (x) all cash on deposit in the Senior Notes Interest Reserve Account (if any) and (y) the aggregate undrawn and unexpired face amount of each
Interest Reserve Letter of Credit (if any) is equal to the Senior Notes Interest Reserve Amount. 
 (b)    On and after
the Series 2022-1 Closing Date, proceeds of the Series 2022-1 Class A-1 Notes (including Letters of Credit) may be used for
general corporate purposes of the Securitization Entities and the Non-Securitization Entities, including the making of distributions and the funding of acquisitions by any Securitization Entity or Non-Securitization Entity, subject to the terms of the Base Indenture, including Section 8.18 thereof. 

Section 3.2    Weekly Allocation Date Applications. On each Weekly Allocation Date, the Co-Issuers (or the Manager on its behalf) 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 2022-1 Class A-1 Notes pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments. 

Section 3.3    Certain Distributions from the Series 2022-1 Distribution
Account. On each Quarterly Payment Date, based solely upon the most recent Quarterly Noteholders’ Report, the Trustee shall, in accordance with Section 6.1 of the Base Indenture, remit to the Series
2022-1 Class A-1 Noteholders or the Series 2022-1 Class A-1 Administrative
Agent, as applicable, from the Series 2022-1 Class A-1 Distribution Account, no later than 1:00 p.m. (New York City time) and in accordance with Section 4.02
of the Series 2022-1 Class A-1 Note Purchase Agreement, the amounts withdrawn from the Senior Notes Interest Payment Account,
Class A-1 Notes Commitment Fees Account, Senior Notes Principal Payment Account, Senior Notes Post-ARD Additional Interest Account or otherwise, as applicable,
pursuant to Section 5.11(a), (b), (d) or (h) of the Base Indenture, as applicable, or otherwise, and deposited in the Series 2022-1 Class A-1 Distribution
Account for the payment of interest and fees and, to the extent applicable, principal or other amounts in respect of the Series 2022-1 Class A-1 Notes on such
Quarterly Payment Date. 

  
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 Section 3.4    Series
2022-1 Class A-1 Interest and Certain Fees. 

(a)    Series 2022-1
Class A-1 Note Rate and L/C Fees. From and after the Series 2022-1 Closing Date, the applicable portions of the Series 2022-1 Class A-1 Outstanding Principal Amount shall accrue (i) interest at the Series 2022-1
Class A-1 Note Rate and (ii) L/C Quarterly Fees at the applicable rates provided therefor in the Series 2022-1
Class A-1 Note Purchase Agreement. Such accrued interest and fees 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 Section 5.11 of the Base Indenture, in the amount so made available, commencing on the Initial
Quarterly Payment Date; provided that in any event all accrued but unpaid interest and fees shall be paid in full on the Series 2022-1 Legal Final Maturity Date, on any Series 2022-1 Prepayment Date or any other prepayment date with respect to a prepayment in full of the Series 2022-1 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 2022-1 Class A-1 Outstanding Principal Amount is required to be
paid in full, in each case pursuant to, and in accordance with, the provisions of the Priority of Payments. To the extent any such amount is not paid on a Quarterly Payment Date when due, such unpaid amount shall accrue interest at the Series 2022-1 Class A-1 Note Rate. 

(b)    Undrawn Commitment Fees. From and after the Series 2022-1 Closing
Date, Undrawn Commitment Fees shall accrue as provided in the Series 2022-1 Class A-1 Note Purchase Agreement. Such accrued fees 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
Section 5.11 of the Base Indenture, in the amount so made available, commencing on the Initial Quarterly Payment Date. To the extent any such amount is not paid on a Quarterly Payment Date when due, such unpaid amount shall accrue interest at
the Series 2022-1 Class A-1 Note Rate. 

(c)    Series 2022-1
Class A-1 Post-Renewal Date Additional Interest. From and after the Series 2022-1 Class A-1 Notes
Renewal Date (after giving effect to any extensions), if the Outstanding Principal Amount of the Series 2022-1 Class A-1 Notes has not been paid in full or
otherwise refinanced in full (which refinancing may also include an extension thereof), additional interest will accrue on the Series 2022-1 Class A-1 Outstanding
Principal Amount (excluding any Undrawn L/C Face Amounts included therein) at a rate equal to 5.00% per annum (the “Series 2022-1 Class A-1 Post-Renewal Date Additional Interest Rate”) in addition to the regular interest that will continue to accrue at the Series 2022-1
Class A-1 Note Rate. All computations of Series 2022-1 Class A-1 Post-Renewal Date Additional 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 Series 2022-1 Class A-1 Post-Renewal Date Additional 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, in accordance with
Section 3.01(f) of the Series 2022-1 Class A-1 Note Purchase Agreement. Any Series 2022-1 Class A-1 Post-Renewal Date Additional 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 Section 5.11 of the Base Indenture, in the amount so 

  
 6 

 
made available, and failure to pay any Series 2022-1 Class A-1 Post-Renewal Date Additional Interest in excess
of available amounts in accordance with the foregoing will not be an Event of Default and interest will not accrue on any unpaid portion thereof; provided that in any event all accrued but unpaid Series
2022-1 Class A-1 Post-Renewal Date Additional Interest shall be paid in full on the Series 2022-1 Legal Final Maturity Date
or otherwise as part of any Series 2022-1 Final Payment by indicating the amount thereof on the related Quarterly Noteholders’ Report or otherwise in written instructions from the Manager to the Trustee.

 (d)    Series 2022-1
Class A-1 Initial Interest Accrual Period. The initial Interest Accrual Period for the Series 2022-1
Class A-1 Notes shall commence on the Series 2022-1 Closing Date and end on (but exclude) the day that is two (2) Business Days prior to the Quarterly
Calculation Date preceding the Initial Quarterly Payment Date. 
 Section 3.5    [Reserved] 

Section 3.6    Payment of Series 2022-1
Class A-1 Note Principal. 
 (a)    Series
2022-1 Class A-1 Notes Principal Payment at Legal Maturity. The Series 2022-1 Outstanding Principal Amount
shall be due and payable in full on the Series 2022-1 Legal Final Maturity Date. The Series 2022-1 Outstanding Principal Amount is not prepayable, in whole or in part,
except as set forth in the Base Indenture, this Section 3.6 and, in respect of the Series 2022-1 Class A-1 Outstanding Principal Amount,
Section 2.2 of this Series 2022-1 Supplement and the Series 2022-1 Class A-1 Note Purchase
Agreement. 
 (b)    Series 2022-1 Class A-1 Renewal Date. The initial Series 2022-1 Class A-1 Notes Renewal Date will be the Quarterly Payment Date occurring in
June 2027, unless extended as provided below in this Section 3.6(b). 

(i)    First Extension Election. Subject to the conditions set forth in
Section 3.6(b)(iii), the Manager (on behalf of the Co-Issuers) shall have the option on or before the Quarterly Payment Date occurring in June 2027 to elect (the “Series 2022-1 First Extension Election”) to extend the Series 2022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date
occurring in June 2028 by delivering written notice to the Series 2022-1 Class A-1 Administrative Agent, the Trustee and the Control Party no later than the
Quarterly Payment Date occurring in June 2027 to the effect that the conditions precedent to such Series 2022-1 First Extension Election set forth in Section 3.6(b)(iii) have been
satisfied, and upon such extension, the Quarterly Payment Date occurring in June 2028 shall become the Series 2022-1 Class A-1 Notes Renewal Date. 

(ii)    Second Extension Election. Subject to the conditions set forth in
Section 3.6(b)(iii), if the Series 2022-1 First Extension Election has been made and become effective, the Manager (on behalf of the
Co-Issuers) shall have the option on or before the Quarterly Payment Date occurring in June 2028 to elect (the “Series 2022-1 Second Extension
Election”) to extend the Series 2022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in June 2029 by delivering written notice to
the Series 2022-1 Class A-1 Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in June 2028 to the effect
that the conditions 

  
 7 

 
precedent to such Series 2022-1 Second Extension Election set forth in Section 3.6(b)(iii) have been satisfied, and upon such
extension, the Quarterly Payment Date occurring in June 2029 shall become the Series 2022-1 Class A-1 Notes Renewal Date. 

(iii)    Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness
of the Series 2022-1 Extension Elections that, in the case of the Series 2022-1 First Extension Election, on the Quarterly Payment Date occurring in June 2027, and in
the case of the Series 2022-1 Second Extension Election, on the Quarterly Payment Date occurring in June 2028: (A) the DSCR is greater than or equal to 2.00:1:00 (calculated as of the most recent Quarterly
Calculation Date), (B) the rating assigned to the Series 2022-1 Class A-1 Notes by any Rating Agency has not been downgraded below
“BBB-” (or the structured finance equivalent) or withdrawn and (C) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly
Payment Date. Any notice given pursuant to Section 3.6(b)(i) or (ii) shall be irrevocable; provided that if the conditions set forth in this Section 3.6(b)(iii) are not met as of
the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective. For the avoidance of doubt, no consent of the Trustee, the Control Party, the Controlling Class Representative, the Series 2022-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series
2022-1 First Extension Election or the Series 2022-1 Second Extension Election. 

(c)    [Reserved]. 

(d)    Certain Series 2022-1
Class A-1 Notes Mandatory Payments of Principal. 

(i)    During any Rapid Amortization Period, principal payments shall be due and payable on each Quarterly
Payment Date on the Series 2022-1 Class A-1 Notes as and when amounts are made available for payment thereof (A) on any related Weekly Allocation Date, in
accordance with the Priority of Payments and (B) on such Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture, in the amount so made available. Such payments shall be ratably allocated among the Series 2022-1 Class A-1 Noteholders, in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. 

(ii)    During any Series 2022-1
Class A-1 Notes Amortization Period, principal payments shall be due and payable on the Series 2022-1 Class A-1 Notes
as and when amounts are made available for payment thereof (A) on each Weekly Allocation Date during such period in accordance with the Priority of Payments and (B) on each Quarterly Payment Date during such period in accordance with
Section 5.11 of the Base Indenture, in the amount so made available. Such payments shall be allocated among the Series 2022-1 Class A-1 Noteholders, in
accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. 

(e)    [Reserved]. 

(f)    [Reserved]. 

(g)    [Reserved]. 

  
 8 

 (h)    Voluntary Decrease in Respect of the Series 2022-1 Class A-1 Notes. For the avoidance of doubt, a Voluntary Decrease or a Subfacility Decrease in respect of the Series 2022-1 Class A-1 Notes is governed by Section 2.2 and not by this Section 3.6. 

(i)    [Reserved]. 

(j)    [Reserved]. 

(k)    Indemnification Amounts; Insurance/Condemnation Proceeds; Asset Disposition Proceeds. Any Indemnification
Amounts, Insurance/Condemnation Proceeds or Asset Disposition Proceeds allocated to the Senior Notes Principal Payment Account for payment of the Series 2022-1
Class A-1 Notes in accordance with Section 5.10(i) of the Base Indenture shall be withdrawn from the Senior Notes Principal Payment Account in accordance with Section 5.11(d) of the Base
Indenture and any such amounts allocable to the Series 2022-1 Notes shall be deposited in the Series 2022-1 Distribution Account and used to prepay first, if a Series 2022-1 Class A-1 Notes Amortization Period is continuing or if a Rapid Amortization Event has occurred and is continuing, the Series
2022-1 Class A-1 Notes (in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement) on the Quarterly Payment Date indicated in the Weekly Manager’s Certificate. In connection with any prepayment made with
Indemnification Amounts or Insurance/Condemnation Proceeds pursuant to this Section 3.6(k), the Co-Issuers shall not be obligated to pay any premium or make-whole prepayment premium.

 (l)    Series 2022-1 Notices of Final Payment. The Co-Issuers shall notify the Trustee, the Servicer and each of the Rating Agencies of the Series 2022-1 Final Payment Date on or before the Prepayment Record Date preceding
such Series 2022-1 Prepayment Date; provided that with respect to any Series 2022-1 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 2022-1 Final Payment
beyond the notice required to be given in connection with such prepayment pursuant to Section 3.6(h). The Trustee shall provide any written notice required under this Section 3.6(l) to each Person
in whose name such Series 2022-1 Class A-1 Notes is registered at the close of business on such Prepayment Record Date of the Series
2022-1 Prepayment Date that will be the Series 2022-1 Final Payment Date. Such written notice to be sent to the Series 2022-1
Noteholders 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 2022-1 Final Payment will be made and shall specify that such Series 2022-1 Final Payment will be payable only upon presentation and surrender
(or deregistration, in the case of Uncertificated Notes) of the Series 2022-1 Class A-1 Notes, which such surrender shall also constitute a general release by the
applicable Noteholder from any claims against the Securitization Entities, the Manager, the Trustee and their affiliates, and shall specify the place where the Series 2022-1
Class A-1 Notes (other than any Uncertificated Notes) may be presented and surrendered for such Series 2022-1 Final Payment. 

  
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 Section 3.7    Series
2022-1 Class A-1 Distribution Account. 

(a)    Establishment of Series 2022-1 Class A-1 Distribution Account. The Trustee has established and shall maintain in the name of the Trustee for the benefit of the Series 2022-1 Class A-1 Noteholders an account (the “Series 2022-1 Class A-1 Distribution Account”), bearing
a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2022-1 Class A-1 Noteholders. The Series 2022-1 Class A-1 Distribution Account shall be an Eligible Account. Initially, the Series 2022-1
Class A-1 Distribution Account will be established with the Trustee. 

(b)    Series 2022-1
Class A-1 Distribution Account Constitutes Additional Collateral for Series 2022-1
Class A-1 Notes. In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2022-1 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 2022-1 Class A-1 Noteholders, all of the Co-Issuers’ right, title and interest, if any, in and to the following (whether now
or hereafter existing or acquired): (i) the Series 2022-1 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
2022-1 Class A-1 Distribution Account or the funds on deposit therein from time to time; (iv) 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 2022-1 Class A-1 Distribution Account or the funds on
deposit therein from time to time; and (v) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (v) are referred to, collectively, as the
“Series 2022-1 Class A-1 Distribution Account Collateral”). 

(c)    Termination of Series 2022-1 Class A-1 Distribution Account. On or after the date on which (1) all accrued and unpaid interest on and principal of all Outstanding Series 2022-1 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 2022-1 Class A-1 Note Purchase Agreement (after giving effect to the provisions of Section 4.04 of the Series 2022-1 Class A-1
Note Purchase Agreement), (3) all fees and expenses and other amounts then due and payable under the Series 2022-1 Class A-1 Note Purchase Agreement have been paid
and (4) all Series 2022-1 Class A-1 Commitments have been terminated in full, the Trustee, acting in accordance with the written instructions of the Co-Issuers (or the Manager on their behalf), shall withdraw from the Series 2022-1 Class A-1 Distribution Account all amounts on
deposit therein (and the proceeds of any other instruments and other property credited thereto) 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 2022-1 Class A-1 Noteholders under the Base Indenture with respect to Series 2022-1
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 2022-1 Class A-1 Noteholders’
security interest in the Series 2022-1 Class A-1 Distribution Account Collateral. 

  
 10 

 Section 3.8    [Reserved]. 

Section 3.9    Trustee as Securities Intermediary. 

(a)    The Trustee or other Person holding the Series 2022-1 Distribution Account
shall be the “Series 2022-1 Securities Intermediary.” If the Series 2022-1 Securities Intermediary in respect of the Series 2022-1 Class A-1 Distribution Account is not the Trustee, the Co-Issuers shall obtain the express agreement of such other Person
to the obligations of the Series 2022-1 Securities Intermediary set forth in this Section 3.9. 

(b)    The Series 2022-1 Securities Intermediary agrees that: 

(i)    The Series 2022-1
Class A-1 Distribution Account is an account to which Financial Assets will or may be credited; 

(ii)    The Series 2022-1
Class A-1 Distribution Account is a “securities account” within the meaning of Section 8-501 of the New York UCC and the Series 2022-1 Securities Intermediary qualifies as a “securities intermediary” under Section 8-102(a) of the New York UCC; 

(iii)    All securities or other property (other than cash) underlying any Financial Assets credited to the
Series 2022-1 Distribution Class A-1 Account shall be registered in the name of the Series 2022-1 Securities Intermediary,
indorsed to the Series 2022-1 Securities Intermediary or in blank or credited to another securities account maintained in the name of the Series 2022-1 Securities
Intermediary, and in no case will any Financial Asset credited to the Series 2022-1 Class A-1 Distribution Account be registered in the name of any Co-Issuer, payable to the order of any Co-Issuer or specially indorsed to any Co-Issuer; 

(iv)    All property delivered to the Series 2022-1 Securities
Intermediary pursuant to this Series 2022-1 Supplement will be promptly credited to the Series 2022-1 Class A-1 Distribution
Account; 
 (v)    Each item of property (whether investment property, security, instrument or cash)
credited to the Series 2022-1 Class A-1 Distribution Account shall be treated as a Financial Asset; 

(vi)    If at any time the Series 2022-1 Securities Intermediary
shall receive any entitlement order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Series 2022-1
Class A-1 Distribution Account, the Series 2022-1 Securities Intermediary shall comply with such entitlement order without further consent by any Co-Issuer, any other Securitization Entity or any other Person; 

(vii)    The Series 2022-1
Class A-1 Distribution Account 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, the State of New York shall
be deemed to the Series 2022-1 Securities Intermediary’s jurisdiction and the Series 2022-1 Class A-1 Distribution
Account (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; 

  
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 (viii)    The Series
2022-1 Securities Intermediary has not entered into, and until termination of this Series 2022-1 Supplement shall not enter into, any agreement with any other Person
relating to the Series 2022-1 Class A-1 Distribution Account 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 2022-1 Securities
Intermediary has not entered into, and until the termination of this Series 2022-1 Supplement shall not enter into, any agreement with the Co-Issuers purporting to limit
or condition the obligation of the Series 2022-1 Securities Intermediary to comply with entitlement orders as set forth in Section 3.9(b)(vi); and 

(ix)    Except for the claims and interest of the Trustee, the Secured Parties and the Securitization
Entities in the Series 2022-1 Class A-1 Distribution Account, neither the Series 2022-1 Securities Intermediary nor, in the
case of the Trustee, any Trust Officer knows of any claim to, or interest in, the Series 2022-1 Class A-1 Distribution Account or any Financial Asset credited
thereto. If the Series 2022-1 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 the Series 2022-1 Class A-1 Distribution Account or any
Financial Asset carried therein, the Series 2022-1 Securities Intermediary shall deliver prompt written notice to the Series 2022-1
Class A-1 Administrative Agent, the Trustee, the Manager, the Servicer and the Co-Issuers thereof. 

(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 2022-1 Class A-1 Distribution Account and in all proceeds thereof, and shall
(acting at the direction of the Control Party (acting at the direction of the Controlling Class Representative)) be the only Person authorized to originate entitlement orders in respect of the Series
2022-1 Class A-1 Distribution Account; provided that at all other times the Co-Issuers shall be authorized to
instruct the Trustee to originate entitlement orders in respect of the Series 2022-1 Class A-1 Distribution Account. 

Section 3.10    Manager. Pursuant to the Management Agreement, the Manager has agreed to provide certain reports,
notices, instructions and other services on behalf of the Co-Issuers. The Series 2022-1 Noteholders by their acceptance of the Series
2022-1 Class A-1 Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the
Co-Issuers. Any such reports and notices that are required to be delivered to the Series 2022-1 Class A-1 Noteholders
hereunder will be made available on the Trustee’s website in the manner set forth in Section 4.4 of the Base Indenture. 

Section 3.11    Replacement of Ineligible Accounts. If, at any time, the Series
2022-1 Class A-1 Distribution Account shall cease to be an Eligible Account (a “Series 2022-1 Ineligible
Account”), the Co-Issuers shall (i) within five (5) Business Days of obtaining Actual Knowledge thereof, notify the Control Party thereof and (ii) within sixty (60) days of
obtaining Actual Knowledge thereof, (A) establish, or cause to be established, a new account that is an 

  
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Eligible Account in substitution for such Series 2022-1 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 2022-1 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 Trustee. 
 ARTICLE IV 

FORM OF SERIES 2022-1 CLASS A-1 NOTES 

Section 4.1    Issuance of Series 2022-1
Class A-1 Notes. 
 (a)    The Series
2022-1 Class A-1 Advance Notes (other than any Uncertificated Notes) will be issued in the form of definitive notes in fully registered form without interest
coupons, substantially in the form set forth in Exhibit A-1-1 hereto, and will be issued to the Series 2022-1 Class A-1 Noteholders (other than the Series 2022-1 Class A-1 Subfacility Noteholders) pursuant to and in accordance with
this Series 2022-1 Supplement and the Series 2022-1 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 Section 2.4 of the Base Indenture. Other than in accordance with this Series 2022-1 Supplement and
the Series 2022-1 Class A-1 Note Purchase Agreement, the Series 2022-1
Class A-1 Advance Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by such Series 2022-1 Class A-1 Noteholders. The Series 2022-1 Class A-1 Advance Notes shall bear a face amount equal in the aggregate to up to the
Series 2022-1 Class A-1 Notes Maximum Principal Amount as of the Series 2022-1 Closing Date, and shall be initially issued
in an aggregate outstanding principal amount equal to the Series 2022-1 Class A-1 Initial Advance Principal Amount pursuant to
Section 2.1(a). The Trustee shall record any Increases or Decreases with respect to the Series 2022-1 Class A-1 Outstanding Principal
Amount such that, subject to Section 4.1(d), the principal amount of the Series 2022-1 Class A-1 Advance Notes that are Outstanding
accurately reflects all such Increases and Decreases. 
 (b)    The Series
2022-1 Class A-1 Swingline Notes (other than any Uncertificated Notes) will be issued in the form of definitive notes in fully registered form without interest
coupons, substantially in the form set forth in Exhibit A-1-2 hereto, and will be issued to the Swingline Lender pursuant to and in accordance with this Series 2022-1 Supplement and the Series 2022-1 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 Section 2.4 of the Base Indenture. Other than in accordance with this Series 2022-1 Supplement and
the Series 2022-1 Class A-1 Note Purchase Agreement, the Series 2022-1
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 2022-1 Class A-1 Swingline Note shall bear a face amount equal in the aggregate to up to the Swingline Commitment as of the Series 2022-1 Closing Date, and shall be initially
issued in an aggregate outstanding principal amount equal to the Series 2022-1 Class A-1 Initial Swingline Principal Amount pursuant to
Section 2.1(b)(i). The Series 2022-1 Class A-1 Administrative Agent shall record any Subfacility Increases or Subfacility Decreases with
respect to the Swingline Loans such that, subject to Section 4.1(d), the aggregate principal amount of the Series 2022-1 Class A-1
Swingline Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases. 

  
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 (c)    The Series 2022-1 Class A-1 L/C Notes (other than any Uncertificated Notes) will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-1-3 hereto, and will be issued to the L/C Provider pursuant to and in accordance with this Series 2022-1 Supplement and the
Series 2022-1 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 Section 2.4 of the Base Indenture. Other than in accordance with this Series 2022-1 Supplement and the Series 2022-1 Class A-1 Note Purchase Agreement, the Series 2022-1 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 2022-1 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 2022-1 Closing Date, and shall be initially issued in an aggregate amount equal to the Series 2022-1
Class A-1 Initial Aggregate Undrawn L/C Face Amount pursuant to Section 2.1(b)(ii). The Series 2022-1
Class A-1 Administrative Agent shall record any Subfacility Increases or Subfacility Decreases with respect to Undrawn L/C Face Amounts or Unreimbursed L/C Drawings, as applicable, such that, subject to
Section 4.1(d), the aggregate amount of the Series 2022-1 Class A-1 L/C Notes that is Outstanding accurately reflects all such Subfacility
Increases and Subfacility Decreases. All Undrawn L/C Face Amounts shall be deemed to be “principal” outstanding under the Series 2022-1 Class A-1 L/C
Notes for all purposes of the Indenture and the other Transaction Documents other than for purposes of accrual of interest. 

(d)    For the avoidance of doubt, notwithstanding that the aggregate face amount of the Series 2022-1 Class A-1 Notes will exceed the Series 2022-1 Class A-1 Notes Maximum
Principal Amount, at no time will the principal amount actually outstanding of the Series 2022-1 Class A-1 Advance Notes, the Series
2022-1 Class A-1 Swingline Notes and the Series 2022-1 Class A-1 L/C Notes in
the aggregate exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount. 

(e)    The Series 2022-1 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 2022-1 Class A-1 Notes, as evidenced by their execution of the Series 2022-1 Class A-1 Notes. The Series 2022-1 Class A-1 Notes may be produced in any manner, all as determined by the Authorized
Officers executing such Series 2022-1 Class A-1 Notes, as evidenced by their execution of such Series 2022-1 Class A-1 Notes. The initial sale of the Series 2022-1 Class A-1 Notes is limited to Persons who have executed the Series 2022-1 Class A-1 Note Purchase Agreement. The Series 2022-1 Class A-1 Notes may be
resold only to the Co-Issuers, their Affiliates, and Persons who are not Competitors (except that Series 2022-1 Class A-1
Notes may be resold to Persons who are Competitors with the written consent of the Co-Issuers) in compliance with the terms of the Series 2022-1 Class A-1 Note Purchase Agreement. 
 (f)    Uncertificated Notes. At the
request of a Holder or transferee of the Series 2022-1 Class A-1 Notes, the Series 2022-1
Class A-1 Notes may be issued in the form of 

  
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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
Note Registrar a Confirmation of Registration, the form of which shall be set forth in Exhibit C attached hereto. 

(i)    Except as otherwise expressly provided herein: 

(A)    Uncertificated Notes registered in the name of a Person shall be considered “held” by such
Person for all purposes of this Series Supplement; 
 (B)    with respect to any Uncertificated Note,
(1) references herein to authentication and delivery of a Series 2022-1 Class A-1 Note shall be deemed to refer to creation of an entry for such Series 2022-1 Class A-1 Note in the Note Register and registration of such Series 2022-1
Class A-1 Note in the name of the owner, (2) references herein to cancellation of a Series 2022-1 Class A-1 Note
shall be deemed to refer to deregistration of such Series 2022-1 Class A-1 Note and (3) references herein to the date of authentication of a Series 2022-1 Class A-1 Note shall refer to the date of registration of such Series 2022-1
Class A-1 Note in the Note Register in the name of the owner thereof; 

(C)    references to execution of Series 2022-1 Class A-1 Notes by the Co-Issuers, to surrender of the Series 2022-1 Class A-1 Notes
and to presentment of the Series 2022-1 Class A-1 Notes shall be deemed not to refer to Uncertificated Notes; provided that the provisions of
Section 4.3 relating to surrender of the Series 2022-1 Class A-1 Notes shall apply equally to deregistration of Uncertificated Notes; and

 (D)    for the avoidance of doubt, no Confirmation of Registration shall be required to be surrendered
(1) in connection with a transfer of the related Uncertificated Note or (2) in connection with the final payment of the related Uncertificated Note. 

(ii)    The Note Register shall be conclusive evidence of the ownership of an Uncertificated Note. 

(iii)    Each of the Series 2022-1
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
2022-1 Class A-1 Notes shall be cancelled and deregistered by the Note Registrar. 

(iv)    Each of the Uncertificated Notes may be exchanged in its entirety for a Series 2022-1 Class A-1 Note in the form of a definitive note and, upon complete exchange thereof, such Uncertificated Note shall be deregistered by the Note Registrar. 

  
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 Section 4.2    [Reserved]. 

Section 4.3    Transfer Restrictions of Series 2022-1 Class A-1 Notes. 
 (a)    Subject to the terms of the Indenture and the Series 2022-1 Class A-1 Note Purchase Agreement, the holder of any Series 2022-1 Class A-1
Advance Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination, by surrendering (other than any Uncertificated Note) such Series 2022-1 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 Note 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 Note Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the
Note Registrar in addition to, or in substitution for, STAMP, and accompanied by a certificate substantially in the form of Exhibit B-1 hereto; provided that if the holder of any Series 2022-1 Class A-1 Advance Note transfers, in whole or in part, its interest in any Series 2022-1
Class A-1 Advance Note pursuant to (i) an Assignment and Assumption Agreement substantially in the form of Exhibit B to the Series 2022-1 Class A-1 Note Purchase Agreement or (ii) an Investor Group Supplement substantially in the form of Exhibit C to the Series 2022-1 Class A-1 Note Purchase Agreement, then such Series 2022-1 Class A-1 Noteholder will not be required to submit a certificate
substantially in the form of Exhibit B-1 hereto upon transfer of its interest in such Series 2022-1 Class A-1 Advance
Note. In exchange for any Series 2022-1 Class A-1 Advance Note properly presented for transfer, the Co-Issuers shall execute
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 2022-1 Class A-1 Advance Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series 2022-1 Class A-1 Advance Note in part, the Co-Issuers shall execute 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 2022-1 Class A-1 Notes for the aggregate principal amount that was not transferred. No transfer of any Series 2022-1 Class A-1
Advance Note shall be made unless the request for such transfer is made by the Series 2022-1 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 Trustee shall deliver a Confirmation of Registration to the transferee. 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 2022-1 Class A-1 Advance Notes, the Trustee shall recognize the holders of such Series 2022-1 Class A-1 Advance Note as Series 2022-1 Class A-1 Noteholders. 

(b)    Subject to the terms of the Indenture and the Series 2022-1 Class A-1 Note Purchase Agreement, the Swingline Lender may transfer the Series 2022-1 Class A-1 Swingline Notes in whole but
not in part by surrendering (other than any Uncertificated Note) such Series 2022-1 Class A-1 Swingline Notes 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 Note Registrar by, the holder thereof or

  
 16 

 
his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include
membership or participation in the STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to
Section 9.18(d) of the Series 2022-1 Class A-1 Note Purchase Agreement. In exchange for any Series 2022-1 Class A-1 Swingline Note properly presented for transfer, the Co-Issuers shall execute 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 2022-1 Class A-1 Swingline Note for the same aggregate principal amount as was transferred. No transfer of any Series 2022-1
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, the Trustee shall deliver a Confirmation of Registration to the transferee. 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 2022-1 Class A-1 Swingline Note,
the Trustee shall recognize the holder of such Series 2022-1 Class A-1 Swingline Note as a Series 2022-1 Class A-1 Noteholder. 
 (c)    Subject to the terms of the Indenture and the
Series 2022-1 Class A-1 Note Purchase Agreement, an L/C Provider may transfer any Series 2022-1 Class A-1 L/C Note in whole or in part, in an amount equivalent to an authorized denomination, by surrendering (other than any Uncertificated Note) such Series 2022-1 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 Note 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 Note Registrar, which requirements include membership or participation in the STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, and
accompanied by an assignment agreement pursuant to Section 9.17(e) of the Series 2022-1 Class A-1 Note Purchase Agreement. In exchange for
any Series 2022-1 Class A-1 L/C Note properly presented for transfer, the Co-Issuers shall execute 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 2022-1 Class A-1 L/C Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series
2022-1 Class A-1 L/C Note in part, the Co-Issuers shall execute 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 transferor) to such address as the transferor may request, Series 2022-1
Class A-1 L/C Notes for the aggregate principal amount that was not transferred. No transfer of any Series 2022-1
Class A-1 L/C Note shall be made unless the request for such transfer is made by an 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 Trustee shall deliver a Confirmation of Registration to the transferee. 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 2022-1 Class A-1 L/C Note, the
Trustee shall recognize the holder of such Series 2022-1 Class A-1 L/C Note as a Series 2022-1 Class A-1 Noteholder. 

  
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 (d)    Each Series 2022-1 Class A-1 Note (other than any Uncertificated Note) shall bear the following legend: 
 THE ISSUANCE
AND SALE OF THIS SERIES 2022-1 CLASS A-1 NOTE (THIS “NOTE”) HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “1933 ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF THE CO-ISSUERS HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED (THE “1940 ACT”). 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 SERIES 2022-1 CLASS A-1 NOTE PURCHASE AGREEMENT, DATED AS OF AUGUST 12, 2022 (AS AMENDED, SUPPLEMENTED OR MODIFIED, THE “SERIES 2022-1 CLASS A-1
NOTE PURCHASE AGREEMENT”), BY AND AMONG THE CO-ISSUERS, DINE BRANDS GLOBAL, INC., AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS, AND
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 
 The required legend set forth above shall
not be removed from the Series 2022-1 Class A-1 Notes except as provided herein. 

ARTICLE V 
 GENERAL

 Section 5.1    Information. 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’ Report with respect to the Series 2022-1 Class A-1 Notes to the Trustee, substantially in the form of Exhibit C hereto, setting forth, inter alia, the following information with respect to such Quarterly Payment Date: 

(i)    the total amount available to be distributed to Series
2022-1 Noteholders on such Quarterly Payment Date; 
 (ii)    the
amount of such distribution allocable to the payment of interest on the Series 2022-1 Class A-1 Notes; 

(iii)    the amount of such distribution allocable to the payment of principal of the Series 2022-1 Class A-1 Notes; 

  
 18 

 (iv)    [Reserved]; 

(v)    the amount of such distribution allocable to the payment of any fees or other amounts due to the
Series 2022-1 Class A-1 Noteholders; 

(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 and is continuing as of the related Quarterly Calculation Date or any Cash Flow
Sweeping Period is in effect (or, to the extent applicable following an amendment to the Base Indenture, a “cash trapping period”), as of such Quarterly Calculation Date; 

(vii)    the DSCR for such Quarterly Payment Date and the three Quarterly Payment Dates immediately
preceding such Quarterly Payment Date; 
 (viii)    the number of Company Restaurants and Franchised
Restaurants that are open for business as of the last day of the preceding Quarterly Collection Period; 

(ix)    the amount of Applebee’s/IHOP Systemwide Sales as of the related Quarterly Calculation Date;
and 
 (x)    the amount on deposit in the Senior Notes Interest Reserve Account (and the availability
under any Interest Reserve Letter of Credit relating to the Senior Notes), and, to the extent applicable following an amendment to the Base Indenture, 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
2022-1 Class A-1 Noteholder may obtain copies of each Quarterly Noteholders’ Report in accordance with the procedures set forth in Section 4.4 of the Base
Indenture. 
 Section 5.2    Exhibits. The annexes, exhibits and schedules attached hereto and listed on the table
of contents hereto supplement the annexes, exhibits and schedules included in the Base Indenture. 

Section 5.3    Ratification of Base Indenture. As supplemented by this Series
2022-1 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series 2022-1 Supplement shall be read,
taken and construed as one and the same instrument. 
 Section 5.4    Notices to the Rating Agencies. The address
for any notice or communication by any party to any Rating Agency shall be as set forth in Section 14.1 of the Base Indenture, or, in the case of KBRA, shall be as follows: 

Kroll Bond Rating Agency, LLC 

805 Third Avenue, 29th Floor 
 New
York, New York 10022 
 Attention: ABS Surveillance 

Email: abssurveillance@kbra.com 

  
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 Section 5.5    Counterparts. This Series 2022-1 Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.

 Section 5.6    Governing Law. THIS SERIES 2022-1 SUPPLEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

Section 5.7    Amendments. This Series 2022-1 Supplement may not be modified
or amended except in accordance with the terms of the Base Indenture. 
 Section 5.8    Termination of Series
Supplement. This Series 2022-1 Supplement shall cease to be of further effect when (i) all Outstanding Series 2022-1
Class A-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2022-1
Class A-1 Notes that have been replaced or paid) to the Trustee for cancellation (or have been 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 2022-1 Class A-1 Note Purchase Agreement or are deemed to no longer be outstanding in accordance with
Section 4.04 of the Series 2022-1 Class A-1 Note Purchase Agreement, (ii) all fees and expenses and other amounts under the Series 2022-1 Class A-1 Note Purchase Agreement have been paid in full and all Series 2022-1
Class A-1 Commitments have been terminated and (iii) the Co-Issuers have paid all sums payable hereunder; provided that any provisions of this Series 2022-1 Supplement required for the Series 2022-1 Final Payment to be made shall survive until the Series 2022-1 Final Payment is paid
to the Series 2022-1 Class A-1 Noteholders. In accordance with Section 6.1(a) of the Base Indenture, the final principal payment due on each Series 2022-1 Class A-1 Note shall only be paid upon due presentment and surrender of such Note for cancellation in accordance with the provisions of such Note at the applicable
Corporate Trust Office, which such surrender shall also constitute a general release by the applicable Noteholder from any claims against the Securitization Entities, the Manager, the Trustee and their affiliates. 

Section 5.9    Entire Agreement. This Series 2022-1 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 5.10    1934 Act. Each Co-Issuer hereby represents and warrants, for
the benefit of the Trustee and the Noteholders, that payments on the Notes will not depend primarily on cash flow from self-liquidating financial assets within the meaning of Section 3(a)(79) of the 1934 Act. 

  
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 Section 5.11    Electronic Signatures and Transmission. 

(a)    For purposes of this Series 2022-1 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. 
 (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. 

(c)    Notwithstanding anything to the contrary in this Series 2022-1 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 shall be
encrypted. The recipient of the Electronic Transmission shall be required to complete a one-time registration process. 

[Signature Pages Follow] 

  
 21 

 IN WITNESS WHEREOF, each of the Co-Issuers, the
Trustee and the Series 2022-1 Securities Intermediary have caused this Series 2022-1 Supplement to be duly executed by its respective duly authorized officer as of
the day and year first written above. 
  

					
	APPLEBEE’S FUNDING LLC, as Co-Issuer
		
	By:	 	 /s/ Vance Y. Chang

		 	Name:	 	Vance Y. Chang
		 	Title:	 	Chief Financial Officer
	
	IHOP FUNDING LLC, as Co-Issuer
		
	By:	 	 /s/ Vance Y. Chang

		 	Name:	 	Vance Y. Chang
		 	Title:	 	Chief Financial Officer
	
	CITIBANK, N.A., in its capacity as Trustee and as Series 2022-1 Securities Intermediary
		
	By:	 	 /s/ Jacqueline Suarez

		 	Name:	 	Jacqueline Suarez
		 	Title:	 	Senior Trust Officer (Citibank, N.A.)

  
 Dine Brands – Series
2022-1 Supplement to the Base Indenture 

 ANNEX A 

SERIES 2022-1 

SUPPLEMENTAL DEFINITIONS LIST 

“Administrative Agent” has the meaning set forth in the preamble to the Series 2022-1
Class A-1 Note Purchase Agreement. For purposes of the Base Indenture, the Administrative Agent shall be deemed to be a “Class A-1 Administrative
Agent”. 
 “Administrative Agent Fees” has the meaning set forth in the Series
2022-1 Class A-1 VFN Fee Letter. 
 “Advance
Request” has the meaning set forth in Section 7.03(d) of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Assignment and Assumption Agreement” has the meaning set forth in Section 9.17(a) of the Series 2022-1 Class A-1 Note Purchase Agreement. 
 “Base
Rate” has the meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Base Rate Advance” has the meaning set forth in Section 1.02 of the Series
2022-1 Class A-1 Note Purchase Agreement. 

“Breakage Amount” has the meaning set forth in Section 3.07 of the Series 2022-1
Class A-1 Note Purchase Agreement. 
 “Change in Law” means (a) any law,
rule or regulation or any change therein or in the interpretation or application thereof (whether or not having the force of law), in each case, adopted, issued or occurring after the Series 2022-1 Closing
Date or (b) any request, guideline or directive (whether or not having the force of law) from any government or political subdivision or agency, authority, bureau, central bank, commission, department or instrumentality thereof, or any court,
tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not a Governmental Authority) which is responsible for the establishment or interpretation of national or international accounting principles, in each case, whether
foreign or domestic (each, an “Official Body”) charged with the administration, interpretation or application thereof, or the compliance with any request or directive of any Official Body (whether or not having the force of law)
made, issued or occurring after the Series 2022-1 Closing Date. 
 “Class A-1 Amendment Expenses” means the amounts payable pursuant to Section 9.05(a)(ii) of the Series 2022-1
Class A-1 Note Purchase Agreement. 
 “Class A-1 Extension Fees” means the fees payable pursuant to the Series 2022-1 Class A-1 VFN Fee Letter in connection
with the extension of a Commitment Termination Date. 
 “Class A-1
Indemnities” means all amounts payable pursuant to Section 9.05(b) and Section 9.05(c) of the Series 2022-1 Class A-1 Note Purchase Agreement.

 “Commercial Paper” 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. 
 “Commitment
Amount” means, as to each Committed Note Purchaser, the amount set forth on Schedule I to the Series 2022-1 Class A-1 Note Purchase Agreement
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 the Series 2022-1
Class A-1 Note Purchase Agreement pursuant to an Assignment and Assumption Agreement or Investor Group Supplement, 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 Section 2.05 of the Series 2022-1 Class A-1 Note Purchase Agreement or (ii) increased or
decreased by any Assignment and Assumption Agreement or Investor Group Supplement entered into by such Committed Note Purchaser in accordance with the terms of the Series 2022-1
Class A-1 Note Purchase Agreement. 
 “Commitment Fees Adjustment Amount”
means, for any Interest Accrual 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 Accrual Period minus (b) the aggregate of the Estimated Daily
Commitment Fees Amounts for each day ending in such Interest Accrual Period. For purposes of the Base Indenture, the “Commitment Fees Adjustment Amount” shall be deemed to be the “Class A-1
Notes Commitment Fee Adjustment Amount”. 
 “Commitment Percentage” 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 2022-1
Class A-1 Notes Maximum Principal Amount on such date. 
 “Commitment Term”
means the period from and including the Series 2022-1 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 the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Commitment Termination Date” means the Series 2022-1
Class A-1 Notes Renewal Date (as such date may be extended pursuant to Section 3.6(b) of the Series 2022-1 Supplement). 

“Commitments” means the obligation of each Committed Note Purchaser included in each Investor Group to fund Series 2022-1 Class A-1 Advances pursuant to Section 2.02(a) of the Series 2022-1
Class A-1 Note Purchase Agreement and to participate in Swingline Loans and Letters of Credit pursuant to Sections 2.06 and 2.07, respectively, of the Series 2022-1
Class A-1 Note Purchase Agreement in an aggregate stated amount up to its Commitment Amount. 

“Committed Note Purchaser” has the meaning set forth in the preamble to the Series
2022-1 Class A-1 Note Purchase Agreement. 

“Conduit Investors” has the meaning set forth in the preamble to the Series 2022-1 Class A-1 Note Purchase Agreement. 

  
 24 

 “Confirmation of Registration” means, with respect to an Uncertificated
Note, a confirmation of registration, substantially in the form of Exhibit E attached to the Series 2022-1 Supplement, provided to the owner thereof promptly after the registration of the Uncertificated Note
in the Note Register by the Note Registrar. 
 “CP Advance” has the meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. 
 “CP
Rate” has the meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Daily Commitment Fees Amount” means, for any day, the Undrawn Commitment Fees that accrue for such day. 

“Daily Interest Amount” means, for any day during any Interest Accrual Period, the sum of the following amounts: 

(a)    with respect to any Term SOFR Advance outstanding on such day, the result of (i) the product of (x) the
Term SOFR Reference Rate in effect for such Interest Accrual Period and (y) the principal amount of such Series 2022-1 Class A-1 Advance outstanding as of the
close of business on such day divided by (ii) 360; plus 
 (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 Series 2022-1 Class A-1
Advance outstanding as of the close of business on such day divided by (ii) 365 or 366, as applicable; plus 

(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 Accrual Period and (y) the principal amount of such Series 2022-1 Class A-1 Advance outstanding as of the close of business on such
day divided by (ii) 360; plus 
 (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 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; plus 
 (e)    with respect to any Undrawn L/C Face Amounts
outstanding on such day, the L/C Quarterly Fees that accrue thereon for such day. 
 “Daily Post-Renewal Date Additional Interest
Amount” means, for any day during any Interest Accrual Period commencing on or after the Series 2022-1 Class A-1 Notes Renewal Date, the sum of
(a) the result of (i) the product of (x) the Series 2022-1 Class A-1 Post-Renewal Date Additional Interest Rate and (y) the Series 2022-1 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 2022-1 Class A-1 Post-Renewal Date Additional Interest Rate and
(y) any Base Rate Advances included in the Series 2022-1 Class A-1 Outstanding Principal Amount as of the close of business on such day divided by (ii) 365 or
366, as applicable. 

  
 25 

 “Decrease” means a Mandatory Decrease or a Voluntary Decrease, as
applicable. 
 “Electronic Transmission” has the meaning set forth in Section 15.11(a) of this
Series 2022-1 Supplement. 
 “Estimated Daily Commitment Fees Amount” means
(a) for any day during the first Quarterly Fiscal Period, $3,077.83 and (b) for any day during any other Quarterly Fiscal Period, the average of the Daily Commitment Fees Amounts for each day during the immediately preceding Quarterly
Fiscal Period. 
 “Estimated Daily Interest Amount” means (a) for any day during the initial Quarterly Fiscal Period,
$7,854.72 and (b) for any day during any other Quarterly Fiscal Period, the average of the Daily Interest Amounts for each day during the immediately preceding Quarterly Fiscal Period. 

“Funding Agent” has the meaning set forth in the preamble to the Series 2022-1 Class A-1 Note Purchase Agreement. 
 “Increase” has the meaning set forth in
Section 2.1(a) of the Series 2022-1 Supplement. 
 “Increased
Capital Costs” has the meaning set forth in Section 3.08 of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Increased Costs” has the meaning set forth in Section 3.06 of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Increased Tax Costs” has the meaning set forth in Section 3.09 of the Series 2022-1 Class A-1 Note Purchase Agreement. 
 “Initial
Quarterly Payment Date” means September 5, 2022. 
 “Interest Adjustment Amount” means, for any Interest
Accrual Period, the result (whether a positive or negative number) of (a) the aggregate of the Daily Interest Amounts for each day in such Interest Accrual Period minus (b) the aggregate of the Estimated Daily Interest Amounts for
each day in such Interest Accrual Period. For purposes of the Base Indenture, the “Interest Adjustment Amount” for any Interest Accrual Period shall be deemed to be a “Class A-1 Notes
Interest Adjustment Amount” for such Interest Accrual Period. 
 “Investor” means any one of the Conduit Investors and
the Committed Note Purchasers and “Investors” means the Conduit Investors and the Committed Note Purchasers collectively. 

“Investor Group” means (i) for each Conduit Investor, collectively, such Conduit Investor, the related Committed Note
Purchaser(s) set forth opposite the name of such Conduit 

  
 26 

 
Investor on Schedule I to the Series 2022-1 Class A-1 Note Purchase Agreement (or, if applicable, set
forth for such Conduit Investor in the Assignment and Assumption Agreement or Investor Group Supplement 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 2022-1 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 2022-1 Class A-1 Noteholder for such Investor Group). 
 “Investor Group Increase Amount”
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. 

“Investor Group Principal Amount” means, with respect to any Investor Group, (a) when used with respect to the Series 2022-1 Closing Date, an amount equal to (i) such Investor Group’s Commitment Percentage of the Series 2022-1 Class A-1
Initial Advance Principal Amount plus (ii) such Investor Group’s Commitment Percentage of the Series 2022-1 Class A-1 Outstanding Subfacility Amount
outstanding on the Series 2022-1 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 2022-1 Class A-1 Outstanding Subfacility Amount included therein) plus (ii) the Investor Group
Increase Amount with respect to such Investor Group on such date minus (iii) the amount of principal payments made to such Investor Group on the Series 2022-1
Class A-1 Advance Notes on such date plus (iv) such Investor Group’s Commitment Percentage of the Series 2022-1
Class A-1 Outstanding Subfacility Amount outstanding on such date. 
 “Investor Group
Supplement” has the meaning set forth in Section 9.18(c) of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“KBRA” means Kroll Bond Rating Agency, LLC (and any successor or successors thereto). 

“L/C Commitment” means the obligation of each L/C Provider directly or through an L/C Issuing Bank to provide Letters of
Credit pursuant to Section 2.07 of the Series 2022-1 Class A-1 Note Purchase Agreement, in an aggregate Undrawn L/C Face Amount, together
with any Unreimbursed L/C Drawings, not to exceed the face amount of the Series 2022-1 Class A-1 L/C Notes held by such L/C Provider. As of the Series 2022-1 Closing Date, the aggregate amount of L/C Commitments is $35,000,000, which amount may be reduced or increased pursuant to Section 2.07(g) of the Series 2022-1 Class A-1 Note Purchase Agreement or reduced pursuant to Section 2.05(b) of the Series 2022-1 Class A-1 Note Purchase Agreement. 
 “L/C Issuing Bank” has the meaning set forth
in Section 2.07(h) of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“L/C Obligations” 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. 

  
 27 

 “L/C Other Reimbursement Costs” has the meaning set forth in
Section 2.08(a)(ii) of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“L/C Provider” means each Person in whose name a Series 2022-1 Class A-1 L/C Note is registered in the Note Register, and its permitted successors and assigns in such capacity. References to an L/C Provider herein and in the Series
2022-1 Class A-1 Note Purchase Agreement shall apply independently to each L/C Provider in such capacity and solely with respect to such L/C Provider’s L/C
Commitment or the Letters of Credit issued in respect thereof, unless otherwise required by the context. 
 “L/C Quarterly
Fees” has the meaning set forth in Section 2.07(d) of the Series 2022-1 Class A-1 Note Purchase Agreement. For purposes of the Base Indenture, the
“L/C Quarterly Fees” shall be deemed to be a “Senior Notes Quarterly Interest Amount.” 
 “L/C Reimbursement
Amount” has the meaning set forth in Section 2.08(a) of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Lender Party” means any Investor, the Swingline Lender or an L/C Provider and “Lender Parties” means the
Investors, the Swingline Lender and each L/C Provider, collectively. 
 “Letter of Credit” has the meaning set forth in
Section 2.07(a) of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Mandatory Decrease” has the meaning set forth in Section 2.2(a) of the Series 2022-1 Supplement. 
 “Maximum Investor Group Principal Amount” means, as to each
Investor Group existing on the Series 2022-1 Closing Date, the amount set forth on Schedule I to the Series 2022-1
Class A-1 Note Purchase 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 or Investor Group Supplement by which the members of such Investor Group become parties to the Series 2022-1 Class A-1 Note Purchase Agreement, in each case, as such amount may be (i) reduced pursuant to Section 2.05 of the Series 2022-1
Class A-1 Note Purchase Agreement or (ii) increased or decreased by any Assignment and Assumption Agreement or Investor Group Supplement entered into by the members of such Investor Group in
accordance with the terms of the Series 2022-1 Class A-1 Note Purchase Agreement. 

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

“Other Class A-1 Transaction Expenses” means all amounts payable
pursuant to Section 9.05(a) of the Series 2022-1 Class A-1 Note Purchase Agreement other than Class A-1 Amendment
Expenses. 
 “Outstanding Principal Amount” means with respect to any one or more Series, Classes, Subclasses or Tranches
of Notes, as applicable at any time, the aggregate principal amount Outstanding of such Notes at such time. 

  
 28 

 “Prepayment Record Date” means, with respect to the date of any Series 2022-1 Class A-1 Prepayment, the last day of the calendar month immediately preceding the date of such Series 2022-1 Class A-1 Prepayment unless such last day is less than ten (10) Business Days prior to the date of such Series 2022-1
Class A-1 Prepayment, in which case the “Prepayment Record Date” will be the date that is ten (10) Business Days prior to the date of such Series
2022-1 Class A-1 Prepayment. 
 “Program
Support Agreement” means, with respect to any Conduit Investor, any agreement entered into by any Program Support Provider in respect of any Commercial Paper and/or Series 2022-1 Class A-1 Note of such Conduit Investor providing for the issuance of one or more letters of credit for the account of such Conduit Investor, the issuance of one or more insurance policies for which such
Conduit Investor is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Conduit Investor to any Program Support Provider of the Series 2022-1 Class A-1 Notes (or portions thereof or interests therein) and/or the making of loans and/or other extensions of credit to such Conduit Investor in connection with such Conduit 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). 

“Program Support Provider” means, with respect to any Conduit 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 Conduit Investor’s Commercial Paper and/or Series 2022-1 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 Conduit Investor’s securitization program as it relates to any Commercial Paper issued by such Conduit 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. 
 “Rating Agency” means, collectively, S&P, KBRA, and any successor or successors thereto. In the
event that at any time the rating agencies rating the Series 2022-1 Class A-1 Notes do not include S&P and/or KBRA, references to rating categories of such
former Rating Agency in the Series 2022-1 Supplement shall be deemed instead to be references to the equivalent categories of such other rating agency as then has been appointed to rate and is rating the
Series 2022-1 Class A-1 Notes as of the most recent date on which such other rating agency and such former Rating Agency’s published ratings for the type of
security in respect of which such alternative rating agency is used. 
 “Series 2022-1
Class A-1 Administrative Agent” has the meaning set forth in the preamble to the Series 2022-1
Class A-1 Note Purchase Agreement. For purposes of the Base Indenture, the “Series 2022-1 Class A-1 Administrative
Agent” shall be deemed to be a “Class A-1 Administrative Agent.” 

“Series 2022-1 Class A-1
Administrative Expenses” 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
and, if the following Quarterly Payment Date is a Series 2022-1 Class A-1 Notes Renewal Date, the amount of any
Class A-1 

  
 29 

 
Extension Fees due and payable on such Quarterly Payment Date. For purposes of the Base Indenture, the “Series 2022-1
Class A-1 Administrative Expenses” shall be deemed to be “Class A-1 Notes Administrative Expenses.” 

“Series 2022-1 Class A-1
Advance” has the meaning set forth in the recitals to the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Series 2022-1 Class A-1 Advance
Notes” has the meaning set forth in the “Designation” in the Series 2022-1 Supplement. 

“Series 2022-1 Class A-1 Advance
Request” has the meaning set forth under “Advance Request” in this Annex A. 
 “Series 2022-1 Class A-1 Allocated Payment Reduction Amount” has the meaning set forth in Section 2.05(b)(iv) of the Series 2022-1 Class A-1 Note Purchase Agreement. 
 “Series 2022-1 Class A-1 Commitment Fees Amount” means, as of any date of determination for any Interest Accrual Period, an amount equal to the sum of
(a) the aggregate of the Estimated Daily Commitment Fees Amounts for each day in such Interest Accrual Period, (b) if such date of determination occurs on or after the last day of such Interest Accrual Period, the Commitment Fee Adjustment
Amount with respect to such Interest Accrual Period, and (c) the amount of any Class A-1 Notes Commitment Fees Shortfall Amount with respect to the Series
2022-1 Class A-1 Notes (as determined pursuant to Section 5.12(e) of the Base Indenture) for the immediately preceding Interest Accrual Period together with
Additional Class A-1 Notes Commitment Fees Shortfall Interest (as determined pursuant to Section 5.12(e) of the Base Indenture) on such Class A-1 Notes
Commitment Fees Shortfall Amount. For purposes of the Base Indenture, the “Series 2022-1 Class A-1 Commitment Fees Amount” shall be deemed to be a “Class A-1 Commitment Fees Amount.” 
 “Series
2022-1 Class A-1 Distribution Account” means account no. 13334700 entitled “Citibank, N.A. f/b/o IHOP Funding LLC, Series 2022-1 - Series 2022-1 Distribution Account” maintained by the Trustee pursuant to Section 3.7(a) of the Series
2022-1 Supplement or any successor securities account maintained pursuant to Section 3.7(a) of the Series 2022-1 Supplement. 

“Series 2022-1 Class A-1
Distribution Account Collateral” has the meaning set forth in Section 3.7(b) of the Series 2022-1 Supplement. 

“Series 2022-1 Class A-1 Excess
Principal Event” shall be deemed to have occurred if, on any date, the Series 2022-1 Class A-1 Outstanding Principal Amount exceeds the Series 2022-1 Class A-1 Notes Maximum Principal Amount. 

“Series 2022-1 Class A-1 Initial
Advance” has the meaning set forth in Section 2.1(a) of the Series 2022-1 Supplement. 

“Series 2022-1 Class A-1 Initial
Advance Principal Amount” means the aggregate initial outstanding principal amount of the Series 2022-1 Class A-1 Advance Notes corresponding to the
aggregate amount of the Series 2022-1 Class A-1 Initial Advances made on the Series 2022-1 Closing Date pursuant to
Section 2.1(a) of the Series 2022-1 Supplement, which is $100,000,000. 

  
 30 

 “Series 2022-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount” means the aggregate initial outstanding principal amount of the Series 2022-1
Class A-1 L/C Notes of the L/C Provider corresponding to the aggregate Undrawn L/C Face Amounts of the Letters of Credit issued on the Series 2022-1 Closing Date
pursuant to Section 2.07 of the Series 2022-1 Class A-1 Note Purchase Agreement, which is $3,395,935.80. 

“Series 2022-1 Class A-1 Initial
Swingline Loan” has the meaning set forth in Section 2.1(b) of the Series 2022-1 Supplement. 

“Series 2022-1 Class A-1 Initial
Swingline Principal Amount” means the aggregate initial outstanding principal amount of the Series 2022-1 Class A-1 Swingline Notes corresponding to the
aggregate amount of the Swingline Loans made on the Series 2022-1 Closing Date pursuant to Section 2.06 of the Series 2022-1 Class A-1 Note Purchase Agreement, which is $0. 
 “Series
2022-1 Class A-1 L/C Notes” has the meaning set forth in the “Designation” in the Series
2022-1 Supplement. 
 “Series 2022-1
Class A-1 Noteholder” means the Person in whose name a Series 2022-1 Class A-1 Note is
registered in the Note Register. 
 “Series 2022-1 Class A-1 Note Purchase Agreement” means the Class A-1 Note Purchase Agreement, dated as of August 12, 2022, by and among the
Co-Issuers, the Guarantors, the Manager, Investors with respect to the Series 2022-1 Class A-1 Notes, the Series 2022-1 Class A-1 Noteholders and Coöperatieve Rabobank U.A., New York Branch, as L/C Provider, Swingline Lender and administrative agent thereunder, pursuant to
which the Series 2022-1 Class A-1 Noteholders have agreed to purchase the Series 2022-1
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. 

“Series 2022-1 Class A-1 Note
Rate” means, for any day, (a) with respect to any portion of the Series 2022-1 Class A-1 Outstanding Principal Amount as of such day, the CP Rate,
Term SOFR or the Base Rate, as applicable thereto pursuant to the Series 2022-1 Class A-1 Note Purchase Agreement for such day, and (b) with respect to any
other amounts that any Transaction Document provides is to bear interest by reference to the Series 2022-1 Class A-1 Note Rate, the Base Rate in effect for such
day. 
 “Series 2022-1 Class A-1
Notes” has the meaning set forth in the “Designation” in the Series 2022-1 Supplement. 

“Series 2022-1 Class A-1 Notes
Amortization Event” means the event in which the Outstanding Principal Amount of the Series 2022-1 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 2022-1 Class A-1 Notes Renewal Date (as may be extended
pursuant to Section 3.6(b)). For purposes of the Base Indenture, a “Series 2022-1 Class A-1 Notes Amortization Event” shall be
deemed to be a “Class A-1 Notes Amortization Event.” 

  
 31 

 “Series 2022-1 Class A-1 Notes Amortization Period” means the period commencing on the date on which a Series 2022-1 Class A-1 Notes
Amortization Event occurs and ending on the date on which there are no Series 2022-1 Class A-1 Notes Outstanding. For purposes of the Base Indenture, a “Series
2022-1 Class A-1 Notes Amortization Period” shall be deemed to be a “Class A-1 Notes Amortization
Period.” 
 “Series 2022-1
Class A-1 Notes Maximum Principal Amount” means $325,000,000, as such amount may be reduced pursuant to Section 2.05 of the Series
2022-1 Class A-1 Note Purchase Agreement. 

“Series 2022-1 Class A-1 Notes
Quarterly Commitment Fees Amount” means, for any Interest Accrual Period, with respect to all Outstanding Series 2022-1 Class A-1 Notes, the aggregate of
the Daily Commitment Fee Amounts for each day in such Interest Accrual Period. For purposes of the Base Indenture, the “Series 2022-1 Class A-1 Notes Quarterly
Commitment Fees Amount” shall be deemed to be a “Class A-1 Notes Quarterly Commitment Fees Amount.” 

“Series 2022-1 Class A-1 Notes
Renewal Date” means the Quarterly Payment Date in June 2027, which date (x) may be extended on or before such Quarterly Payment Date at the election of the Manager (on behalf of the Co-Issuers)
until the Quarterly Payment Date in June 2028, and (y) may be further extended at the election of the Manager (on behalf of the Co-Issuers) on or before the Quarterly Payment Date in June 2028 until the
Quarterly Payment Date in June 2029, in each case pursuant to Section 3.6(b) of the Series 2022-1 Supplement and without the consent of the Trustee, the Control Party, the Controlling
Class Representative, the Series 2022-1 Class A-1, the Series 2022-1
Class A-1 Noteholders or any other Secured Party. For purposes of the Base Indenture, the “Series 2022-1 Class A-1
Notes Renewal Date” shall be deemed to be a “Class A-1 Notes Renewal Date.” 

“Series 2022-1 Class A-1 Other
Amounts” means, for any Weekly Allocation Date, the aggregate amount of any Breakage Amount, Class A-1 Indemnities, Increased Capital Costs, Increased Costs, Increased Tax Costs, L/C Other
Reimbursement Costs and Other Class A-1 Transaction Expenses then due and payable and not previously paid. For purposes of the Base Indenture, the “Series
2022-1 Class A-1 Other Amounts” shall be deemed to be “Class A-1 Notes Other Amounts.” 

“Series 2022-1 Class A-1
Outstanding Principal Amount” means, when used with respect to any date, an amount equal to (a) the Series 2022-1 Class A-1 Initial Advance Principal
Amount, if any, minus (b) the amount of principal payments (whether pursuant to a Decrease, a prepayment, a redemption or otherwise) made on the Series 2022-1
Class A-1 Advance Notes on or prior to such date plus (c) any Increases in the Series 2022-1 Class A-1
Outstanding Principal Amount pursuant to Section 2.1 of the Series 2022-1 Supplement resulting from Series 2022-1 Class A-1 Advances made on or prior to such date and after the Series 2022-1 Closing Date plus (d) any Series 2022-1 Class A-1 Outstanding Subfacility Amount on such date; provided that, at no time may the Series 2022-1 Class A-1
Outstanding Principal Amount exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount. For purposes of the Base Indenture, the “Series 2022-1 Class A-1 Outstanding Principal Amount” shall be deemed to be an “Outstanding Principal Amount.” 

  
 32 

 “Series 2022-1 Class A-1 Outstanding Subfacility Amount” means, when used with respect to any date, the aggregate principal amount of any Series 2022-1 Class A-1 Swingline Notes and Series 2022-1 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 2022-1 Class A-1 Note Purchase Agreement or the Series 2022-1 Supplement). 
 “Series 2022-1 Class A-1 Post-Renewal Date Additional Interest” means, for any Interest Accrual Period commencing on or after the Series 2022-1
Class A-1 Notes Renewal Date, an amount equal to the sum of the aggregate of the Daily Post-Renewal Date Additional Interest Amounts for each day in such Interest Accrual Period. For purposes of the Base
Indenture, “Series 2022-1 Class A-1 Post-Renewal Date Additional Interest” shall be deemed to be “Senior Notes Quarterly Post-ARD Additional Interest.” 
 “Series 2022-1
Class A-1 Post-Renewal Date Additional Interest Rate” has the meaning set forth in Section 3.4(c) of the Series
2022-1 Supplement. 
 “Series 2022-1
Class A-1 Prepayment” means any prepayment in respect of the Series 2022-1 Class A-1 Notes under
Section 3.6(d)(i) or Section 3.6(k). 
 “Series
2022-1 Class A-1 Quarterly Interest Amount” means, for any Interest Accrual Period, with respect to all Outstanding Series 2022-1 Class A-1 Notes, the aggregate of the Daily Interest Amounts for each day in such Interest Accrual Period. For purposes of the Base Indenture, the “Series 2022-1 Class A-1 Quarterly Interest Amount” shall be deemed to be a “Senior Notes Quarterly Interest Amount”. 

“Series 2022-1 Class A-1
Subfacility Noteholder” means the Person in whose name a Series 2022-1 Class A-1 Swingline Note or Series 2022-1 Class A-1 L/C Note is registered in the Note Register. 
 “Series 2022-1 Class A-1 Swingline Notes” has the meaning set forth in the “Designation” of the Series
2022-1 Supplement. 
 “Series 2022-1
Class A-1 VFN Fee Letter” means the Fee Letter, dated as of the Series 2022-1 Closing Date, by and among the
Co-Issuers, the Guarantors, the Manager, the Conduit Investors, the Committed Note Purchasers, the Funding Agents, the L/C Provider, the Swingline Lender, and the Series
2022-1 Class A-1 Administrative Agent, as the same may be amended, supplemented or otherwise modified from time to time pursuant to the terms thereof. 

“Series 2022-1 Closing Date” means August 12, 2022. 

“Series 2022-1 Extension Elections” means, collectively, the Series 2022-1 First Extension Election and the Series 2022-1 Second Extension Election. 

“Series 2022-1 Final Payment” means the payment of all accrued and unpaid interest on
and principal of all Outstanding Series 2022-1 Class A-1 Notes, the expiration or cash collateralization in accordance with the terms of the Series 2022-1 Class A-1 Note Purchase Agreement of all Undrawn L/C Face Amounts (after giving effect to the provisions of Section 4.04 of the Series 2022-1 Class A-1 Note Purchase Agreement), the payment of all fees and expenses and other amounts then due and payable under the Series
2022-1 Class A-1 Note Purchase Agreement and the termination in full of all Commitments. 

  
 33 

 “Series 2022-1 Final Payment Date”
means the date on which the Series 2022-1 Final Payment is made. 
 “Series 2022-1 First Extension Election” has the meaning set forth in Section 3.6(b)(i) of the Series 2022-1 Supplement. 

“Series 2022-1 Ineligible Account” has the meaning set forth in
Section 3.11 of the Series 2022-1 Supplement. 
 “Series 2022-1 Legal Final Maturity Date” means the Quarterly Payment Date occurring in June 2052. For purposes of the Base Indenture, the “Series 2022-1 Legal Final
Maturity Date” shall be deemed to be a “Series Legal Final Maturity Date.” 
 “Series
2022-1 Outstanding Principal Amount” means, with respect to any date, the sum of the Series 2022-1 Class A-1
Outstanding Principal Amount. 
 “Series 2022-1 Prepayment Date” means the date on
which any prepayment on the Series 2022-1 Class A-1 Notes is made pursuant to Section 3.6(d)(i),
Section 3.6(d)(ii) or Section 3.6(k) of the Series 2022-1 Supplement, the immediately succeeding Quarterly Payment Date. 

“Series 2022-1 Second Extension Election” has the meaning set forth in
Section 3.6(b)(ii) of the Series 2022-1 Supplement. 
 “Series 2022-1 Securities Intermediary” has the meaning set forth in Section 3.9(a) of the Series 2022-1 Supplement. 

“Series 2022-1 Supplement” means the Series
2022-1 Supplement, dated as of the Series 2022-1 Closing Date by and among the Co-Issuers, the Trustee and the Series 2022-1 Securities Intermediary, as amended, supplemented or otherwise modified from time to time. 

“Similar Law” means any federal, state, local, or non-U.S. law that is substantially
similar to the provisions of Section 406 of ERISA or Section 4975 of the Code. 
 “STAMP” has the meaning set
forth in Section 4.3(a) of the Series 2022-1 Supplement. 

“Subfacility Decrease” has the meaning set forth in Section 2.2(d) of the Series 2022-1 Supplement. 
 “Subfacility Increase” has the meaning set forth in
Section 2.1(b) of the Series 2022-1 Supplement. 
 “Swingline
Commitment” means the obligation of the Swingline Lender to make Swingline Loans pursuant to Section 2.06 of the Series 2022-1 Class A-1 Note Purchase
Agreement in an aggregate principal amount at any one time outstanding not to exceed 

  
 34 

 
$15,000,000, as such amount may be reduced or increased pursuant to Section 2.06(h) of the Series 2022-1
Class A-1 Note Purchase Agreement or reduced pursuant to Section 2.05(b) of the Series 2022-1 Class A-1 Note
Purchase Agreement. 
 “Swingline Lender” means Rabobank, in its capacity as maker of Swingline Loans, and its permitted
successors and assigns in such capacity. 
 “Swingline Loans” has the meaning set forth in Section 2.06(a) of the
Series 2022-1 Class A-1 Note Purchase Agreement. 

“Term SOFR” has the meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. 
 “Term SOFR Advance” has the meaning set forth
in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Uncertificated Note” means any Note issued in uncertificated, fully registered form evidenced by entry in the Note Register.

 “Undrawn Commitment Fees” has the meaning set forth in Section 3.03(b) of the Series 2022-1 Class A-1 Note Purchase Agreement. 
 “Undrawn
L/C Face Amounts” means, at any time, the aggregate then undrawn and unexpired face amount of any Letters of Credit outstanding at such time. 

“Unreimbursed L/C Drawings” means, at any time, the aggregate amount of any L/C Reimbursement Amounts that have not then been
reimbursed pursuant to Section 2.08 of the Series 2022-1 Class A-1 Note Purchase Agreement. 

“Voluntary Decrease” has the meaning set forth in Section 2.2(b) of the Series 2022-1 Supplement. 

  
 35 

 Exhibits to Series 2022-1 Supplement 

EXHIBIT A-1-1 

FORM OF SERIES 2022-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1

 SUBCLASS: SERIES 2022-1 CLASS A-1 ADVANCE NOTE 

THE ISSUANCE AND SALE OF THIS SERIES 2022-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 (THIS “NOTE”), WHICH IS A SERIES 2022-1 CLASS A-1 ADVANCE NOTE, HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF APPLEBEE’S FUNDING LLC AND IHOP FUNDING LLC (THE
“CO-ISSUERS”) HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). 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 AUGUST 12, 2022 (AS AMENDED, SUPPLEMENTED OR MODIFIED, THE “CLASS A-1
NOTE PURCHASE AGREEMENT”), BY AND AMONG THE CO-ISSUERS, DINE BRANDS GLOBAL, INC., AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS AND
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND 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 

 

			
	 No.
R-A-[                    ]
	  	 up to
$[            ]            

 SEE REVERSE FOR CERTAIN CONDITIONS 

APPLEBEE’S FUNDING LLC and 

IHOP FUNDING LLC 
 SERIES 2022-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS: SERIES 2022-1 CLASS A-1 ADVANCE NOTE 
 APPLEBEE’S FUNDING LLC, a
limited liability company formed under the laws of the State of Delaware, and IHOP FUNDING LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, together, as the
“Co-Issuers”), for value received, hereby jointly and severally promise to pay to
[                    ], or registered assigns, up to the principal sum of
[                    ] DOLLARS ($[        ]) or such lesser amount as shall equal the portion
of the Series 2022-1 Class A-1 Outstanding Principal Amount evidenced by this Note as provided in the Indenture and the
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; provided that the entire unpaid principal
amount of this Note shall be due on June 5, 2052 (the “Series 2022-1 Legal Final Maturity Date”). Pursuant to the Class A-1 Note Purchase
Agreement and the Series 2022-1 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 2022-1 Class A-1 Notes may be paid earlier than the Series 2022-1 Legal Final Maturity Date as described in the Indenture. The Co-Issuers will pay interest on this Series 2022-1 Class A-1 Advance Note (this “Note”) at the Series 2022-1 Class A-1 Note Rate for each Interest Accrual 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 5th day (or, if such 5th day is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing September 5, 2022 (each, a “Quarterly
Payment Date”). Such amounts due on this Note will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including August 12, 2022 to but excluding the day that is two (2) Business Days
prior to the first Quarterly Calculation Date and (ii) thereafter, any period commencing on and including the day that is two (2) Business Days prior to a Quarterly Calculation Date and ending on but excluding the day that is two
(2) Business Days prior to the next succeeding Quarterly Calculation Date (each, an “Interest Accrual Period”). 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 additional interest on this Note at the Series 2022-1 Class A-1 Post-Renewal Date Additional Interest Rate, and such additional 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 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 Class A-1 Note Purchase Agreement. 

  
 A-1-1-2 

 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 2022-1 Class A-1 Note Rate applicable thereto. Each such endorsement shall constitute prima facie 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 2022-1 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 – Applebee’s Funding LLC & IHOP Funding LLC. To the extent
not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. 
 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 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] 

  
 A-1-1-3 

 IN WITNESS WHEREOF, each of the Co-Issuers has
caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 
 Date:
                     
  

			
	APPLEBEE’S FUNDING LLC, as Co-Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	IHOP FUNDING LLC, as Co-Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-1-4 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2022-1 Class A-1 Advance Notes
issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-1-1-5 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2022-1
Class A-1 Notes of the Co-Issuers designated as their Series 2022-1 Variable Funding Senior Notes, Class A-1 (herein called the “Series 2022-1 Class A-1 Notes”), and is one of the Subclass
thereof designated as the Series 2022-1 Class A-1 Advance Notes (herein called the “Series 2022-1
Class A-1 Advance Notes”), all issued under (i) the Amended and Restated Base Indenture, dated as of June 5, 2019 (as further amended, supplemented or modified, is herein
called the “Base Indenture”), among the Co-Issuers and Citibank, N.A., as trustee (in such capacity, the “Trustee”, which term includes any successor Trustee under the Base
Indenture) and as securities intermediary, and (ii) a Series 2022-1 Supplement to the Base Indenture, dated as of August 12, 2022 (the “Series 2022-1
Supplement”), among the Co-Issuers, the Trustee, and Citibank, N.A., as Series 2022-1 securities intermediary. The Base Indenture and the Series 2022-1 Supplement are referred to herein as the “Indenture”. The Series 2022-1 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 2022-1 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 2022-1 Class A-1 Advance Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition,
the Series 2022-1 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 2022-1 Legal Final Maturity Date. Subject to the terms and conditions of the Class A-1 Note Purchase
Agreement, all payments of principal of the Series 2022-1 Class A-1 Advance Notes will be made pro rata to the holders of Series 2022-1 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 additional interest, if any, will each accrue on the Series 2022-1 Class A-1 Advance Notes at the rates set forth in the Indenture. The interest and additional interest, if any, will be computed on the basis set forth in the Indenture. Amounts payable on the Series 2022-1 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. 

  
 A-1-1-6 

 Unless otherwise specified in the Series 2022-1
Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the Series 2022-1 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 2022-1 Class A-1 Distribution Account no later than
1:00 p.m. (New York City time) if a Series 2022-1 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; provided that the final principal payment due on a Series 2022-1 Class A-1 Note shall
only be paid upon due presentment and surrender of such Series 2022-1 Class A-1 Note for cancellation in accordance with the provisions of the Series 2022-1 Class A-1 Note at the applicable Corporate Trust Office, which such surrender by the Series 2022-1 Class A-1 Noteholders shall also constitute a general release by the Series 2022-1 Class A-1 Noteholders hereof from any
claims against the Securitization Entities, the Manager, the Trustee and their affiliates. 
 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 Co-Issuers and the Note Registrar
duly executed by, the Series 2022-1 Class A-1 Noteholder hereof or its attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Note 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 Note
Registrar may require and as may be required by the Series 2022-1 Supplement, and thereupon one or more new Series 2022-1
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 2022-1 Class A-1 Noteholder, by acceptance of
a Series 2022-1 Class A-1 Note, covenants and agrees 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 2022-1 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; provided 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 Transaction Document. 

It is the intent of the Co-Issuers and each Series 2022-1 Class A-1 Noteholder that, for federal, state, local income and franchise tax purposes only, the Series 2022-1 Class A-1
Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2022-1 Class A-1 Noteholder, by
the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for all purposes of federal, state, 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. 

  
 A-1-1-7 

 The Indenture permits certain amendments to be made thereto without the consent of the
Control Party, the Controlling Class Representative or any Series 2022-1 Class A-1 Noteholders, provided 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 2022-1 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 2022-1 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 2022-1 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 2022-1 Class A-1 Noteholder and upon all future Series 2022-1 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 neither a Plan (including, without limitation, an entity whose underlying assets include “plan assets” by reason of a Plan’s investment in the entity or otherwise) nor a governmental,
church, non-U.S. or other plan which is subject to any federal, state, local or non-U.S. law that is similar to the provisions of Section 406 of ERISA or
Section 4975 of the Code or (ii) its acquisition, holding and disposition of this Note (or any interest herein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code or, in the case of a governmental, church, non-U.S. or other plan, a non-exempt violation under any federal, state, local or non-U.S. law that is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code. 

The term “Co-Issuer” as used in this Note includes any successor to a Co-Issuer. 
 The Series 2022-1
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 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). 

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] 

  
 A-1-1-8 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                     
 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
                     , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in
the premises. 
 Dated:                     
 
  

			
	By:	 	 1
 
	 	 
		 	Signature Guaranteed:
		 	  

    

  

	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. 

  
 A-1-1-9 

 INCREASES AND DECREASES 

 

																													
	 Date
	  	Unpaid
Principal
Amount	 	  	Increase	 	  	Decrease	 	  	Total	 	  	Series
2022-1
Class A-
1
Note
Rate	 	  	Interest
Accrual
Period (if
applicable)	 	  	Notation
Made By	 
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			

  
 A-1-1-10 

																													
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			

  
 A-1-1-11 

 EXHIBIT
A-1-2 
 FORM OF SERIES
2022-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS:
SERIES 2022-1 CLASS A-1 SWINGLINE NOTE 
 THE ISSUANCE AND
SALE OF THIS SERIES 2022-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 (THIS “NOTE”), WHICH IS A SERIES 2022-1 CLASS
A-1 SWINGLINE NOTE, HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF
ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF APPLEBEE’S FUNDING LLC AND IHOP FUNDING LLC (THE “CO-ISSUERS”) HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED (THE “INVESTMENT COMPANY ACT”). 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
AUGUST 12, 2022 (AS AMENDED, SUPPLEMENTED OR MODIFIED, THE “CLASS A-1 NOTE PURCHASE AGREEMENT”), BY AND AMONG THE CO-ISSUERS, DINE BRANDS GLOBAL,
INC., AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

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 
  

			
	No. R-S-[                    ]	  	                                  
                      up to $[            ]

  
 A-1-2-1 

 SEE REVERSE FOR CERTAIN CONDITIONS 

APPLEBEE’S FUNDING LLC and 

IHOP FUNDING LLC 
 SERIES 2022-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS: SERIES 2022-1 CLASS A-1 SWINGLINE NOTE 
 APPLEBEE’S FUNDING LLC, a
limited liability company formed under the laws of the State of Delaware, and IHOP FUNDING LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, together, as the
“Co-Issuers”), for value received, hereby jointly and severally promise to pay to
[                    ], or registered assigns, up to the principal sum of
[                    ] DOLLARS ($[        ]) or such lesser amount as shall equal the portion
of the Series 2022-1 Class A-1 Outstanding Principal Amount evidenced by this Note as provided in the Indenture and the
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; provided that the entire unpaid principal
amount of this Note shall be due on June 5, 2052 (the “Series 2022-1 Legal Final Maturity Date”). Pursuant to the Class A-1 Note Purchase
Agreement and the Series 2022-1 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 2022-1 Class A-1 Notes may be paid earlier than the Series 2022-1 Legal Final Maturity Date as
described in the Indenture. The Co-Issuers will pay interest on this Series 2022-1 Class A-1 Swingline Note (this
“Note”) at the Series 2022-1 Class A-1 Note Rate for each Interest Accrual 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 5th day (or, if such 5th day is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing
September 5, 2022 (each, a “Quarterly Payment Date”). Such amounts due on this Note will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including August 12, 2022 to but
excluding the day that is two (2) Business Days prior to the first Quarterly Calculation Date and (ii) thereafter, any period commencing on and including the day that is two (2) Business Days prior to a Quarterly Calculation Date and
ending on but excluding the day that is two (2) Business Days prior to the next succeeding Quarterly Calculation Date (each, an “Interest Accrual Period”). 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 additional
interest on this Note at the Series 2022-1 Class A-1 Post-Renewal Date Additional Interest Rate, and such additional 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 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 Class A-1 Note Purchase Agreement. 

  
 A-1-2-2 

 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
2022-1 Class A-1 Note Rate applicable thereto. Each such endorsement shall constitute prima facie 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
2022-1 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 –
Applebee’s Funding LLC & IHOP Funding LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. 

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 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] 

  
 A-1-2-3 

 IN WITNESS WHEREOF, each of the Co-Issuers has
caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 
 Date:
                     
  

			
	APPLEBEE’S FUNDING LLC, as Co-Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	IHOP FUNDING LLC, as Co-Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-2-4 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2022-1 Class A-1 Swingline
Notes issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-1-2-5 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2022-1
Class A-1 Notes of the Co-Issuers designated as their Series 2022-1 Variable Funding Senior Notes, Class A-1 (herein called the “Series 2022-1 Class A-1 Notes”), and is one of the Subclass
thereof designated as the Series 2022-1 Class A-1 Swingline Notes (herein called the “Series 2022-1
Class A-1 Swingline Notes”), all issued under (i) the Amended and Restated Base Indenture, dated as of June 5, 2019 (as further amended, supplemented or modified, is
herein called the “Base Indenture”), among the Co-Issuers and Citibank, N.A., as trustee (in such capacity, the “Trustee”, which term includes any successor Trustee under the
Base Indenture) and as securities intermediary, and (ii) a Series 2022-1 Supplement to the Base Indenture, dated as of August 12, 2022 (the “Series
2022-1 Supplement”), among the Co-Issuers, the Trustee and Citibank, N.A., as series 2022-1 securities intermediary. The
Base Indenture and the Series 2022-1 Supplement are referred to herein as the “Indenture”. The Series 2022-1
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
2022-1 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 2022-1
Class A-1 Swingline Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series
2022-1 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 2022-1 Legal Final Maturity Date. Subject to the terms and conditions of the Class A-1 Note Purchase Agreement, all
payments of principal of the Series 2022-1 Class A-1 Swingline Notes will be made pro rata to the holders of Series
2022-1 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 additional interest, if any, will each accrue on the Series 2022-1 Class A-1 Swingline Notes at the rates set forth in the Indenture. The interest and additional interest, if any, will be computed on the basis set forth in the Indenture. Amounts payable on the Series 2022-1 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. 

  
 A-1-2-6 

 Unless otherwise specified in the Series 2022-1
Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the Series 2022-1 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 2022-1 Class A-1 Distribution Account no later than
1:00 p.m. (New York City time) if a Series 2022-1 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; provided that the final principal payment due on a Series 2022-1 Class A-1 Note shall
only be paid upon due presentment and surrender of such Series 2022-1 Class A-1 Note for cancellation in accordance with the provisions of the Series 2022-1 Class A-1 Note at the applicable Corporate Trust Office, which such surrender by the Series 2022-1 Class A-1 Noteholders shall also constitute a general release by the Series 2022-1 Class A-1 Noteholders hereof from any
claims against the Securitization Entities, the Manager, the Trustee and their affiliates. 
 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 Co-Issuers and the Note Registrar
duly executed by, the Series 2022-1 Class A-1 Noteholder hereof or its attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Note 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 Note
Registrar may require and as may be required by the Series 2022-1 Supplement, and thereupon one or more new Series 2022-1
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 2022-1 Class A-1 Noteholder, by acceptance of
a Series 2022-1 Class A-1 Note, covenants and agrees 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 2022-1 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; provided 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 Transaction Document. 

It is the intent of the Co-Issuers and each Series 2022-1 Class A-1 Noteholder that, for federal, state, local income and franchise tax purposes only, the Series 2022-1 Class A-1
Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2022-1 Class A-1 Noteholder, by
the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for all purposes of federal, state, 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. 

  
 A-1-2-7 

 The Indenture permits certain amendments to be made thereto without the consent of the
Control Party, the Controlling Class Representative or any Series 2022-1 Class A-1 Noteholders, provided 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 2022-1 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 2022-1 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 2022-1 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 2022-1 Class A-1 Noteholder and upon all future Series 2022-1 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 neither a Plan (including, without limitation, an entity whose underlying assets include “plan assets” by reason of a Plan’s investment in the entity or otherwise) nor a governmental,
church, non-U.S. or other plan which is subject to any federal, state, local or non-U.S. law that is similar to the provisions of Section 406 of ERISA or
Section 4975 of the Code or (ii) its acquisition, holding and disposition of this Note (or any interest herein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code or, in the case of a governmental, church, non-U.S. or other plan, a non-exempt violation under any federal, state, local or non-U.S. law that is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code. 

The term “Co-Issuer” as used in this Note includes any successor to a Co-Issuer. 
 The Series 2022-1
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 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), and the obligations, rights and
remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 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. 

  
 A-1-2-8 

 [Remainder of page intentionally left blank] 

  
 A-1-2-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                     
 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                     , attorney, to transfer said Note on the books
kept for registration thereof, with full power of substitution in the premises. 
 Dated:
                     

			
	By:	 	 1
 
	 	 
		 	Signature Guaranteed:
		 	  
  

    

  

	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. 

  
 A-1-2-10 

 SUBFACILITY INCREASES AND SUBFACILITY DECREASES 

 

																													
	 Date
	  	Unpaid
Principal
Amount	 	  	Subfacility
Increase	 	  	Subfacility
Decrease	 	  	Total	 	  	Series
2022-1
Class
A-1 Note
Rate	 	  	Interest
Accrual
Period
(if
applicable)	 	  	Notation
Made By	 
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			

  
 A-1-2-11 

																													
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			

  
 A-1-2-12 

 EXHIBIT
A-1-3 
 FORM OF SERIES
2022-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS:
SERIES 2022-1 CLASS A-1 L/C NOTE 
 THE ISSUANCE AND SALE OF
THIS SERIES 2022-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 (THIS “NOTE”), WHICH IS A SERIES 2022-1 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 “SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR
OTHER RELEVANT JURISDICTION, AND NONE OF APPLEBEE’S FUNDING LLC AND IHOP FUNDING LLC (THE “CO-ISSUERS”) HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
“INVESTMENT COMPANY ACT”). 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 AUGUST 12, 2022 (AS AMENDED, SUPPLEMENTED OR MODIFIED, THE “CLASS A-1 NOTE PURCHASE AGREEMENT”), BY AND AMONG THE CO-ISSUERS, DINE BRANDS, INC.,
AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 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 CLASS A-1 NOTE PURCHASE AGREEMENT, THE INDENTURE AND THE OTHER TRANSACTION 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 
  

			
	 No.
R-L-[                    ]
	  	 up to
$[             ]                    

  
 A-1-3-1 

 SEE REVERSE FOR CERTAIN CONDITIONS 

APPLEBEE’S FUNDING LLC and 

IHOP FUNDING LLC 
 SERIES 2022-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS: SERIES 2022-1 CLASS A-1 L/C NOTE 
 APPLEBEE’S FUNDING LLC, a
limited liability company formed under the laws of the State of Delaware, and IHOP FUNDING LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, together, as the
“Co-Issuers”), for value received, hereby jointly and severally promise to pay to
[                    ], or registered assigns, up to the principal sum of
[                    ] DOLLARS ($[        ]) or such lesser amount as shall equal the portion
of the Series 2022-1 Class A-1 Outstanding Principal Amount evidenced by this Note as provided in the Indenture and the
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; provided that the entire unpaid principal
amount of this Note shall be due on June 5, 2052 (the “Series 2022-1 Legal Final Maturity Date”). The initial outstanding principal amount of this Note shall equal the Series 2022-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount. Pursuant to the Class A-1 Note Purchase Agreement and the Series 2022-1 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 2022-1 Class A-1 Notes may be paid earlier than the Series 2022-1 Legal Final Maturity Date as described in the Indenture. The Co-Issuers will pay (i) interest on this Series 2022-1 Class A-1 L/C Note (this “Note”) at the Series 2022-1 Class A-1 Note Rate and (ii) the Series 2022-1 Class A-1 L/C Fees, in
each case, for each Interest Accrual 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 5th day (or, if such 5th day is not a Business
Day, the next succeeding Business Day) of each March, June, September and December, commencing September 5, 2022 (each, a “Quarterly Payment Date”). Such amounts due on this Note will accrue for each Quarterly Payment Date with
respect to (i) initially, the period from and including August 12, 2022 to but excluding the day that is two (2) Business Days prior to the first Quarterly Calculation Date and (ii) thereafter, any period commencing on and
including the day that is two (2) Business Days prior to a Quarterly Calculation Date and ending on but excluding the day that is two (2) Business Days prior to the next succeeding Quarterly Calculation Date (each, an “Interest
Accrual Period”). 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 additional interest and fees on this Note at the Series 2022-1 Class A-1
Post-Renewal Date Additional Interest Rate, and such additional 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 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 Class A-1 Note
Purchase Agreement. 

  
 A-1-3-2 

 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
2022-1 Class A-1 Note Rate applicable thereto. Each such endorsement shall constitute prima facie 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
2022-1 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 –
Applebee’s Funding LLC & IHOP Funding LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. 

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 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] 

  
 A-1-3-3 

 IN WITNESS WHEREOF, each of the Co-Issuers has
caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 
 Date:
                     
  

			
	APPLEBEE’S FUNDING LLC, as Co-Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	IHOP FUNDING LLC, as Co-Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-3-4 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2022-1 Class A-1 L/C Notes
issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-1-3-5 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2022-1
Class A-1 Notes of the Co-Issuers designated as their Series 2022-1 Variable Funding Senior Notes, Class A-1 (herein called the “Series 2022-1 Class A-1 Notes”), and is one of the Subclass
thereof designated as the Series 2022-1 Class A-1 L/C Notes (herein called the “Series 2022-1 Class A-1 L/C Notes”), all issued under (i) the Amended and Restated Base Indenture, dated as of June 5, 2019 (as further amended, supplemented or modified, is herein called the “Base
Indenture”), among the Co-Issuers and Citibank, N.A., as trustee (in such capacity, the “Trustee”, which term includes any successor Trustee under the Base Indenture) and as
securities intermediary, and (ii) a Series 2022-1 Supplement to the Base Indenture, dated as of August 12, 2022 (the “Series 2022-1
Supplement”), among the Co-Issuers, the Trustee and Citibank, N.A., as series 2022-1 securities intermediary. The Base Indenture and the Series 2022-1 Supplement are referred to herein as the “Indenture”. The Series 2022-1 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 2022-1 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
Class A-1 Note Purchase Agreement, the Indenture and the other Transaction 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 2022-1 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 2022-1 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 2022-1 Legal Final Maturity Date. Subject to the terms and conditions of the Class A-1 Note
Purchase Agreement, all payments of principal of the Series 2022-1 Class A-1 L/C Notes will be made pro rata to the holders of Series
2022-1 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 additional interest, if any, will each accrue on the Series 2022-1 Class A-1 L/C Notes at the rates set forth in the Indenture. The interest and fees and additional interest, if any, will be computed on the basis set forth in the Indenture. Amounts payable on the Series 2022-1 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.

  
 A-1-3-6 

 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 2022-1 Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the Series 2022-1 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 2022-1
Class A-1 Distribution Account no later than 1:00 p.m. (New York City time) if a Series 2022-1 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; provided that the final principal payment due on a Series
2022-1 Class A-1 Note shall only be paid upon due presentment and surrender of such Series 2022-1 Class A-1 Note for cancellation in accordance with the provisions of the Series 2022-1 Class A-1 Note at the applicable
Corporate Trust Office, which such surrender by the Series 2022-1 Class A-1 Noteholders shall also constitute a general release by the Series 2022-1 Class A-1 Noteholders hereof from any claims against the Securitization Entities, the Manager, the Trustee and their affiliates. 

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 Co-Issuers and the Note Registrar duly executed by, the Series 2022-1 Class A-1
Noteholder hereof or its attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note 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 Note Registrar may require and as may be required by the Series 2022-1 Supplement, and thereupon one
or more new Series 2022-1 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 2022-1
Class A-1 Noteholder, by acceptance of a Series 2022-1 Class A-1 Note, covenants and agrees 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 2022-1
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; provided 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 Transaction Document. 
 It is the intent of the Co-Issuers
and each Series 2022-1 Class A-1 Noteholder that, for federal, state, local income and franchise tax purposes only, the Series
2022-1 Class A-1 Notes 

  
 A-1-3-7 

 
will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2022-1 Class A-1 Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for all purposes of federal, state, 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 2022-1 Class A-1 Noteholders, provided 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 2022-1 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 2022-1 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 2022-1 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 2022-1 Class A-1 Noteholder and upon all future Series 2022-1 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 neither a Plan (including, without limitation, an entity whose underlying assets include “plan assets” by reason of a Plan’s investment in the entity or otherwise) nor a governmental, church,
non-U.S. or other plan which is subject to any federal, state, local or non-U.S. law that is similar to the provisions of Section 406 of ERISA or Section 4975
of the Code or (ii) its acquisition, holding and disposition of this Note (or any interest herein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code or, in the case of a governmental, church, non-U.S. or other plan, a non-exempt violation under any federal, state, local or non-U.S. law that is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code. 

The term “Co-Issuer” as used in this Note includes any successor to a Co-Issuer. 
 The Series 2022-1
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 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), and the obligations, rights and
remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 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. 

  
 A-1-3-8 

 [Remainder of page intentionally left blank] 

  
 A-1-3-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                      
 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
                    , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the
premises. 
 Dated:                       

 

			
	By:	 	  1
 
	 	 
		 	Signature Guaranteed:
		
		 	  

  

	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. 

  
 A-1-3-10 

 SUBFACILITY INCREASES AND SUBFACILITY DECREASES 

 

																													
	 Date
	  	Unpaid
Principal
Amount	 	  	Subfacility
Increase	 	  	Subfacility
Decrease	 	  	Total	 	  	Series
2022-1
Class
A-1 
Note
Rate	 	  	Interest
Accrual
Period
(if
applicable)	 	  	Notation
Made By	 
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			

  
 A-1-3-11 

																													
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			

  
 A-1-3-12 

 EXHIBIT B-1 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS 

OF SERIES 2022-1 CLASS A-1 NOTES 

Citibank, N.A., as Trustee 
 480 Washington Boulevard 

30th Floor 

Jersey City, NJ 07310 
 Attention: Securities Window -
Applebee’s Funding LLC & IHOP Funding LLC 
  

	Re:	 Applebee’s Funding LLC; IHOP Funding LLC Series 2022-1 Variable
Funding Senior Notes, Class A-1 Subclass: Series 2022-1 Class A-1 [Advance] [Swingline] [L/C] Notes (the
“Notes”) 

 Reference is hereby made to (i) the Amended and Restated Base Indenture, dated as of
June 5, 2019 (as further amended, supplemented or modified, is herein called the “Base Indenture”), among Applebee’s Funding LLC and IHOP Funding LLC, as co-issuers (the “Co-Issuers”), and Citibank, N.A., as trustee (in such capacity, the “Trustee”) and as securities intermediary, and (ii) the Series 2022-1
Supplement to the Base Indenture, dated as of August 12, 2022 (the “Series 2022-1 Supplement” and, together with the Base Indenture, the “Indenture”), among the Co-Issuers, the Trustee and Citibank, N.A., as series 2022-1 securities intermediary. Capitalized terms used but not defined herein shall have the meanings assigned to them
pursuant to the Indenture or the Class A-1 Note Purchase Agreement, as applicable. 
 This
certificate relates to U.S. $[        ] aggregate principal amount of Notes registered in the name of
[                    ] [name of transferor] (the “Transferor”), 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 [                    ] [name of transferee] (the
“Transferee”). 
 In connection with such request, and in respect of such Notes, the Transferee does hereby certify that
either (A) it is a Co-Issuer or an Affiliate of a Co-Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set
forth in the Indenture and the Class A-1 Note Purchase Agreement, (ii) pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”),
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 a Co-Issuer or an Affiliate of a Co-Issuer, or: 

1.    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; 

2.    it 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 2022-1 Class A-1 Notes; 

  
 B-1-1 

 3.    it is purchasing the Series
2022-1 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 2022-1 Class A-1 Notes; 

4.    it understands that (i) the Series 2022-1 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 2022-1 Class A-1 Notes and (iii) any transfer must
comply with the provisions of Sections 2.8 and 2.13 of the Base Indenture, Section 4.3 of the Series 2022-1 Supplement and Section 9.03 or 9.17, as applicable, of the
Class A-1 Note Purchase Agreement; 
 5.    it will comply with the
requirements of paragraph (4) above in connection with any transfer by it of the Series 2022-1 Class A-1 Notes; 

6.    it understands that the Series 2022-1
Class A-1 Notes will bear the legend set out in the applicable form of Series 2022-1 Class A-1 Notes attached to the
Series 2022-1 Supplement and be subject to the restrictions on transfer described in such legend; 

7.    it will obtain for the benefit of the Co-Issuers from any purchaser of the
Series 2022-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; 

8.    it is not a Competitor; 

9.    either (i) it is neither a Plan (including, without limitation, an entity whose underlying assets include
“plan assets” by reason of a Plan’s investment in the entity or otherwise) nor a governmental, church, non-U.S. or other plan which is subject to any federal, state, local or non-U.S. law that is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code or (ii) its acquisition, holding and disposition of this Note (or any interest herein) will not
constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or, in the case of a governmental, church,
non-U.S. or other plan, a non-exempt violation under any federal, state, local or non-U.S. law that is similar to the provisions
of Section 406 of ERISA or Section 4975 of the Code; 
 10.    in the case of a governmental, church, non-U.S. or other plan, a non-exempt violation under any Similar Law; and 

  
 B-1-2 

 11.    it 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 “Code”) 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 hereof 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]
		
	By:	 	
                     
                                         
                   

		 	Name:
		 	Title:

 Dated:             ,
         
  

					
	    Taxpayer Identification Number:	  		  	Address for Notices:
			
	    Wire Instructions for Payments:	  		  	
			
	
Bank:                     
                                    
	  		  	
			
	
Address:                     
                               
	  		  	
			
	 Bank ABA
#:                                        
     
	  		  	Tel:                                     
            
			
	 Account
No.:                                        
     
	  		  	Fax:                                     
            
			
	
FAO:                     
                                     
	  		  	Attn.:                                     
          
			
	
Attention:                    
                               
	  		  	

 Registered Name (if Nominee): 
  

	cc:	 Applebee’s Funding LLC 

IHOP Funding LLC 
 450 North Brand
Blvd., 7th Floor 
 Glendale, CA 91203-4415 

  
 B-1-3 

 EXHIBIT C 

[FORM OF QUARTERLY NOTEHOLDERS’ REPORT] 

  
 C-1 

 EXHIBIT D 

FORM OF MANDATORY/VOLUNTARY DECREASE 

APPLEBEE’S FUNDING LLC and 

IHOP FUNDING LLC 
 SERIES 2022-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1 
 TO: Citibank, N.A., as Trustee

 CC: COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Administrative Agent 

Greetings: 
 Reference is made to (a) that certain Series 2022-1 Class A-1 Note Purchase Agreement, dated as of August 12, 2022 (as amended, supplemented, amended and restated or otherwise modified from time to time, the
“Series 2022-1 Class A-1 Note Purchase Agreement”), by and among APPLEBEE’S FUNDING LLC, a limited liability company formed
under the laws of the State of Delaware, and IHOP FUNDING LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to, together, as the “Co-Issuers”),
the Guarantors, DINE BRANDS GLOBAL, INC. (the “Manager”), the Conduit Investors, the Committed Note Purchasers for each Investor Group, the Funding Agents and Coöperatieve Rabobank U.A., New York Branch, as L/C Provider, Swingline
Lender and Administrative Agent thereunder, pursuant to which the Series 2022-1 Class A-1 Noteholders have agreed to purchase the Series 2022-1 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 and (b) that certain Series 2022-1 Supplement, dated as of August 12, 2022 (the “Series 2022-1
Supplement”) to the to the Amended and Restated Base Indenture, dated as of June 5, 2019 (as may be further amended, amended and restated, modified or supplemented from time to time, exclusive of Series Supplements, the “Base
Indenture”), 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 2022-1 Class A-1 Note Purchase Agreement or the Series 2022-1
Supplement, as applicable. 
 Pursuant to Section 2.2[(a)][(b)] of the Series 2022-1 Supplement and Section
[                    ] of the Series 2022-1 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 “Mandatory Decrease Date”)][(the “Voluntary Decrease Date”)]. 

Principal: $          

Interest: $          

Breakage Amount (if any): $          

  
 D-1 

 In furtherance of the above, the Trustee is hereby directed to transfer such amounts from the Collection
Account to the Series 2022-1 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 [                    ] at account number
[                    ]. 
 For the avoidance of
doubt, this repayment is a repayment and is not a permanent reduction in the Series 2022-1 Class A-1 Notes Maximum Principal Amount. 

  
 D-2 

 The undersigned has executed and delivered this payment direction on the      day of
        ,     . 
  

			
	DINE BRANDS GLOBAL, INC, as Manager on behalf of the Co-Issuers
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E 

FORM OF CONFIRMATION OF REGISTRATION OF UNCERTIFICATED NOTES 

Date:
[                    ]                    

 [Name of Holder] 
 [Address of Holder] 

 

	Re:	 Applebee’s Funding LLC and IHOP Funding LLC $325,000,000 Series
2022-1 Variable Funding Senior Notes, Class A-1 (the “Series 2022-1 Class A-1 Notes”) 

 Reference is hereby made to (i) the Amended and
Restated Base Indenture, dated as of June 5, 2019 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, is herein called the “Base Indenture”), among Applebee’s
Funding LLC and IHOP Funding LLC (collectively, the “Co-Issuers”) and Citibank, N.A., as the trustee (in such capacity, the “Trustee”, which term includes any successor
Trustee under the Base Indenture) and as the securities intermediary thereunder, and (ii) the Series 2022-1 Supplement to the Base Indenture, dated as of August 12, 2022 (such Series 2022-1 Supplement, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Series 2022-1 Supplement”),
among the Co-Issuers, the Trustee and Citibank, N.A., as the series 2022-1 securities intermediary thereunder. The Base Indenture and the Series 2022-1 Supplement are referred to herein collectively as the “Indenture”. Capitalized terms used and not otherwise defined herein shall have the meanings set forth or incorporated by reference in
the Indenture. 
 Pursuant to Section 4.1(f) of the Series 2022-1
Supplement, the undersigned hereby confirms that the Note Registrar has registered the aggregate principal amount of the Subclass of the Series 2022-1 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 2022-1 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 2022-1
Class A-1 Note 
 Note: [Advance Note][Swingline Note][L/C Note] 

Maximum Principal Amount: U.S. $[        ] 

Registered Name: [                    ] 

[Remainder of page intentionally left blank] 

  
 E-1 

 
			
	 CITIBANK, N.A.,
 as Trustee and Note
Registrar

		
	By:	 	
                     
                                    

	Name:	 	
	Title:	 	

  
 E-2

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