Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  
  

APPLEBEE’S FUNDING LLC and 

IHOP FUNDING LLC, 
 each as
Co-Issuer 
  
 and 

 
 CITIBANK, N.A., 

as Trustee and Securities Intermediary 
  

 
 BASE
INDENTURE 
  
 Dated as of September 30, 2014, 

Amended and Restated as of June 5, 2019 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.1
	 	 Definitions
	  	 	1	 
			
	 Section 1.2
	 	 Cross-References
	  	 	2	 
			
	 Section 1.3
	 	 Accounting and Financial Determinations; No Duplication
	  	 	2	 
			
	 Section 1.4
	 	 Rules of Construction
	  	 	2	 
		
	 ARTICLE II THE NOTES
	  	 	4	 
			
	 Section 2.1
	 	 Designation and Terms of Notes
	  	 	4	 
			
	 Section 2.2
	 	 Notes Issuable in Series
	  	 	5	 
			
	 Section 2.3
	 	 Series Supplement for Each Series
	  	 	10	 
			
	 Section 2.4
	 	 Execution and Authentication
	  	 	11	 
			
	 Section 2.5
	 	 Note Registrar and Paying Agent
	  	 	12	 
			
	 Section 2.6
	 	 Paying Agent to Hold Money in Trust
	  	 	12	 
			
	 Section 2.7
	 	 Noteholder List
	  	 	14	 
			
	 Section 2.8
	 	 Transfer and Exchange
	  	 	14	 
			
	 Section 2.9
	 	 Persons Deemed Owners
	  	 	15	 
			
	 Section 2.10
	 	 Replacement Notes
	  	 	16	 
			
	 Section 2.11
	 	 Treasury Notes
	  	 	16	 
			
	 Section 2.12
	 	 Book-Entry Notes
	  	 	17	 
			
	 Section 2.13
	 	 Definitive Notes
	  	 	18	 
			
	 Section 2.14
	 	 Cancellation
	  	 	19	 
			
	 Section 2.15
	 	 Principal and Interest
	  	 	19	 
			
	 Section 2.16
	 	 Tax Treatment
	  	 	20	 

  
 i 

							
	 ARTICLE III SECURITY
	  	 	21	 
			
	 Section 3.1
	 	 Grant of Security Interest
	  	 	21	 
			
	 Section 3.2
	 	 Certain Rights and Obligations of the Co-Issuers Unaffected
	  	 	22	 
			
	 Section 3.3
	 	 Performance of Collateral Documents
	  	 	23	 
			
	 Section 3.4
	 	 Stamp, Other Similar Taxes and Filing Fees
	  	 	24	 
			
	 Section 3.5
	 	 Authorization to File Financing Statements
	  	 	24	 
		
	 ARTICLE IV REPORTS
	  	 	25	 
			
	 Section 4.1
	 	 Reports and Instructions to Trustee
	  	 	25	 
			
	 Section 4.2
	 	 [Reserved]
	  	 	28	 
			
	 Section 4.3
	 	 Rule 144A Information
	  	 	28	 
			
	 Section 4.4
	 	 Reports, Financial Statements and Other Information to Noteholders
	  	 	28	 
			
	 Section 4.5
	 	 Manager
	  	 	29	 
			
	 Section 4.6
	 	 No Constructive Notice
	  	 	29	 
		
	 ARTICLE V ALLOCATION AND APPLICATION OF COLLECTIONS
	  	 	29	 
			
	 Section 5.1
	 	 Management Accounts and Additional Accounts
	  	 	29	 
			
	 Section 5.2
	 	 Senior Notes Interest Reserve Account
	  	 	31	 
			
	 Section 5.3
	 	 Senior Subordinated Notes Interest Reserve Account
	  	 	32	 
			
	 Section 5.4
	 	 Collection Account
	  	 	33	 
			
	 Section 5.5
	 	 Collection Account Administrative Accounts
	  	 	33	 
			
	 Section 5.6
	 	 Hedge Payment Account
	  	 	35	 
			
	 Section 5.7
	 	 Trustee as Securities Intermediary
	  	 	35	 
			
	 Section 5.8
	 	 Establishment of Series Accounts; Legacy Accounts
	  	 	37	 
			
	 Section 5.9
	 	 Collections and Investment Income
	  	 	37	 
			
	 Section 5.10
	 	 Application of Retained Collections on Weekly Allocation Dates
	  	 	43	 
			
	 Section 5.11
	 	 Quarterly Payment Date Applications
	  	 	48	 

  
 ii 

							
	 Section 5.12
	 	 Determination of Quarterly Interest
	  	 	61	 
			
	 Section 5.13
	 	 Determination of Quarterly Principal
	  	 	61	 
			
	 Section 5.14
	 	 Prepayment of Principal
	  	 	61	 
			
	 Section 5.15
	 	 Retained Collections Contributions
	  	 	61	 
			
	 Section 5.16
	 	 Interest Reserve Letters of Credit
	  	 	62	 
			
	 Section 5.17
	 	 Replacement of Ineligible Accounts
	  	 	63	 
			
	 Section 5.18
	 	 Instructions and Directions
	  	 	64	 
		
	 ARTICLE VI DISTRIBUTIONS
	  	 	64	 
			
	 Section 6.1
	 	 Distributions in General
	  	 	64	 
		
	 ARTICLE VII REPRESENTATIONS AND WARRANTIES
	  	 	65	 
			
	 Section 7.1
	 	 Existence and Power
	  	 	65	 
			
	 Section 7.2
	 	 Company and Governmental Authorization
	  	 	66	 
			
	 Section 7.3
	 	 No Consent
	  	 	66	 
			
	 Section 7.4
	 	 Binding Effect
	  	 	66	 
			
	 Section 7.5
	 	 Litigation
	  	 	66	 
			
	 Section 7.6
	 	 Employee Benefit Plans
	  	 	67	 
			
	 Section 7.7
	 	 Tax Filings and Expenses
	  	 	67	 
			
	 Section 7.8
	 	 Disclosure
	  	 	68	 
			
	 Section 7.9
	 	 1940 Act
	  	 	68	 
			
	 Section 7.10
	 	 Regulations T, U and X
	  	 	68	 
			
	 Section 7.11
	 	 Solvency
	  	 	68	 
			
	 Section 7.12
	 	 Ownership of Equity Interests; Subsidiaries
	  	 	68	 
			
	 Section 7.13
	 	 Security Interests
	  	 	69	 
			
	 Section 7.14
	 	 Transaction Documents
	  	 	71	 
			
	 Section 7.15
	 	 Non-Existence of Other Agreements
	  	 	71	 

  
 iii 

							
	 Section 7.16
	 	 Compliance with Contractual Obligations and Laws
	  	 	71	 
			
	 Section 7.17
	 	 Other Representations
	  	 	71	 
			
	 Section 7.18
	 	 No Employees
	  	 	71	 
			
	 Section 7.19
	 	 Insurance
	  	 	71	 
			
	 Section 7.20
	 	 Environmental Matters; Real Property
	  	 	72	 
			
	 Section 7.21
	 	 Intellectual Property
	  	 	73	 
			
	 Section 7.22
	 	 Exchange Act
	  	 	73	 
		
	 ARTICLE VIII COVENANTS
	  	 	74	 
			
	 Section 8.1
	 	 Payment of Notes
	  	 	74	 
			
	 Section 8.2
	 	 Maintenance of Office or Agency
	  	 	74	 
			
	 Section 8.3
	 	 Payment and Performance of Obligations
	  	 	75	 
			
	 Section 8.4
	 	 Maintenance of Existence
	  	 	75	 
			
	 Section 8.5
	 	 Compliance with Laws
	  	 	75	 
			
	 Section 8.6
	 	 Inspection of Property; Books and Records
	  	 	75	 
			
	 Section 8.7
	 	 Actions under the Collateral Documents and Transaction Documents
	  	 	76	 
			
	 Section 8.8
	 	 Notice of Defaults and Other Events
	  	 	77	 
			
	 Section 8.9
	 	 Notice of Material Proceedings
	  	 	78	 
			
	 Section 8.10
	 	 Further Requests
	  	 	78	 
			
	 Section 8.11
	 	 Further Assurances
	  	 	78	 
			
	 Section 8.12
	 	 Liens
	  	 	80	 
			
	 Section 8.13
	 	 Other Indebtedness
	  	 	80	 
			
	 Section 8.14
	 	 Employee Benefit Plans
	  	 	80	 
			
	 Section 8.15
	 	 Mergers
	  	 	80	 
			
	 Section 8.16
	 	 Asset Dispositions
	  	 	81	 
			
	 Section 8.17
	 	 Acquisition of Assets
	  	 	82	 

  
 iv 

							
	 Section 8.18
	 	 Dividends, Officers’ Compensation, etc.
	  	 	83	 
			
	 Section 8.19
	 	 Legal Name, Location Under Section 9-301 or 9-307
	  	 	83	 
			
	 Section 8.20
	 	 Charter Documents
	  	 	84	 
			
	 Section 8.21
	 	 Investments
	  	 	84	 
			
	 Section 8.22
	 	 No Other Agreements
	  	 	84	 
			
	 Section 8.23
	 	 Other Business
	  	 	85	 
			
	 Section 8.24
	 	 Maintenance of Separate Existence
	  	 	85	 
			
	 Section 8.25
	 	 Covenants Regarding the Securitization IP
	  	 	87	 
			
	 Section 8.26
	 	 [Reserved]
	  	 	88	 
			
	 Section 8.27
	 	 Real Property
	  	 	88	 
			
	 Section 8.28
	 	 No Employees
	  	 	89	 
			
	 Section 8.29
	 	 Insurance
	  	 	89	 
			
	 Section 8.30
	 	 Litigation
	  	 	89	 
			
	 Section 8.31
	 	 Environmental
	  	 	89	 
			
	 Section 8.32
	 	 Enhancements
	  	 	90	 
			
	 Section 8.33
	 	 Series Hedge Agreements; Derivatives Generally
	  	 	90	 
			
	 Section 8.34
	 	 Additional Franchise Entity
	  	 	90	 
			
	 Section 8.35
	 	 [Reserved]
	  	 	91	 
			
	 Section 8.36
	 	 Tax Lien Reserve Amount
	  	 	91	 
			
	 Section 8.37
	 	 Mortgages
	  	 	92	 
			
	 Section 8.38
	 	 [Reserved]
	  	 	93	 
			
	 Section 8.39
	 	 Bankruptcy Proceedings
	  	 	93	 
		
	 ARTICLE IX REMEDIES
	  	 	93	 
			
	 Section 9.1
	 	 Rapid Amortization Events
	  	 	93	 
			
	 Section 9.2
	 	 Events of Default
	  	 	94	 

  
 v 

							
	 Section 9.3
	 	 Rights of the Control Party and Trustee upon Event of Default
	  	 	98	 
			
	 Section 9.4
	 	 Waiver of Appraisal, Valuation, Stay and Right to Marshaling
	  	 	101	 
			
	 Section 9.5
	 	 Limited Recourse
	  	 	101	 
			
	 Section 9.6
	 	 Optional Preservation of the Collateral
	  	 	102	 
			
	 Section 9.7
	 	 Waiver of Past Events
	  	 	102	 
			
	 Section 9.8
	 	 Control by the Control Party
	  	 	102	 
			
	 Section 9.9
	 	 Limitation on Suits
	  	 	103	 
			
	 Section 9.10
	 	 Unconditional Rights of Noteholders to Receive Payment
	  	 	103	 
			
	 Section 9.11
	 	 The Trustee May File Proofs of Claim
	  	 	104	 
			
	 Section 9.12
	 	 Undertaking for Costs
	  	 	104	 
			
	 Section 9.13
	 	 Restoration of Rights and Remedies
	  	 	104	 
			
	 Section 9.14
	 	 Rights and Remedies Cumulative
	  	 	105	 
			
	 Section 9.15
	 	 Delay or Omission Not Waiver
	  	 	105	 
			
	 Section 9.16
	 	 Waiver of Stay or Extension Laws
	  	 	105	 
		
	 ARTICLE X THE TRUSTEE
	  	 	105	 
			
	 Section 10.1
	 	 Duties of the Trustee
	  	 	105	 
			
	 Section 10.2
	 	 Rights of the Trustee
	  	 	109	 
			
	 Section 10.3
	 	 Individual Rights of the Trustee
	  	 	113	 
			
	 Section 10.4
	 	 Notice of Events of Default and Defaults
	  	 	113	 
			
	 Section 10.5
	 	 Compensation and Indemnity
	  	 	113	 
			
	 Section 10.6
	 	 Replacement of the Trustee
	  	 	114	 
			
	 Section 10.7
	 	 Successor Trustee by Merger, etc.
	  	 	115	 
			
	 Section 10.8
	 	 Eligibility Disqualification
	  	 	116	 
			
	 Section 10.9
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	116	 
			
	 Section 10.10
	 	 Representations and Warranties of Trustee
	  	 	117	 

  
 vi 

							
	 Section 10.11
	 	 Confidentiality
	  	 	118	 
		
	 ARTICLE XI CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY
	  	 	 119
	 
			
	 Section 11.1
	 	 Controlling Class Representative
	  	 	119	 
			
	 Section 11.2
	 	 Resignation or Removal of the Controlling Class Representative
	  	 	122	 
			
	 Section 11.3
	 	 Expenses and Liabilities of the Controlling Class Representative
	  	 	122	 
			
	 Section 11.4
	 	 Control Party
	  	 	123	 
			
	 Section 11.5
	 	 Note Owner List
	  	 	124	 
		
	 ARTICLE XII DISCHARGE OF INDENTURE
	  	 	125	 
			
	 Section 12.1
	 	 Termination of the Co-Issuers’ and Guarantors’ Obligations
	  	 	125	 
			
	 Section 12.2
	 	 Application of Trust Money
	  	 	130	 
			
	 Section 12.3
	 	 Repayment to the Co-Issuers
	  	 	130	 
			
	 Section 12.4
	 	 Reinstatement
	  	 	130	 
		
	 ARTICLE XIII AMENDMENTS
	  	 	131	 
			
	 Section 13.1
	 	 Without Consent of the Controlling Class Representative or the Noteholders
	  	 	131	 
			
	 Section 13.2
	 	 With Consent of the Controlling Class Representative or the Noteholders
	  	 	134	 
			
	 Section 13.3
	 	 Supplements
	  	 	135	 
			
	 Section 13.4
	 	 Revocation and Effect of Consents
	  	 	136	 
			
	 Section 13.5
	 	 Notation on or Exchange of Notes
	  	 	136	 
			
	 Section 13.6
	 	 The Trustee to Sign Amendments, etc.
	  	 	136	 
			
	 Section 13.7
	 	 Amendments and Fees
	  	 	136	 
		
	 ARTICLE XIV MISCELLANEOUS
	  	 	137	 
			
	 Section 14.1
	 	 Notices
	  	 	137	 
			
	 Section 14.2
	 	 Communication by Noteholders With Other Noteholders
	  	 	140	 

  
 vii 

							
	 Section 14.3
	 	 Officer’s Certificate as to Conditions Precedent
	  	 	140	 
			
	 Section 14.4
	 	 Statements Required in Certificate
	  	 	140	 
			
	 Section 14.5
	 	 Rules by the Trustee
	  	 	141	 
			
	 Section 14.6
	 	 Benefits of Indenture
	  	 	141	 
			
	 Section 14.7
	 	 Payment on Business Day
	  	 	141	 
			
	 Section 14.8
	 	 Governing Law
	  	 	141	 
			
	 Section 14.9
	 	 Successors
	  	 	141	 
			
	 Section 14.10
	 	 Severability
	  	 	141	 
			
	 Section 14.11
	 	 Counterpart Originals
	  	 	142	 
			
	 Section 14.12
	 	 Table of Contents, Headings, etc.
	  	 	142	 
			
	 Section 14.13
	 	 No Bankruptcy Petition Against the Securitization Entities
	  	 	142	 
			
	 Section 14.14
	 	 Recording of Indenture
	  	 	142	 
			
	 Section 14.15
	 	 Waiver of Jury Trial
	  	 	142	 
			
	 Section 14.16
	 	 Submission to Jurisdiction; Waivers
	  	 	143	 
			
	 Section 14.17
	 	 Permitted Asset Dispositions; Release of Collateral
	  	 	143	 
			
	 Section 14.18
	 	 Calculation of Dine Brands Global, Inc. Leverage Ratio and Senior Leverage Ratio
	  	 	143	 
			
	 Section 14.19
	 	 Amendment and Restatement
	  	 	145	 

  
 viii 

					
	 ANNEXES
	 		    	
		
	 Annex A
	 	 Base Indenture Definitions List

			
	 EXHIBITS
	 		    	
	 Exhibit A
	 	 Form of Weekly Manager’s Certificate

	 Exhibit B
	 	 [Reserved]

	 Exhibit C
	 	 [Reserved]

	 Exhibit D-1
	 	 Form of Notice of Grant of Security Interest in Trademarks

	 Exhibit D-2
	 	 Form of Notice of Grant of Security Interest in Patents

	 Exhibit D-3
	 	 Form of Notice of Grant of Security Interest in Copyrights

	 Exhibit E-1
	 	 Form of Supplemental Notice of Grant of Security Interest in Trademarks

	 Exhibit E-2
	 	 Form of Supplemental Notice of Grant of Security Interest in Patents

	 Exhibit E-3
	 	 Form of Supplemental Notice of Grant of Security Interest in Copyrights

	 Exhibit F
	 	 Form of Investor Request Certification

	 Exhibit G
	 	 Form of Notice Requesting Contact Information of Initial Note Owners

	 Exhibit H
	 	 Form of CCR Election Notice

	 Exhibit I
	 	 Form of CCR Nomination

	 Exhibit J
	 	 Form of CCR Ballot

	 Exhibit K
	 	 Form of CCR Acceptance Letter

	 Exhibit L
	 	 Form of Mortgage

	 Exhibit M
	 	 [Reserved]

	 Exhibit N
	 	 [Reserved]

	 Exhibit O
	 	 Form of Note Owner Certificate

			
	 SCHEDULES
	 		    	
			
	 Schedule 7.3
	 	-	    	 Consents

	 Schedule 7.6
	 	-	    	 Plans

	 Schedule 7.7
	 	-	    	 Proposed Tax Assessments

	 Schedule 7.13(a)
	 	-	    	 Non-Perfected Liens

	 Schedule 7.19
	 	-	    	 Insurance

	 Schedule 7.21
	 	-	    	 Pending Actions or Proceedings Relating to the Securitization IP

	 Schedule 8.11
	 	-	    	 Liens

  
 ix 

 BASE INDENTURE, dated as of September 30, 2014, and amended and
restated as of June 5, 2019, by and among APPLEBEE’S FUNDING LLC, a Delaware limited liability company (“Applebee’s Issuer”), IHOP FUNDING LLC, a Delaware limited liability company (“IHOP Issuer” and
together with 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 securities intermediary. 
 W I T N E S S E T H: 

WHEREAS, the Co-Issuers and the Trustee previously entered into that certain Base
Indenture, dated as of September 30, 2014 (as amended on and prior to the date hereof pursuant to the Series 2014-1 Supplement thereto dated as of September 30, 2014, the “Original Base
Indenture”), to provide for the issuance from time to time of one or more Series of Notes; 
 WHEREAS, the Co-Issuers desire to amend and restate the Original Base Indenture in the manner set forth in this Base Indenture, pursuant to Section 13.2 of the Original Base Indenture; 

WHEREAS, each of the Co-Issuers has duly authorized the amendment and restatement of
the Original Base Indenture (as amended and restated on the date hereof, and as further amended, modified or supplemented form time to time, the “Base Indenture”) and the issuance from time to time of one or more series of
asset-backed notes (the “Notes”) under this Base Indenture, as provided in this Base Indenture and in Supplements hereto; and 

WHEREAS, all things necessary to make this Base Indenture a legal, valid and binding agreement of the Co-Issuers, in accordance with its terms, have been done, and the Co-Issuers propose to do all the things necessary to make the Notes, when executed by the Co-Issuers and authenticated and delivered by the Trustee hereunder and duly issued by the Co-Issuers, the legal, valid and binding obligations of the Co-Issuers as hereinafter provided; 
 NOW, THEREFORE, for and in consideration of the
premises and the receipt of the Notes by the Noteholders, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Noteholders (in accordance with the priorities set forth herein and in any Series Supplement), as follows:

 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1    Definitions. 

Capitalized terms used herein (including the preamble and the recitals hereto) and not otherwise defined herein shall have
the meanings assigned to such terms in the Base Indenture Definitions List attached hereto as Annex A (the “Base Indenture Definitions List”), as such Base Indenture Definitions List may be amended, supplemented or otherwise
modified from time to time in accordance with the provisions hereof. 

  

 Section 1.2    Cross-References. 

Unless otherwise specified, references in the Indenture and in each other Transaction Document to any Article or
Section are references to such Article or Section of the Indenture or such other Transaction Document, as the case may be, and, unless otherwise specified, references in any Article, Section or definition to any clause are references
to such clause of such Article, Section or definition. 
 Section 1.3    Accounting and
Financial Determinations; No Duplication. 
 (a)    All accounting terms not specifically or
completely defined in the Indenture or the Transaction Documents shall be construed in conformity with GAAP. 

(b)    Where the character or amount of any asset or liability or item of income or expense is required
to be determined, or any accounting computation is required to be made, for the purpose of the Indenture or any other Transaction Document, such determination or calculation shall be made, to the extent applicable and except as otherwise specified
in the Indenture or such other Transaction Document, in accordance with GAAP. When used herein, the term “financial statement” shall include the notes and schedules thereto. All accounting determinations and computations hereunder or under
any other Transaction Documents shall be made without duplication. 
 Section 1.4    Rules of
Construction. 
 In the Indenture and the other Transaction Documents, unless the context otherwise requires: 

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

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

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

(d)    reference to any Requirement of Law means such Requirement of Law as amended, modified, codified
or reenacted, in whole or in part, and in effect from time to time; 
 (e)    “including”
(and with correlative meaning “include”) means including without limiting the generality of any description preceding such term; 

(f)    the word “or” is always used inclusively herein (for example, the phrase “A or
B” means “A or B or both,” not “either A or B but not both”), unless used in an “either . . . or” construction; 

  
 2 

 (g)    reference to any Transaction Document or other
contract or agreement means such Transaction Document, contract or agreement as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof, except (i) with respect to
defined terms that define such Transaction Document or other contract or agreement as of certain amendments or other modifications thereto and (ii) as the context requires otherwise; 

(h)    with respect to the determination of any period of time, except as otherwise specified,
“from” means “from and including” and “to” means “to but excluding”; 

(i)    the use of Subclass designations, Tranche designations or other designations to differentiate Note
characteristics within a Class will not alter priority of the requirement to pay among the Class pro rata unless expressly provided for in the applicable Series Supplement for such Subclass or Tranche; 

(j)    if (i) any funds deposited to an Account are to be paid or allocated, or any action described
in a Weekly Manager’s Certificate is to be taken, on (or prior to) the “following Weekly Allocation Date”, the “Weekly Allocation Date immediately following” or on the “immediately following Weekly Allocation
Date”, such payment, allocation or action shall occur on (or prior to, if applicable) the Weekly Allocation Date related to the Weekly Collection Period in which such deposit occurs or to the Weekly Allocation Date to which the Weekly
Manager’s Certificate relates, as applicable, and (ii) an action or event is to occur with respect to a Monthly Fiscal Period immediately preceding a Weekly Allocation Date, such action or event shall occur with respect to the most recent
Monthly Fiscal Period ending prior to such Weekly Allocation Date; 
 (k)    if any payment is due, or
any action described in a Quarterly Noteholders’ Report is to be taken, on (or prior to) the “related Quarterly Payment Date”, on the “following Quarterly Payment Date”, on the “immediately succeeding Quarterly Payment
Date”, on the “next succeeding Quarterly Payment Date” or on the “immediately following Quarterly Payment Date”, such payment shall be due, or such action shall occur, as applicable, either (i) on (or prior to, if
applicable) the Quarterly Payment Date related to the Quarterly Collection Period in which such payment accrues or to the Quarterly Payment Date to which such Quarterly Noteholders’ Report relates or (ii) on the Quarterly Payment Date
related to the applicable Quarterly Calculation Date on which such payment is calculated; and 

(l)    references to (i) the “preceding Weekly Collection Period” means the most recent
Weekly Collection Period ending prior to the indicated date, (ii) the “immediately preceding Quarterly Collection Period” means the most recent Quarterly Collection Period ending prior to the indicated date and (iii) “immediately
preceding Quarterly Calculation Date” means the most recent Quarterly Calculation Date. 

  
 3 

 ARTICLE II 

THE NOTES 

Section 2.1    Designation and Terms of Notes. 

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

(b)    With respect to any Class A-1 Note Purchase Agreement
entered into by the Co-Issuers in connection with the issuance of any Class A-1 Notes, whether or not any of the following shall have been specifically provided for
in the applicable provision of the Indenture Documents, the following shall be true (except to the extent that the Series Supplement or Class A-1 Note Purchase Agreement with respect to such Class of
Notes provides otherwise): 
 (i)    for purposes of any provision of any Indenture
Document relating to any vote, consent, direction, waiver or the like to be given by such Class on any date, the relevant principal amount of such Class to be used in tabulating the percentage of the applicable Series voting, directing,
consenting or waiving or the like (the “Class A-1 Notes Voting Amount”) will be deemed to be the greater of (1) the
Class A-1 Notes Maximum Principal Amount for such Series (after giving effect to any cancelled commitments) and (2) the Outstanding Principal Amount of
Class A-1 Notes for such Series; 

(ii)    for purposes of any provisions of any Indenture Document relating to
termination, discharge or the like, such Class shall continue to be deemed Outstanding unless and until all commitments to extend credit under such Class A-1 Note Purchase Agreement have been
terminated thereunder and the Outstanding Principal Amount of such Class shall have been reduced to zero; and 

(iii)    notwithstanding the foregoing, and for the avoidance of doubt, a Series
Supplement or a Class A-1 Note Purchase Agreement may provide for different treatment of commitments of a Noteholder of a Class A-1

  
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Note subject to such Series Supplement or Class A-1 Note Purchase Agreement that has failed to make a payment required to be made by it under the
terms of such Class A-1 Note Purchase Agreement, that has provided written notification that it does not intend to make a payment required to be made by it thereunder when due or that has become the
subject of an Event of Bankruptcy. 
 Section 2.2    Notes Issuable in Series. 

(a)    The Notes shall be issued in one or more Series of Notes, including as Additional Notes of an
existing Series, Class, Subclass or Tranche of Notes. Each Series of Notes shall be issued pursuant to a Series Supplement. Additional Notes of an existing Series, Class, Subclass or Tranche of Notes shall be issued pursuant to a Supplement to the
related Series Supplement. 
 (b)    So long as each of the certifications described in clause
(iv) below (if applicable) are true and correct as of the applicable Series Closing Date, Notes may from time to time be executed by the Co-Issuers and delivered to the Trustee for authentication and
thereupon the same shall be authenticated and delivered by the Trustee upon the receipt by the Trustee of a Company Request at least five (5) Business Days (except in the case of the Series of Notes being issued on the Closing Date or in
connection with a Series Refinancing Event) in advance of the related Series Closing Date (which Company Request will be revocable by the Co-Issuers upon notice to the Trustee no later than 5:00 p.m. (New York
City time) two (2) Business Days prior to the related Series Closing Date) and upon performance or delivery by the Co-Issuers to the Trustee and the Control Party, and receipt by the Trustee and the
Control Party, of the following: 
 (i)    a Company Order authorizing and directing
the authentication and delivery of such Notes by the Trustee and specifying the designation of such Notes, the Initial Principal Amount (or the method for calculating the Initial Principal Amount) of such Notes to be authenticated and the Note Rate
with respect to such Notes; 
 (ii)    a Series Supplement for a new Series of Notes
or a Supplement to the related Series Supplement for Additional Notes issued under an existing Series, Class, Subclass or Tranche of Notes, as applicable, satisfying the criteria set forth in Section 2.3 executed by the Co-Issuers and the Trustee and specifying the Principal Terms of such Notes; 

(iii)    if any existing Notes shall remain Outstanding following such issuance of such
Notes (other than in connection with a Series Refinancing Event or such existing Notes that will be repaid in full from the proceeds of the issuance of such Notes or that will otherwise be repaid in full on the applicable Series Closing Date),
written confirmation from either the Manager or the Co-Issuers that the Rating Agency Condition with respect to the issuance of such Notes has been satisfied; 

(iv)    in the case of Additional Notes, if any existing Notes shall remain Outstanding
following such issuance of such Additional Notes (other than in connection with a Series Refinancing Event or such existing Notes that will be repaid in full from the proceeds of the issuance of such Additional Notes or that

  
 5 

 
will otherwise be repaid in full on the applicable Series Closing Date), one or more Officer’s Certificates, each executed by an Authorized Officer of each
Co-Issuer, dated as of the applicable Series Closing Date to the effect that: 

(A)    no Cash Flow Sweeping Period is in effect or will commence as a result of the
issuance of such Additional Notes; 
 (B)    no Rapid Amortization Event, Default or
Event of Default has occurred and is continuing or will occur as a result of such issuance of such Additional Notes; 

(C)    no Manager Termination Event has occurred and is continuing or will occur as a
result of such issuance; 
 (D)    the Dine Brands Leverage Ratio is less than or
equal to 7.00x after giving pro forma effect to the issuance of such Additional Notes and any repayment of existing Indebtedness from such Additional Notes; 

(E)    the Senior Leverage Ratio is less than or equal to 6.50x after giving pro forma
effect to the issuance of such Additional Notes and any repayment of existing Indebtedness from such Additional Notes; 

(F)    the New Series Pro Forma DSCR is greater than or equal to 2.00x; 

(G)    if there is one or more Series of Notes Outstanding (other than a Series of Notes
Outstanding that will be repaid in full from the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series Closing Date), the Rating Agency Condition with respect to the issuance of such Additional Notes is satisfied;

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

(I)    the proposed issuance does not alter or change the terms of any Series of Notes
Outstanding or the Series Supplement relating thereto without such consents as are required under this Base Indenture or the applicable Series Supplement, except for (i) increases in the aggregate Outstanding Principal Amount of any existing
Series, Class, Subclass or Tranche of Notes and (ii) such changes that are permitted in accordance with the terms hereunder and the applicable Series Supplement, in each case, if such Additional Notes are issued thereunder; 

  
 6 

 (J)    all costs, fees and expenses
with respect to the issuance of such Additional Notes or relating to the actions taken in connection with such issuance that are required to be paid on the applicable Series Closing Date (or issuance date with respect to Additional Notes of an
existing Series, Class, Subclass or Tranche) have been paid or will be paid from the proceeds of issuance of such Additional Notes or other available amounts; 

(K)    all conditions precedent with respect to the authentication and delivery of such
Additional Notes provided in this Base Indenture, the related Series Supplement and, if applicable, the related Class A-1 Note Purchase Agreement and any other related note purchase agreement executed in
connection with the issuance of such Additional Notes have been satisfied or waived; 

(L)    the Guarantee and Collateral Agreement is in full force and effect as to such
Additional Notes; 
 (M)    if such Additional Notes include Subordinated Debt, the
terms of any such Additional Notes set forth in the applicable Supplement include the Subordinated Debt Provisions to the extent applicable; 

(N)    the Series Legal Final Maturity Date for any Additional Notes will not be prior
to the Series Legal Final Maturity Date of any Class of Senior Notes then Outstanding; 

(O)    each of the parties to the Transaction Documents with respect to such Additional
Notes has covenanted and agreed in the Transaction Documents that, prior to the date which is one year and one day after the payment in full of the latest maturing Note, it will not institute against, or join with any other Person in instituting
against, any Securitization Entity, any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law; 

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

(v)    a Tax Opinion dated the applicable Series Closing Date; provided,
however, that, if there are no Notes Outstanding or if all Series of Notes Outstanding will be repaid in full from the proceeds of issuance of such Notes or otherwise on the applicable Series Closing Date, only the opinions set forth in

  
 7 

 
clauses (b) and (c) of the definition of Tax Opinion are required to be given in connection with the issuance of such new Series of Notes; 

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

(A)    all of the instruments described in this Section 2.2(b)
furnished to the Trustee and the Control Party conform to the requirements of this Base Indenture and the related Series Supplement and the Notes are permitted to be authenticated by the Trustee pursuant to the terms of this Base Indenture and the
related Series Supplement (except that no such Opinion of Counsel shall be required to be delivered in connection with the issuance of Notes on the Closing Date); 

(B)    the related Supplement has been duly authorized, executed and delivered by the Co-Issuers and constitutes a legal, valid and binding agreement of each of the Co-Issuers, enforceable against each of the Co-Issuers
in accordance with its terms; 
 (C)    such Notes have been duly authorized by the Co-Issuers, and, when such Notes have been duly authenticated and delivered by the Trustee, such Notes will be legal, valid and binding obligations of each of the Co-Issuers,
enforceable against each of the Co-Issuers in accordance with their terms; 

(D)    none of the Securitization Entities is required to be registered as an
“investment company” under the 1940 Act; 
 (E)    the Lien and the security
interests created by this Base Indenture and the Guarantee and Collateral Agreement on the Collateral remain perfected as required by this Base Indenture and the Guarantee and Collateral Agreement and such Lien and security interests extend to any
assets transferred to the Securitization Entities in connection with the issuance of such Notes; 

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

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

  
 8 

 
Issuers (which orders and decrees may be set forth in a schedule to such opinion); 

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

(I)    there is no action, proceeding, or investigation pending or threatened against
Dine Brands Global, Inc. or any of its Subsidiaries before any court or administrative agency that may reasonably be expected to have a Material Adverse Effect on the business or assets of the Securitization Entities; 

(J)    unless such Notes are being offered pursuant to a registration statement that has
been declared effective under the 1933 Act, it is not necessary in connection with the offer and sale of such Notes by the Co-Issuers to the initial purchaser(s) thereof or by the initial purchaser(s) to the
initial investors in such Notes to register such Notes under the 1933 Act; and 

(K)    all conditions precedent to such issuance have been satisfied and that the
related Supplement is authorized or permitted pursuant to the terms and conditions of the Indenture; and 

(vii)    such other documents, instruments, certifications, agreements or other items as
the Trustee may reasonably require. 
 (c)    Upon satisfaction, or written waiver by the Control Party
(as directed by the Controlling Class Representative in writing), of the conditions set forth in Section 2.2(b), the Trustee shall authenticate and deliver, as provided above, such Notes upon execution thereof by the Co-Issuers. 
 (d)    With regard to any Notes issued pursuant to
this Section 2.2, the proceeds from such issuance may only be used to repay (i) Senior Subordinated Notes and Subordinated Notes if all Senior Notes have been repaid and (ii) Subordinated Notes if all Senior Notes
and Senior Subordinated Notes have been repaid; provided, that at any time on or after the Series Anticipated Repayment Date for any Series of Notes, the proceeds from the issuance of Subordinated Notes may only be used to repay Senior Notes,
Senior Subordinated Notes or all Outstanding Classes of Senior Notes and Senior Subordinated Notes. 

(e)    The issuance of Additional Notes shall not be subject to the consent of the Holders of any Series
of Notes Outstanding. The issuance of any additional Series of Class 

  
 9 

 
A-1 Notes will require the consent of the Class A-1 Administrative Agents of any existing Series of Class A-1 Notes that will remain Outstanding. Additional Notes may be issued for any purpose consistent with the Transaction Documents, including acquisitions by the Securitization Entities. 

Section 2.3    Series Supplement for Each Series. 

In conjunction with the issuance of a new Series of Notes or Additional Notes of an existing Series, Class, Subclass or
Tranche of Notes, the parties hereto shall execute a Series Supplement for such new Series of Notes or a Supplement to the Series Supplement for such existing Series, Class, Subclass or Tranche of Notes, as applicable, which shall specify the
relevant terms with respect to such Notes, which may include, without limitation: 
 (a)    its name or
designation; 
 (b)    the Initial Principal Amount with respect to such Notes; 

(c)    the Note Rate with respect to such Notes; 

(d)    the Series Closing Date; 

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

(f)    the Series Legal Final Maturity Date; 

(g)    the principal amortization schedule with respect to such Notes, if any; 

(h)    each Rating Agency rating such Notes; 

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

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

(k)    the method of allocating amounts deposited into any Series Distribution Account with respect to
such Notes; 
 (l)    whether such Notes will be issued in multiple Classes, Subclasses or Tranches and
the rights and priorities of each such Class, Subclass or Tranche; 
 (m)    any deposit of funds to be
made in any Base Indenture Account or any Series Account on the Series Closing Date; 
 (n)    whether
such Notes may be issued as either Definitive Notes or Book-Entry Notes and any limitations imposed thereon; 

(o)    whether such Notes include Senior Notes, Senior Subordinated Notes and/or Subordinated Notes; 

  
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 (p)    whether such Notes include Class A-1 Notes or subfacilities of Class A-1 Notes issued pursuant to a Class A-1 Note Purchase Agreement; 

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

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

 (s)    any other relevant terms of such Notes (all such terms, the “Principal
Terms” of such Series). 
 Section 2.4    Execution and Authentication. 

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

(b)    At any time and from time to time after the execution and delivery of this Base Indenture, the Co-Issuers may deliver Notes of any particular Series (issued pursuant to Section 2.2) executed by the Co-Issuers to the Trustee for authentication,
together with one or more Company Orders for the authentication and delivery of such Notes, and the Trustee, in accordance with such Company Order and this Base Indenture, shall authenticate and deliver such Notes. 

(c)    No Note shall be entitled to any benefit under the Indenture or be valid for any purpose unless
there appears on such Note a certificate of authentication substantially in the form provided for below, duly executed by the Trustee by the manual signature of a Trust Officer. Such signatures on such certificate shall be conclusive evidence, and
the only evidence, that the Note has been duly authenticated under this Base Indenture. The Trustee may appoint an authenticating agent acceptable to the Co-Issuers to authenticate Notes. Unless limited by the
term of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Base Indenture to authentication by the Trustee includes authentication by such authenticating agent. The Trustee’s
certificate of authentication shall be in substantially the following form: 
 “This is one of the Notes of a Series
issued under the within mentioned Indenture. 
  

			
	 Citibank, N.A., as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory”

  
 11 

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

Section 2.5    Note Registrar and Paying Agent. 

(a)    The Co-Issuers shall (i) maintain an office or agency
where Notes may be presented for registration of transfer or for exchange (the “Note Registrar”) and (ii) appoint a paying agent (which shall satisfy the eligibility criteria set forth in
Section 10.8(a)) (the “Paying Agent”) at whose office or agency Notes may be presented for payment. The Note Registrar shall keep a register of the Notes (including the name and address of each such
Noteholder) and of their transfer and exchange. The Trustee shall indicate in its books and records the commitment of each Noteholder, if applicable, and the principal amount owing to each Noteholder from time to time. The Co-Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Paying Agent” shall include any additional paying agent and the
term “Note Registrar” shall include any co-registrars. The Co-Issuers may change the Paying Agent or the Note Registrar without prior notice to any Noteholder.
The Co-Issuers shall notify the Trustee in writing of the name and address of any Agent not a party to this Base Indenture. The Trustee is hereby initially appointed as the Note Registrar and the Paying Agent
and shall send copies of all notices and demands received by the Trustee (other than those sent by the Co-Issuers to the Trustee and those addressed to the Co-Issuers)
in connection with the Notes to the Co-Issuers. Upon any resignation or removal of the Note Registrar, the Co-Issuers shall promptly appoint a successor Note Registrar
or, in the absence of such appointment, the Co-Issuers shall assume the duties of the Note Registrar. 

(b)    The Co-Issuers shall enter into an appropriate agency
agreement with any Agent not a party to this Base Indenture. Such agency agreement shall implement the provisions of this Base Indenture that relate to such Agent. If the Co-Issuers fail to maintain a Note
Registrar or Paying Agent, the Trustee hereby agrees to act as such, and shall be entitled to appropriate compensation in accordance with this Base Indenture until the Co-Issuers shall appoint a replacement
Note Registrar or Paying Agent, as applicable. 
 Section 2.6    Paying Agent to Hold Money in
Trust. 
 (a)    The Co-Issuers will cause the Paying Agent
(if the Paying Agent is not the Trustee) to execute and deliver to the Trustee an instrument in which the Paying Agent shall agree with the Trustee (and if the Trustee is the Paying Agent, it hereby so agrees), subject to the provisions of this
Section 2.6, that the Paying Agent will: 
 (i)    hold all
sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such 

  
 12 

 
sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

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

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

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

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

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

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

  
 13 

 Section 2.7    Noteholder List. 

(a)    The Trustee will furnish or cause to be furnished by the Note Registrar to the Co-Issuers, the Manager, the Back-Up Manager, the Control Party, the Controlling Class Representative or the Paying Agent or any
Class A-1 Administrative Agent, within five (5) Business Days after receipt by the Trustee of a request therefor from the Co-Issuers, the Manager, the Back-Up Manager, the Control Party, the Controlling Class Representative or the Paying Agent or such Class A-1 Administrative Agent, respectively, in writing, the
names and addresses of the Noteholders of each Series as of the most recent Record Date for payments to such Noteholders. Every Noteholder, by receiving and holding a Note, agrees with the Trustee that neither the Trustee, the Note Registrar, the Co-Issuers, the Servicer, the Controlling Class Representative nor any of their respective agents shall be held accountable by reason of the disclosure of any such information as to the names and addresses of
the Noteholders hereunder, regardless of the source from which such information was obtained. 

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

Section 2.8    Transfer and Exchange. 

(a)    Upon surrender for registration of transfer of any Note at the office or agency of the Note
Registrar, if the requirements of Section 2.8(f) and Section 8-401(a) of the New York UCC are met, the Co-Issuers shall execute and, after
the Co-Issuers have executed, the Trustee shall authenticate and deliver to the Noteholder, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of
the same Series and Class (and, if applicable, Subclass or Tranche) and a like original aggregate principal amount of the Notes so transferred. At the option of any Noteholder, Notes may be exchanged for other Notes of the same Series and Class
(and, if applicable, Subclass or Tranche) in authorized denominations of like original aggregate principal amount of the Notes so exchanged, upon surrender of the Notes to be exchanged at any office or agency of the Note Registrar maintained for
such purpose. Whenever Notes of any Series are so surrendered for exchange, if the requirements of Section 2.8(f) and Section 8-401(a) of the New York UCC are met, the Co-Issuers shall execute, and after the Co-Issuers have executed, the Trustee shall authenticate and deliver to the Noteholder, the Notes which the Noteholder making the
exchange is entitled to receive. 
 (b)    Every Note presented or surrendered for registration of
transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Co-Issuers and the Note Registrar duly executed by, the
Holder thereof or such Holder’s attorney duly authorized in writing with a medallion signature guarantee and (ii) accompanied by such other documents as the Trustee or the Note Registrar may require, including evidence reasonably
satisfactory to it to document the identities and/or signatures of the transferor, and the transferee (including but not limited to the applicable Internal Revenue Service Form W-8 or W-9). The Co-Issuers shall execute and deliver to the Trustee or the Note Registrar, 

  
 14 

 
as applicable, Notes in such amounts and at such times as are necessary to enable the Trustee to fulfill its responsibilities under the Indenture and the Notes. 

(c)    All Notes issued and authenticated upon any registration of transfer or exchange of the Notes
shall be the valid obligations of the Co-Issuers, evidencing the same indebtedness, and entitled to the same benefits under the Indenture, as the Notes surrendered upon such registration of transfer or
exchange. 
 (d)    The preceding provisions of this Section 2.8
notwithstanding, (i) the Trustee, the Co-Issuers or the Note Registrar, as the case may be, shall not be required (A) to issue, register the transfer of or exchange of any Note of any Series for a
period beginning at the opening of business fifteen (15) days preceding the selection of any Series of Notes for redemption and ending at the close of business on the day of the mailing of the relevant notice of redemption or (B) to
register the transfer of or exchange any Note so selected for redemption, and (ii) no assignment or transfer of a Note or any commitment in respect thereof shall be effective until such assignment or transfer shall have been recorded in the
Note Register and in the books and records of the Trustee, as applicable, pursuant to Section 2.5(a). 

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

(f)    Unless otherwise provided in the applicable Series Supplement, registration of transfer of Notes
containing a legend relating to the restrictions on transfer of such Notes (which legend shall be set forth in the applicable Series Supplement) shall be effected only if the conditions set forth in such applicable Series Supplement are satisfied.
Notwithstanding any other provision of this Section 2.8 and except as otherwise provided in Section 2.13, the typewritten Note or Notes representing Book-Entry Notes for any Series may be
transferred, in whole but not in part, only to another nominee of the Clearing Agency for such Series, Class, Subclass or Tranche or to a successor Clearing Agency for such Series, Class, Subclass or Tranche, selected or approved by the Co-Issuers or to a nominee of such successor Clearing Agency, only if in accordance with this Section 2.8 and Section 2.12. 

Section 2.9    Persons Deemed Owners. 

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

  
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 Section 2.10    Replacement Notes. 

(a)    If (i) any mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to
its reasonable satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Co-Issuers and the Trustee such security or indemnity as may be required by them to hold the Co-Issuers and the Trustee harmless then, provided that the requirements of Section 2.8(f) and Section 8-405 of the New York UCC are met,
the Co-Issuers shall execute and upon their request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become, or within seven (7) days shall be, due and payable, instead of issuing a
replacement Note, the Co-Issuers may pay such destroyed, lost or stolen Note when so due or payable without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or
stolen Note pursuant to the preceding sentence, a protected purchaser (within the meaning of Section 8-303 of the New York UCC) of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Co-Issuers and the Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Co-Issuers or the Trustee in connection therewith. 

(b)    Upon the issuance of any replacement Note under this Section 2.10, the Co-Issuers may require the payment by the Holder of such Note of a sum sufficient to cover any Tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including
the fees and expenses of the Trustee and the Note Registrar) connected therewith. 
 (c)    Every
replacement Note issued pursuant to this Section 2.10 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the
Co-Issuers and such replacement Note shall be entitled to all the benefits of the Indenture equally and proportionately with any and all other Notes duly issued under the Indenture (in accordance with the
priorities and other terms set forth herein and in each applicable Series Supplement). 
 (d)    The
provisions of this Section 2.10 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.11    Treasury Notes. 

In determining whether the Noteholders of the required Aggregate Outstanding Principal Amount of Notes or the required
Outstanding Principal Amount of any Series or any Class, Subclass or Tranche of any Series of Notes, as the case may be, have concurred in any direction, waiver or consent, Notes owned, legally or beneficially, by any
Co-Issuer or any Affiliate of any Co-Issuer shall be considered as though they are not Outstanding, except that for 

  
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the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes of which a Trust Officer has received written notice of such
ownership shall be so disregarded. Absent written notice to a Trust Officer of such ownership, the Trustee shall not be deemed to have knowledge of the identity of the individual Note Owners. 

Section 2.12    Book-Entry Notes. 

(a)    Unless otherwise provided in any applicable Series Supplement, the Notes of each Class, Subclass
or Tranche of each Series, upon original issuance, shall be issued in the form of typewritten Notes representing Book-Entry Notes and delivered to the depository (or its custodian) specified in such Series Supplement (the
“Depository”) which shall be the Clearing Agency on behalf of such Series or such Class, Subclass or Tranche. The Notes of each Class, Subclass or Tranche of each Series shall, unless otherwise provided in the applicable Series
Supplement, initially be registered on the Note Register in the name of the Clearing Agency or the nominee of the Clearing Agency. No Note Owner will receive a definitive note representing such Note Owner’s interest in the related Series of
Notes, except as provided in Section 2.13. Unless and until definitive, fully registered Notes of any Series or any Class, Subclass or Tranche of any Series (“Definitive Notes”) have been issued to Note
Owners pursuant to Section 2.13: 
 (i)    the provisions of
this Section 2.12 shall be in full force and effect with respect to each such Notes; 

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

(iii)    to the extent that the provisions of this
Section 2.12 conflict with any other provisions of the Indenture, the provisions of this Section 2.12 shall control with respect to each such Class, Subclass, Tranche or Series of the Notes; 

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

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

(b)    Pursuant to the Depository Agreement applicable to a Series, unless and until Definitive Notes of
such Series are issued pursuant to Section 2.13, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal, premium, if any, and
interest on the Notes to such Clearing Agency Participants. 
 (c)    Whenever notice or other
communication to the Noteholders is required under the Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.13, the Trustee and the
Co-Issuers shall give all such notices and communications specified herein to be given to Noteholders to the applicable Clearing Agency for distribution to the Note Owners in accordance with the Applicable
Procedures of the Clearing Agency. 
 Section 2.13    Definitive Notes. 

(a)    The Notes of any Series or Class, Subclass or Tranche of any Series, to the extent provided in the
related Series Supplement or Supplement to a Series Supplement, upon original issuance, may be issued in the form of Definitive Notes. All Class A-1 Notes of any Series shall be issued in the form of
Definitive Notes. The applicable Series Supplement shall set forth the legend relating to the restrictions on transfer of such Definitive Notes and such other restrictions as may be applicable. 

(b)    With respect to the Notes of any Series, Class, Subclass or Tranche of any Series issued in the
form of typewritten Notes representing Book-Entry Notes, if (i) (A) the Co-Issuers advise the Trustee in writing that the Clearing Agency with respect to any such Series of Notes is no longer willing or
able to discharge properly its responsibilities under the applicable Depository Agreement and (B) the Trustee or the Co-Issuers are unable to locate a qualified successor, (ii) the Co-Issuers, at their option, advise the Trustee in writing that they elect to terminate the book-entry system through the Clearing Agency with respect to any Series, Class, Subclass or Tranche of any Series of Notes
Outstanding issued in the form of Book-Entry Notes or (iii) after the occurrence of a Rapid Amortization Event, with respect to any Series of Notes Outstanding, Note Owners holding a beneficial interest in excess of 50% of the aggregate
Outstanding Principal Amount of such Series, Class, Subclass or Tranche of Notes advise the Trustee and the applicable Clearing Agency through the applicable Clearing Agency Participants 

  
 18 

 
in writing that the continuation of a book-entry system through the applicable Clearing Agency is no longer in the best interests of such Note Owners, the Trustee shall notify all Note Owners of
such Series, through the applicable Clearing Agency Participants, of the occurrence of any such event and of the availability of Definitive Notes to Note Owners of such Series. Upon surrender to the Trustee of the Notes of such Series, Class,
Subclass or Tranche by the applicable Clearing Agency, accompanied by registration instructions from the applicable Clearing Agency for registration, the Co-Issuers shall execute and the Trustee shall
authenticate, upon receipt of a Company Order, and deliver an equal aggregate principal amount of Definitive Notes in accordance with the instructions of the Clearing Agency. Neither the Co-Issuers nor the
Trustee shall be liable for any delay in delivery of such instructions and may each conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes of such Series, Class, Subclass or Tranche of
Notes all references herein to obligations imposed upon or to be performed by the applicable Clearing Agency shall be deemed to be imposed upon and performed by the Trustee, to the extent applicable with respect to such Definitive Notes, and the
Trustee shall recognize the Holders of the Definitive Notes of such Series, Class, Subclass or Tranche of such Series as Noteholders of such Series, Class, Subclass or Tranche of such Series hereunder and under the applicable Series Supplement. 

Section 2.14    Cancellation. 

The Co-Issuers may at any time deliver to the Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Co-Issuers or an Affiliate thereof may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee.
Immediately upon the delivery of any Notes by the Co-Issuers to the Trustee for cancellation pursuant to this Section 2.14, the security interest of the Secured Parties in such Notes
shall automatically be deemed to be released by the Trustee, and the Trustee shall execute and deliver to the Co-Issuers any and all documentation reasonably requested and prepared by the Co-Issuers at their expense to evidence such automatic release. The Note Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.
The Trustee shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. Except as provided in any Class A-1 Note Purchase Agreement executed and
delivered in connection with the issuance of any Series or any Class, Subclass or Tranche of any Series of Notes, the Co-Issuers may not issue new Notes to replace Notes that they have redeemed or paid or that
have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with the Trustee’s standard disposition procedures unless the Co-Issuers
shall direct that cancelled Notes be returned to them for destruction pursuant to a Company Order. No cancelled Notes may be reissued. No provision of this Base Indenture or any Supplement that relates to prepayment procedures, penalties, fees,
make-whole payments or any other related matters shall be applicable to any Notes cancelled pursuant to and in accordance with this Section 2.14. 

Section 2.15    Principal and Interest. 

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

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

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

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

Section 2.16    Tax Treatment. 

(a)    The Co-Issuers have structured this Base Indenture and the
Notes have been (or will be) issued with the intention that the Notes will qualify under applicable tax law as indebtedness of the Co-Issuers or, if any of the
Co-Issuers is treated as a division of another entity for federal income tax purposes, such other entity, and any entity acquiring any direct or indirect interest in any Note by acceptance of its Notes (or, in
the case of a Note Owner, by virtue of such Note Owner’s acquisition of a beneficial interest therein) agrees to treat the Notes (or beneficial interests therein) for all purposes of federal, state, local and foreign income or franchise taxes
and any other tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity for federal income
tax purposes, such other entity. 
 (b)    Each Noteholder or Note Owner, by its acceptance of a Note
or, in the case of a Note Owner, a beneficial interest in a Note, agrees to provide and shall provide to the Trustee, the Paying Agent and/or the Co-Issuers (or other Person responsible for withholding of
taxes) with the Tax Information, and will update or replace such Tax Information as necessary at any time required by law or promptly upon request. Further, each Noteholder and Note Owner is deemed to understand, acknowledge and agree that the
Paying Agent and the Co-Issuers (or other Person responsible for withholding of taxes) have the right to withhold on payments with respect to a Note (without any corresponding
gross-up) where an applicable party fails to comply with the requirements set forth in the preceding sentence or the Trustee, the Paying Agent or the Co-Issuers (or
other Person responsible for withholding of taxes) is otherwise required to so withhold under applicable law. 

  
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 ARTICLE III 

SECURITY 

Section 3.1    Grant of Security Interest. 

(a)    To secure the Obligations, each Co-Issuer hereby pledges,
assigns, conveys, delivers, transfers and sets over to the Trustee, for the benefit of the Secured Parties, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in each
Co-Issuer’s right, title and interest in, to and under all of the following property to the extent now owned or at any time hereafter acquired by such Co-Issuer
(collectively, the “Indenture Collateral”): 
 (i)    the Equity
Interests of any Person owned by any Co-Issuer and all rights as a member or shareholder of each such Person under the Charter Documents of each such Person; 

(ii)    each Account and all amounts or other property on deposit in or otherwise
credited to such Accounts; 
 (iii)    the books and records (whether in physical,
electronic or other form) of each of the Co-Issuers; 

(iv)    the rights, powers, remedies and authorities of the Co-Issuers under each of the Transaction Documents (other than the Indenture and the Notes) to which they are a party; 

(v)    any Interest Reserve Letter of Credit; 

(vi)    any and all other property of the
Co-Issuers now or hereafter acquired, including, without limitation, all accounts, chattel paper, commercial tort claims, deposit accounts, documents, equipment, fixtures, general intangibles, instruments,
inventory, securities, securities accounts and other investment property and letter-of-credit rights (in each case, as defined in the New York UCC); and 

(vii)    all payments, proceeds, supporting obligations and accrued and future rights to
payment with respect to the foregoing; 
 provided, that (A) the Indenture Collateral shall exclude the
Collateral Exclusions; (B) the Co-Issuers shall not be required to pledge, and the Collateral shall not include, more than 65% of the Equity Interests (and any rights associated with such Equity
Interests) of any foreign Subsidiary of any of the Co-Issuers that is a corporation for United States federal income tax purposes and in no circumstance will any such foreign Subsidiary be required to pledge
any assets, become a Guarantor or otherwise guarantee the Notes; (C) the security interest in (1) each Series Distribution Account and the funds or securities deposited therein or credited thereto will only secure the related Class of
Notes as set forth herein, (2) the Senior Notes Interest Reserve Account and the funds or securities deposited therein or credited thereto shall only be for the benefit of the 

  
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Senior Noteholders and the Trustee, in its capacity as trustee for the Senior Noteholders and (3) the Senior Subordinated Notes Interest Reserve Account and the funds or securities deposited
therein or credited thereto shall only be for the benefit of the Senior Subordinated Noteholders and the Trustee, in its capacity as trustee for the Senior Subordinated Noteholders; and (D) any cash collateral deposited by any Non-Securitization Entities with the Co-Issuers to secure such Non-Securitization Entities’ obligations under the Letter of Credit
Reimbursement Agreement shall not constitute Indenture Collateral until such time (if any) as the Co-Issuers are entitled to withdraw such funds from the applicable bank account pursuant to the terms of the
Letter of Credit Reimbursement Agreement to reimburse the Co-Issuers for any amounts due by such Non-Securitization Entities to the
Co-Issuers pursuant to Section 4 or Section 5 of the Letter of Credit Reimbursement Agreement that such Non-Securitization Entities have not paid to the Co-Issuers in accordance with the terms thereof. 
 The Trustee, on behalf of the Secured
Parties, acknowledges that it shall have no security interest in any Collateral Exclusions. 

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

(c)    In addition, pursuant to and within the time periods specified in
Section 8.37, the Franchise Entities shall execute and deliver to the Trustee, for the benefit of the Secured Parties, a Mortgage with respect to each Contributed Owned Real Property and each New Owned Real Property owned
by such Franchise Entity, which shall be delivered to the Trustee or its agent to be held in escrow; provided that upon the occurrence of a Mortgage Preparation Event, the Trustee or its agent shall, within five (5) Business Days of
receiving direction of the Control Party, be required to deliver the Mortgages to the applicable recording office for recordation in the event that any Rapid Amortization Event occurs (or is continuing) on or following the 120th day following the
occurrence of a Mortgage Preparation Event (unless such recordation requirement is waived by the Control Party, acting at the direction of the Controlling Class Representative) in accordance with Section 8.37.

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

Section 3.2    Certain Rights and Obligations of the
Co-Issuers Unaffected. 
 (a)    Notwithstanding the grant
of the security interest in the Indenture Collateral hereunder to the Trustee, on behalf of the Secured Parties, the Co-Issuers acknowledge that the Manager, on behalf of the Securitization Entities,
including, without limitation, the 

  
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Franchise Entities, shall, subject to the terms and conditions of the Management Agreement, nevertheless have the right, subject to the Trustee’s right to revoke such right, in whole or in
part, in the event of the occurrence of an Event of Default, (i) to give, in accordance with the Managing Standard, all consents, requests, notices, directions, approvals, extensions or waivers, if any, which are required or permitted to be
given by any Co-Issuer under the Collateral Documents, and to enforce all rights, remedies, powers, privileges and claims of each Co-Issuer under the Collateral
Documents, (ii) to give, in accordance with the Managing Standard, all consents, requests, notices, directions and approvals, if any, which are required or permitted to be given by any Co-Issuer under any
IP License Agreement to which such Co-Issuer is a party and (iii) to take any other actions required or permitted under the terms of the Management Agreement. 

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

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

Section 3.3    Performance of Collateral Documents. 

Upon the occurrence of a default or breach (after giving effect to any applicable grace or cure periods) by any Person party
to (a) a Collateral Transaction Document or (b) a Collateral Franchise Document (only if a Manager Termination Event or an Event of Default has occurred and is continuing), promptly following a request from the Trustee to do so and at the Co-Issuers’ expense, the Co-Issuers agree to take all such lawful action as permitted under this Base Indenture as the Trustee (acting at the direction of the Control
Party (at the direction of the Controlling Class Representative)) may reasonably request to compel or secure the performance and observance by such Person of its obligations to the Co-Issuers, and to
exercise any and all 

  
 23 

 
rights, remedies, powers and privileges lawfully available to the Co-Issuers to the extent and in the manner directed by the Trustee (acting at the
direction of the Control Party (at the direction of the Controlling Class Representative)), including, without limitation, the transmission of notices of default and the institution of legal or administrative actions or proceedings to compel or
secure performance by such Person of its obligations thereunder. If (i) the Co-Issuers shall have failed, within fifteen (15) Business Days of receiving the direction of the Trustee, to take
commercially reasonable action to accomplish such directions of the Trustee, (ii) the Co-Issuers refuse to take any such action, as reasonably determined by the Trustee in good faith, or (iii) the
Control Party (at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, in any such case the Control Party (at the direction of the Controlling Class Representative) may,
but shall not be obligated to, take, and the Trustee shall take (if so directed by the Control Party (at the direction of the Controlling Class Representative)), at the expense of the Co-Issuers, such
previously directed action and any related action permitted under this Base Indenture which the Control Party (at the direction of the Controlling Class Representative) thereafter determines is appropriate (without the need under this provision
or any other provision under this Base Indenture to direct the Co-Issuers to take such action), on behalf of the Co-Issuers and the Secured Parties. 

Section 3.4    Stamp, Other Similar Taxes and Filing Fees. 

The Co-Issuers shall jointly and severally indemnify and hold harmless the Trustee
and each Secured Party from any present or future claim for liability for any stamp, documentary or other similar tax and any penalties or interest and expenses with respect thereto, that may be assessed, levied or collected by any jurisdiction in
connection with the Indenture, any other Transaction Document or any Indenture Collateral. The Co-Issuers shall pay, and jointly and severally indemnify and hold harmless each Secured Party against, any and
all amounts in respect of all search, filing, recording and registration fees, taxes, excise taxes and other similar imposts that may be payable or determined to be payable in respect of the execution, delivery, performance and/or enforcement of the
Indenture or any other Transaction Document. 
 Section 3.5    Authorization to File Financing
Statements. 
 (a)    The Co-Issuers hereby irrevocably
authorize the Control Party on behalf of the Secured Parties at any time and from time to time to file or record in any filing office in any applicable jurisdiction financing statements and other filing or recording documents or instruments (or,
with respect to the Mortgages, upon the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class Representative) with respect to the Indenture
Collateral, including, without limitation, any and all Securitization IP (to the extent set forth in Section 8.25(c) and Section 8.25(e)), to perfect the security interests of the Trustee for the
benefit of the Secured Parties under this Base Indenture. Each Co-Issuer authorizes the filing of any such financing statement naming the Trustee as secured party and indicating that the Indenture Collateral
includes (a) “all assets” or words of similar effect or import regardless of whether any particular assets comprised in the Indenture Collateral fall within the scope of Article 9 of the UCC, including, without limitation, any and all
Securitization IP, or (b) as being of an equal or lesser scope or with greater detail. The Co-Issuers agree to furnish any information necessary to accomplish the foregoing promptly upon the Control
Party’s request. The Co-Issuers also hereby ratify and authorize the 

  
 24 

 
filing on behalf of the Trustee for the benefit of the Secured Parties, of any financing statement with respect to the Indenture Collateral made prior to the date hereof. 

(b)    Each Co-Issuer acknowledges that the Indenture Collateral
may include certain rights of the Co-Issuers as secured parties under the Transaction Documents. To the extent a Co-Issuer is a secured party under the Transaction
Documents, such Co-Issuer hereby irrevocably appoints the Trustee as its representative with respect to all financing statements filed to perfect such security interests and authorizes the Control Party on
behalf of the Secured Parties to make such filings it deems necessary to reflect the Trustee as secured party of record with respect to such financing statements. 

ARTICLE IV 

REPORTS 

Section 4.1    Reports and Instructions to Trustee. 

(a)    Weekly Manager’s Certificates. By 4:30 p.m. (New York City time) on the
Business Day prior to each Weekly Allocation Date, the Co-Issuers shall furnish, or cause the Manager to furnish, to the Trustee and the Servicer a certificate substantially in the form of Exhibit A specifying
the allocation of Collections on the following Weekly Allocation Date (each a “Weekly Manager’s Certificate”); provided that such Weekly Manager’s Certificate shall be considered confidential information and shall not be
disclosed by such recipients to the Noteholders, Note Owners or any other Person without the prior written consent of the Co-Issuers. The initial Weekly Manager’s Certificate delivered after the Closing
Date may include allocations of amounts received prior to the Closing Date. 

(b)    [Reserved]. 

(c)    Quarterly Noteholders’ Reports. On or before the third (3rd) Business Day prior to each Quarterly Payment Date, the Co-Issuers shall furnish, or cause the Manager to furnish, a statement substantially in the form of
the applicable exhibit to the Series Supplement with respect to each Series of Notes (each, a “Quarterly Noteholders’ Report”), including the Manager’s statement specified in such form, to the Trustee, each Rating Agency, the
Servicer and each Paying Agent, with a copy to the Back-Up Manager. 

(d)    Quarterly Compliance Certificates. On or before the third (3rd) Business Day prior to each Quarterly Payment Date, the Manager shall deliver to the Trustee and each Rating Agency (with a copy to each of the Servicer and the
Back-Up Manager) an Officer’s Certificate (each, a “Quarterly Compliance Certificate”) to the effect that, except as provided in a notice delivered pursuant to
Section 8.8, no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred or is continuing. 

(e)    Scheduled Principal Payments Deficiency Notices. On the Quarterly Calculation Date with
respect to any Quarterly Fiscal Period, the Co-Issuers shall furnish, or cause the Manager to furnish, to the Trustee and the Rating Agencies (with a copy to each of the Servicer and the Back-Up Manager) written notice of any Scheduled Principal Payments Deficiency Event with respect to any Class or Series of Notes that occurred with respect 

  
 25 

 
to such Quarterly Fiscal Period (any such notice, a “Scheduled Principal Payments Deficiency Notice”). 

(f)    Annual Accountants’ Reports. Within one hundred and twenty
(120) days after the end of each fiscal year, commencing with the fiscal year ending in December 2019, the Co-Issuers shall furnish, or cause the Manager to furnish, to the Trustee, the Servicer and each
Rating Agency the reports of the Independent Auditors or the Back-Up Manager required to be delivered to the Co-Issuers by the Manager pursuant to
Section 3.3 of the Management Agreement. 
 (g)    Securitization Entity
Financial Statements. The Manager on behalf of the Securitization Entities shall provide to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency with respect to each Series of Notes
Outstanding the following financial statements: 
 (i)    within sixty (60) days
after the end of each of the first three fiscal quarters of each fiscal year, commencing with the fiscal quarter ending on or about September 30, 2019, an unaudited condensed combined consolidated balance sheet of the Securitization Entities as
of the end of such fiscal quarter and unaudited condensed combined consolidated statements of operations and comprehensive income, changes in members’ equity and cash flows of the Securitization Entities for such fiscal quarter and for the
fiscal year-to-date period then ended (in the case of the second and third fiscal quarters of each fiscal year), which financial statements may be accompanied by
supplemental schedules combining and consolidating each of the Securitization Entities; and 

(ii)    within one hundred and twenty (120) days after the end of each fiscal year,
commencing with the fiscal year ending in December 2019, an audited combined consolidated balance sheet of the Securitization Entities as of the end of such fiscal year and audited combined consolidated statements of operations and comprehensive
income, changes in members’ equity and cash flows of the Securitization Entities for such fiscal year, setting forth in comparative form (where appropriate) the comparable amounts for the previous fiscal year, which financial statements may be
accompanied by supplemental schedules combining and consolidating each of the Securitization Entities, prepared in accordance with GAAP and accompanied by an opinion thereon of the Independent Auditors stating that such audited financial statements
present fairly, in all material respects, the financial position of the Securitization Entities and the results of their operations and cash flows in accordance with GAAP. 

(h)    Dine Brands Financial Statements. So long as Dine Brands Global, Inc. is the Manager, the
Manager on behalf of the Co-Issuers shall provide to the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies with respect to each Series of Notes
Outstanding the following financial statements: 
 (i)    within sixty (60) days
after the end of each of the first three fiscal quarters of each fiscal year, commencing with the fiscal quarter ending on or about September 30, 2019, an unaudited condensed consolidated balance sheet of

  
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Dine Brands Global, Inc. and its subsidiaries as of the end of such fiscal quarter and unaudited condensed consolidated statements of operations and comprehensive income and cash flows of Dine
Brands Global, Inc. and its subsidiaries for such fiscal quarter and for the fiscal year-to-date period then ended (in the case of the second and third fiscal quarters
of each fiscal year); and 
 (ii)    within one hundred and twenty (120) days
after the end of each fiscal year, commencing with the fiscal year ending in December 2019, an audited consolidated balance sheet of Dine Brands Global, Inc. and its subsidiaries as of the end of each fiscal year and audited consolidated statements
of operations and comprehensive income, changes in stockholders’ equity and cash flows of Dine Brands Global, Inc. and its subsidiaries for such fiscal year, setting forth in comparative form (where appropriate) the comparable amounts for the
previous fiscal year, prepared in accordance with GAAP and accompanied by an opinion thereon of the Independent Auditors stating that such audited consolidated financial statements present fairly, in all material respects, the financial position of
Dine Brands Global, Inc. and its subsidiaries and the results of its operations and cash flows in accordance with GAAP. 

(i)    Additional Information. The Co-Issuers will
furnish, or cause to be furnished, from time to time such additional information regarding the financial position, results of operations or business of Dine Brands Global, Inc. and its Subsidiaries or any Securitization Entity as the Trustee, the
Servicer, the Manager or the Back-Up Manager may reasonably request, subject to Requirements of Law and to the confidentiality provisions of the Transaction Documents to which such recipient is a party. 

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

(k)    Copies to Rating Agencies. The Co-Issuers shall
deliver, or shall cause the Manager to deliver, a copy of each report, certificate or instruction, as applicable, described in this Section 4.1 to each Rating Agency at its address as listed in or otherwise designated
pursuant to Section 14.1 or in the applicable Series Supplement, including any e-mail address. 

  
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 Section 4.2     [Reserved]. 

Section 4.3 Rule 144A Information. 

For so long as any of the Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the 1933
Act, the Co-Issuers agree to provide to any Noteholder or Note Owner, and to any prospective purchaser of Notes designated by such Noteholder or Note Owner upon the request of such Noteholder or Note Owner or
prospective purchaser, any information required to be provided to such holder, owner or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the 1933 Act. 

Section 4.4    Reports, Financial Statements and Other Information to Noteholders. 

The Trustee will make this Base Indenture, the Guarantee and Collateral Agreement, each Series Supplement, each Offering
Memorandum, the Quarterly Noteholders’ Reports, the Quarterly Compliance Certificates, the financial statements referenced in Section 4.1(g) and Section 4.1(h) and the reports referenced in
Section 4.1(f) available to (a) each Rating Agency pursuant to Section 4.1(k) above and (b) the Servicer, the Manager, the Back-Up Manager, the
Note Owners and the other Noteholders (but not to prospective investors) in a password-protected area of the Trustee’s internet website at www.sf.citidirect.com (or such other address as the Trustee may specify from time to time) or on a
third-party investor information platform or such other address as the Co-Issuers may specify from time to time. Assistance in using the Trustee’s internet website can be obtained by calling the
Trustee’s customer service desk at (888) 855-9695 or such other telephone number as the Trustee may specify from time to time. The Trustee or any such third-party platform, as the case may be, shall
require each party (other than the Servicer, the Manager, the Back-Up Manager and any Rating Agency) accessing such password-protected area to register as a Noteholder and to make, for the benefit of the Co-Issuers, the applicable representations and warranties described below in a written confirmation in the form of Exhibit F hereto (an “Investor Request Certification”) (which, for the
avoidance of doubt, may take the form of an electronic submission). The Trustee and any such third-party platform may disclaim responsibility for any information distributed by it for which the Trustee or such third-party, as the case may be, was
not the original source. Each time a Noteholder accesses such internet website, it will be deemed to have confirmed such representations and warranties as of the date thereof. The Trustee or any such third-party platform shall provide the Servicer
and the Manager with copies of such Investor Request Certifications, including the identity, contact information, e-mail address and telephone number of such Noteholders, upon request, but shall have no
responsibility for any of the information contained therein. The Trustee shall have the right to change the way any such information is made available in order to make such distribution more convenient and/or more accessible to the Noteholders and
the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. 
 The Trustee
will (or will request that the Manager) make available, upon reasonable advance notice and at the expense of the requesting party, copies of the Quarterly Noteholders’ Reports, the Quarterly Compliance Certificates, the financial statements
referenced in Section 4.1(g) and Section 4.1(h) and the reports referenced in Section 4.1(f) to any Noteholder (or Note Owner) and to any prospective investor that
provides the Trustee with an Investor Request 

  
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Certification in the form of Exhibit F to the effect that such party (i) is a Noteholder (or Note Owner) or prospective investor, as applicable, (ii) understands that the
materials contain confidential information, (iii) is requesting the information solely for use in evaluating such party’s investment or potential investment, as applicable, in the Notes and will keep such information strictly confidential
(provided that such party may disclose such information only (A) to (1) those personnel employed by it who need to know such information, (2) its attorneys and outside auditors that have agreed to keep such information confidential
and to treat the information as confidential information, or (3) a regulatory or self-regulatory authority pursuant to applicable Requirements of Law or (B) by judicial process), and (iv) is not a Competitor. Notwithstanding the
foregoing, a recipient of such materials may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions and any related tax strategies to the extent necessary to prevent the transaction
from being described as a “confidential transaction” under U.S. Treasury Regulations Section 1.6011-4(b)(3). 

Section 4.5    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 Noteholders by their acceptance of the Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Co-Issuers. Any such reports and notices that are required to be delivered to the Noteholders hereunder shall be delivered by the Trustee. The Trustee shall have no obligation whatsoever to verify, reconfirm or
recalculate any information or material contained in any of the reports, financial statements or other information delivered to it pursuant to this Article IV or the Management Agreement. All distributions, allocations,
remittances and payments to be made by the Trustee or the Paying Agent hereunder or under any Supplement or Class A-1 Note Purchase Agreement shall be made based solely upon the most recently delivered
written reports and instructions provided to the Trustee or Paying Agent, as the case may be, by the Manager. 

Section 4.6    No Constructive Notice. 

Delivery of reports, information, Officer’s Certificates and documents to the Trustee is for informational purposes only
and the Trustee’s receipt of such reports, information, Officer’s Certificates or documents shall not constitute constructive notice to the Trustee of any information contained therein or determinable from information contained therein,
including any Securitization Entity’s, the Manager’s or any other Person’s compliance with any of its covenants under the Indenture, the Notes or any other Transaction Document (as to which the Trustee is entitled to rely exclusively
on the most recent Quarterly Compliance Certificate described above). 
 ARTICLE V 

ALLOCATION AND APPLICATION OF COLLECTIONS 

Section 5.1    Management Accounts and Additional Accounts. 

(a)    Establishment of the Management Accounts. The Applebee’s Concentration Account is
owned by the Applebee’s Issuer. The IHOP Concentration Account is 

  
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owned by the IHOP Issuer. The IHOP Product Sourcing Account is owned by the IHOP Franchise Holder. The IHOP Franchisor Capital Account is owned by the IHOP Franchisor. The Applebee’s
Franchisor Capital Account is owned by the Applebee’s Franchisor. The Asset Disposition Proceeds Account is owned by the IHOP Issuer. The Insurance Proceeds Account is owned by the IHOP Issuer. Such accounts, as of the Closing Date and at all
times thereafter, shall be (A) pledged to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 of the Guarantee and Collateral Agreement, as applicable and (B) if not established with the Trustee, subject to an
Account Control Agreement. Each Management Account shall be an Eligible Account and, in addition, from time to time, any Co-Issuer or any other Securitization Entity (other than the Holding Company Guarantors)
may establish additional accounts for the purpose of depositing Collections, Product Sourcing Payments or funds necessary to meet large-franchisor exemptions or similar exemptions under applicable franchise laws therein (each such account and any
investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b), an “Additional Management Account”); provided that each such Additional
Management Account is (A) an Eligible Account, (B) pledged by such Co-Issuer or such other Securitization Entity to the Trustee for the benefit of the Secured Parties pursuant to
Section 3.1 or the Guarantee and Collateral Agreement and (C) if not established with the Trustee, subject to an Account Control Agreement. Notwithstanding anything to the contrary in this paragraph (a), in the
case of any Management Account established after the Closing Date, the applicable Securitization Entity shall be permitted a period of five (5) Business Days after the establishment of such deposit account to cause such deposit account to be
subject to an Account Control Agreement. 
 (b)    Administration of the Management Accounts.
The Co-Issuers (or the Manager on their behalf) may invest any amounts held in the Management Accounts in Eligible Investments and such amounts may be transferred by the
Co-Issuers (or the Manager on their behalf) into an investment account for the sole purpose of investing in Eligible Investments so long as such investment account is (A) an Eligible Account,
(B) pledged by the applicable Securitization Entity to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 or the Guarantee and Collateral Agreement and (C) if not established with the
Trustee, subject to an Account Control Agreement; provided, however, that any such investment in any Management Account (or in any such investment account) shall mature not later than the Business Day prior to the next succeeding
Weekly Allocation Date. Notwithstanding anything herein or in any other Transaction Document, the Co-Issuers and Manager shall not transfer any funds into any such investment account until such time as an
Account Control Agreement is entered into with respect thereto (if such account is not established with the Trustee), it being agreed that the execution and delivery of such Account Control Agreements shall not be required as a condition precedent
to the issuance of Notes on the Closing Date. All income or other gain from such Eligible Investments shall be credited to the related Management Account, and any loss resulting from such investments shall be charged to the related Management
Account. Neither Co-Issuer shall direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price
of such Eligible Investment. Prior to any Sub-Manager acting on behalf of any Securitization Entity in accordance with this Section 5.1(b), it will provide to the Trustee all
applicable know-your-customer documentation required and requested by the Trustee. 

(c)    Earnings from the Management Accounts. All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Management Accounts 

  
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shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with Section 5.9. 

(d)    Franchisor Capital Accounts. Each of the IHOP Franchisor and the Applebee’s Franchisor
may (i) deposit to the IHOP Franchisor Capital Account and the Applebee’s Franchisor Capital Account, respectively, the proceeds of capital contributions thereto directed to be made to such account for purposes including that of
maintaining funds necessary to meet large-franchisor exemptions or similar exemptions under applicable franchise laws and (ii) disburse funds from the IHOP Franchisor Capital Account and the Applebee’s Franchisor Capital Account,
respectively, to fund any loan or advance made in accordance with Section 8.21. 

(e)    No Duty to Monitor. The Trustee shall have no duty or responsibility to monitor the amounts
of deposits into or withdrawals from any Management Account. 
 Section 5.2    Senior Notes
Interest Reserve Account. 
 (a)    Establishment of the Senior Notes Interest Reserve
Account. The Co-Issuers have established with the Trustee a Senior Notes Interest Reserve Account and the IHOP Franchisor has established with the Trustee a Senior Notes Interest Reserve Account. The
Senior Notes Interest Reserve Account has been established with the Trustee in the name of the Trustee for the benefit of the Senior Noteholders and the Trustee, solely in its capacity as trustee for the Senior Noteholders, bearing a designation
clearly indicating that the funds deposited therein are held for the benefit of the foregoing Secured Parties. The Senior Notes Interest Reserve Account shall be an Eligible Account. From time to time, the
Co-Issuer may draw amounts under Class A-1 Notes for the purpose of funding the Senior Notes Interest Reserve Amount, in whole or in part to the extent and in the
manner set forth in the Class A-1 Note Purchase Agreements, which amounts shall be deposited directly to the Senior Notes Interest Reserve Account. At the election of the
Co-Issuers, the Senior Notes Interest Reserve Account may also serve as a Franchisor Capital Account. 

(b)    Administration of the Senior Notes Interest Reserve Account. All amounts held in the Senior
Notes Interest Reserve Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the IHOP Franchisor (or the Manager on its behalf) and such amounts may be transferred by IHOP Franchisor (or the
Manager on its behalf) into an investment account for the sole purpose of investing in Eligible Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the IHOP Franchisor to the Trustee for the benefit of
the Secured Parties pursuant to the Guarantee and Collateral Agreement and (C) if not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Senior Notes Interest
Reserve Account shall mature not later than the Business Day prior to the next succeeding Weekly Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Senior Notes Interest Reserve Account shall be
invested as fully as practicable in one or more Eligible Investments of the type described in clause (b) of the definition thereof. All income or other gain from such Eligible Investments shall be credited to the Senior Notes Interest
Reserve Account, and any loss resulting from such investments shall be charged to the Senior Notes Interest Reserve Account. The IHOP Franchisor shall not direct (or permit) the disposal of any Eligible

  
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Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

(c)    Earnings from the Senior Notes Interest Reserve Account. All interest and earnings (net of
losses and investment expenses) paid on funds on deposit in the Senior Notes Interest Reserve Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with
Section 5.9. 
 Section 5.3    Senior Subordinated Notes Interest
Reserve Account. 
 (a)    Establishment of the Senior Subordinated Notes Interest Reserve
Account. On or prior to the Closing Date, the Co-Issuers have established and shall maintain with the Trustee the Senior Subordinated Notes Interest Reserve Account in the name of the Trustee for the
benefit of the Senior Subordinated Noteholders and the Trustee, solely in its capacity as trustee for the Senior Subordinated Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
foregoing Secured Parties. The Senior Subordinated Notes Interest Reserve Account shall be an Eligible Account. 

(b)    Administration of the Senior Subordinated Notes Interest Reserve Account. All amounts held
in the Senior Subordinated Notes Interest Reserve Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Co-Issuers (or the Manager on their
behalf) and such amounts may be transferred by the Co-Issuers (or the Manager on their behalf) into an investment account for the sole purpose of investing in Eligible Investments so long as such investment
account is (A) an Eligible Account, (B) pledged by the Co-Issuers to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and (C) if not
established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Senior Subordinated Notes Interest Reserve Account shall mature not later than the Business Day prior to the next
succeeding Weekly Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Senior Subordinated Notes Interest Reserve Account shall be invested as fully as practicable in one or more Eligible Investments
of the type described in clause (b) of the definition thereof.    All income or other gain from such Eligible Investments shall be credited to the Senior Subordinated Notes Interest Reserve Account, and any loss
resulting from such investments shall be charged to the Senior Subordinated Notes Interest Reserve Account. The Co-Issuers shall not direct (or permit) the disposal of any Eligible Investments prior to the
maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

(c)    Earnings from the Senior Subordinated Notes Interest Reserve Account. All interest and
earnings (net of losses and investment expenses) paid on funds on deposit in the Senior Subordinated Notes Interest Reserve Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with
Section 5.9. 

  
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 Section 5.4    Collection Account. 

(a)    Establishment of Collection Account. The Co-Issuers
have established with the Trustee the Collection Account in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties.
The Collection Account shall be an Eligible Account. 
 (b)    Administration of the Collection
Account. All amounts held in the Collection Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Co-Issuers (or the Manager on their behalf)
and such amounts may be transferred by the Co-Issuers (or the Manager on their behalf) into an investment account for the sole purpose of investing in Eligible Investments so long as such investment account is
(A) an Eligible Account, (B) pledged by the Co-Issuers to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and (C) if not established with the
Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Collection Account shall mature not later than the Business Day prior to the next succeeding Weekly Allocation Date. In the absence of
written investment instructions hereunder, funds on deposit in the Collection Account shall be invested as fully as practicable in one or more Eligible Investments of the type described in clause (b) of the definition thereof. All income
or other gain from such Eligible Investments shall be credited to the Collection Account, and any loss resulting from such investments shall be charged to the Collection Account. The Co-Issuers shall not
direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

(c)    Earnings from Collection Account. All interest and earnings (net of losses and investment
expenses) paid on funds on deposit in the Collection Account shall be deemed to be Investment Income on deposit for distribution in accordance with Section 5.10. 

Section 5.5    Collection Account Administrative Accounts. 

(a)    Establishment of Collection Account Administrative Accounts. As of the Closing Date, eleven
administrative accounts associated with the Collection Account, each of which shall be an Eligible Account, have been assigned to the Trustee for the benefit of the Secured Parties bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Secured Parties (collectively, the “Collection Account Administrative Accounts”): 

(i)    an account for the deposit of the Senior Notes Quarterly Interest Amount (the
“Senior Notes Interest Payment Account”); 
 (ii)    an account for
the deposit of the Senior Subordinated Notes Quarterly Interest Amount (the “Senior Subordinated Notes Interest Payment Account”); 

(iii)    an account for the deposit of the Subordinated Notes Quarterly Interest Amount
(the “Subordinated Notes Interest Payment Account”); 

  
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 (iv)    an account for the deposit of
the Class A-1 Notes Quarterly Commitment Fees Amount (the “Class A-1 Notes Commitment Fees Account”); 

(v)    an account for the deposit of the amounts allocable to the payment of principal
of the Senior Notes (the “Senior Notes Principal Payment Account”); 

(vi)    an account for the deposit of the amounts allocable to the payment of principal
of the Senior Subordinated Notes (the “Senior Subordinated Notes Principal Payment Account”); 

(vii)    an account for the deposit of the amounts allocable to the payment of principal
of the Subordinated Notes (the “Subordinated Notes Principal Payment Account”); 

(viii)    an account for the deposit of Senior Notes Quarterly Post-ARD Additional Interest (the “Senior Notes Post-ARD Additional Interest Account”); 

(ix)    an account for the deposit of Senior Subordinated Notes Quarterly Post-ARD Additional Interest (the “Senior Subordinated Notes Post-ARD Additional Interest Account “); 

(x)    an account for the deposit of Subordinated Notes Quarterly Post-ARD Additional Interest (the “Subordinated Notes Post-ARD Additional Interest Account”); and 

(xi)    an account for the deposit of Securitization Operating Expenses (the
“Securitization Operating Expense Account”). 
 (b)    Administration of the
Collection Account Administrative Accounts. All amounts held in the Collection Account Administrative Accounts shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Co-Issuers (or the
Manager on their behalf) and such amounts may be transferred by the Co-Issuers (or the Manager on their behalf) into an investment account for the sole purpose of investing in Eligible Investments so long as
such investment account is (A) an Eligible Account, (B) pledged by the Co-Issuers to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and
(C) if not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Collection Account Administrative Accounts shall mature not later than the Business Day prior to
the next succeeding Weekly Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Collection Account Administrative Accounts shall be invested as fully as practicable in one or more Eligible Investments
of the type described in clause (b) of the definition thereof. All income or other gain from such Eligible Investments shall be credited to the related Collection Account Administrative Account, and any loss resulting from such
investments shall be charged to the related Collection Account Administrative Account. The Co-Issuers shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such
disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

  
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 (c)    Earnings from the Collection Account
Administrative Accounts. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Collection Account Administrative Accounts shall be deposited therein and shall be deemed to be Investment Income on
deposit for distribution in accordance with Section 5.9. 

Section 5.6    Hedge Payment Account. 

(a)    Establishment of the Hedge Payment Account. On or prior to the Series Closing Date of the
first Series of Notes issued pursuant to this Base Indenture providing for a Series Hedge Agreement, the Co-Issuers, or the Manager on behalf of the Co-Issuers, shall
establish and maintain with the Trustee an account in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties (the
“Hedge Payment Account”). 
 (b)    Administration of the Hedge Payment
Account. All amounts held in the Hedge Payment Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Co-Issuers (or the Manager on their
behalf) and such amounts may be transferred by the Co-Issuers (or the Manager on their behalf) into an investment account for the sole purpose of investing in Eligible Investments so long as such investment
account is (A) an Eligible Account, (B) pledged by the Co-Issuers to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and (C) if not
established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Hedge Payment Account shall mature not later than the Business Day prior to the next succeeding Weekly Allocation
Date. In the absence of written investment instructions hereunder, funds on deposit in the Hedge Payment Account shall be invested as fully as practicable in one or more Eligible Investments of the type described in clause (b) of the
definition thereof. All income or other gain from such Eligible Investments shall be credited to the Hedge Payment Account, and any loss resulting from such investments shall be charged to the Hedge Payment Account. The Co-Issuers shall not shall direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such
Eligible Investment. 
 (c)    Earnings from the Hedge Payment Account. All interest and
earnings (net of losses and investment expenses) paid on funds on deposit in the Hedge Payment Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with
Section 5.9.  
 Section 5.7    Trustee as Securities
Intermediary. 
 (a)    The Trustee or other Person holding any Base Indenture Account held in the
name of the Trustee for the benefit of the Secured Parties (collectively the “Trustee Accounts”) shall be the “Securities Intermediary”. If the Securities Intermediary in respect of any Trustee Account is not the
Trustee, the Co-Issuers shall obtain the express agreement of such other Person to the obligations of the Securities Intermediary set forth in this Section 5.7. 

(b)    The Securities Intermediary agrees that: 

  
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 (i)    the Trustee Accounts are
accounts to which “financial assets” within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect in the State of New York (the “New York
UCC”) will or may be credited; 
 (ii)    the Trustee Accounts are
“securities accounts” within the meaning of Section 8-501 of the New York UCC and the Securities Intermediary qualifies as a “securities intermediary” under Section 8-102(a) of the New York UCC; 

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

(iv)    all property delivered to the Securities Intermediary pursuant to this Base
Indenture will be promptly credited to the appropriate Trustee Account; 
 (v)    each
item of property (whether investment property, security, instrument or cash) credited to a Trustee Account shall be treated as a Financial Asset under Article 8 of the New York UCC; 

(vi)    if at any time the Securities Intermediary shall receive any entitlement order
from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Trustee Accounts, the Securities Intermediary shall comply with such entitlement order without further consent by the Co-Issuers or any other Person; 
 (vii)    the
Trustee Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of all applicable UCCs, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the
Trustee Accounts (as well as the “securities entitlements” (as defined in Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York; 

(viii)    the Securities Intermediary has not entered into, and until termination of
this Base Indenture, will not enter into, any agreement with any other Person relating to the Trustee Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Base Indenture will not enter into, any agreement with the Co-Issuers purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 5.7(b)(vi); and 

  
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 (ix)    except for the claims and
interest of the Trustee, the Secured Parties, the Co-Issuers and the other Securitization Entities in the Trustee Accounts, neither the Securities Intermediary nor, in the case of the Trustee, any Trust
Officer knows of any claim to, or interest, in the Trustee Accounts or in any Financial Asset credited thereto. If the Securities Intermediary or, in the case of the Trustee, a Trust Officer has Actual Knowledge of the assertion by any other person
of any Lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Trustee Account or in any Financial Asset carried therein, the Securities Intermediary will
promptly notify the Trustee, the Servicer, the Manager, the Back-Up Manager and the 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 Trustee Accounts and in all Proceeds thereof, and (acting at the direction of the Controlling Class Representative) shall be the only Person authorized
to originate entitlement orders in respect of the Trustee Accounts; provided, however, that at all other times the Co-Issuers shall, subject to the terms of the Indenture and the other
Transaction Documents, be authorized to instruct the Trustee to originate entitlement orders in respect of the Trustee Accounts. 

Section 5.8    Establishment of Series Accounts; Legacy Accounts. 

(a)    Establishment of Series Accounts. To the extent specified in the Series Supplement with
respect to any Series of Notes, the Trustee may establish and maintain one or more Series Accounts and/or administrative accounts of any such Series Account in accordance with the terms of such Series Supplement. 

(b)    Legacy Accounts. In the case of any mandatory or optional redemption in full of any
Class or Series of Notes issued pursuant to this Base Indenture, on the Notes Discharge Date with respect to such Class or Series of Notes, the Co-Issuers may (but are not required to) elect to have
all or any portion of the funds held in any Legacy Account with respect to such Class, Subclass, Tranche or Series of Notes transferred to the applicable distribution account for such Class, Subclass, Tranche or Series of Notes, for application
toward the prepayment of such Class or Series of Notes; provided that the foregoing shall not limit any provisions set forth in the applicable Series Supplement. If the Co-Issuers do not elect to
have such funds so transferred, or if the Co-Issuers elect to have only a portion of such funds so transferred, any funds remaining in the applicable Legacy Account after the applicable Notes Discharge Date
shall be deposited into the Collection Account for application in accordance with the Priority of Payments. When the balance of any Legacy Account has been reduced to zero, the Trustee may close such account. The Trustee shall make the distributions
and transfers and shall close any accounts as contemplated by this Section 5.8 pursuant to instructions delivered by the Co-Issuers to the Trustee. 

Section 5.9    Collections and Investment Income. 

(a)    Deposits to the Concentration Accounts. Until the Indenture is terminated pursuant to
Section 12.1, each Co-Issuer shall deposit (or cause to be deposited) the 

  
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following amounts to either Concentration Account, in each case, to the extent owed to it or its Subsidiaries and upon receipt (unless otherwise specified below): 

(i)    all Franchisee Payments, Franchisee Lease Payments, Franchisee Note Payments and
Equipment Lease Payments shall be deposited directly to a Concentration Account (or, in the case of any misdirected payments, will deposit such amounts to a Concentration Account within three (3) Business Days following the earlier of
(x) Actual Knowledge by the Manager or any Securitization Entity of such misdirected payments and (y) the end of the week in which such misdirected payments are received); 

(ii)    within five (5) Business Days of receipt, amounts repaid to the related
Franchise Entity from any tax escrow account held by a landlord under a lease with such Franchise Entity; 

(iii)    within three (3) Business Days of receipt, all amounts, including Company
Restaurant License Fees, received under the IP License Agreements and all other license fees and other amounts received in respect of the Securitization IP, including recoveries from the enforcement of the Securitization IP; 

(iv)    within three (3) Business Days of receipt, equity contributions, if any,
made by any Non-Securitization Entity to such Co-Issuer to the extent such equity contributions are directed to be made to a Concentration Account; and 

(v)    within five (5) Business Days of receipt, all other amounts constituting
Collections not referred to in the preceding clauses other than Indemnification Amounts, Insurance/Condemnation Proceeds, Asset Disposition Proceeds and other amounts required to be deposited directly to other Management Accounts or to the
Collection Account. 
 (b)    Withdrawals from the Concentration Accounts. The Manager may (and
in the case of sub-clause (v) below, shall) withdraw available amounts on deposit in any Concentration Account to make the following payments and deposits: 

(i)    on a weekly basis (and on any day of such week as the Manager so determines for
any given week), as necessary, to the extent of amounts deposited to any Concentration Account that the Manager determines were required to be deposited to another account or were deposited to any Concentration Account in error; 

(ii)    on a daily basis, as necessary, to pay or distribute, as applicable, any
Excluded Amounts; 
 (iii)    on a daily basis, as necessary, to make payments of any
refunds, credits or other amounts owing to Franchisees; 

  
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 (iv)    (A) on a weekly basis for IHOP
and on a monthly basis for Applebee’s, as applicable, during the first four weeks of each Monthly Fiscal Period, to distribute to the Rent Disbursement Accounts an amount equal to approximately
one-quarter of the Franchise Entity Lease Payments estimated by the Manager to be owing by the Franchise Entities during the following calendar month and (B) on a daily basis, as necessary, to distribute
additional funds to the Rent Disbursement Accounts for application to Franchise Entity Lease Payments; and 

(v)    on a weekly basis at or prior to 10:00 a.m. (New York City time) on each
Weekly Allocation Date, all Retained Collections with respect to the preceding Weekly Collection Period then on deposit in the Concentration Accounts to the Collection Account (which, for the avoidance of doubt, will include any Investment Income
with respect thereto) for application to make payments and deposits in the order of priority set forth in the Priority of Payments. 

(c)    Deposits to the Product Sourcing Accounts. Until the Indenture is terminated pursuant to
Section 12.1, each Co-Issuer shall cause all Product Sourcing Payments to be deposited directly to a Product Sourcing Account (or, in the case of any misdirected payments, will
deposit such amounts to a Product Sourcing Account within three (3) Business Days following the earlier of (x) Actual Knowledge by the Manager or any Securitization Entity of such misdirected payments and (y) the end of the week in
which such misdirected payments are received) and will repay Product Sourcing Advances from available amounts in the Product Sourcing Accounts.  

(d)    Withdrawals from the Product Sourcing Accounts. The Manager may (and in the case of sub-clause (iii) below, shall) withdraw (or allow vendors or other third parties to directly withdraw via ACH or otherwise) available amounts on deposit in any Product Sourcing Account to make
the following payments and deposits (or to transfer funds to a Product Sourcing Disbursement Account to make such payments): 

(i)    on a daily basis, as necessary, to the extent of amounts deposited to any Product
Sourcing Account that the Manager determines were required to be deposited to another account or were deposited to any Product Sourcing Account in error; 

(ii)    on a daily basis, as necessary, to pay any Franchise Entity Product Sourcing
Payments, to make payments of refunds, credits or other amounts owing to Proprietary Product Distributors; and 

(iii)    on a weekly basis at or prior to 10:00 a.m. (New York City time) on each
Weekly Allocation Date, the Manager (on behalf of the Co-Issuers) will disburse (or cause to be disbursed) the Net Product Sourcing Payments with respect to the preceding Weekly Collection Period from
the Product Sourcing Accounts to the Collection Account. 

  
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 (e)    Deposits and Withdrawals from the Asset
Disposition Proceeds Account. Subject to the terms set forth in the paragraphs below, if any Securitization Entity disposes of property pursuant to a Permitted Asset Disposition, any Asset Disposition Proceeds therefrom shall be deposited
promptly (and in no event more than (x) five (5) Business Days with respect to a disposition resulting in Asset Disposition Proceeds in excess of $25,000 or (y) ninety (90) days with respect to a disposition resulting in Asset Disposition
Proceeds less than or equal to $25,000) following receipt thereof to the Asset Disposition Proceeds Account; provided that to the extent such amounts do not constitute Asset Disposition Proceeds as determined by the Manager, on behalf of the
related Securitization Entity, such amounts (net of the amounts described in clauses (A) through (C) of the first sentence of the definition of “Asset Disposition Proceeds”) will be treated as Collections with respect to the Quarterly
Fiscal Period in which such amounts are received, so long as such amounts do not exceed an aggregate amount of $5,000,000 per annum. 

At the election of such Securitization Entity (or the Manager on its behalf), the Securitization Entities may reinvest such
Asset Disposition Proceeds in Eligible Assets within one (1) calendar year following receipt of such Asset Disposition Proceeds (or, if any Securitization Entity shall have entered into a binding commitment to reinvest such Asset Disposition
Proceeds in Eligible Assets within one (1) calendar year following receipt of such Asset Disposition Proceeds, within eighteen (18) calendar months following receipt of such Asset Disposition Proceeds) and/or may utilize such Asset
Disposition Proceeds to pay, or to allocate funds to the Collection Account to reimburse the Securitization Entities for amounts previously paid, for investments in Eligible Assets made within the twelve (12) month period prior to the receipt
of such Asset Disposition Proceeds; provided, that after the occurrence and during the continuance of any Rapid Amortization Period, (A) all amounts withdrawn from the Asset Disposition Proceeds Account shall be withdrawn substantially
in accordance with a Quarterly Fiscal Period budget submitted to, and approved by, the Control Party (in consultation with the Back-Up Manager) prior to such withdrawal and (B) withdrawals of any amounts
from the Asset Disposition Proceeds Account in excess in any material respect of amounts set forth in the Quarterly Fiscal Period budget shall be subject to (i) the delivery by the Manager to the Control Party, the Trustee, and Back-Up Manager of an explanation in reasonable detail for the variance together with related information and (ii) the prior approval of the Control Party (in consultation with the Back-Up Manager). 
 To the extent any Asset Disposition Proceeds have not been so
reinvested in Eligible Assets within such one (1) calendar year period (or eighteen (18) calendar month period, as applicable) (each such period, an “Asset Disposition Reinvestment Period”), the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in the next Weekly Manager’s Certificate to withdraw an amount equal to all such un-reinvested
Asset Disposition Proceeds on the immediately succeeding Business Day and deposit such amount to the Collection Account and the related prepayment shall be made on the Quarterly Payment Date indicated in the Weekly Manager’s Certificate to be
applied in accordance with priority (i) of the Priority of Payments on the Weekly Allocation Date immediately following the deposit of such Asset Disposition Proceeds to the Collection Account. 

In the event that such Securitization Entity has elected not to reinvest such Asset Disposition Proceeds, such Asset
Disposition Proceeds shall be deposited to the Collection Account promptly following such decision (as indicated in the Weekly Manager’s Certificate) and 

  
 40 

 
applied in accordance with priority (i) of the Priority of Payments on the immediately following Weekly Allocation Date and the related prepayment shall be made on the Quarterly
Payment Date indicated in the Weekly Manager’s Certificate. 
 (f)     Deposits and Withdrawals
from the Insurance Proceeds Account.     All Insurance/Condemnation Proceeds received by or on behalf of any Securitization Entity in respect of the Collateral shall be deposited promptly (and in no event more than
(x) five (5) Business Days with respect to a disposition resulting in Insurance/Condemnation Proceeds in excess of $25,000 or (y) ninety (90) days with respect to a disposition resulting in Insurance/Condemnation Proceeds less than or
equal to $25,000) following receipt thereof to the Insurance Proceeds Account. At the election of such Securitization Entity (as notified by the Manager to the Trustee, the Servicer and the Back-Up Manager
promptly after receipt of the Insurance/Condemnation Proceeds, which notice shall be required only with respect to Insurance/Condemnation Proceeds in an aggregate amount in excess of $5,000,000 in any fiscal year) and so long as no Rapid
Amortization Event shall have occurred and is continuing, the Securitization Entities may reinvest such Insurance/Condemnation Proceeds to repair or replace the assets in respect of which such proceeds were received within one calendar year
following receipt of such Insurance/Condemnation Proceeds (or, if any Securitization Entity shall have entered into a binding commitment to reinvest such Insurance/Condemnation Proceeds within one (1) calendar year following receipt of such
Insurance/Condemnation Proceeds, within eighteen (18) calendar months following receipt of such Insurance/Condemnation Proceeds); provided that (i) in the event the Manager has repaired or replaced the assets with respect to which
such Insurance/Condemnation Proceeds have been received prior to the receipt of such Insurance/Condemnation Proceeds, such Insurance/Condemnation Proceeds shall be used to reimburse the Manager for any expenditures in connection with such repair or
replacement and (ii) any Insurance/Condemnation Proceeds received in connection with the exercise of any non-temporary condemnation, eminent domain or similar powers exercised pursuant to any Requirements
of Law may be reinvested in Eligible Assets. To the extent such Insurance/Condemnation Proceeds have not been so reinvested or otherwise applied in the manner described above within such one (1) calendar year period (or eighteen
(18) calendar month period, as applicable) (each such period, a “Casualty Reinvestment Period”), the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in the Weekly
Manager’s Certificate to withdraw an amount equal to all such un-reinvested Insurance/Condemnation Proceeds no later than the Business Day immediately succeeding the expiration of the applicable Casualty
Reinvestment Period and promptly deposit such amounts to the Collection Account to be applied in accordance with priority (i) of the Priority of Payments on the immediately following Weekly Allocation Date and the related prepayment
shall be made on the Quarterly Payment Date indicated in the Weekly Manager’s Certificate. 
 In the event that such
Securitization Entity has elected to not reinvest such Insurance/Condemnation Proceeds, such Securitization Entity (or the Manager on its behalf) shall instruct the Trustee in the Weekly Manager’s Certificate to withdraw such
Insurance/Condemnation Proceeds and deposit such amounts to the Collection Account promptly following such decision to pay principal of each Series and/or Class of Notes Outstanding in accordance with priority (i) of the Priority of
Payments on the immediately following Weekly Allocation Date and the related prepayment shall be made on the Quarterly Payment Date indicated in the Weekly Manager’s Certificate unless such amounts are used to reimburse any Securitization

  
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Entities or their Affiliates for amounts previously paid in respect of repairs or replacement of such assets with respect to which such Insurance/Condemnation Proceeds have been received. 

(g)    Deposits to the Collection Account. The Manager (and/or the Trustee or the Control Party
with respect to (vi) and (viii) below) will deposit or cause to be deposited to the Collection Account the following amounts, in each case promptly after receipt (unless otherwise specified below): 

(i)    the amounts required to be withdrawn from the Concentration Accounts and
deposited to the Collection Account pursuant to and in accordance with Section 5.9(d)(iii); 

(ii)    Indemnification Amounts within two (2) Business Days following either
(i) the receipt by the Manager of such amounts if Dine Brands Global, Inc. is not the Manager or (ii) if Dine Brands Global, Inc. is the Manager, the date such amounts become payable by the related Indemnitor under the Management Agreement
or any other Transaction Document; 
 (iii)    Insurance/Condemnation Proceeds
remaining in the Insurance Proceeds Account on the immediately succeeding Business Day following the expiration of the Casualty Reinvestment Period and Insurance/Condemnation Proceeds where the applicable Securitization Entity elects not to reinvest
such amounts promptly upon the later of such election and receipt of such Insurance/Condemnation Proceeds; 

(iv)    Asset Disposition Proceeds remaining in the Asset Disposition Proceeds Account
on the immediately succeeding Business Day following the expiration of the Asset Disposition Reinvestment Period and Asset Disposition Proceeds where the applicable Securitization Entity elects not to reinvest such amounts promptly upon the later of
such election and receipt of such Asset Disposition Proceeds; 
 (v)    the Series
Hedge Receipts, if any, received by the Securitization Entities in respect of any Series Hedge Agreements entered into by the Securitization Entities in connection with the issuance of Additional Notes following the Closing Date upon receipt
thereof; 
 (vi)    amounts obtained by the Trustee or the Control Party on account of
or as a result of the exercise by the Trustee or the Control Party of any of their rights under the Indenture, including without limitation, under Article IX hereof; 

(vii)    upon the occurrence of any Interest Reserve Release Event, the amounts on
deposit in the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable; 

(viii)    any other amounts required to be deposited to the Collection Account hereunder
or under any other Transaction Documents. 

  
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 (h)    Investment Income. On a weekly basis at
or prior to 10:00 a.m. (New York City time) on each Weekly Allocation Date, Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to transfer any Investment Income on deposit in the
Indenture Trust Accounts (other than the Collection Account) to the Collection Account for application as Collections on that Weekly Allocation Date. 

(i)    Payment Instructions. In accordance with and subject to the terms of the Management
Agreement, the Co-Issuers shall cause the Manager to instruct (i) each Franchisee obligated at any time to make any Franchisee Payments, Franchisee Lease Payments, Franchisee Note Payments or Equipment
Lease Payments to make such payment to the Applebee’s Concentration Account or the IHOP Concentration Account, (ii) each Proprietary Product Distributor obligated at any time to make any Product Sourcing Payments to make such payment to a
Product Sourcing Account and (iii) any other Person (not an Affiliate of the Co-Issuers) obligated at any time to make any payments with respect to the Collateral, including, without limitation, the
Securitization IP, to make such payment to the Applebee’s Concentration Account, the IHOP Concentration Account or the Collection Account, as determined by the Co-Issuers or the Manager. 

(j)    Misdirected Collections. The Co-Issuers agree that
if any Collections shall be received by any Co-Issuer or any other Securitization Entity in an account other than an Account or in any other manner, such monies, instruments, cash and other proceeds will not
be commingled by such Co-Issuer or such other Securitization Entity with any of their other funds or property, if any, but will be held separate and apart therefrom and shall be held in trust by such Co-Issuer or such other Securitization Entity for, and, within one (1) Business Day of the identification of such payment, paid over to, the Trustee, with any necessary endorsement. The Trustee shall withdraw
from the Collection Account any monies on deposit therein that the Manager certifies to it and the Servicer are not Retained Collections and pay such amounts to or at the direction of the Manager. All monies, instruments, cash and other proceeds of
the Collateral received by the Trustee pursuant to the Indenture shall be immediately deposited in the Collection Account and shall be applied as provided in this Article V. 

Section 5.10    Application of Retained Collections on Weekly Allocation Dates. On each
Weekly Allocation Date (unless the Manager shall have failed to deliver by 4:30 p.m. (New York City time) on the day prior to such Weekly Allocation Date the Weekly Manager’s Certificate relating to such Weekly Allocation Date, in which case
the application of Retained Collections relating to such Weekly Allocation Date shall occur on the Business Day immediately following the day on which such Weekly Manager’s Certificate is delivered), the Trustee shall, based solely on the
information contained in such Weekly Manager’s Certificate, withdraw amounts on deposit in the Collection Account as of 10:00 a.m. (New York City time) on such Weekly Allocation Date in respect of the preceding Weekly Collection Period
for allocation or payment in the following order of priority: 
 (i)     first, solely with
respect to any funds consisting of Indemnification Amounts, Insurance/Condemnation Proceeds and Asset Disposition Proceeds on deposit in the Collection Account on such Weekly Allocation Date in the following order of priority: (A) to reimburse
the Trustee and 

  
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then the Servicer, for any unreimbursed Advances (and accrued interest thereon at the Advance Interest Rate), then (B) to reimburse the Manager for any unreimbursed Manager Advances
(and accrued interest thereon at the Advance Interest Rate), then (C) to make an allocation to the applicable Principal Payment Account in the amount necessary to prepay and permanently reduce the commitments under all Class A-1 Notes of each Series in respect of which a Class A-1 Notes Renewal Date (after giving effect to any extensions) has occurred on a pro rata basis
based on the Outstanding Principal Amount of each Series, then (D) if a Rapid Amortization Event has occurred and is continuing, to make an allocation to the applicable Principal Payment Account, in the amount necessary to prepay and
permanently reduce the commitments under all Class A-1 Notes on a pro rata basis, then (E) to make an allocation to the applicable Principal Payment Account, in the amount
necessary to prepay the Outstanding Principal Amount of all Senior Notes of each Class on a pro rata basis (other than Class A-1 Notes) in alphanumerical order of designation,
then (F) to make an allocation to the applicable Principal Payment Account, in the amount necessary to prepay the Outstanding Principal Amount of all Senior Subordinated Notes of each Class on a pro rata basis in
alphanumerical order of designation, then (G) to make an allocation to the applicable Principal Payment Account, in the amount necessary to prepay the Outstanding Principal Amount of all Subordinated Notes of each Class on a
pro rata basis in alphanumerical order of designation; provided, that any prepayments made pursuant to sub-clauses (C), (D), (E), (F), or (G) of this clause (i) will
be made on the Quarterly Payment Date as indicated in the Weekly Manager’s Certificate; 

(ii)    second, (A) to reimburse the Trustee and then the Servicer, for any
unreimbursed Advances (and accrued interest thereon at the Advance Interest Rate), then (B) to reimburse the Manager for any unreimbursed Manager Advances (and accrued interest thereon at the Advance Interest Rate), and
then (C) to pay the Servicer all Servicing Fees, Liquidation Fees and Workout Fees for such Weekly Allocation Date; 

(iii)    third, to pay Successor Manager Transition Expenses, if any; 

(iv)    fourth, to pay the Weekly Management Fee to the Manager; 

(v)    fifth, pro rata, (A) to deposit to the
Securitization Operating Expense Account, an amount equal to any previously accrued and unpaid Securitization Operating Expenses together with any Securitization Operating Expenses that are expected to be payable prior to the immediately following
Weekly Allocation Date, in an aggregate amount not to exceed the Capped Securitization Operating Expense Amount with respect to the annual period in which such Weekly Allocation Date occurs after giving effect to all deposits previously made to the
Securitization Operating Expense Account in such annual period, to be distributed pro rata based on the amount of each type of Securitization Operating Expense payable on such Weekly Allocation Date pursuant to this priority (v);
provided, that the deposit to the Securitization Operating Expense Account of an amount equal to all accrued and unpaid fees, expenses and indemnities payable to the Trustee and 

  
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all indemnities payable to the Servicer will not be subject to the Capped Securitization Operating Expense Amount if and for so long as the Senior Notes have been accelerated after an Event of
Default has occurred and is continuing; provided, further, that the payment of any such fees, expenses and indemnities payable to the Trustee and any such indemnities payable to the Servicer that were incurred during any period while the
Senior Notes were accelerated will not be subject to the Capped Securitization Operating Expense Amount regardless of whether or not the Senior Notes are currently under acceleration at the time of such payment and (B) after a Mortgage
Recordation Event, to the Trustee all Mortgage Recordation Fees; 

(vi)    sixth, to deposit to the applicable Indenture Trust Account, ratably
according to the amounts required to be deposited as set forth in subclauses (A) through (C) below, the following amounts until the amounts required to be deposited pursuant to subclauses (A) through (C) below are
deposited in full: (A) to allocate to the applicable Interest Payment Account for each Class of Senior Notes, pro rata by amount due within each such Series, an amount equal to the Senior Notes Accrued Quarterly Interest
Amount, (B) to allocate to the Class A-1 Notes Commitment Fees Account, the Class A-1 Notes Accrued Quarterly Commitment Fees Amount and (C) to
allocate to the Hedge Payment Account, the amount of the accrued and unpaid Series Hedge Payment Amount, if any, payable on or before the next Quarterly Payment Date to a Hedge Counterparty, if any; provided, that the deposit to the
Hedge Payment Account pursuant to this subclause (C) will exclude any termination payment payable to a Hedge Counterparty, if any; 

(vii)    seventh, to pay to each
Class A-1 Administrative Agent pursuant to the applicable Class A-1 Note Purchase Agreement for payment, pro rata by amount due, of the Capped Class A-1 Notes Administrative Expenses Amount due for such Weekly Allocation Date; 

(viii)    eighth, to allocate to the applicable Interest Payment Account for each
Class of Notes that are Senior Subordinated Notes, pro rata by amount due within each such Class, an amount equal to the Senior Subordinated Notes Accrued Quarterly Interest Amount; 

(ix)    ninth, to deposit in the applicable Interest Reserve Accounts, an amount
equal to any Senior Notes Interest Reserve Account Deficit Amount and any Senior Subordinated Notes Interest Reserve Account Deficit Amount for each Class of Senior Notes and Senior Subordinated Notes in alphanumerical order of designation;
provided, however, that no amounts, with respect to a Series of Notes, will be deposited into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to this priority
(ix) on any Weekly Allocation Date that occurs during the Quarterly Collection Period immediately preceding the Series Legal Final Maturity Date relating to such Series of Notes; 

  
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 (x)    tenth, pro
rata, (A) to allocate to the applicable Principal Payment Account, an amount equal to the sum of (1) any Senior Notes Accrued Scheduled Principal Payment Amount, (2) any Senior Notes Scheduled Principal Payment Deficiency
Amount and (3) amounts then known by the Manager that will become due under any Class A-1 Note Purchase Agreement prior to the immediately succeeding Quarterly Payment Date with respect to the cash
collateralization of letters of credit issued under such Class A-1 Note Purchase Agreement, if any; provided, that, unless the Co-Issuers (or the Manager on
their behalf) otherwise elect, no Senior Notes Accrued Scheduled Principal Payments Amount will be allocated on any Weekly Allocation Date during a Quarterly Collection Period if the related Series
Non-Amortization Test, if any, is met as of the applicable Non-Amortization Test Date and (B) to deposit to the applicable Series Distribution Account in respect of
each Series of Class A-1 Notes for which the Class A-1 Notes Renewal Date has not occurred, any outstanding amounts due and required to be paid in respect of
principal for such Series, for payment to the applicable Noteholders of such Series of Class A-1 Notes on such Weekly Allocation Date; 

(xi)    eleventh, to pay any Supplemental Management Fee, together with any
previously accrued and unpaid Supplemental Management Fee; 
 (xii)    twelfth,
on and after any Class A-1 Notes Renewal Date (after giving effect to any extensions) for one or more Series of Notes, if the Class A-1 Notes of such Series
have not been repaid on or before such date, 100% of the amounts remaining on deposit in the Collection Account to the Senior Notes Principal Payment Account to allocate to such Class A-1 Notes of such
Series on a pro rata basis (including a commensurate permanent reduction of any remaining Class A-1 Note Commitments in respect thereof) until the Outstanding Principal Amount of such Class A-1 Notes of such Series will be reduced to zero on the next Quarterly Payment Date after giving effect to all deposits in the Senior Notes Principal Payment Account allocable to such Class A-1 Notes; 

(xiii)    thirteenth, if a Rapid Amortization Event has occurred and is
continuing, to allocate 100% of the amounts remaining on deposit in the Collection Account to the Senior Notes Principal Payment Account to each Class of Senior Notes, first, to the
Class A-1 Notes on a pro rata basis (including a commensurate permanent reduction of any remaining Class A-1 Note Commitments) and then,
second, to each remaining Class of Senior Notes on a pro rata basis in each case until the Outstanding Principal Amount of each such Class will be reduced to zero on the next Quarterly Payment Date after giving effect
to all deposits in the Senior Notes Principal Payment Account, and then third, to the Senior Subordinated Notes Principal Payment Account to each Class of Senior Subordinated Notes until the Outstanding Principal Amount of each
such Class will be reduced to zero on the next Quarterly Payment Date after giving effect to all deposits in the Senior Subordinated Notes Principal Payment Account; 

  
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 (xiv)    fourteenth, if such
Weekly Allocation Date occurs during a Cash Flow Sweeping Period, to allocate to the Senior Notes Principal Payment Account for allocation pro rata to the Outstanding Principal Amount of each Series of
Class A-2 Notes, an amount equal to the lesser of (a) 50% of the amount of funds available in the Collection Account after the application of priorities (i) through (xiii) above and (b) the
aggregate Outstanding Principal Amount of each Series of Class A-2 Notes after the application of priorities (i) through (xiii) above, until the aggregate Outstanding Principal Amount of the Class A-2 Notes will be reduced to zero on the next Quarterly Payment Date after giving effect to all deposits in the Senior Notes Principal Payment Account; 

(xv)    fifteenth, so long as no Rapid Amortization Event has occurred and is
continuing, to allocate to the Senior Subordinated Notes Principal Payment Account an amount equal to the sum of (1) the Senior Subordinated Notes Accrued Scheduled Principal Payment Amount, if any, and (2) the Senior Subordinated Notes
Scheduled Principal Payment Deficiency Amount, if any; 
 (xvi)    sixteenth,
to allocate to the Subordinated Notes Interest Payment Account for each Class of Subordinated Notes, pro rata by amount due within each such Class, an amount equal to the Subordinated Notes Accrued Quarterly Interest Amount; 

(xvii)    seventeenth, so long as no Rapid Amortization Event has occurred and is
continuing, to allocate to the Subordinated Notes Principal Payment Account an amount equal to the sum of (1) the Subordinated Notes Accrued Scheduled Principal Payment Amount, if any, and (2) the Subordinated Notes Scheduled Principal
Payment Deficiency Amount, if any; 
 (xviii)    eighteenth, if a Rapid
Amortization Event has occurred and is continuing, to allocate 100% of the amounts remaining on deposit in the Collection Account to the Subordinated Notes Principal Payment Account (sequentially, in alphanumerical order of the Subordinated Notes)
to each Class of Subordinated Notes until the Outstanding Principal Amount of each such Class will be reduced to zero on the next Quarterly Payment Date after giving effect to all deposits in the Subordinated Notes Principal Payment
Account; 
 (xix)    nineteenth, to deposit to the Securitization Operating
Expense Account, an amount equal to any accrued and unpaid Securitization Operating Expenses (together with any Securitization Operating Expenses that are expected to be payable prior to the immediately following Weekly Allocation Date) in excess of
the Capped Securitization Operating Expense Amount after giving effect to priority (v) above; 

(xx)    twentieth, to each Class A-1
Administrative Agent pursuant to the applicable Class A-1 Note Purchase Agreement for payment, pro rata by amount due, of the Excess Class A-1
Notes Administrative Expenses Amounts due for such Weekly Allocation Date; 

  
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 (xxi)    twenty-first, to each Class A-1 Administrative Agent pursuant to the applicable Class A-1 Note Purchase Agreement for payment, pro rata by amount due, of each Class A-1 Notes Other Amounts due for such Weekly Allocation Date; 

(xxii)    twenty-second, to allocate to the Senior Notes Post-ARD Additional Interest Account, any Senior Notes Accrued Quarterly Post-ARD Additional Interest Amount for the Senior Notes for such Weekly Allocation Date; 

(xxiii)    twenty-third, to allocate to the Senior Subordinated Notes Post-ARD Additional Interest Account, any Senior Subordinated Notes Accrued Quarterly Post-ARD Additional Interest Amount for the Senior Subordinated Notes for such Weekly
Allocation Date; 
 (xxiv)    twenty-fourth, to allocate to the Subordinated
Notes Post-ARD Additional Interest Account, any Subordinated Notes Accrued Quarterly Post-ARD Additional Interest Amount for the Subordinated Notes for such Weekly
Allocation Date; 
 (xxv)    twenty-fifth, to deposit to the Hedge Payment
Account, (A) any accrued and unpaid Series Hedge Payment Amount that constitutes a termination payment payable to a Hedge Counterparty; and (B) any other due and unpaid amounts payable to a Hedge Counterparty, pursuant to the applicable
Series Hedge Agreement, in each case pro rata to each Hedge Counterparty, if any, according to the amount due and payable to each of them; 

(xxvi)    twenty-sixth, to allocate to the applicable Principal Payment
Account(s) an amount equal to any unpaid make-whole prepayment consideration; and 

(xxvii)    twenty-seventh, to pay the Residual Amount at the direction of the Co-Issuers. 
 Section 5.11    Quarterly Payment Date
Applications. 
 (a)    Senior Notes Interest Payment Account. 

(i)    On each Quarterly Calculation Date, the
Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing on the next Quarterly Payment Date to withdraw the funds allocated to the Senior Notes Interest Payment Account on each Weekly
Allocation Date with respect to the immediately preceding Quarterly Collection Period (or, to the extent necessary to pay any Class A-1 Notes Interest Adjustment Amount, the then-current Quarterly
Collection Period), and, if applicable, funds allocated to the Senior Notes Interest Payment Account pursuant to subclause (ii) below, to be paid for the benefit of the Senior Noteholders, up to the accrued and unpaid Senior Notes
Quarterly Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Notes of the same alphanumerical designation

  
 48 

 
based upon the amount of the Senior Notes Quarterly Interest Amount payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts. Amounts on
deposit in the Senior Notes Interest Payment Account as of the Closing Date, if any, shall be deemed to be funds allocated to the Senior Notes Interest Payment Account during the first Quarterly Collection Period after the Closing Date. 

(ii)    If the amount of funds allocated to the Senior Notes Interest Payment Account
referred to in subclause (i) is insufficient to pay the accrued and unpaid Senior Notes Quarterly Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to
Section 5.11(p) shall be triggered and any funds reallocated as a result thereof into the Senior Notes Interest Payment Account shall be distributed in accordance with subclause (i) above. If such insufficiency
is not eliminated following the reallocation of funds as set forth in Section 5.11(p), the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to
withdraw an amount equal to any remaining insufficiency from first, the Senior Notes Interest Reserve Account to the extent of funds on deposit therein and second, from funds available to be drawn under any Interest Reserve Letter of
Credit relating to the Senior Notes, and deposit such funds into the Senior Notes Interest Payment Account for further deposit to the applicable Series Distribution Accounts pursuant to subclause (i); provided that in the event that
amounts on deposit in the Senior Notes Interest Reserve Account or funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes are required to be withdrawn in connection with a
Class A-1 Notes Quarterly Commitment Fees Amount insufficiency under Section 5.11(b)(ii), the amounts withdrawn under this Section 5.11(a)(ii) and under
Section 5.11(b)(ii) shall be allocated ratably based on the respective insufficiencies towards which such amounts are required to be allocated. 

(iii)    If, as determined on any Quarterly Calculation Date, the amount equal to the
excess of (i) the accrued and unpaid Senior Notes Quarterly Interest Amount for the Interest Accrual Period with respect to each Class of Senior Notes ending most recently prior to the next succeeding Quarterly Payment Date over
(ii) the amount that will be available to make payments of interest on the Senior Notes in accordance with subclauses (i) and (ii) above on such Quarterly Payment Date, is greater than zero (a “Senior Notes Interest Accrual
Shortfall Amount”), then in accordance with the terms and conditions of the Servicing Agreement, by 10:00 a.m. (New York City time) on the Business Day preceding such Quarterly Payment Date, the Servicer shall make a Debt Service Advance in
such amount unless the Servicer notifies the Co-Issuers, the Manager, the Back-Up Manager and the Trustee by such time that it has, reasonably and in good faith,
determined such Debt Service Advance (and interest thereon) is a 

  
 49 

 
Nonrecoverable Advance. If the Servicer fails to make such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and interest
thereon) would be a Nonrecoverable Advance), pursuant to Section 10.1(l), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable
Advance. In determining whether any Debt Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer. All Debt Service Advances shall be deposited into the Senior Notes
Interest Payment Account. If, after giving effect to all Debt Service Advances made with respect to any Quarterly Payment Date, the Senior Notes Interest Accrual Shortfall Amount with respect to such Quarterly Payment Date remains greater than zero
(such amount, a “Senior Notes Interest Shortfall Amount”), then the payment of the Senior Notes Quarterly Interest Amount as reduced by such Senior Notes Interest Shortfall Amount to be distributed on such Quarterly Payment Date to
the Senior Notes shall be paid to the Senior Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Notes of the same alphanumerical designation based upon the amount of the Senior Notes Quarterly
Interest Amount payable with respect to each such Class; provided that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Senior Notes Interest Shortfall Amount. An additional amount of interest
may accrue on the Senior Notes Interest Shortfall Amount for each subsequent Interest Accrual Period until the Senior Notes Interest Shortfall Amount is paid in full, as set forth in the applicable Series Supplement. 

(b)    Class A-1 Notes Commitment Fees Account. 

(i)    On each Quarterly Calculation Date, the
Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing on the next Quarterly Payment Date to withdraw the funds allocated to the
Class A-1 Notes Commitment Fees Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (or, to the extent necessary to pay any Class A-1 Notes Commitment Fees Adjustment Amount, the then-current Quarterly Collection Period), and, if applicable, funds allocated to the Class A-1 Notes
Commitment Fees Account pursuant to subclause (ii) below, to be paid for the benefit of the Noteholders of the applicable Class A-1 Notes, up to the
Class A-1 Notes Quarterly Commitment Fees Amount accrued and unpaid with respect to the applicable Class A-1 Notes, pro rata among each
Series of Class A-1 Notes based upon the Class A-1 Notes Quarterly Commitment Fees Amount payable with respect to each such Series, and deposit such funds into
the applicable Series Distribution Account. Amounts on deposit in the Class A-1 Notes Commitment Fees Account as of the Closing Date, if any, shall be deemed to be funds allocated to the Class A-1 Notes Commitment Fees Account during the first Quarterly Collection Period after the Closing Date. 

(ii)    If the amount of funds allocated to the
Class A-1 Notes Commitment Fees Account referred to in subclause (i) with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the accrued and
unpaid Class A-1 Notes Quarterly Commitment Fees Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.11(p) shall be triggered and
any funds reallocated as a result thereof into the Class A-1 Notes Commitment Fees Account will be distributed in accordance with subclause (i) above. If such insufficiency is not eliminated
following the 

  
 50 

 
reallocation of funds as set forth in Section 5.11(p), the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee
in writing to withdraw an amount equal to any remaining insufficiency from first, the Senior Notes Interest Reserve Account to the extent of funds on deposit therein and second, from funds available to be drawn under any Interest
Reserve Letter of Credit relating to the Senior Notes, and deposit such funds into the Class A-1 Notes Commitment Fees Account for further deposit to the applicable Series Distribution Accounts pursuant
to subclause (i); provided that in the event that amounts on deposit in the Senior Notes Interest Reserve Account or funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes are required to
be withdrawn in connection with a Senior Notes Quarterly Interest Amount insufficiency under Section 5.11(a)(ii), the amounts withdrawn under this Section 5.11(b)(ii) and under
Section 5.11(a)(ii) shall be allocated ratably based on the respective insufficiencies towards which such amounts are required to be allocated.

(iii)    If, as determined on any Quarterly Calculation Date, the result of (i) the
accrued and unpaid Class A-1 Notes Quarterly Commitment Fees Amounts for the Interest Accrual Period ending most recently prior to the next succeeding Quarterly Payment Date over (ii) the
amount that shall be available to make payments on the Class A-1 Notes Quarterly Commitment Fees Amounts in accordance with subclauses (i) and (ii) on such Quarterly Payment
Date, is greater than zero (a “Class A-1 Notes Commitment Fees Shortfall Amount”), then such amount available to be distributed on such Quarterly Payment Date to the Class A-1 Notes shall be paid to the Class A-1 Notes, pro rata among each Series of Class A-1 Notes based
upon the amount of Class A-1 Notes Quarterly Commitment Fees Amounts payable with respect to each such Class; provided that such reduction shall not be deemed to be a waiver of any
default caused by the existence of such Class A-1 Notes Commitment Fees Shortfall Amount. An additional amount of interest may accrue on each such Class A-1
Notes Commitment Fees Shortfall Amount for each subsequent Interest Accrual Period until each such Class A-1 Notes Commitment Fees Shortfall Amount is paid in full, as set forth in the applicable Series
Supplement. 
 (c)    Senior Subordinated Notes Interest Payment Account. 

(i)    To the extent any Series of Senior Subordinated Notes has been issued, on each
Quarterly Calculation Date, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing on the next Quarterly Payment Date to withdraw the funds allocated to the Senior Subordinated
Notes Interest Payment Account, on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Senior Subordinated Notes Interest Payment Account pursuant to subclause
(ii) below, to be paid for the benefit of the Holders of the Senior Subordinated Notes, up to the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical
designation and pro rata among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of the Senior 

  
 51 

 
Subordinated Notes Quarterly Interest Amount payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts. 

(ii)    If the amount of funds allocated to the Senior Subordinated Notes Interest
Payment Account referred to in subclause (i) is insufficient to pay the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to
Section 5.11(p) shall be triggered and any funds reallocated as a result thereof into the Senior Subordinated Notes Interest Payment Account shall be distributed in accordance with subclause (i) above. If such
insufficiency is not eliminated following the reallocation of funds as set forth in Section 5.11(p), the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in
writing to withdraw an amount equal to any remaining insufficiency from first, the Senior Subordinated Notes Interest Reserve Account to the extent of funds on deposit therein and second, from funds available to be drawn under any
Interest Reserve Letter of Credit relating to the Senior Subordinated Notes, and deposit such funds into the Senior Subordinated Notes Interest Payment Account for further deposit to the applicable Series Distribution Accounts pursuant to
subclause (i). 
 (iii)    If, as determined on any Quarterly Calculation Date,
the result of (i) the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment Date over (ii) the amount that shall be available to make payments of interest on the Senior Subordinated
Notes on such Quarterly Payment Date in accordance with subclauses (i) and (ii) above, is greater than zero (a “Senior Subordinated Notes Interest Shortfall Amount”), then such amount available to be distributed
on such Quarterly Payment Date to the Senior Subordinated Notes shall be paid to the Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Subordinated Notes of the
same alphanumerical designation based upon the amount of the Senior Subordinated Notes Quarterly Interest Amount payable with respect to each such Class; provided that such reduction shall not be deemed to be a waiver of any default caused by
the existence of such Senior Subordinated Notes Interest Shortfall Amount. An additional amount of interest may accrue on the Senior Subordinated Notes Interest Shortfall Amount for each subsequent Interest Accrual Period until the Senior
Subordinated Notes Interest Shortfall Amount is paid in full, as set forth in the applicable Series Supplement. 

(d)    Senior Notes Principal Payment Account. 

(i)    On each Quarterly Calculation Date, the
Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing on the next Quarterly Payment Date to withdraw the funds allocated to the Senior Notes Principal Payment Account on each Weekly
Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated pursuant to priority (i) of the Priority of Payments, the Noteholders of each
applicable Class of Senior Notes up to the aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and 

  
 52 

 
Insurance/Condemnation Proceeds in the order of priority set forth in priority (i) of the Priority of Payments and (B) in the case of funds allocated pursuant to
priorities (x), (xii), (xiv) and (xxvi) of the Priority of Payments and subclause (ii) below, if applicable, excluding any applicable Principal Release Amounts, the Noteholders of each
applicable Class of Senior Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (x), (xii), (xiv) and (xxvi), in each case sequentially in order of
alphanumerical designation and pro rata among each such applicable Class of Senior Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Notes of such Class, and deposit such funds
into the applicable Series Distribution Account. 
 (ii)    If the aggregate amount of
funds allocated to the Senior Notes Principal Payment Account pursuant to priorities (x), (xii), (xiv) and (xxvi) of the Priority of Payments on each Weekly Allocation Date with respect to the
immediately preceding Quarterly Collection Period is insufficient to pay the sum (without duplication) of (A) the Senior Notes Scheduled Principal Payments Amounts or any Senior Notes Scheduled Principal Payment Deficiency Amounts due with
respect to each applicable Class of Senior Notes on such Quarterly Payment Date, (B) so long as no Rapid Amortization Period is continuing, if a Class A-1 Notes Amortization Event has occurred
and is continuing, the Outstanding Principal Amount of the Class A-1 Notes affected by such Class A-1 Notes Amortization Event and (C) if a Rapid
Amortization Event has occurred and is continuing, the Outstanding Principal Amount of the Senior Notes, on the next Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.11(p) shall be triggered
and any funds reallocated as a result thereof into the Senior Notes Principal Payment Account shall be distributed in accordance with subclause (i) above. 

(iii)    Payment of principal of any
Class A-1 Notes of any Series of Notes shall be distributed in accordance with the applicable Series Supplement and Class A-1 Note Purchase Agreement to the
parties thereto. If any payment of principal of any Class A-1 Notes of any Series pursuant to subclause (i) above is required pursuant to the applicable Series Supplement or Class A-1 Note Purchase Agreement to be deposited with the applicable L/C Provider to serve as collateral and act as security (the “Cash Collateral”) for any obligations of the Co-Issuers relating to letters of credit issued thereunder (the “Collateralized Letters of Credit”), then upon the expiration of the Collateralized Letters of Credit the Cash Collateral shall be
remitted in accordance with such Series Supplement or Class A-1 Note Purchase Agreement. 

(e)    Senior Subordinated Notes Principal Payment Account. 

(i)    To the extent any Series of Senior Subordinated Notes has been issued, on each
Quarterly Calculation Date, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to withdraw on the next Quarterly Payment Date the funds allocated to the Senior Subordinated
Notes Principal Payment Account on each Weekly Allocation Date with respect to the 

  
 53 

 
immediately preceding Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated pursuant to priority (i) of the Priority of Payments, the
Holders of each applicable Class of Senior Subordinated Notes up to the aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds in the order of priority set forth
in priority (i) of the Priority of Payments and (B) in the case of funds allocated pursuant to priorities (xiv), (xv) and (xxvi) of the Priority of Payments,
and subclause (ii) below, if applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class of Senior Subordinated Notes in the order of priority set forth in the Priority of Payments with
respect to such priorities (xiv), (xv) and (xxvi), in each case sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Subordinated
Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Subordinated Notes of such Class, and deposit such funds into the applicable Series Distribution Account. 

(ii)    If the aggregate amount of funds allocated to the Senior Subordinated Notes
Principal Payment Account pursuant to priorities (xiv), (xv) and (xxvi) of the Priority of Payments on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection
Period is insufficient to pay the sum (without duplication) of (A) the Senior Subordinated Notes Scheduled Principal Payments Amounts and any Senior Subordinated Notes Scheduled Principal Payment Deficiency Amounts due with respect to each
applicable Class of Senior Subordinated Notes on such Quarterly Payment Date and (B) if a Rapid Amortization Period is continuing, the Outstanding Principal Amount of the Senior Subordinated Notes, on the next Quarterly Payment Date, then
a Quarterly Reallocation Event pursuant to Section 5.11(p) shall be triggered and any funds reallocated as a result thereof into the Senior Subordinated Notes Principal Payment Account shall be distributed in accordance
with subclause (i) above. 
 (f)    Subordinated Notes Interest Payment Account.

 (i)    To the extent any Series of Subordinated Notes has been issued, on each
Quarterly Calculation Date, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing on the next Quarterly Payment Date to withdraw the funds allocated to the Subordinated Notes
Interest Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Subordinated Notes Interest Payment Account pursuant to subclause
(ii) below, to be paid for the benefit of the Holders of the Subordinated Notes, up to the accrued and unpaid Subordinated Notes Quarterly Interest Amount, sequentially in order of alphanumerical designation and pro
rata among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of the Subordinated Notes Quarterly Interest Amount payable with respect to each such Class, and deposit such funds into the
applicable Series Distribution Accounts. 

  
 54 

 (ii)    If the amount of funds
allocated to the Subordinated Notes Interest Payment Account referred to in subclause (i) is insufficient to pay the accrued and unpaid Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment Date, then a Quarterly
Reallocation Event pursuant to Section 5.11(p) shall be triggered and any funds reallocated as a result thereof into the Subordinated Notes Interest Payment Account shall be distributed in accordance with subclause
(i) above. 
 (iii)    If, as determined on any Quarterly Calculation Date,
the result of (i) the accrued and unpaid Subordinated Notes Quarterly Interest Amounts due on such Quarterly Payment Date over (ii) the amount that shall be available to make payments of interest on the Subordinated Notes in accordance
with subclauses (i) and (ii) on such Quarterly Payment Date, is greater than zero (the “Subordinated Notes Interest Shortfall Amount”), then such amount available to be distributed on such Quarterly Payment Date
to the Subordinated Notes shall be paid to each Class of Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Subordinated Notes of the same alphanumerical designation based
upon the amount of the Subordinated Notes Quarterly Interest Amount payable with respect to each such Class; provided that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Subordinated Notes
Interest Shortfall Amount. An additional amount of interest may accrue on the Subordinated Notes Interest Shortfall Amount for each subsequent Interest Accrual Period until the Subordinated Notes Interest Shortfall Amount is paid in full, as
specified in the applicable Series Supplement. 
 (g)    Subordinated Notes Principal Payment
Account. 
 (i)    To the extent any Series of Subordinated Notes has been issued,
on each Quarterly Calculation Date, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to withdraw on the next Quarterly Payment Date the funds allocated to the Subordinated
Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated pursuant to priority (i) of the
Priority of Payments, the Holders of each applicable Class of Subordinated Notes up to the aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and Insurance/ Condemnation Proceeds in the order of priority set forth in
priority (i) of the Priority of Payments and (B) in the case of funds allocated pursuant to priorities (xvii), (xviii) and (xxvi) of the Priority of Payments, and subclause (ii) below, if
applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class of Subordinated Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (xvii),
(xviii) and (xxvi), in each case sequentially in order of alphanumerical designation and pro rata among each such Class of Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of
the Subordinated Notes of such Class and deposit such funds into the applicable Series Distribution Account. 

  
 55 

 (ii)    If the aggregate amount of
funds allocated to the Subordinated Notes Principal Payment Account pursuant to priorities (xvii), (xviii) and (xxvi) of the Priority of Payments on each Weekly Allocation Date with respect to the immediately preceding
Quarterly Collection Period is insufficient to pay the sum (without duplication) of (A) the Subordinated Notes Scheduled Principal Payments Amounts and any Subordinated Notes Scheduled Principal Payment Deficiency Amounts due with respect to
each applicable Class of Subordinated Notes on such Quarterly Payment Date and (B) if a Rapid Amortization Period is continuing, the Outstanding Principal Amount of the Subordinated Notes, on the next Quarterly Payment Date, then a
Quarterly Reallocation Event pursuant to Section 5.11(p) shall be triggered and any funds reallocated as a result thereof into the Subordinated Notes Principal Payment Account shall be distributed in accordance with
subclause (i) above. 
 (h)    Senior Notes
Post-ARD Additional Interest Account. 

(i)    On each Quarterly Calculation Date, the
Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to withdraw on the next Quarterly Payment Date the funds allocated to the Senior Notes
Post-ARD Additional Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Senior Notes Post-ARD Additional Interest Account pursuant to subclause (ii) below, to be paid for the benefit of the Noteholders of each applicable Class of Senior Notes, up to the accrued and unpaid Senior
Notes Quarterly Post-ARD Additional Interest due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Notes of the
same alphanumerical designation based upon the Senior Notes Quarterly Post-ARD Additional Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 

(ii)    If the aggregate amount of funds allocated to the Senior Notes Post-ARD Additional Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period referred to in subclause (i) is insufficient to pay the Senior Notes
Quarterly Post-ARD Additional Interest due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.11(p) shall be triggered and any funds reallocated
as a result thereof into the Senior Notes Post-ARD Additional Interest Account shall be distributed in accordance with subclause (i) above. 

(i)    Senior Subordinated Notes Post-ARD Additional Interest
Account. 
 (i)    To the extent any Series of Senior Subordinated Notes has been
issued, on each Quarterly Calculation Date, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to withdraw on the next Quarterly Payment Date the funds allocated to the
Senior Subordinated Notes Post-ARD Additional Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, the

  
 56 

 
funds allocated to the Senior Subordinated Notes Post-ARD Additional Interest Account pursuant to subclause (ii) below, to be paid for the
benefit of the Noteholders of each applicable Class of Senior Subordinated Notes, up to the accrued and unpaid Senior Subordinated Notes Quarterly Post-ARD Additional Interest due on such Quarterly
Payment Date, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Subordinated Notes of the same alphanumerical designation based upon the Senior Subordinated Notes Quarterly Post-ARD Additional Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 

(ii)    If the aggregate amount of funds allocated to the Senior Subordinated Notes Post-ARD Additional Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period referred to in subclause (i) is insufficient to pay
the Senior Subordinated Notes Quarterly Post-ARD Additional Interest due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.11(p) shall be
triggered and any funds reallocated as a result thereof into the Senior Subordinated Notes Post-ARD Additional Interest Account shall be distributed in accordance with subclause (i) above. 

(j)    Subordinated Notes Post-ARD Additional Interest
Account. 
 (i)    To the extent any Series of Subordinated Notes has been issued,
on each Quarterly Calculation Date, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to withdraw on the next Quarterly Payment Date the funds allocated to the Subordinated
Notes Post-ARD Additional Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Subordinated Notes Post-ARD Additional Interest Account pursuant to subclause (ii) below, to be paid for the benefit of the Noteholders of each applicable Class of Subordinated Notes, up to the accrued and unpaid
Subordinated Notes Quarterly Post-ARD Additional Interest due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and pro rata among each such Class of
Subordinated Notes of the same alphanumerical designation based upon the Subordinated Notes Quarterly Post-ARD Additional Interest payable on each such Class, and deposit such funds into the applicable Series
Distribution Accounts. 
 (ii)    If the aggregate amount of funds allocated to the
Subordinated Notes Post-ARD Additional Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period referred to in
subclause (i) is insufficient to pay the Subordinated Notes Quarterly Post-ARD Additional Interest due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to
Section 5.11(p) shall be triggered and any funds reallocated as a result thereof into the Subordinated Notes Post-ARD Additional Interest Account shall be distributed in accordance
with subclause (i) above. 

  
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 (k)    Amounts on Deposit in the Senior Notes
Interest Reserve Account and the Senior Subordinated Notes Interest Reserve Account. 

(i)    If the Co-Issuers (or the Manager on
their behalf) determine, with respect to any Series of Senior Notes, that the amount to be deposited in any Series Distribution Account in accordance with this Section 5.11 on any Series Legal Final Maturity Date related to
such Series of Senior Notes is less than the Outstanding Principal Amount of such Series of Senior Notes, on the Quarterly Calculation Date immediately preceding such Series Legal Final Maturity Date, the
Co-Issuers (or the Manager on their behalf) shall instruct the Trustee thereof in writing, and the Trustee shall, in accordance with such instruction on such Series Legal Final Maturity Date, withdraw from the
Senior Notes Interest Reserve Account an amount equal to such insufficiency (and, to the extent the amount in the Senior Notes Interest Reserve Account is insufficient, the Co-Issuers (or the Manager on their
behalf) shall instruct the Control Party to draw on the applicable Interest Reserve Letter of Credit) and deposit such amount into the applicable Series Distribution Accounts, to be paid to the Senior Notes sequentially in order of alphanumeric
designation and pro rata among each Class of Senior Notes of the same alphanumerical designation (for which purpose any roman-numeral-denominated Tranche within an alphanumerical Class of Notes shall be deemed to have the same
alphanumerical priority) based upon the Outstanding Principal Amount of the Senior Notes of each such Class. 

(ii)    If the Co-Issuers (or the Manager on
their behalf) determine, with respect to any Series of Senior Subordinated Notes, that the amount to be deposited in any Series Distribution Account in accordance with this Section 5.11 on any Series Legal Final Maturity
Date related to such Series of Senior Subordinated Notes is less than the Outstanding Principal Amount of such Series of Senior Subordinated Notes, on the Quarterly Calculation Date immediately preceding such Series Legal Final Maturity Date, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee thereof in writing, and the Trustee shall, in accordance with such instruction on such Series Legal Final Maturity Date, withdraw from the
Senior Subordinated Notes Interest Reserve Account an amount equal to such insufficiency (and, to the extent the amount in the Senior Subordinated Notes Interest Reserve Account is insufficient, the Co-Issuers
shall instruct the Control Party to make a draw on the applicable Interest Reserve Letter of Credit) and deposit such amount into the applicable Series Distribution Accounts, to be paid to the Senior Subordinated Notes sequentially in order of
alphanumeric designation and pro rata among each Class of Senior Subordinated Notes of the same alphanumerical designation (for which purpose any roman-numeral-denominated Tranche within an alphanumerical Class of Notes shall
be deemed to have the same alphanumerical priority) based upon the Outstanding Principal Amount of the Senior Subordinated Notes of each such Class. 

(iii)    On any date on which no Senior Notes are Outstanding, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Notes Interest 

  
 58 

 
Reserve Account and to deposit all remaining funds into the Collection Account and/or to return any outstanding Interest Reserve Letter of Credit maintained with respect to the Senior Notes to
the issuer thereof for cancellation. 
 (iv)    On any date on which no Senior
Subordinated Notes are Outstanding, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Subordinated Notes
Interest Reserve Account and to deposit all remaining funds into the Collection Account and/or to return any outstanding Interest Reserve Letter of Credit maintained with respect to the Senior Subordinated Notes to the issuer thereof for
cancellation. 
 (l)    Principal Release Amount. 

(i)    If a Rapid Amortization Period or Event of Default is continuing, each Principal
Release Amount shall be applied in the order set forth in Section 5.11(d)(i), Section 5.11(e)(i) or Section 5.11(g)(i), as applicable, notwithstanding the exclusion of
Principal Release Amounts therein. 
 (ii)    So long as no Rapid Amortization Period,
Event of Default or Class A-1 Notes Amortization Event is continuing, on each Quarterly Calculation Date, the Co-Issuers (or the Manager on their behalf) shall
instruct the Trustee in writing to withdraw on the next Quarterly Payment Date any Principal Release Amount from the Senior Notes Principal Payment Account, Senior Subordinated Notes Principal Payment Account or Subordinated Notes Principal Payment
Account, as applicable, and apply such funds on such Quarterly Payment Date to the extent necessary to pay, in the following order of priority, (A) unreimbursed Advances of the Trustee (with interest thereon at the Advance Interest Rate), (B)
unreimbursed Advances of the Servicer (with interest thereon at the Advance Interest Rate), (C) unreimbursed Manager Advances (with interest thereon at the Advance Interest Rate), (D) pro rata, Senior Notes Quarterly Interest
Amounts, Class A-1 Notes Quarterly Commitment Fees Amounts, and Series Hedge Payment Amounts, and (E) Senior Subordinated Notes Quarterly Interest Amounts, in each case, after giving effect to other
amounts available for payment thereof as described in this Section 5.11. The Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to distribute the
remainder of such Principal Release Amount, if any, in the priority set forth in the Priority of Payments, beginning at priority (xi), but excluding (i) priority (xv) in the case of a Principal Release Amount with respect to any Series
of Senior Subordinated Notes or (ii) priority (xvii) in the case of a Principal Release Amount with respect to any Series of Subordinated Notes. 

(iii)    If no Rapid Amortization Period or Event of Default is continuing, but a Class A-1 Notes Amortization Event is continuing, on each Quarterly Calculation Date, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in
writing to withdraw on the next Quarterly Payment Date any Principal Release Amount from the Senior Notes Principal Payment Account, Senior Subordinated Notes Principal Payment Account or Subordinated Notes

  
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Principal Payment Account, as applicable, to the extent necessary to pay the Outstanding Principal Amount of the applicable Class A-1 Notes, and
deposit such funds into the applicable Series Distribution Account for distribution to the Noteholders of the applicable Class A-1 Notes, pro rata, after giving effect to other amounts
available for payment thereof. The Co-Issuers (or the Manager on their behalf) will instruct the Trustee in writing to distribute the remainder of the Principal Release Amount, if any, in the priority set
forth in the Priority of Payments, beginning at priority (xi), but excluding (i) priority (xv) in the case of a Principal Release Amount with respect to any Series of Senior Subordinated Notes or (ii) priority (xx) in the
case of a Principal Release Amount with respect to any Series of Subordinated Notes. 

(m)    Securitization Operating Expense Account. On each Weekly Allocation Date, the Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing to withdraw on such date an amount equal to the lesser of (i) the sum of all Securitization Operating Expenses then due and
payable and (ii) the amount on deposit in the Securitization Operating Expense Account after giving effect to any deposits thereto pursuant to the Priority of Payments on such date and apply such funds to pay any Securitization Operating
Expenses then due and payable. 
 (n)    Hedge Payment Account. 

(i)    On each Quarterly Calculation Date, the
Co-Issuers (or the Manager on their behalf) shall instruct the Trustee in writing on the next Quarterly Payment Date to withdraw the funds allocated to the Hedge Payment Account on each Weekly Allocation Date
with respect to the immediately preceding Quarterly Collection Period and, if applicable, funds allocated to the Hedge Payment Account pursuant to subclause (ii) below, up to the accrued and unpaid amount of Series Hedge Payment Amount,
and distribute such funds among each Hedge Counterparty, pro rata based upon the Series Hedge Payment Amount payable to each Hedge Counterparty. 

(ii)    If the amount of funds allocated to the Hedge Payment Account on each Weekly
Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the aggregate accrued and unpaid Series Hedge Payment Amount due and payable since the prior Quarterly Payment Date, then a Quarterly
Reallocation Event pursuant to Section 5.11(p) shall be triggered and any funds reallocated as a result thereof into the Hedge Payment Account will be distributed in accordance with subclause (i) above. 

(o)    Optional Prepayments. The Co-Issuers shall have the
right to optionally prepay the Outstanding Principal Amount of any Series, Class, Subclass or Tranche of Notes, in whole or in part in accordance with the related Series Supplement; provided that following a Series Anticipated Repayment Date
for any Series of Notes that remains Outstanding, all optional prepayments must be applied first, to Senior Notes, second, to Senior Subordinated Notes and third, to Subordinated Notes. 

  
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 (p)    Quarterly Reallocation Events. In the
event that there exists any shortfall with respect to amounts payable under any subsection of this Section 5.11 that specifically refers to this clause (p) (a “Quarterly Reallocation Event”), the Co-Issuers (or the Manager on their behalf) will instruct the Trustee to reallocate on the relevant Quarterly Calculation Date to the extent necessary to pay in the following order of priority: (A) unreimbursed
Advances of the Trustee (with interest thereon at the Advance Interest Rate), (B) unreimbursed Advances of the Servicer (with interest thereon at the Advance Interest Rate) and (c) unreimbursed Manager Advances (with interest thereon at the
Advance Interest Rate) the aggregate funds on deposit in the Specified Indenture Trust Accounts that were allocated during the immediately preceding Quarterly Collection Period to the Specified Indenture Trust Accounts in sequential order in the
aggregate amounts due under priorities (vi), (viii), (x), (xii), (xiii), (xiv), (xv), (xvi), (xvii), (xviii), (xxii), (xxiii), (xxiv), and
(xxvi) of the Priority of Payments for such Quarterly Collection Period. 

Section 5.12    Determination of Quarterly Interest. 

Quarterly payments of interest and fees on each Series of Notes shall be determined, allocated and distributed in accordance
with the procedures set forth in the applicable Series Supplement. 

Section 5.13    Determination of Quarterly Principal. 

Quarterly payments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance
with the procedures set forth in the applicable Series Supplement. 

Section 5.14    Prepayment of Principal. 

Mandatory prepayments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in
accordance with the procedures set forth in the applicable Series Supplement, if not otherwise described herein. 

Section 5.15    Retained Collections Contributions. 

At any time after the Closing Date, the Co-Issuers may (but are not required to)
designate Retained Collections Contributions to be included in Net Cash Flow, but not more than $10,000,000 in any Quarterly Collection Period or more than $20,000,000 during any period of four (4) consecutive Quarterly Collection Periods or
more than $40,000,000 from the Closing Date to the Series Legal Final Maturity Date; provided, that any Retained Collections Contributions shall be excluded from the amount of Net Cash Flow for purposes of calculations undertaken in the
following circumstances: (a) to determine the New Series Pro Forma DSCR, (b) to determine satisfaction of any Series Non-Amortization Test and (c) to determine whether the Co-Issuers may extend any Class A-1 Notes Renewal Date. 

The amount of any Retained Collections Contribution included in Net Cash Flow for the purpose of calculating the DSCR shall
be retained in the Collection Account until the Weekly Allocation Date on which either (i) the DSCR for the period of four Quarterly Collection Periods ended immediately prior to such Weekly Allocation Date is at least 1.50x without giving
effect to the inclusion of such Retained Collections Contribution or (ii) such Retained Collections 

  
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Contribution is required to pay any shortfall in the amounts payable under priorities (ii) through (xxvi) of the Priority of Payments, to the extent of any shortfall on such
Weekly Allocation Date. The Co-Issuers may not designate equity contributions as Retained Collections Contributions to the extent such equity contributions were funded by the proceeds of a draw under any Class A-1 Notes. 
 Section 5.16    Interest Reserve
Letters of Credit. 
 The Co-Issuers may, in lieu of funding (or as partial
replacement for funding) the Senior Notes Interest Reserve Account and/or the Senior Subordinated Notes Interest Reserve Account in the amounts required hereunder, maintain one or more Interest Reserve Letters of Credit issued under a Class A-1 Note Purchase Agreement for the benefit of the Control Party and the Trustee, in each case, on behalf of the Senior Noteholders or the Senior Subordinated Noteholders, as applicable, each in a face
amount equal to or (at the election of the Manager) greater than the amounts required to be funded in respect of such account(s) had such Interest Reserve Letter of Credit not been issued. 

Where on any Quarterly Calculation Date the Co-Issuers (or the Manager on their
behalf) instruct the Trustee to withdraw funds from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, for allocation or payment on the next Quarterly Payment Date, such funds shall be
drawn, first, from amounts on deposit in the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, on such Quarterly Calculation Date and second, from amounts available to be
drawn under the applicable Interest Reserve Letter of Credit. 
 Each such Interest Reserve Letter of Credit (a) shall
name the Control Party and the Trustee, each for the benefit of the Senior Noteholders or the Senior Subordinated Noteholders, as applicable, as the beneficiary thereof; (b) shall allow the Trustee or the Control Party to submit a notice of
drawing in respect of such Interest Reserve Letter of Credit whenever amounts would otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable,
pursuant to Section 5.11; (c) shall have an expiration date of no later than ten (10) Business Days prior to the then-current Class A-1 Notes Renewal Date (after giving
effect to any extensions) specified in the related Class A-1 Note Purchase Agreement pursuant to which such Interest Reserve Letter of Credit was issued; and (d) shall indicate by its terms that the
proceeds in respect of drawings under such Interest Reserve Letter of Credit shall be paid directly into the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Senior Notes Interest Payment Account,
the Senior Subordinated Notes Interest Payment Account, the Class A-1 Notes Commitment Fees Account or the applicable Series Distribution Account, as applicable. 

Upon the occurrence and continuance of an Interest Reserve Release Event, the
Co-Issuers may deliver one or more replacement or amended Interest Reserve Letters of Credit to the Control Party, in which case the Control Party shall (without the consent of any Noteholder, the Trustee, the
Controlling Class Representative or any other Secured Party) deliver to the Co-Issuers the replaced Interest Reserve Letters of Credit for termination simultaneously with the receipt by the Control Party
of such replacement Interest Reserve Letters of Credit, in each case to the extent that after the Control Party’s receipt thereof no Senior Notes Interest Reserve Account Deficit 

  
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Amount or Senior Subordinated Notes Interest Reserve Account Deficit Amount, as applicable, will exist for the immediately following Quarterly Payment Date. 

If, on the date that is ten (10) Business Days prior to the expiration of any such Interest Reserve Letter of Credit,
such Interest Reserve Letter of Credit has not been replaced or renewed and the Co-Issuers have not otherwise deposited funds into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes
Interest Reserve Account, as applicable, in the amounts that would otherwise be required had such Interest Reserve Letter of Credit not been issued, the Control Party (on behalf of the Trustee) shall submit a notice of drawing under such Interest
Reserve Letter of Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable (as directed in writing by the Manager), in an amount
equal to the Senior Notes Interest Reserve Account Deficit Amount or the Senior Subordinated Notes Interest Reserve Account Deficit Amount on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been issued. 

If, on any day, (i) the short-term debt credit rating of any entity which has issued an Interest Reserve Letter of
Credit (an “L/C Provider”) is withdrawn by S&P’s or downgraded below “A-2” or (ii) the long-term debt credit rating of any L/C Provider is withdrawn by S&P’s
or downgraded below “BBB” (each of cases (i) and (ii), an “L/C Downgrade Event”), then (a) on the tenth (10th) Business Day after the occurrence of such L/C
Downgrade Event, the Control Party (on behalf of the Trustee) shall submit a notice of drawing under each Interest Reserve Letter of Credit issued by such L/C Provider and use the proceeds thereof to fund a deposit into the Senior Notes Interest
Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, as directed in writing by the Manager, in an amount equal to the Senior Notes Interest Reserve Account Deficit Amount or the Senior Subordinated Notes Interest
Reserve Account Deficit Amount on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been issued or (b) prior to the tenth (10th) Business Day after the
occurrence of such L/C Downgrade Event, the Co-Issuers will obtain one or more replacement Interest Reserve Letters of Credit on substantially the same terms as each such Interest Reserve Letter of Credit
being replaced. 
 Section 5.17    Replacement of Ineligible Accounts. 

If, at any time, any Management Account or any of the Senior Notes Interest Reserve Account, the Senior Subordinated Notes
Interest Reserve Account, the Collection Account or any Collection Account Administrative Account shall cease to be an Eligible Account (each, an “Ineligible Account”), the Co-Issuers shall
(or, in the case of the Senior Notes Interest Reserve Account, the Co-Issuers shall cause the IHOP Franchisor to) (i) within five (5) Business Days of obtaining knowledge thereof, notify the Control
Party thereof and (ii) within sixty (60) days of obtaining knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Ineligible Account, (B) with the
exception of any Management Account, following the establishment of such new Eligible Account, transfer, or with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing to transfer, all cash and investments from
such Ineligible Account into such new Eligible Account, (C) in the case of a Management Account, following the establishment of such new Eligible Account, transfer or cause to be transferred to such new Eligible Account, all cash and
investments 

  
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from such Ineligible Account into such new Eligible Account, (D) in the case of a Management Account, transfer or cause to be transferred all items deposited in the lock-box related to such Ineligible Account to a new lock-box related to such new Eligible Account, and (E) pledge, or cause to be pledged, such new Eligible Account to
the Trustee for the benefit of the Secured Parties and, if such Ineligible Account is required to be subject to an Account Control Agreement in accordance with the terms of the Indenture, cause such new Eligible Account to be subject to an Account
Control Agreement in form and substance reasonably acceptable to the Control Party and the Trustee. In the event that any of the Collection Account, any Management Account or any Collection Account Administrative Account becomes an Ineligible
Account, the Manager shall, promptly following the establishment of such related new Eligible Account, notify each Franchisee of a change in payment instructions, if any. 

Section 5.18    Instructions and Directions. 

Any instructions or directions to be provided by the Issuer referenced in this Article V (a) with respect to a
Quarterly Calculation Date or Quarterly Payment Date, respectively, will be contained in the applicable Quarterly Noteholders’ Report for such Quarterly Calculation Date or Quarterly Payment Date, as applicable, and (b) with respect to a
Weekly Allocation Date will be contained in the Weekly Manager’s Certificate for such Weekly Allocation Date. 
 ARTICLE VI

 DISTRIBUTIONS 

Section 6.1    Distributions in General. 

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

(b)    Unless otherwise specified in the applicable Series Supplement, in this Base Indenture or in any
applicable Class A-1 Note Purchase Agreement, all distributions to 

  
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Noteholders of all Classes within a Series of Notes shall be made from amounts allocated in accordance with the Priority of Payments among each Class of Notes in alphanumerical order (i.e., A-1, A-2, B-1, B-2 and not A-1, B-1, A-2, B-2) and pro rata among Holders of Notes within each Class of the same alphanumerical designation;
provided, however, that any roman-numeral-denominated Tranche within an alphanumerical Class of Notes shall be deemed to have the same alphanumerical priority (i.e.,
“Class A-2-I Notes” will be pari passu and pro rata in right of payment according to the amount then due and payable with respect to “Class A-2-II Notes”) except to the extent otherwise specified in this Base Indenture, the related Series Supplement or in the related Class A-1 Note Purchase Agreement, including in connection with an optional prepayment in whole or in part of one or more Tranches within such alphanumerical Class of Notes independently of other Tranches;
provided, further, that unless otherwise specified in the applicable Series Supplement, in this Base Indenture or in any applicable Class A-1 Note Purchase Agreement, all distributions to
Noteholders of all Classes within a Series of Notes having the same alphabetical designation (without giving effect to any numerical designation) shall be pari passu with each other with respect to the distribution of Collateral
proceeds resulting from the exercise of remedies upon an Event of Default. 
 (c)    Unless otherwise
specified in the applicable Series Supplement, the Trustee shall distribute all amounts owed to the Noteholders of any Class of Notes pursuant to the instructions of the Co-Issuers whether set forth in a Quarterly Noteholders’ Report,
Company Order or otherwise. 
 ARTICLE VII 

REPRESENTATIONS AND WARRANTIES 

The Co-Issuers hereby represent and warrant, for the benefit of the Trustee and the
Noteholders, as follows as of each Series Closing Date (subject to any amendments or other modifications hereto in connection with a Series Refinancing Event on or about such Series Closing Date, in which case the
Co-Issuers shall make such representations and warranties as so amended or otherwise modified): 

Section 7.1    Existence and Power. 

Each Securitization Entity (a) is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its
obligations under the Transaction Documents make such qualification necessary, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect, and (c) has all limited liability company,
corporate or other powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted and for purposes of the transactions contemplated by the Indenture and the other Transaction
Documents. 

  
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 Section 7.2    Company and Governmental
Authorization. 
 The execution, delivery and performance by each Co-Issuer of
this Base Indenture and any Series Supplement and by each Co-Issuer and each other Securitization Entity of the other Transaction Documents to which it is a party (a) is within such Securitization
Entity’s limited liability company, corporate or other powers and has been duly authorized by all necessary limited liability company, corporate or other action, (b) requires no action by or in respect of, or filing with, any Governmental
Authority which has not been obtained (other than any actions or filings that may be undertaken after the Closing Date pursuant to the terms of this Base Indenture or any other Transaction Document) and (c) does not contravene, or constitute a
default under, any Requirements of Law with respect to such Securitization Entity or any Contractual Obligation with respect to such Securitization Entity or result in the creation or imposition of any Lien on any property of any Securitization
Entity, except for Liens created by this Base Indenture or the other Transaction Documents, except in the case of clauses (b) and (c) above, solely with respect to the Contribution Agreements, the violation of which could not
reasonably be expected to have a Material Adverse Effect. This Base Indenture and each of the other Transaction Documents to which each Securitization Entity is a party has been executed and delivered by a duly Authorized Officer of such
Securitization Entity. 
 Section 7.3    No Consent. 

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

Section 7.4    Binding Effect. 

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

Section 7.5    Litigation. 

There is no action, suit, proceeding or investigation pending against or, to the knowledge of any Co-Issuer, threatened against or affecting any Securitization Entity or of which 

  
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any property or assets of such Securitization Entity is the subject before any court or arbitrator or any Governmental Authority that would, individually or in the aggregate, affect the validity
or enforceability of this Base Indenture or any Series Supplement, materially adversely affect the performance by the Securitization Entities of their obligations hereunder or thereunder or which is reasonably likely to have a Material Adverse
Effect. 
 Section 7.6    Employee Benefit Plans. 

Except as set forth on Schedule 7.6, (i) no Securitization Entity or any member of a Controlled Group that includes a
Securitization Entity has established, maintains, contributes to, or has any liability (whether actual, contingent or otherwise) in respect of (or has in the past six years established, maintained, contributed to, or had any liability (whether
actual, contingent or otherwise) in respect of) any Pension Plan or Multiemployer Plan, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (ii) no Securitization Entity has any
liability (whether actual, contingent or otherwise) with respect to any post-retirement welfare benefits under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Subtitle B of Title I of ERISA or other applicable
continuation of coverage laws, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (iii) each Employee Benefit Plan presently complies and has been maintained in compliance with its
terms and with the requirements of all applicable statutes, rules and regulations, including ERISA and the Code, except for such instances of noncompliance as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect; (iv) no “prohibited transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any Employee Benefit Plan, other than transactions effected pursuant to a
statutory or administrative exemption or such transactions as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (v) except as would not reasonably be expected to have a Material Adverse
Effect, each such Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification. 

Section 7.7    Tax Filings and Expenses. 

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

  
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required to so qualify, except to the extent that the failure to pay such fees and expenses is not reasonably likely to result in a Material Adverse Effect. 

Section 7.8    Disclosure. 

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

Section 7.9    1940 Act. 

No Securitization Entity is required to register as an “investment company” under the 1940 Act. 

Section 7.10    Regulations T, U and X. 

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

Section 7.11    Solvency. 

Both before and after giving effect to the transactions contemplated by the Indenture and the other Transaction Documents,
the Securitization Entities, taken as a whole, are solvent within the meaning of the Bankruptcy Code and any applicable state law and no Securitization Entity is the subject of any voluntary or involuntary case or proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy or Insolvency Law and no Event of Bankruptcy has occurred with respect to any Securitization Entity. 

Section 7.12    Ownership of Equity Interests; Subsidiaries. 

(a)    All of the issued and outstanding limited liability company interests of the Applebee’s
Holding Company Guarantor are directly owned by the Applebee’s Parent, have 

  
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been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the Applebee’s Parent free and clear of all
Liens other than Permitted Liens. 
 (b)    All of the issued and outstanding limited liability company
interests of the IHOP Holding Company Guarantor are directly owned by the IHOP Parent, have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the IHOP
Parent, free and clear of all Liens other than Permitted Liens. 
 (c)    All of the issued and
outstanding limited liability company interests of the Applebee’s Issuer are directly owned by the Applebee’s Holding Company Guarantor, have been duly authorized and validly issued, are fully paid and
non-assessable and are owned of record by the Applebee’s Holding Company Guarantor free and clear of all Liens other than Permitted Liens. 

(d)    All of the issued and outstanding limited liability company interests of the IHOP Issuer are
directly owned by the IHOP Holding Company Guarantor, have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the IHOP Holding Company Guarantor free and
clear of all Liens other than Permitted Liens. 
 (e)    All of the issued and outstanding limited
liability company interests of each Applebee’s Franchise Entity are directly owned by the Applebee’s Issuer, have been duly authorized and validly issued, are fully paid and non-assessable and are
owned of record by the Applebee’s Issuer free and clear of all Liens other than Permitted Liens. 

(f)    All of the issued and outstanding limited liability company interests of each IHOP Franchise
Entity are directly owned by the IHOP Issuer, have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the IHOP Issuer free and clear of all Liens other than
Permitted Liens. 
 (g)    The Applebee’s Holding Company Guarantor has no subsidiaries and owns
no Equity Interests in any other Person, other than the Applebee’s Issuer. The IHOP Holding Company Guarantor has no subsidiaries and owns no Equity Interests in any other Person, other than the IHOP Issuer. The Applebee’s Issuer has no
subsidiaries and owns no Equity Interests in any other Person, other than the Applebee’s Franchise Entities. The IHOP Issuer has no subsidiaries and owns no Equity Interests in any other Person, other than the IHOP Franchise Entities. The
Applebee’s Franchise Entities and the IHOP Franchise Entities have no subsidiaries and own no Equity Interests in any other Person other than any Additional Franchise Entity. 

Section 7.13    Security Interests. 

(a)    Each Co-Issuer and Guarantor owns and has good title to
its Collateral, free and clear of all Liens other than Permitted Liens. Except in the case of Real Estate Assets included in the Collateral, this Base Indenture and the Guarantee and Collateral Agreement constitute a valid and continuing Lien on the
Collateral in favor of the Trustee on behalf of and for the benefit of the Secured Parties, which Lien on the Collateral has been perfected and is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors
of and purchasers from each Co-Issuer and each Guarantor in accordance with its terms (except, in each case, as described on Schedule 7.13(a) and subject to Section 8.25(c),
Section 8.25(e) and Section  

  
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8.37), except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights
generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing. Except as set forth on Schedule 7.13, the
Co-Issuers and the Guarantors have received all consents and approvals required by the terms of the Collateral to the pledge of the Collateral to the Trustee hereunder and under the Guarantee and Collateral
Agreement. The Co-Issuers and the Guarantors have filed, or shall have caused, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the first-priority security interest (subject to Permitted Liens) in the Collateral (other than the Contributed Owned Real Property and the New Owned Real Property) granted to the Trustee hereunder or under the Guarantee and
Collateral Agreement no later than ten (10) days after the Closing Date or such Series Closing Date; provided that with respect to Intellectual Property or the Real Estate Assets included in the Collateral, the Co-Issuers shall only take such action necessary to perfect such first-priority security interest consistent with and subject to the obligations and time periods set forth in
Section 8.25(c), Section 8.25(e) or Section 8.37, as applicable. 

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

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

(d)    Notwithstanding anything to the contrary herein or in the other Transaction Documents (other than
the Mortgages, if applicable), neither the Co-Issuers nor any Guarantor makes any representation as to the validity, effectiveness, priority or enforceability of any grant of security interest in any real
property assets under Article III hereof or Section 3 of the Guarantee and Collateral Agreement, including in each case the Real Estate Assets, or the perfection thereof, which in each case
shall be governed by the Mortgages, if applicable. 

  
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 Section 7.14    Transaction Documents. 

The Indenture Documents, the Collateral Transaction Documents, the Account Agreements, the Depository Agreements, any Class A-1 Note Purchase Agreement, any Swap Contract, any Series Hedge Agreement and any Enhancement Agreement with respect to each Series of Notes are in full force and effect. There are no outstanding
defaults thereunder nor have events occurred which, with the giving of notice, the passage of time or both, would constitute a default thereunder. 

Section 7.15    Non-Existence of Other Agreements.

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

Section 7.16    Compliance with Contractual Obligations and Laws. 

No Securitization Entity is in violation of (a) its Charter Documents, (b) any Requirement of Law with respect to
such Securitization Entity or (c) any Contractual Obligation with respect to such Securitization Entity except, solely with respect to clauses (b) and (c), to the extent such violation could not reasonably be expected to
result in a Material Adverse Effect. 
 Section 7.17    Other Representations. 

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

Section 7.18    No Employees. 

Notwithstanding any other provision of the Indenture or any Charter Documents of any Securitization Entity to the contrary,
no Securitization Entity, has any employees. 
 Section 7.19    Insurance. 

The Securitization Entities maintain, or cause to be maintained, the insurance coverages (or self-insure for such risks)
described on Schedule 7.19 hereto, in such amounts and covering such risks as is adequate for the conduct of their respective businesses and the value of their respective properties and as is customary for companies engaged in similar
businesses in similar industries. All policies of insurance of the Securitization Entities are in full force and effect 

  
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and the Securitization Entities are in compliance with the terms of such policies in all material respects. None of the Securitization Entities has any reason to believe that it will not be able
to renew its existing insurance coverage, in all material respects, as and when such coverage expires or to obtain similar coverage, in all material respects, from similar insurers as may be necessary to continue its business at a cost that would
not reasonably be expected to have a Material Adverse Effect. All such insurance is primary coverage, all premiums therefor due on or before the date hereof have been paid in full, and the terms and conditions thereof are no less favorable to the
Securitization Entities than the terms and conditions of insurance maintained by their Affiliates that are not Securitization Entities. 

Section 7.20    Environmental Matters; Real Property. 

(a)    None of the Securitization Entities is subject to any liabilities or obligations pursuant to any
Environmental Law or with respect to any Materials of Environmental Concern that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b)    Other than exceptions to any of the following that could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect: 
 (i)    The Securitization
Entities: (i) are, and within the period of all applicable statutes of limitation have been, in compliance with all applicable Environmental Laws, (ii) hold all Environmental Permits (each of which is in full force and effect) required for
any of their current or intended operations or for any property owned, leased, or otherwise operated by any of them and have obtained all Environmental Permits for any intended operations when such Environmental Permits are required and
(iii) are, and within the period of all applicable statutes of limitation have been, in compliance with all of their Environmental Permits. 

(ii)    Materials of Environmental Concern are not present at, on, under, in, or about
any Real Estate Assets now or formerly owned, leased or operated by any Securitization Entity, or at any other location (including, without limitation, any location to which Materials of Environmental Concern have been sent for re-use or recycling or for treatment, storage or disposal) which could reasonably be expected to (i) give rise to liability of any Securitization Entity under any applicable Environmental Law or otherwise
result in costs to any Securitization Entity, (ii) interfere with any Securitization Entity’s continued operations or (iii) impair the fair saleable value of any real property owned by any Securitization Entity. 

(iii)    There is no judicial, administrative, or arbitral proceeding (including,
without limitation, any notice of violation or alleged violation) under or relating to any Environmental Law to which any Securitization Entity is, or to the knowledge of the Securitization Entities will be, named as a party that is pending or, to
the knowledge of the Securitization Entities, threatened. 

  
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 (iv)    No Securitization Entity has
received any written request for information, or been notified that it is a potentially responsible party under or relating to the federal Comprehensive Environmental Response, Compensation and Liability Act, as amended, or any other Environmental
Law, or with respect to any Materials of Environmental Concern. 
 (v)    No
Securitization Entity has entered into or agreed to any consent decree, order, or settlement or other agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for
dispute resolution, relating to compliance with or liability under any Environmental Law. 

Section 7.21    Intellectual Property. 

(a)    All of the registrations and applications included in the Securitization IP are subsisting,
unexpired and have not been abandoned in any applicable jurisdiction except where such expiration or abandonment could not reasonably be expected to have a Material Adverse Effect. 

(b)    Except as set forth on Schedule 7.21, (i) the use of the Securitization IP and the
operation of the Applebee System and IHOP System do not infringe, misappropriate or otherwise violate the rights of any third party in a manner that could reasonably be expected to have a Material Adverse Effect, (ii) there is no action or
proceeding pending or, to the Co-Issuers’ knowledge, threatened, alleging the same that could reasonably be expected to have a Material Adverse Effect, and (iii) to the
Co-Issuer’s knowledge, the Securitization IP is not being infringed, misappropriated or otherwise violated by any third party in a manner that could reasonably be expected to have a Material Adverse
Effect. 
 (c)    Except as set forth on Schedule 7.21, no action or proceeding is pending or,
to the Co-Issuers’ knowledge, threatened, that seeks to limit, cancel or challenge the validity of any Securitization IP, or the use thereof, that could reasonably be expected to have a Material Adverse
Effect. 
 (d)    The Applebee’s Franchise Holder is the exclusive owner of the Applebee’s IP
and the IHOP Franchise Holder is the exclusive owner of the IHOP IP, in each case, other than IP licenses granted in the ordinary course of business, free and clear of all Liens, encumbrances, set-offs,
defenses and counterclaims of whatsoever kind or nature, other than the Permitted Liens. 
 (e)    The Co-Issuers have not made and will not hereafter make any assignment, pledge, mortgage, hypothecation or transfer of any of the Securitization IP other than Permitted Liens and Permitted Asset Dispositions under
Section 8.12 and Section 8.16. 

Section 7.22    Exchange Act 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 Exchange Act. 

  
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 ARTICLE VIII 

COVENANTS 

Section 8.1    Payment of Notes. 

(a)    Each Co-Issuer shall pay or cause to be paid the principal
of, and premium, if any, and interest, subject to Section 2.15(d), on the Notes when due pursuant to the provisions of this Base Indenture and any applicable Series Supplement. Principal, premium, if any, and interest shall
be considered paid on the date due if the Paying Agent holds on that date money designated for and sufficient to pay all principal, premium, if any, and interest then due. Except as otherwise provided pursuant to a
Class A-1 Note Purchase Agreement or any other Transaction Document, amounts properly withheld under the Code or any Requirements of Law by any Person from a payment to any Noteholder of interest or
principal or premium, if any, shall be considered as having been paid by the Co-Issuers to such Noteholder for all purposes of the Indenture and the Notes. 

(b)    By acceptance of its Notes, each Noteholder agrees that the failure to provide the Paying Agent
with appropriate Tax Information (which includes (i) an Internal Revenue Service (“IRS”) Form W-9 for United States persons (as defined under Section 7701(a)(30) of the Code) or any
applicable successor form or (ii) an applicable IRS Form W-8, for Persons other than United States persons, or applicable successor form) may result in amounts being withheld from payments to such
Noteholder under this Base Indenture and any Series Supplement (without any corresponding gross-up) and that amounts withheld pursuant to applicable laws shall be considered as having been paid by the Co-Issuers as provided in clause (a) above. 

Section 8.2    Maintenance of Office or Agency. 

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

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

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

Section 8.4    Maintenance of Existence. 

Each Co-Issuer will, and will cause each other Securitization Entity to, maintain its
existence as a limited liability company or corporation validly existing and in good standing under the laws of its state of organization and duly qualified as a foreign limited liability company or corporation licensed under the laws of each state
in which the failure to so qualify would be reasonably likely to result in a Material Adverse Effect. Each Co-Issuer will, and will cause each other Securitization Entity (other than any Additional Franchise
Entity that is a corporation) to, be treated as a disregarded entity within the meaning of Treasury Regulation Section 301.7701-2(c)(2) and such Co-Issuer will not,
nor will it permit any other Securitization Entity (other than any Additional Franchise Entity that is a corporation) to, be classified as a corporation or as an association taxable as a corporation or a publicly traded partnership taxable as a
corporation for United States federal income tax purposes. 
 Section 8.5    Compliance with
Laws. 
 Each Co-Issuer will, and will cause each other Securitization Entity
to, comply in all respects with all Requirements of Law with respect to such Co-Issuer or such other Securitization Entity except where such noncompliance would not be reasonably likely to result in a Material
Adverse Effect; provided, however, such non-compliance will not result in a Lien (other than a Permitted Lien) on any of the Collateral or any criminal liability on the part of any Securitization
Entity, the Manager or the Trustee. 
 Section 8.6    Inspection of Property; Books and
Records. 
 Each Co-Issuer will, and will cause each other Securitization
Entity to, keep proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions, business and activities in accordance with GAAP. Each Co-Issuer will,
and will cause each other Securitization Entity to, permit, at reasonable times upon reasonable notice, the Servicer, the Controlling Class Representative and the Trustee or any Person appointed by any of them to act as its agent to visit and
inspect any of its properties, to examine and make abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, directors, managers, employees and independent certified public accountants, and up
to one (1) such visit and inspection by each of the Servicer, the Controlling Class Representative and the 

  
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Trustee, or any Person appointed by them, shall be reimbursable as a Securitization Operating Expense per calendar year, with any additional visit or inspection by any such Person being at such
Person’s sole cost and expense; provided, however, that during the continuance of a Warm Back-Up Management Trigger Event, an Advance Period continuing for at least sixty (60) days, a
Rapid Amortization Event or an Event of Default, or to the extent expressly required without the instruction of any other party under the terms of any Transaction Documents, any such Person may visit and conduct such activities at any time and all
such visits and activities shall constitute a Securitization Operating Expense. 

Section 8.7    Actions under the Collateral Documents and Transaction Documents. 

(a)    Except as otherwise provided in Section 8.7(d), no Co-Issuer will, or will permit any Securitization Entity to, take any action that would permit any Dine Brands Entity or any other Person party to a Transaction Document to have the right to refuse to perform any of
its respective obligations under any of the Transaction Documents or that would result in the amendment, waiver, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any Transaction Document. 

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

(c)    Except as otherwise provided in Section 3.2(a), each Co-Issuer agrees that it will not, and will cause each Securitization Entity not to, without the prior written consent of the Control Party, exercise any right, remedy, power or privilege available to it with
respect to any obligor under a Collateral Document or under any instrument or agreement included in the Collateral, take any action to compel or secure performance or observance by any such obligor of its obligations to such Co-Issuer or such other Securitization Entity or give any consent, request, notice, direction or approval with respect to any such obligor if such action when taken on behalf of any Securitization Entity by the
Manager would constitute a breach by the Manager of the Management Agreement. 
 (d)    Each Co-Issuer agrees that it will not, and will cause each Securitization Entity not to, without the prior written consent of the Control Party, amend, modify, waive, supplement, terminate or surrender, or agree to any
amendment, modification, waiver, supplement, termination or surrender of, the terms of any of the Transaction Documents (other than the Indenture Documents, which may be amended in accordance with Article XIII hereof); provided,
however, that the Securitization Entities may agree to any amendment, modification, supplement or waiver of any such term of such Transaction Document without any such consent (and if the Trustee, the Servicer or the Control Party is a party
to such Transaction Document and in such capacity is required to consent or agree to any such amendment, modification, supplement 

  
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or waiver, such consent or agreement shall not be subject to the satisfaction of any condition or requirement other than as specified under such Transaction Document): 

(i)    to add to the covenants of any Securitization Entity for the benefit of the
Secured Parties, or to add to the covenants of any Dine Brands Entity for the benefit of any Securitization Entity; 

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

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

(iv)    to amend the definition of “Weekly Management Fee” pursuant to
Section 8.3(a) of the Management Agreement with the consent of the Control Party and the Manager, which consent shall not be subject to the satisfaction of any other condition to an amendment hereunder; or 

(v)    in connection with a Series Refinancing Event. 

(e)    Upon the occurrence of a Manager Termination Event under the Management Agreement, (i) each Co-Issuer will not, and will cause each other Securitization Entity not to, without the prior written consent of the Control Party, terminate the Manager and appoint any successor Manager in accordance with the
Management Agreement and (ii) each Co-Issuer will, and will cause each other Securitization Entity to, terminate the Manager and appoint one or more successor Managers in accordance with the Management
Agreement if and when so directed by the Control Party. 
 Section 8.8    Notice of Defaults
and Other Events. 
 Promptly (and in any event within three (3) Business Days) upon becoming aware of
(i) any Potential Rapid Amortization Event, (ii) any Rapid Amortization Event, (iii) any Potential Manager Termination Event, (iv) any Manager Termination Event, (iv) any Default, (v) any Event of Default or
(vi) any default under any Collateral Transaction Document, the Co-Issuers shall give the Trustee, the Servicer, the Control Party, the Manager, the Back-Up
Manager, the Controlling Class Representative and the Rating Agencies with respect to each Series of Notes Outstanding notice thereof, together with an Officer’s Certificate setting forth the details thereof and any action with respect
thereto taken or contemplated to be taken by the Co-Issuers. The Co-Issuers shall, at their expense, promptly provide to the Servicer, the Manager, the Back-Up 

  
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Manager, the Controlling Class Representative and the Trustee such additional information as the Servicer, the Manager, the Back-Up Manager, the
Controlling Class Representative or the Trustee may reasonably request from time to time in connection with the matters so reported, and the actions so taken or contemplated to be taken. 

Section 8.9    Notice of Material Proceedings. 

Without limiting Section 8.30 or Section 8.25(b), promptly (and in any
event within five (5) Business Days) upon the determination by either the chief financial officer or the chief legal officer of Dine Brands Global, Inc. that the commencement or existence of any litigation, arbitration or other proceeding with
respect to any Dine Brands Entity would be reasonably likely to have a Material Adverse Effect, the Co-Issuers shall give written notice thereof to the Trustee and the Rating Agencies. 

Section 8.10    Further Requests. 

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

Section 8.11    Further Assurances. 

(a)    Each Co-Issuer will, and will cause each other
Securitization Entity to, do such further acts and things, and execute and deliver to the Trustee and the Control Party such additional assignments, agreements, powers and instruments, as are necessary or desirable to obtain or maintain the security
interest of the Trustee in the Collateral on behalf of the Secured Parties as a perfected security interest subject to no prior Liens (other than Permitted Liens), to carry into effect the purposes of the Indenture or the other Transaction Documents
or to better assure and confirm unto the Trustee, the Control Party, the Noteholders or the other Secured Parties their rights, powers and remedies hereunder including, without limitation, the filing of any financing or continuation statements or
amendments under the UCC in effect in any jurisdiction with respect to the liens and security interests granted hereby and by the Guarantee and Collateral Agreement, except as set forth on Schedule 8.11, and in each case subject to
Section 8.25(c), Section 8.25(e) and Section 8.37. The Co-Issuers and the Guarantors intend the security interests granted pursuant
to the Indenture and the Guarantee and Collateral Agreement in favor of the Secured Parties to be prior to all other Liens (other than Permitted Liens) in respect of the Collateral, and each Co-Issuer will,
and will cause each other Securitization Entity to, take all actions necessary to obtain and maintain, in favor of the Trustee for the benefit of the Secured Parties, a first lien on and a first priority perfected security interest in the Collateral
(except with respect to Permitted Liens and except as set forth on Schedule 8.11 and subject to Section 8.25 and Section 8.37). If any Co-Issuer fails
to perform any of its agreements or obligations under this Section 8.11(a), then the Control Party may perform such agreement or obligation, and the expenses of the Control Party incurred in connection therewith shall be
payable by the Co-Issuers upon the Control Party’s demand therefor. The Control Party is hereby authorized to execute and file any financing statements, continuation statements, amendments or other
instruments necessary or appropriate to perfect or maintain the perfection of the Trustee’s security interest in the Collateral. 

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

(c)    Notwithstanding the provisions set forth in clauses (a) and (b) above, the Co-Issuers and the Guarantors shall not be required to perfect any security interest in any fixtures (other than through a central filing of a UCC financing statement), any Franchisee promissory notes or, except as
provided in Section 8.37, any Real Estate Assets. 
 (d)    If during any
Quarterly Collection Period, any Co-Issuer or Guarantor shall obtain an interest in any commercial tort claim or claims (as such term is defined in the New York UCC) and such commercial tort claim or claims
(when added to any past commercial tort claim or claims that were obtained by any Securitization Entity prior to such Quarterly Collection Period that are still outstanding) have an aggregate value equal to or greater than $5,000,000 as of the last
day of such Quarterly Collection Period, such Co-Issuer or Guarantor shall notify the Control Party on or before the third Business Day prior to the next succeeding Quarterly Payment Date that it has obtained
such an interest and shall sign and deliver documentation acceptable to the Control Party granting a security interest under the Base Indenture or the Guarantee and Collateral Agreement, as the case may be, in and to such commercial tort claim or
claims whether obtained during such Quarterly Collection Period or prior to such Quarterly Collection Period. 

(e)    Each Co-Issuer will, and will cause each other
Securitization Entity to, warrant and defend the Trustee’s right, title and interest in and to the Collateral and the income, distributions and Proceeds thereof, for the benefit of the Trustee on behalf of the Secured Parties, against the
claims and demands of all Persons whomsoever. 
 (f)    On or before April 30 of each calendar
year, commencing with April 30, 2019, the Co-Issuers shall furnish to the Trustee, the Rating Agencies and the Servicer (with a copy to the Back-Up Manager) an
Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Base Indenture, any indentures
supplemental hereto, the Guarantee and Collateral Agreement and any other requisite documents and with respect to the execution and filing of any financing statements, continuation statements and amendments to financing statements and such other
documents as are, subject to clause (c) above, necessary to maintain the perfection of the Lien and security interest created by this Base Indenture and the Guarantee and Collateral Agreement under Article 9 of the New York UCC in the
United States and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such Lien and security interest; provided that with respect to financing
statements, the foregoing shall apply solely to financing statements naming a Securitization Entity as debtor and the Trustee as secured party (or any continuations thereof) and shall not, for the avoidance of doubt, apply to any financing
statements assigned to the Trustee by a Securitization Entity. Each such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Base Indenture, any indentures
supplemental hereto, the Guarantee and Collateral Agreement and 

  
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any other requisite documents and the execution and filing of any financing statements, continuation statements and amendments or other documents that will, in the opinion of such counsel, be
required, subject to clause (c) above, to maintain the perfection of the lien and security interest of this Base Indenture and the Guarantee and Collateral Agreement under Article 9 of the New York UCC in the Collateral in the United
States until April 30 in the following calendar year. For the avoidance of doubt, the Opinions of Counsel described in this clause (f) shall not be required to cover any matters related to the Real Estate Assets. 

Section 8.12    Liens. 

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

Section 8.13    Other Indebtedness. 

No Co-Issuer will, or will permit any other Securitization Entity to, create, assume,
incur, suffer to exist or otherwise become or remain liable in respect of any Indebtedness other than (i) Indebtedness hereunder or under the Guarantee and Collateral Agreement or any other Transaction Document, (ii) any guarantee by any
Securitization Entity of the obligations of any other Securitization Entity, (iii) Indebtedness of a Securitization Entity owed to a Securitization Entity, (iv) any purchase money Indebtedness incurred in order to finance the acquisition,
lease or improvement of equipment in the ordinary course of business or (v) payment obligations supporting contractual obligations to municipalities or other Governmental Authorities in connection with the receipt of permits for the
construction, development or improvement of any Restaurant. 
 Section 8.14    Employee Benefit
Plans. 
 No Securitization Entity or any member of a Controlled Group that includes a Securitization Entity shall
establish, sponsor, maintain, contribute to, incur any obligation to contribute to, or incur any liability in respect of, any Pension Plan or Multiemployer Plan to the extent the liabilities under such Pension Plan or Multiemployer Plan would
individually or in the aggregate reasonably be expected to result in a Material Adverse Effect. No Securitization Entity shall incur any material liability with respect to any post-retirement welfare benefits under a Welfare Plan, other than
liability for continuation coverage described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation of coverage laws. 

Section 8.15    Mergers. 

On and after the Closing Date, no Co-Issuer will, or will permit any other
Securitization Entity to, merge or consolidate with or into any other Person or divide into two or more Persons (whether by means of a single transaction or a series of related transactions) other than any merger or consolidation of any
Securitization Entity with any other Securitization Entity or any division in which each resulting Person will be a Securitization Entity or any merger or consolidation of any Securitization Entity with any other entity or any division of any
Securitization Entity to which the Control Party has given prior written consent. 

  
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 Section 8.16    Asset Dispositions. 

No Co-Issuer shall, or shall permit any other Securitization Entity to, direct the
Manager to sell, transfer, lease, license, liquidate or otherwise dispose of any of its property (whether by means of a single transaction or a series of related transactions), including any Equity Interests of any other Securitization Entity,
except in the case of the following (each, a “Permitted Asset Disposition”): 

(a)    any disposition of obsolete, damaged, surplus or worn out property, and any abandonment,
cancellation, or lapse of IP registrations or applications that are no longer commercially reasonable to maintain; 

(b)    any disposition of (i) Eligible Investments and (ii) inventory in the ordinary course of
business; 
 (c)    any disposition of equipment or real property to the extent that (x) such
property is exchanged for credit against the purchase price or other payment obligations in respect of similar replacement property or other Eligible Assets (including, without limitation, credit against rental obligations under a real estate lease)
or (y) the proceeds thereof are applied to the purchase price of such replacement property or other Eligible Assets in accordance with this Base Indenture; 

(d)    (i) licenses of Securitization IP under the Dine Brands IP Licenses, the Franchisor IP Licenses
and the Company Restaurant Licenses and, to the Manager, in connection with the performance of its Services under the Management Agreement and (ii) other non-exclusive licenses of Securitization IP
(A) granted in the ordinary course of business, (B) that when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement acting in accordance with the Managing
Standard and (C) that would not reasonably be expected to materially and adversely impact the Securitization IP (taken as a whole); 

(e)    dispositions pursuant to the sale, sale-leaseback or other disposition of Contributed Owned Real
Property or New Owned Real Property; 
 (f)    dispositions of (x) equipment leased to Franchisees
in accordance with or upon termination of the related Equipment Leases or (y) dispositions of Equipment Leases; 

(g)    dispositions of property of a Securitization Entity to any other Securitization Entity not
otherwise prohibited under the Transaction Documents; 
 (h)    (i) leases or subleases of Real Estate
Assets to Franchisees or (in the case of the location of a Company Restaurant) a Non-Securitization Entity and assignments and terminations of leases and subleases that do not materially interfere with the
business of the Securitization Entities or materially decrease ongoing Collections from such Real Estate Assets and (ii) dispositions pursuant to the foregoing clause (i) which result in materially decreasing ongoing Collections from such
Real Estate Assets; 

  
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 (i)    dispositions of property relating to repurchases
of Contributed Assets in exchange for the payment of Indemnification Amounts; 
 (j)    Investments,
Liens and distributions permitted under the Indenture; 
 (k)    transfers of properties subject to
condemnation or casualty events; 
 (l)    dispositions of Franchisee Notes or accounts receivable in
connection with the collection or compromise thereof; 
 terminations, non-renewals, expirations,
amendments or other modifications of any Collateral Franchise Business Document or Franchised Restaurant Lease that when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management
Agreement; 
 (m)    any other sale, lease, license, transfer or other disposition of property to which
the Control Party has given the relevant Securitization Entity prior written consent; 
 (n)    any
decision to abandon, fail to pursue, settle, or otherwise resolve any claim or cause of action to enforce or seek remedy for the infringement, misappropriation, dilution or other violation of any Securitization IP, or other remedy against any third
party, in each such case, where it is not commercially reasonable to pursue such claim or remedy in light of the cost, potential remedy, or other factors; provided that such action (or failure to act) would not reasonably be expected to
materially and adversely impact the Securitization IP (taken as a whole); 
 (o)    any surrender or
waiver of contractual rights or the settlement, release or surrender of contractual rights or other litigation claims in the ordinary course of business, in each case that would not reasonably be expected to result in a Material Adverse Effect; and

 (p)    any other sale, lease, license, liquidation, transfer or other disposition of property not
directly or indirectly constituting any asset dispositions permitted by clauses (a) through (m) above and so long as such disposition when effected on behalf of any Securitization Entity by the Manager does not constitute a breach by the
Manager of the Management Agreement and does not exceed an aggregate amount of $1,000,000 per annum. 
 Upon any sale,
transfer, lease, license, liquidation or other disposition of any property by any Securitization Entity permitted by this Section 8.16, all Liens with respect to such property created in favor of the Trustee for the benefit
of the Secured Parties under this Base Indenture and the other Transaction Documents shall be automatically released, and the Trustee, upon written request of the Co-Issuers, at the direction of the Servicer,
shall provide evidence of such release as set forth in Section 14.17. 

Section 8.17    Acquisition of Assets. 

No Co-Issuer will, or will permit any other Securitization Entity to, acquire, by
long-term or operating lease or otherwise, any property (i) if such acquisition when effected on 

  
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behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement or (ii) that is a lease, license, or other contract or permit, if the
grant of a lien or security interest in any of the Securitization Entities’ right, title and interest in, to or under such lease, license, contract or permit in the manner contemplated by the Indenture and the Guarantee and Collateral Agreement
(a) would be prohibited by the terms of such lease, license, contract or permit, (b) would constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of the applicable Securitization Entity
therein or (c) would otherwise result in a breach thereof or the termination or a right of termination thereof, except to the extent that any such prohibition, breach, termination or right of termination is rendered ineffective pursuant to the
UCC or any other applicable law. 
 Section 8.18    Dividends, Officers’
Compensation, etc. 
 The Co-Issuers will not declare or pay any distributions
on any of their respective limited liability company interests; provided, however, that so long as no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing with respect
to any Series of Notes Outstanding or would result therefrom, the Co-Issuers may declare and pay distributions to the extent permitted under Section 18-607 of the
Delaware Limited Liability Company Act and the Co-Issuers’ Charter Documents, including with proceeds of draws on Commitments with respect to any Series of
Class A-1 Notes; provided that no such proceeds may be distributed to Dine Brands Global, Inc. or any parent company of Dine Brands Global, Inc. Subject to the foregoing, the Co-Issuers may draw on Commitments with respect to any Series of Class A-1 Notes for general corporate purposes of the Securitization Entities and the Non-Securitization Entities, including to fund any acquisition by any Securitization Entity or Non-Securitization Entity. 

Without limiting Section 8.28 no Co-Issuer will, or will
permit any other Securitization Entity to, pay any wages or salaries or other compensation to its officers, directors, managers or other agents except out of earnings computed in accordance with GAAP or except for the fees paid to its Independent
Managers. No Co-Issuer will, or will permit any other Securitization Entity to, redeem, purchase, retire or otherwise acquire for value any Equity Interest in or issued by such Securitization Entity or set
aside or otherwise segregate any amounts for any such purpose except as expressly permitted by the Indenture or as consented to by the Control Party. 

Section 8.19    Legal Name, Location Under
Section 9-301 or 9-307. 

No Co-Issuer will, or will permit any other Securitization Entity to, change its
location (within the meaning of Section 9-301 or 9-307 of the applicable UCC) or its legal name without at least thirty (30) days’ prior written notice to
the Trustee, the Servicer, the Manager, the Back-Up Manager and the Rating Agencies with respect to each Series of Notes Outstanding. In the event that any Co-Issuer or
other Securitization Entity desires to so change its location or change its legal name, such Co-Issuer will, or will cause such other Securitization Entity to, make any required filings and prior to actually
changing its location or its legal name such Co-Issuer will, or will cause such other Securitization Entity to, deliver to the Trustee and the Servicer (i) an Officer’s Certificate and Opinion of
Counsel confirming that (a) all required filings have been 

  
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made, subject to Section 8.11(c), to continue the perfected interest of the Trustee on behalf of the Secured Parties in the Collateral under Article 9 of the applicable
UCC in respect of the new location or new legal name of such Co-Issuer or other Securitization Entity and (b) such change in location or change in legal name will not adversely affect the Lien under any
Mortgage required to be delivered and recorded pursuant to Section 8.37 and (ii) copies of all such required filings with the filing information duly noted thereon by the office in which such filings were made. 

Section 8.20    Charter Documents. 

No Co-Issuer will, or will permit any other Securitization Entity to, amend, or
consent to the amendment of, any of its Charter Documents to which it is a party as a member or shareholder unless, prior to such amendment, the Control Party shall have consented thereto and the Rating Agency Condition with respect to each Series
of Notes Outstanding shall have been satisfied with respect to such amendment; provided, however, the Co-Issuers and the other Securitization Entities shall be permitted to amend their Charter
Documents without having to meet the Rating Agency Condition to cure any ambiguity, defect or inconsistency therein or if such amendments could not reasonably be deemed to be disadvantageous to any Noteholder in the reasonable judgment of the
Control Party. The Control Party may rely on an Officer’s Certificate to make such determination. The Co-Issuers shall provide written notice to each Rating Agency (with a copy to the Servicer) of any
amendment of any Charter Document of any Securitization Entity. 

Section 8.21    Investments. 

No Co-Issuer will, or will permit any other Securitization Entity to, make, incur, or
suffer to exist any loan, advance, extension of credit or other investment in any Person if such investment when made on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement, other
than (a) investments in (i) the Accounts and Eligible Investments, (ii) any Franchisee promissory notes, (iii) any other Securitization Entity or (iv) the transactions described in the proviso to
Section 8.24(a)(vi), (b) loans or advances by the IHOP Franchisor or the Applebee’s Franchisor to any Non-Securitization Entity using funds on deposit in the IHOP Franchisor
Capital Account or the Applebee’s Franchisor Capital Account, respectively, and (c) letters of credit issued pursuant to the Class A-1 Note Purchase Agreement. 

Section 8.22    No Other Agreements. 

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

  
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 Section 8.23    Other Business. 

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

Section 8.24    Maintenance of Separate Existence. 

(a)    Each Co-Issuer will, and will cause each other
Securitization Entity to: 
 (i)    maintain their own deposit and securities account,
as applicable, or accounts, separate from those of any of its Affiliates (other than the other Securitization Entities), with commercial banking institutions and ensure that the funds of the Securitization Entities will not be diverted to any Person
who is not a Securitization Entity or for other than the use of the Securitization Entities, nor will such funds be commingled with the funds of any of its Affiliates (other than the other Securitization Entities) other than as provided in the
Transaction Documents; 
 (ii)    ensure that all transactions between it and any of
its Affiliates (other than the other Securitization Entities), whether currently existing or hereafter entered into, shall be only on an arm’s length basis, it being understood and agreed that the transactions contemplated in the Transaction
Documents and the transactions described in the proviso to clause (vi) meet the requirements of this clause (ii); 

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

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

(v)    conduct its affairs in its own name and in accordance with its Charter Documents
and observe all necessary, appropriate and customary limited liability company or corporate formalities (as applicable), including, but not limited to, holding all regular and special meetings appropriate to authorize all of its actions, keeping
separate and accurate minutes of its meetings, passing all 

  
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resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and
intercompany transaction accounts; 
 (vi)    not assume or guarantee any of the
liabilities of any of its Affiliates (other than the other Securitization Entities); provided that the Securitization Entities may, pursuant to any Letter of Credit Reimbursement Agreement, cause letters of credit to be issued pursuant to the
Class A-1 Note Purchase Agreements that are for the sole benefit of one or more Non-Securitization Entities if the
Co-Issuers receive a fee from each Non-Securitization Entity whose obligations are secured by such letter of credit in an amount equal to the cost to the Co-Issuers in connection with the issuance and maintenance of such letter of credit plus 25 basis points per annum, it being understood that such fee is an arm’s-length
fair market fee; 
 (vii)    take, or refrain from taking, as the case may be, all
other actions that are necessary to be taken or not to be taken in order to (x) ensure that the assumptions and factual recitations set forth in the Specified Bankruptcy Opinion Provisions remain true and correct in all material respects with
respect to it and (y) comply in all material respects with those procedures described in such provisions which are applicable to it; 

(viii)    maintain at least two Independent Managers or Independent Directors, as
applicable, on its board of managers or its board of directors, as the case may be; 

(ix)    to the fullest extent permitted by law, so long as any Obligation remains
outstanding, remove or replace any Independent Manager or Independent Director only for Cause and only after providing the Trustee and the Control Party with no less than five (5) days’ prior written notice of (A) any proposed removal
of such Independent Manager or Independent Director, as applicable, and (B) the identity of the proposed replacement Independent Manager or Independent Director, as applicable, together with a certification that such replacement satisfies the
requirements for an Independent Manager or an Independent Director set forth in the Charter Documents of the applicable Securitization Entity; and 

(x)    (A) provide, or cause the Manager to provide, to the Trustee and the Control
Party, a copy of the executed agreement with respect to the appointment of any replacement Independent Director or Independent Manager and (B) provide, or cause the Manager to provide, to the Trustee, the Control Party and each Noteholder,
written notice of the identity and contact information for each Independent Director or Independent Manager on an annual basis and at any time such information changes. 

(b)    Each Co-Issuer, on behalf of itself and each of the other
Securitization Entities, confirms that the statements relating to the Co-Issuers referenced in the 

  
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opinion of Sidley Austin LLP regarding substantive consolidation matters delivered to the Trustee on the most recent Series Closing Date are true and correct with respect to itself and each other
Securitization Entity, and that each Co-Issuer will, and will cause each other Securitization Entity to, comply with any covenants or obligations assumed to be complied with by it therein as if such covenants
and obligations were set forth herein. 
 Section 8.25    Covenants Regarding the
Securitization IP. 
 (a)    The Co-Issuers will not, nor
will they permit any other Securitization Entity to, take or omit to take any action with respect to the maintenance, enforcement and defense of any Franchise Entity’s or Additional IP Holder’s rights in and to the Securitization IP that
would constitute a breach by the Manager of the Management Agreement if such action were taken or omitted by the Manager on behalf of any Securitization Entity. 

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

(c)    With respect to the Securitization IP, each Franchise Entity, to the extent it has not already
done so, agrees to, and each Co-Issuer agrees to cause each Franchise Entity to, execute, deliver and file (within ten (10) Business Days of the Closing Date as to the PTO) instruments substantially in
the form of Exhibit D-1 hereto with respect to Trademarks, Exhibit D-2 hereto with respect to Patents and Exhibit
D-3 hereto with respect to Copyrights or otherwise in form and substance satisfactory to the Control Party, and any other instruments or documents as may be reasonably necessary or, in the Control
Party’s opinion, desirable to perfect or protect the Trustee’s security interest granted under this Base Indenture and the Guarantee and Collateral Agreement in the Patents and Trademarks included in the Securitization IP in the United
States. 
 (d)    [Reserved]. 

(e)    If any Co-Issuer or any Guarantor, either itself or
through any agent, licensee or designee, files or otherwise acquires an application for the registration of any Patent, Trademark or Copyright with the PTO, the United States Copyright Office or any similar office or agency in any foreign country in
which Securitization IP is located, such Co-Issuer or Guarantor in a reasonable time after such filing (and in any event within ninety (90) days) (i) shall give the Trustee and the Control Party written
notice thereof and (ii) solely with respect to such applications filed in the United States, upon reasonable request of the Control Party, shall execute and deliver all instruments and documents, and take all further action, that the Control
Party may so reasonably 

  
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request in order to continue, perfect or protect the security interest granted hereunder or under the Guarantee and Collateral Agreement in the United States, including, without limitation,
executing and delivering (x) the Supplemental Notice of Grant of Security Interest in Trademarks substantially in the form attached as Exhibit E-1 hereto, (y) the Supplemental Notice of Grant
of Security Interest in Patents substantially in the form attached as Exhibit E-2 hereto and/or (z) the Supplemental Notice of Grant of Security Interest in Copyrights substantially in the form
attached as Exhibit E-3 hereto, as applicable. 

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

(g)    With respect to licenses of third-party Intellectual Property entered into after the Closing Date
by the Securitization Entities (including, for the avoidance of doubt, to the Manager acting on behalf of the Securitization Entities, as applicable), the Securitization Entities (or the Manager on their behalf) shall use commercially reasonable
efforts to include terms permitting the grant by the Securitization Entities of a security interest therein to the Trustee for the benefit of the Secured Parties and to allow the Manager (and any Successor Manager) the right to use such Intellectual
Property in the performance of its duties under the Management Agreement. 

Section 8.26    [Reserved]. 

Section 8.27    Real Property. 

No Co-Issuer shall, or shall permit any other Securitization Entity to, enter into
any lease of real property (other than or in connection with any Permitted Asset Disposition or New Franchise Restaurant Lease). No Co-Issuer shall, or shall permit any other Securitization Entity to, acquire
any fee interest in real property (other than any fee interest in real property acquired by any Franchise Entity). 

  
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 Section 8.28    No Employees. 

The Co-Issuers and the other Securitization Entities shall have no employees. 

Section 8.29    Insurance. 

The Co-Issuers shall cause the Manager to list each Securitization Entity as an
“additional insured” or “loss payee,” as may apply, on any insurance maintained by the Manager for the benefit of such Securitization Entity pursuant to the Management Agreement. 

Section 8.30    Litigation. 

If Dine Brands Global, Inc. is not then subject to Section 13 or 15(d) of the Exchange Act, the Co-Issuers shall, on each Quarterly Payment Date, provide a written report to the Servicer, the Manager, the Back-Up Manager and the Rating Agencies that sets forth all
outstanding litigation, arbitration or other proceedings against any Dine Brands Entity that would have been required to be disclosed in Dine Brands Global, Inc.’s annual reports, quarterly reports and other public filings which Dine Brands
Global, Inc. would have been required to file with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Exchange Act if Dine Brands Global, Inc. were subject to such Sections. 

Section 8.31    Environmental. 

The Co-Issuers shall, and shall cause each other Securitization Entity to, promptly
notify the Servicer, the Manager, the Back-Up Manager, the Trustee and the Rating Agencies, in writing, upon receipt of any written notice pursuant to which any Securitization Entity becomes aware from any
source (including but not limited to a governmental entity) of any possible material liability of any Securitization Entity pursuant to any Environmental Law that could reasonably be expected to have a Material Adverse Effect. In addition, other
than exceptions to any of the following that could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Co-Issuers shall, and shall cause each other
Securitization Entity to: 
 (a)    (i) comply with all applicable Environmental Laws, (ii) hold
all Environmental Permits (each of which is in full force and effect) required for any of their current operations or for any property owned, leased, or otherwise operated by any of them and obtain all Environmental Permits for any intended
operations when such Environmental Permits are required and (iii) comply with all of their Environmental Permits; and 

(b)    undertake all investigative and remedial action required by Environmental Laws with respect to any
Materials of Environmental Concern present at, on, under, in, or about any Real Estate Assets owned, leased or operated by any Co-Issuer or any of its Affiliates, or at any other location (including, without
limitation, any location to which Materials of Environmental Concern have been sent for re-use or recycling or for treatment, storage or disposal) which could reasonably be expected to (i) give rise to
liability of any Co-Issuer or any of its Affiliates under any applicable Environmental Law or otherwise result in costs to any Co-Issuer or any of its Affiliates,
(ii) interfere with any Co-Issuer’s or any of its Affiliates’ continued operations or (iii) impair the fair saleable value of any Real Estate Assets owned by any Co-Issuer or any of its Affiliates. 

  
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Section 8.32    Enhancements. No Enhancement shall be provided in respect of
any Series of Notes, nor will any Enhancement Provider have any rights hereunder, as third-party beneficiary or otherwise, unless the Control Party has provided its prior written consent to such Enhancement, such consent not to be unreasonably
withheld. 
 Section 8.33    Series Hedge Agreements; Derivatives
Generally. 
 (a)    No Series Hedge Agreement shall be provided in respect of any Series of Notes,
nor will any Hedge Counterparty have any rights hereunder, as third-party beneficiary or otherwise, unless the Control Party has provided its prior written consent to such Series Hedge Agreement, such consent not to be unreasonably withheld,
conditioned or delayed, and the Co-Issuers have delivered a copy of such prior written consent to the Rating Agencies (with a copy to the Servicer). 

(b)    Without the prior written consent of the Control Party, no
Co-Issuer will, or will permit any other Securitization Entity to, enter into any derivative contract, swap, option, hedging contract, forward purchase contract or other similar agreement or instrument (other
than forward purchase agreements entered into by the Co-Issuers with third-party vendors on behalf of the Securitization Entities in the ordinary course of business), such consent not to be unreasonably
withheld, conditioned or delayed, if any such contract, agreement or instrument requires the Co-Issuers to expend any financial resources to satisfy any payment obligations owed in connection therewith;
provided that the Co-Issuers shall deliver a copy of any such prior written consent to the Rating Agencies (with a copy to the Servicer). 

Section 8.34    Additional Franchise Entity.

 (a)    Any Co-Issuer, in accordance with and as permitted
under the Transaction Documents, may form or cause to be formed an Additional Franchise Entity without the consent of the Control Party; provided that such Additional Franchise Entity is a Delaware limited liability company or a Delaware
corporation (so long as the use of such corporate form is reasonably satisfactory to the Control Party) and has adopted Charter Documents substantially similar to the Charter Documents of the Franchise Entities that are Delaware limited liability
companies or Delaware corporations, as applicable, as in existence on the Closing Date; provided, further, that such Franchise Entity holds Franchise Assets, Product Sourcing Assets, Real Estate Assets or Securitization IP or is being
established in order to act as a franchisor with respect to future New Franchise Agreements. 

(b)    If any Co-Issuer desires to create, incorporate, form or
otherwise organize an Additional Franchise Entity that does not comply with the proviso set forth in clause (a) above, such Co-Issuer shall first obtain the prior written consent of
the Control Party, such consent not to be unreasonably withheld; provided that the Co-Issuers shall deliver a copy of any such prior written consent to the Rating Agencies for each Series of Notes
Outstanding (with a copy to the Servicer). 
 (c)    In connection with the organization of any
Additional Franchise Entity in conjunction with clause (a) or (b) above, the Co-Issuers shall (i) if such Additional

  
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Franchise Entity owns Securitization IP, designate such Additional Franchise Entity as an Additional IP Holder and (ii) designate such Securitization Entity as either an Additional
Applebee’s Franchise Entity or Additional IHOP Franchise Entity. 
 (d)    The Co-Issuer shall cause each Additional Franchise Entity to promptly execute an assumption agreement in form set forth as Exhibit A to the Guarantee and Collateral Agreement (the
“Assumption Agreement”) pursuant to which such Additional Franchise Entity shall become jointly and severally obligated under the Guarantee and Collateral Agreement with the other Guarantors. 

(e)    Upon the execution and delivery of an Assumption Agreement as required in
clause (d) above, any Additional Franchise Entity party thereto will become a party to the Guarantee and Collateral Agreement with the same force and effect as if originally named therein as a Guarantor and, without
limiting the generality of the Guarantee and Collateral Agreement, will assume all Obligations and liabilities of a Guarantor thereunder. 

(f)    The Control Party will have the right to direct that After-Acquired Securitization IP in the
nature of a Trademark be held by one or more newly formed Additional IP Holders if the Control Party reasonably believes that such After-Acquired Securitization IP could impair the Collateral if it were held by an existing Franchise Entity and that
separating the ownership of such After-Acquired Securitization IP from the rest of the Applebee’s IP or the IHOP IP, as applicable, will not impair the enforceability of the Applebee’s IP or the IHOP IP. In making any determination with
respect to such After-Acquired Securitization IP, the Control Party will have the right to consult with the Back-Up Manager or other third-party experts. 

Section 8.35    [Reserved]. 

Section 8.36    Tax Lien Reserve Amount. Upon receipt of any Tax Lien
Reserve Amount by any Guarantor, such Guarantor will contribute such Tax Lien Reserve Amount to the Co-Issuers for remittance to a collateral deposit account established with and controlled by the Trustee in
which the Trustee shall have a security interest; provided that the Trustee will not release such Tax Lien Reserve Amount from such account unless: (a) the Control Party instructs the Trustee in writing to withdraw and pay all of such
Tax Lien Reserve Amount in accordance with the written instructions of the Co-Issuers (or the Manager on their behalf) upon receipt by the Trustee, the Servicer, the Manager, the
Back-Up Manager and the Controlling Class Representative of evidence reasonably satisfactory to the Servicer that the Lien for which such Tax Lien Reserve Amount was established has been released by the
IRS; (b) the Co-Issuers, or the Manager on behalf of the Co-Issuers, deliver written instructions to the Trustee to withdraw and pay all or a portion of such Tax
Lien Reserve Amount to the IRS on behalf of the Dine Brands Entities; provided that the Co-Issuers shall deliver, or cause to be delivered, prior written notice of any such written instruction to the
Servicer; or (c) the Control Party instructs the Trustee in writing to withdraw and pay all or a portion of such Tax Lien Reserve Amount to the IRS (i) upon the occurrence and during the continuation of an Event of Default or
(ii) upon receipt of written notice by any Securitization Entity stating that the IRS intends to execute on the Lien for which such Tax Lien Reserve Amount was established in 

  
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respect of any assets of any Securitization Entity; provided that the Control Party shall deliver a copy of any such written instruction to Dine Brands Global, Inc. 

Section 8.37    Mortgages. Each Franchise Entity shall, within ninety
(90) days following the occurrence of a Mortgage Preparation Event with respect to any New Owned Real Property acquired by such Franchise Entity (and to the extent necessary, any Contributed Owned Real Property), execute and deliver to the
Trustee, for the benefit of the Secured Parties, a mortgage or deed of trust in substantially the form attached as Exhibit L hereto or otherwise in form reasonably acceptable to the Control Party and the Trustee and
suitable for recordation under applicable law with respect to each such Contributed Owned Real Property and each such New Owned Real Property, to be held in escrow by the Trustee or its agent for the benefit of the Secured Parties and recorded by
the Trustee or its agent solely upon the occurrence of a Mortgage Recordation Event (subject to Section 3.1(c) hereof). The Trustee within five (5) Business Days of receiving direction of the Control Party will be
required to deliver the Mortgages to the applicable recording office for recordation in the event that any Rapid Amortization Event occurs (or is continuing) on or following the 120th day following the occurrence of a Mortgage Preparation Event,
unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class Representative). The Trustee may engage a third-party service provider (which shall be reasonably acceptable to the Control Party)
to assist in delivering the Mortgages to the applicable Governmental Authority with respect to such Mortgage for recordation. In addition, within twenty (20) Business Days of a Mortgage Recordation Event, the Franchise Entities shall exercise
commercially reasonable efforts to deliver to the Trustee (i) updates to the Closing Title Reports, (ii) lender’s Title Policies for those properties for which Closing Title Reports were previously obtained, and (iii) local
counsel enforceability opinions with respect to the Mortgages delivered on properties in those states where a material amount of Contributed Owned Real Property and New Owned Real Property is located, as reasonably determined by the Securitization
Entities. The Trustee shall be reimbursed by the Co-Issuers for any and all reasonable costs and expenses in connection with such Mortgage Recordation Event, including all Mortgage Recordation Fees, all
premiums, fees and all other costs (including reasonable attorney’s fees) incurred in connection with delivery of the Title Policies and all fees and costs incurred in connection with local counsel enforceability opinions, pursuant to and in
accordance with the Priority of Payments. For the avoidance of doubt, the Franchise Entities shall not be required to, and the Trustee may not, record or cause to be recorded any Mortgage or cause the issuance of any Title Policy or local counsel
enforceability opinion until the occurrence of a Mortgage Recordation Event. Neither the Trustee nor any custodian on behalf of the Trustee shall be under any duty or obligation to inspect, review or examine any such Mortgages or to determine that
the same are valid, binding, legally effective, properly endorsed, genuine, enforceable or appropriate for the represented purpose or that they are in recordable form. Neither the Trustee nor any agent on its behalf shall in any way be liable for
any delays in the recordation of any Mortgage, for the rejection of a Mortgage by any recording office or for the failure of any Mortgage to create in favor of the Trustee, for the benefit of the Secured Parties, legal, valid and enforceable first
priority Liens on, and security 

  
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interests in, the Franchise Entities’ right, title and interest in and to each Contributed Owned Real Property and each New Owned Real Property, and the Proceeds thereof. Upon the request of
the applicable Franchise Entity, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any Contributed Owned Real Property or any New Owned Real Property;
provided that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee. 

Section 8.38    [Reserved]. 

Section 8.39    Bankruptcy Proceedings. The
Co-Issuers shall, and shall cause each other Securitization Entity to, promptly object to the institution of any bankruptcy proceeding against it and take all necessary or advisable steps to cause the
dismissal of any such proceeding (including, without limiting the generality of the foregoing, to timely file an answer and any other appropriate pleading objecting to (i) the institution of any proceeding to have any Securitization Entity, as
the case may be, adjudicated as bankrupt or Insolvent or (ii) the filing of any petition seeking relief, reorganization, arrangement, adjustment or composition or in respect of any Securitization Entity, as the case may be, under applicable
bankruptcy law or any other applicable Requirements of Law) 
 ARTICLE IX 

REMEDIES 

Section 9.1    Rapid Amortization Events. 

The Notes will be subject to rapid amortization in whole and not in part following the occurrence of any of the following
events (and any events that may be added in connection with the issuance of any Additional Notes) as declared by the Control Party (acting at the direction of the Controlling Class Representative) by written notice to the Co-Issuers (with a copy to the Manager and the Trustee) (each, a “Rapid Amortization Event”); provided, that a Rapid Amortization Event described in clause (d) will occur
automatically without any declaration thereof by the Control Party unless the Control Party and each Noteholder of the applicable Notes that have not been repaid or refinanced in full on or prior to the applicable Series Anticipated Repayment Date
have agreed to waive such event in accordance with Section 9.7: 
 (a)    the
failure to maintain a DSCR of at least 1.20x as calculated on any Quarterly Calculation Date; 

(b)    the occurrence of a Manager Termination Event; 

(c)    the occurrence of an Event of Default; 

(d)    the Co-Issuers have not repaid or refinanced any Series of
Notes (or Class, Subclass or Tranche thereof) in full on or prior to the Series Anticipated Repayment Date provided for such Series of Notes (or any Class, Subclass or Tranche thereof) in the Series Supplement for such Series, Class, Subclass or
Tranche of Notes; provided, that, the Series 

  
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Supplement for any Series of Additional Notes (or Class, Subclass or Tranche thereof) may provide that if the DSCR is greater than 2.00x as of such Series Anticipated Repayment Date, and any such
Series, Class, Subclass or Tranche of Notes is repaid or refinanced within one (1) calendar year from its Series Anticipated Repayment Date, such Rapid Amortization Event will no longer be in effect following such repayment or refinancing; or

 (e)    Applebee’s/IHOP Systemwide Sales as calculated on any Quarterly Calculation Date are
less than $3,250,000,000; provided, that such threshold may be increased or decreased at the request of the Co-Issuers subject to approval by the Control Party and satisfaction of the Rating Agency
Condition. 
 Section 9.2    Events of Default. 

If any one of the following events shall occur (each an “Event of Default”): 

(a)    any Co-Issuer defaults in the payment of interest on any
Series of Notes Outstanding when the same becomes due and payable and such default continues for two (2) Business Days (or in the case of a failure to pay such interest when due resulting solely from an administrative error or omission by the
Trustee, such failure continues for a period of two (2) Business Days after the Trustee has Actual Knowledge of such administrative error or omission); provided, that failure to pay any contingent or additional interest on any Series of
Notes (including, but not limited to, the Quarterly Post-ARD Additional Interest) on any Quarterly Payment Date (including the Series Legal Final Maturity Date) will not be an Event of Default; 

(b)    any Co-Issuer (i) defaults in the payment of any
principal of any Series of Notes on a Series Legal Final Maturity Date for such Series of Notes or as and when due in connection with any mandatory or optional prepayment or (ii) fails to make any other principal payments due from funds
available in the Collection Account in accordance with the Priority of Payments on any Weekly Allocation Date; provided that in the case of a failure to pay principal under either clause (i) or (ii) resulting solely from an
administrative error or omission by the Trustee, such failure continues for a period of two (2) Business Days after the Trustee has Actual Knowledge of such administrative error or omission; provided, further, that the failure to
pay any prepayment premium on any prepayment of principal made during any Rapid Amortization Period occurring prior to the related Series Anticipated Repayment Date will not be an Event of Default; 

(c)    any Securitization Entity fails to perform or comply in any material respect with any of the
covenants (other than those covered by clause (a) or clause (b) above) (including any covenant to pay any amount other than interest on or principal of the Notes when due in accordance with the Priority of Payments), or any
of its representations or warranties contained in any Transaction Document to which it is a party proves to be incorrect in any material respect as of the date made or deemed to be made, and such default, failure or breach continues for a period of
thirty (30) consecutive days or, in the case of a failure to comply with any of the agreements, covenants or provisions of the IP License Agreements, such longer cure period as may be permitted under the IP License Agreements (or, solely with
respect to a failure to comply with (i) any obligation to deliver a notice, financial statement, report or other communication within the specified time frame set forth in the applicable Transaction Document, such failure continues for a period
of five (5) consecutive Business Days after the specified time frame for delivery has 

  
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elapsed or (ii) Sections 8.7, 8.12, 8.13, 8.14, 8.15, 8.17, 8.18, 8.19, 8.20, 8.21, 8.22, 8.23,
8.24, 8.25, 8.27 and 8.28, such failure continues for a period of ten (10) consecutive Business Days), in each case, following the earlier to occur of the Actual Knowledge of such Securitization Entity of such breach
or failure and the default caused thereby or written notice to such Securitization Entity by the Trustee, the Back-Up Manager or the Control Party (acting at the direction of the Controlling
Class Representative) of such default, breach or failure; provided, that no Event of Default shall occur pursuant to this clause (c) if, with respect to any such representation deemed to have been false in any material
respect when made which can be remedied by making a payment of an Indemnification Amount, (i) the relevant Indemnitor or the Manager, as applicable, has paid the required Indemnification Amount in accordance with the terms of the Transaction
Documents and (ii) such Indemnification Amount has been deposited into the Collection Account; 

(d)    the occurrence of an Event of Bankruptcy with respect to any Securitization Entity; 

(e)    the Interest-Only DSCR as calculated as of any Quarterly Calculation Date is less than 1.10x; 

(f)    the SEC or other regulatory body having jurisdiction reaches a final determination that any
Securitization Entity is required to register as an “investment company” under the 1940 Act or is under the “control” of a Person that is required to register as an “investment company” under the 1940 Act; 

(g)    any of the Transaction Documents or any material portion thereof ceases to be in full force and
effect or enforceable in accordance with its terms (other than in accordance with the express termination provisions thereof) or Dine Brands Global, Inc. or any Securitization Entity so asserts in writing; 

(h)    other than with respect to Collateral with an aggregate fair market value of less than
$25,000,000, the Trustee ceases to have for any reason a valid and perfected first priority security interest in the Collateral (subject to Permitted Liens) in which perfection can be achieved under the UCC or other applicable Requirements of Law in
the United States to the extent required by the Transaction Documents or any Securitization Entity or any Affiliate thereof so asserts in writing; 

(i)    any Securitization Entity fails to perform or comply with any material provision of its
organizational documents or any provision of Section 8.24 relating to legal separateness of the Securitization Entities, which failure is reasonably likely to cause the contribution of the Collateral to such Securitization
Entity pursuant to the Contribution Agreements to fail to constitute a “true contribution” or other absolute transfer of such Collateral pursuant to such Contribution Agreement or is reasonably likely to cause a court of competent
jurisdiction to disregard the separate existence of such Securitization Entity relative to any Person other than another Securitization Entity and, in each case, such failure continues for more than thirty (30) consecutive days following the
earlier to occur of the Actual Knowledge of such Securitization Entity or written notice to such Securitization Entity from the Trustee, the Back-Up Manager or the Control Party (acting at the direction of the
Controlling Class Representative) of such failure; 

  
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 (j)    a final
non-appealable ruling has been made by a court of competent jurisdiction that the contribution of the Collateral (other than any immaterial portion of the Collateral and any Collateral that has been disposed
of to the extent permitted or required under the Transaction Documents) pursuant to a Contribution Agreement does not constitute a “true contribution” or other absolute transfer of such Collateral pursuant to such agreement; 

(k)    an outstanding final non-appealable judgment for an amount
exceeding $20,000,000 (when aggregated with the amount of all other outstanding final non-appealable judgments) (to the extent not covered by independent third-party insurance as to which the insurer is rated
at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute coverage) is rendered against any Securitization Entity, and either (i) enforcement proceedings are commenced by any creditor upon such
judgment or order or (ii) there is any period of forty-five (45) consecutive days during which such judgment remains unsatisfied or a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, will not be in
effect; 
 (l)    the failure of (i) Applebee’s Parent to own 100% of the Equity Interests of
the Applebee’s Holding Company Guarantor, (ii) the Applebee’s Holding Company Guarantor to own 100% of the Equity Interests of the Applebee’s Issuer; (iii) the Applebee’s Issuer to own 100% of the Equity Interests of
each Applebee’s Franchise Entity; (iv) the IHOP Parent to own 100% of the Equity Interests of the IHOP Holding Company Guarantor; (v) the IHOP Holding Company Guarantor to own 100% of the Equity Interests of the IHOP Issuer; or
(vi) the IHOP Issuer to own 100% of the Equity Interests of each IHOP Franchise Entity; 

(m)    other than as permitted under the Indenture or the other Transaction Documents, the Franchise
Entities and any Additional IP Holders collectively fail to have good title to any material portion of the Securitization IP or the Securitization Entities collectively shall fail to have good title or valid leasehold interests, as applicable, in or
to any material portion of the Collateral; 
 (n)    (i) any Securitization Entity engages in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding
deficiency” or failure to meet the “minimum funding standard” (as defined in Section 302 of ERISA), whether or not waived, exists with respect to any Pension Plan and is not fully discharged within thirty (30) days
thereafter, (iii) any Lien in an amount equal to at least $1,000,000 in favor of the PBGC or a Pension Plan arises on the assets of any Securitization Entity and is not fully discharged within thirty (30) days thereafter, (iv) a
Reportable Event shall occur with respect to, or proceedings commence to have a trustee appointed, or a trustee is appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or
appointment of a trustee is, in the reasonable opinion of the Control Party, likely to result in the termination of such Single Employer Plan for purposes of Title IV of ERISA, (v) any Single Employer Plan terminates for purposes of Title IV of
ERISA, (vi) any Securitization Entity incurs, or in the reasonable opinion of the Control Party is likely to incur, any liability in connection with a complete or partial withdrawal from, or the Insolvency, Reorganization or termination of, a
Multiemployer Plan or (vii) any other event or condition occurs or exists with respect to a Pension Plan or Employee Benefit Plan; and in each case in clauses (i) through (vii) above, such event or condition, together with
all other such events or conditions, if 

  
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any, could reasonably be expected to have a Material Adverse Effect on any Securitization Entity; or 

(o)    the IRS files notice of a lien pursuant to Section 6323 of the Code with regard to the assets
of any Securitization Entity and such lien has not been released within sixty (60) days, unless (i) Dine Brands Global, Inc. or a Subsidiary thereof has provided evidence that payment to satisfy the full amount of the asserted liability
has been provided to the IRS, and the IRS has released such asserted lien within sixty (60) days of such payment, or (ii) such lien or the asserted liability is being contested in good faith and Dine Brands Global, Inc. has contributed to
the Guarantors funds in the amount necessary to satisfy the asserted liability (the “Tax Lien Reserve Amount”), which such funds are set aside and remitted to a collateral deposit account as provided in
Section 8.36; 
 then (i) in the case of any event described in each clause above (except for clause
(d) thereof) that is continuing the Trustee, at the direction of the Control Party (acting at the direction of the Controlling Class Representative) and on behalf of the Noteholders, by written notice to the Co-Issuers (unless no
written notice is required under this Indenture), will declare the Outstanding Principal Amount of all Series of Notes Outstanding to be immediately due and payable, and upon any such declaration, such Outstanding Principal Amount, together with
accrued and unpaid interest thereon through the date of acceleration, and all other amounts due to the Noteholders and the other Secured Parties under the Indenture Documents shall become immediately due and payable or (ii) in the case of any
event described in clause (d) above that has occurred and is continuing, the Outstanding Principal Amount of all Series of Notes Outstanding, together with interest accrued but unpaid thereon through the date of acceleration, and all
other amounts due to the Noteholders and the other Secured Parties under the Indenture, shall immediately and without further act become due and payable. 

If any Securitization Entity obtains Actual Knowledge that a Default or an Event of Default has occurred and is continuing,
such Securitization Entity shall promptly notify the Trustee and the Control Party. Promptly following the Trustee’s receipt of written notice hereunder of any Event of Default, the Trustee shall send a copy thereof to the Co-Issuers, the Servicer, each Rating Agency, the Controlling Class Representative, the Manager, the Back-Up Manager, each
Class A-1 Administrative Agent, each Noteholder and each other Secured Party. 

At any time after such a declaration of acceleration with respect to the Notes has been made and before a judgment or decree
for payment of the money due has been obtained by the Trustee, as hereinafter provided in this Article IX, the Control Party (acting at the direction of the Controlling Class Representative), by written notice to the Co-Issuers and to the Trustee, may rescind and annul such declaration and its consequences, if (i) the Co-Issuers have paid or deposited with the Trustee a sum sufficient
to pay (a) all overdue installments of interest and principal on the Notes (excluding principal amounts due solely as a result of the acceleration), and (b) all unpaid taxes, administrative expenses and other sums paid or advanced by the
Trustee or the Servicer under the Transaction Documents and the reasonable compensation, expenses, disbursements and Advances of the Trustee and the Servicer, their agents and counsel, and any unreimbursed Advances (with interest thereon at the
Advance Interest Rate), Servicing Fees, Liquidation Fees or Workout Fees and (ii) all existing Events of Default, other than the non-payment of the principal of the Notes which has become due solely by
such declaration of 

  
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acceleration, have been cured or waived as provided in Section 9.7. No such rescission shall affect any subsequent default or impair any right consequent thereon. Any
Default or Event of Default described in clause (d) above will not be subject to waiver without the consent of the Control Party (acting at the direction of the Controlling Class Representative) and each Noteholder. Any other Default or
Event of Default may be waived by the Control Party (at the direction of the Controlling Class Representative) by notice to the Trustee. 

Section 9.3    Rights of the Control Party and Trustee upon Event of Default. 

(a)    Payment of Principal and Interest. Each Co-Issuer
covenants that if (i) default is made in the payment of any interest on any Series of Notes Outstanding when the same becomes due and payable, (ii) the Notes are accelerated following the occurrence of an Event of Default or
(iii) default is made in the payment of the principal of, or premium, if any, on any Series of Notes Outstanding when due and payable, the Co-Issuers will, to the extent of funds available, upon demand of
the Trustee, at the direction of the Control Party (subject to Section 11.4(e), at the direction of the Controlling Class Representative), pay to the Trustee, for the benefit of the Noteholders, the whole amount then
due and payable on the Notes for principal, premium, if any, and interest, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Note Rate and any default rate, as
applicable, and in addition thereto such further amount as shall be sufficient to cover costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. 

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

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

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

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

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

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

(d)    Sale of Collateral. In connection with any sale of the Collateral hereunder, under the
Guarantee and Collateral Agreement (which may proceed separately and independently from the exercise of remedies under the Indenture), under any Mortgage or under any judgment, order or decree in any judicial proceeding for the foreclosure or
involving the enforcement of the Indenture, the Guarantee and Collateral Agreement or any other Transaction Document: 

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

  
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 (ii)    the Trustee (acting at the
direction of the Control Party (acting at the direction of the Controlling Class Representative)) may make and deliver to the purchaser or purchasers a good and sufficient deed, bill of sale and instrument of assignment and transfer of the
property sold; 
 (iii)    all right, title, interest, claim and demand whatsoever,
either at law or in equity or otherwise, of any Securitization Entity of, in and to the property so sold shall be divested; and such sale shall be a perpetual bar both at law and in equity against such Securitization Entity, its successors and
assigns, and against any and all Persons claiming or who may claim the property sold or any part thereof from, through or under such Securitization Entity or its successors or assigns; 

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

(v)    any amounts obtained by the Trustee or the Control Party on account of or as a
result of the exercise by the Trustee or the Control Party of any of its rights under the Indenture or under the Guarantee and Collateral Agreement, other than with respect to amounts owed to a depository bank or securities intermediary under the
related Account Control Agreement, will be held by the Trustee as additional collateral for the repayment of the Obligations, shall be deposited in the Collection Account and, other than with respect to amounts owed to a depository bank or
securities intermediary under the related Account Control Agreement, shall be applied in the priority set forth in this Section 5.10 hereof; provided that, unless otherwise provided in the Indenture, with respect to any
distribution to any Class of Notes, such amounts will be distributed sequentially in order of alphabetical (as opposed to alphanumerical) designation and pro rata among each Class of Notes of the same alphabetical designation based upon
the Outstanding Principal Amount of the Notes of each such Class. 
 (e)    Application of
Proceeds. Any amounts obtained by the Trustee or the Control Party on account of or as a result of the exercise by the Trustee or the Control Party of any right hereunder or under the Guarantee and Collateral Agreement shall be held by the
Trustee as additional collateral for the repayment of the Obligations, shall be deposited into the Collection Account and shall be applied as provided in the priority set forth in the Priority of Payments; provided, however, that
unless otherwise provided in this Article IX, with respect to any distribution to any Class of Notes, notwithstanding the provisions of Article V, such amounts shall be distributed
sequentially in order of alphabetical (as opposed to alphanumerical) designation and pro rata among each Class of Notes of the same alphabetical designation based upon the Outstanding Principal Amount of the Notes of each such
Class. 

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

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

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

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

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

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

(c)    waives and releases all rights to have the Collateral marshaled upon any foreclosure, sale or
other enforcement of the Indenture; and 
 (d)    consents and agrees that, subject to the terms of the
Indenture and the Guarantee and Collateral Agreement, all the Collateral may at any such sale be sold by the Trustee as an entirety or in such portions as the Trustee may (upon direction by the Control Party (acting at the direction of the
Controlling Class Representative)) determine. 
 Section 9.5    Limited
Recourse. 
 Notwithstanding any other provision of the Indenture, the Notes or any other Transaction Document or
otherwise, the liability of the Securitization Entities to the Noteholders and any other Secured Parties under or in relation to the Indenture, the Notes or any other Transaction Document or otherwise, is limited in recourse to the Collateral. The
proceeds of the Collateral having been applied in accordance with the terms hereof, none of the Noteholders or any other Secured Parties shall be entitled to take any further steps against any Securitization Entity to recover any sums due but still
unpaid hereunder, under the Notes or under any of the other 

  
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agreements or documents described in this Section 9.5, all claims in respect of which shall be extinguished. 

Section 9.6    Optional Preservation of the Collateral. 

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

Section 9.7    Waiver of Past Events. 

Prior to the declaration of the acceleration of the maturity of each Series of Notes Outstanding as provided in
Section 9.2 and subject to Section 13.2, the Control Party (at the direction of the Controlling Class Representative) by notice to the Trustee, the Rating Agencies and the Servicer, may waive
any existing Default or Event of Default described in any clause of Section 9.2 (except clause (d) thereof) and its consequences; provided, however, that before any waiver may be effective, the
Trustee and the Servicer must have received any reimbursement then due or payable in respect of unreimbursed Advances (including interest thereon) or any other amounts then due to the Servicer or the Trustee hereunder or under the Transaction
Documents; provided, further, that the Control Party shall provide written notice of any such waiver to each Rating Agency (with a copy to the Servicer). Upon any such waiver, such Default shall cease to exist and any Event of Default
arising therefrom shall be deemed to have been cured for every purpose of the Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. A Default or an Event of Default described in
Section 9.2(d) shall not be subject to waiver without the consent of the Control Party (acting at the direction of the Controlling Class Representative) and each Noteholder. Subject to
Section 13.2, the Control Party (at the direction of the Controlling Class Representative), by notice to the Trustee, the Rating Agencies and the Servicer, may waive any existing Potential Rapid Amortization Event or
any existing Rapid Amortization Event; provided however, that a Rapid Amortization Event pursuant to Section 9.1(d) relating to a particular Series of Notes (or Class, Subclass or Tranche thereof) shall not be
permitted to be waived by any party unless each Noteholder of such Series of Notes (or Class, Subclass or Tranche thereof) that have not been repaid or refinanced in full prior to the applicable Series Anticipated Payment Date has consented to such
waiver. 
 Section 9.8    Control by the Control Party. 

Notwithstanding any other provision hereof, the Control Party (subject to Section 11.4(e), at the
direction of the Controlling Class Representative) may cause the institution of and direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercise any trust or power conferred on the Trustee;
provided that: 
 (a)    such direction of time, method and place shall not be in conflict with
any rule of law, the Servicing Standard or with the Indenture; 

  
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 (b)    the Control Party (at the direction of the
Controlling Class Representative) may take any other action deemed proper by the Control Party (at the direction of the Controlling Class Representative) that is not inconsistent with such direction (as the same may be modified by the
Control Party (at the direction of the Controlling Class Representative)); and 
 (c)    such
direction shall be in writing; 
 provided further that, subject to Section 10.1, the Trustee need
not take any action that it determines might involve it in liability unless it has received an indemnity for such liability as provided herein. 

Section 9.9     Limitation on Suits. 

Any other provision of the Indenture to the contrary notwithstanding, a Holder of Notes may pursue a remedy with respect to
the Indenture or any other Transaction Document only if: 
 (a)    the Noteholder gives to the Trustee,
the Control Party and the Controlling Class Representative written notice of a continuing Event of Default; 

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

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

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

(e)    during such sixty (60) day period, the Majority of Senior Noteholders do not give the Trustee
a direction inconsistent with the request; and 
 (f)    the Control Party (acting at the direction of
the Controlling Class Representative) has consented to the pursuit of such remedy. 
 A Noteholder may not use the Indenture or any
other Transaction Document to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder. 

Section 9.10    Unconditional Rights of Noteholders to Receive Payment. 

Notwithstanding any other provision of the Indenture, the right of any Holder of a Note to receive payment of principal of,
and premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such 

  
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payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder of the Note. 

Section 9.11    The Trustee May File Proofs of Claim. 

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

Section 9.12    Undertaking for Costs. 

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

Section 9.13    Restoration of Rights and Remedies. 

If the Trustee, any Noteholder or any other Secured Party has instituted any Proceeding to enforce any right or remedy under
the Indenture or any other Transaction Document and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder or other Secured Party, then and in every such case the
Trustee and the Noteholders shall, subject to any determination in such proceeding, be restored 

  
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severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee, the Noteholders and the other Secured Parties shall continue as though no
such Proceeding had been instituted. 
 Section 9.14    Rights and Remedies
Cumulative. 
 No right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Notes or any
other Secured Party is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under the Indenture or any other
Transaction Document or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under the Indenture or any other Transaction Document, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
 Section 9.15    Delay
or Omission Not Waiver. 
 No delay or omission of the Trustee, the Control Party, the Controlling
Class Representative, any Holder of any Note or any other Secured Party to exercise any right or remedy accruing upon any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article IX or by law to
the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes or any other Secured Party may be exercised from time to time to the extent not inconsistent with the Indenture, and as often as may be deemed expedient,
by the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes or any other Secured Party, as the case may be. 

Section 9.16    Waiver of Stay or Extension Laws. 

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

 ARTICLE X 

THE TRUSTEE 

Section 10.1    Duties of the Trustee. 

(a)    If an Event of Default or a Rapid Amortization Event of which a Trust Officer of the Trustee shall
have Actual Knowledge has occurred and is continuing, the 

  
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Trustee shall (except in the case of the receipt of directions with respect to such matter from the Control Party in accordance with the terms of this Base Indenture or any other Transaction
Document in which event the Trustee’s sole responsibility will be to await such directions and act or refrain from acting in accordance with such directions) exercise the rights and powers vested in it by this Base Indenture and the other
Transaction Documents, and use the same degree of care and skill in its exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs; provided that the Trustee will have no
liability in connection with any action or inaction taken, or not taken, by it upon the deemed occurrence of an Event of Default, a Rapid Amortization Event, a Manager Termination Event or a Servicer Termination Event of which a Trust Officer has
not received written notice; provided, further, that the Trustee will have no liability in connection with any action or inaction due to the acts or failure to act of the Control Party or the Controlling Class Representative in
connection with any Event of Default, Rapid Amortization Event, Manager Termination Event or Servicer Termination Event, or for acting or failing to act due to any direction or lack of direction from the Control Party or the Controlling
Class Representative. The preceding sentence shall not have the effect of insulating the Trustee from liability arising out of the Trustee’s negligence, fraud, bad faith or willful misconduct. The Trustee agrees that it shall not exercise
any rights or remedies available to it as a result of the occurrence of a Rapid Amortization Event or an Event of Default until after the Trustee has given prior written notice thereof to the Controlling Class Representative and the Control
Party and has obtained the written direction of the Control Party (subject to Section 11.4(e), at the direction of the Controlling Class Representative). The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished to the Trustee which are specifically required to be furnished pursuant to any provision of the Indenture, shall examine them to determine whether they conform to the
requirements of this Base Indenture; provided that the Trustee shall not be responsible for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Co-Issuers under the Indenture. 
 (b)    Except during the
occurrence and continuance of an Event of Default or a Rapid Amortization Event of which the Trustee shall have Actual Knowledge: 

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

(ii)    In the absence of bad faith on its part, the Trustee may conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of the Indenture and any other applicable Transaction Document;
provided, however, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine such certificates or

  
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opinions to determine whether or not they conform to the requirements of the Indenture and shall promptly notify the party of any non-conformity. 

(c)    The Trustee may not be relieved from liability for its own negligence, fraud, bad faith or willful
misconduct, except that: 
 (i)    This clause (c) does not limit the
effect of clause (a) of this Section 10.1. 

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

(iii)    The Trustee shall not be liable in its individual capacity with respect to any
action it takes, suffers or omits to take in good faith at the direction of the Manager, the Co-Issuers, the Control Party and/or any Noteholder under the circumstances if such direction is required or
permitted by the terms hereunder. 
 (iv)    The Trustee shall not be charged with
knowledge of any Mortgage Recordation Event, Default, Event of Default, Potential Rapid Amortization Event, Rapid Amortization Event, Manager Termination Event, Potential Manager Termination Event or Servicer Termination Event or the commencement
and continuation of a Cash Flow Sweeping Period until such time as a Trust Officer shall have Actual Knowledge or have received written notice thereof. In the absence of such Actual Knowledge or receipt of such notice, the Trustee may conclusively
assume that no such event has occurred or is continuing. 
 (d)    Notwithstanding anything to the
contrary contained in the Indenture or any of the other Transaction Documents, no provision of the Indenture or the other Transaction Documents shall require the Trustee to expend or risk its own funds or incur any financial liability in the
performance of any of its duties or exercise of its rights or powers hereunder, if it has reasonable grounds for believing that repayment of such funds or adequate security or indemnity against such risk or liability is not reasonably assured to it
by the security afforded to it by the terms of the Indenture or the Guarantee and Collateral Agreement. The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any risk, loss,
liability or expense. 
 (e)    In the event that the Paying Agent or the Note Registrar shall fail to
perform any obligation, duty or agreement in the manner or on the day required to be performed by the Paying Agent or the Note Registrar, as the case may be, under the Indenture, the Trustee shall be obligated as soon as practicable upon Actual
Knowledge of a Trust Officer thereof and receipt of appropriate records and information, if any, to perform such obligation, duty or agreement in the manner so required. 

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

  
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 (g)    Whether or not therein expressly so provided,
every provision of the Indenture and the other Transaction Documents relating to the conduct of, affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section 10.1.

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

(i)    The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken
by it in good faith in accordance with the Indenture or at the direction of the Servicer, the Control Party, the Controlling Class Representative or the holders of the requisite percentage of Noteholders, relating to the time, method and place
for conducting any proceeding for any remedy available to the Trustee, exercising any trust or power conferred upon the Trustee under this Base Indenture or any other circumstances in which such direction is required or permitted by the terms of
this Base Indenture. 
 (j)    The Trustee shall have no duty (i) to see to any recording, filing
or depositing of this Base Indenture or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recordings or filing or depositing or to any
rerecording, refiling or redeposition of any thereof (other than with respect to filings of the Mortgages as and to the extent provided in Section 3.1(c)); (ii) to see to any insurance, (iii) except as otherwise
provided by Section 10.1(e), to see to the payment or discharge of any tax, assessment or other governmental charge or any lien or encumbrance of any kind or (iv) to confirm or verify the contents of any reports or
certificates of the Manager, the Control Party, the Back-Up Manager or the Servicer delivered to the Trustee pursuant to this Base Indenture or any other Transaction Document believed by the Trustee to be
genuine and to have been signed or presented by the proper party or parties. 
 (k)    The Trustee
shall not be personally liable for special, indirect, consequential or punitive damages arising out of, in connection with or as a result of the performance of its duties under the Indenture. 

(l)    (i)    Notwithstanding anything to the contrary in this
Section 10.1, the Trustee shall make Debt Service Advances to the extent and in the manner set forth in Section 5.11(a) hereof; provided, however, that notwithstanding anything herein
or in any other Transaction Document to the contrary, the Trustee will not be obligated to advance any principal on the Notes, any make-whole prepayment consideration, any Series Hedge Payment Amounts, any
Class A-1 Notes Administrative Expenses, any Class A-1 Notes Quarterly Commitment Fees 

  
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Amount, any Post-ARD Additional Interest, Class A-1 Notes Interest Adjustment Amount or any reserve amounts or
any interest or principal payable on, or any other amount due with respect to, the Senior Subordinated Notes or the Subordinated Notes. 

(ii)    Notwithstanding anything herein to the contrary, no Debt Service Advance shall
be required to be made hereunder by the Trustee if the Trustee determines such Debt Service Advance (including interest thereon) would, if made, constitute a Nonrecoverable Advance. The determination by the Trustee that it has made a Nonrecoverable
Advance or that any proposed Debt Service Advance, if made, would constitute a Nonrecoverable Advance, shall be made by the Trustee in its reasonable good faith judgment. The Trustee is entitled to conclusively rely on the determination of the
Servicer that an Advance is or would be a Nonrecoverable Advance. Any such determination will be conclusive and binding on the Noteholders. The Trustee may update or change its nonrecoverability determination at any time, and may decide that a
requested Debt Service Advance or Collateral Protection Advance that was previously deemed to be a Nonrecoverable Advance shall have become recoverable. Notwithstanding the foregoing, all outstanding Debt Service Advances and Collateral Protection
Advances made by the Trustee and any accrued interest thereon will be paid strictly in accordance with the Priority of Payments, even if the Trustee determines that any such advance is a Nonrecoverable Advance after such Advance has been made. 

(iii)    The Trustee shall be entitled to receive interest at the Advance Interest Rate
accrued on the amount of each Debt Service Advance made thereby (with its own funds) for so long as such Debt Service Advance is outstanding. Such interest with respect to any Debt Service Advance made pursuant to this
Section 10.1(l) shall be payable out of Collections in accordance with the Priority of Payments pursuant to Section 5.11 hereof and the other applicable provisions of the Transaction Documents.
Such interest will be calculated on the basis of a 360-day year of twelve 30-day months and will be due and payable in arrears on each Weekly Allocation Date. 

Section 10.2    Rights of the Trustee. Except as otherwise provided by
Section 10.1: 
 (a)    The Trustee may conclusively rely and shall be fully
protected in acting or refraining from acting based upon any resolution, Officer’s Certificate, Opinion of Counsel, certificate, instrument, report, consent, order, document or other paper reasonably believed by it to be genuine and to have
been signed by or presented by the proper person. 
 (b)    The Trustee may consult with counsel of its
selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

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

(d)    The Trustee shall not be liable for any action it takes, suffers or omits to take in the absence
of negligence, fraud, bad faith and willful misconduct which it believes to be authorized or within the discretion or rights or powers conferred upon it by the Indenture or the applicable Transaction Documents. 

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

(f)    Prior to the occurrence of an Event of Default or Rapid Amortization Event, the Trustee shall not
be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to
do by the Noteholders of at least 25% of the Aggregate Outstanding Principal Amount of all then Outstanding Notes. If the Trustee is so requested or determines in its own discretion to make such further inquiry or investigation into such facts or
matters as it sees fit, the Trustee shall be entitled to examine the books, records and premises of the Securitization Entities, personally or by agent or attorney, at the sole cost of the Co-Issuers and the
Trustee shall incur no liability by reason of such inquiry or investigation. 
 (g)    The right of the
Trustee to perform any discretionary act enumerated in this Base Indenture shall not be construed as a duty, and the Trustee shall be not be liable in the absence of negligence, fraud, bad faith or willful misconduct for the performance of such act.

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

  
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 (i)    Notwithstanding anything to the contrary herein,
any and all communications (both text and attachments) by or from the Trustee that the Trustee in its sole discretion deems to contain confidential, proprietary or sensitive information and sent by electronic mail will be encrypted. The recipient of
the email communication will be required to complete a one-time registration process. 

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

(k)    The Trustee shall not be required to give any bond or surety in respect of the execution of the
trust created hereby or the powers granted hereunder. 
 (l)    All rights of action and claims under
this Base Indenture may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, any such proceeding instituted by the Trustee shall be brought in its own name
or in its capacity as Trustee. Any recovery of judgment shall, after provision for the payments to the Trustee provided for in Section 10.5, be distributed in accordance with the Priority of Payments. 

(m)    The Trustee may request written direction from any applicable party any time the Indenture
provides that the Trustee may be directed to act. 
 (n)    Any request or direction of the Co-Issuers mentioned herein shall be sufficiently evidenced by a Company Order. 

(o)    Whenever in the administration of the Indenture the Trustee shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee may, in the absence of bad faith, gross negligence or willful misconduct on its part, rely upon an Officer’s Certificate of a Co-Issuer, the Manager or the Servicer and shall incur no liability for its reliance thereon. 

(p)    The Trustee shall not be responsible for the accuracy of the books or records of, or for any acts
or omissions of, DTC, any transfer agent (other than the Trustee itself acting in that capacity), Clearstream, Euroclear, any calculation agent (other than the Trustee itself acting in that capacity), or any agent appointed by it with due care or
any Paying Agent (other than the Trustee itself acting in that capacity). 
 (q)    The Trustee and its
Affiliates are permitted to receive additional compensation that could be deemed to be in the Trustee’s economic self-interest for (i) serving as an investment advisor, administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible 

  
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Investments and (iii) effecting transactions in certain Eligible Investments. The Trustee does not guarantee the performance of any Eligible Investments. 

(r)    The Trustee shall have no obligation to invest and reinvest any cash held in the absence of timely
and specific written investment direction from the Servicer or the Co-Issuers. In no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon. The Trustee
shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of the Servicer or the Co-Issuer to provide timely written
investment direction. 
 (s)    The Trustee shall have no obligation to calculate nor shall it be
responsible or liable for any calculation of the DSCR, the Interest-Only DSCR or the New Series Pro Forma DSCR. 

(t)    The rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee, in each case, with respect to its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(u)    The Trustee shall be afforded, in each Transaction Document, all of the rights, powers, immunities
and indemnities granted to it in this Base Indenture as if such rights, powers, immunities and indemnities were specifically set out in each such Transaction Document. 

(v)    For any purpose under the Transaction Documents, the Trustee may conclusively assume without
incurring liability therefor that no Notes are held by any of the Securitization Entities, any other obligor upon the Notes, the Manager or any Affiliate of any of them unless a Trust Officer has received written notice at the Corporate Trust Office
that any Notes are so held by any of the Securitization Entities, any other obligor upon the Notes, the Manager or any Affiliate of any of them. 

(w)    The Trustee shall not have any responsibility to make any inquiry or investigation as to, and
shall have no obligation in respect of, the terms of an engagement of Independent Auditors by the Co-Issuers (or the Manager on behalf of the Co-Issuers) or the terms of
any agreed upon procedures in respect of such engagement; provided that the Trustee shall be authorized, upon receipt of a Company Order directing the same, to execute any acknowledgment or other agreement with the Independent Auditors
required for the Trustee to receive any of the reports or instructions provided herein, which acknowledgment or agreement may include, among other things, (i) acknowledgment that the Co-Issuers had agreed
that the procedures to be performed by the Independent Auditors are sufficient for the Co-Issuers’ purposes, (ii) releases by the Trustee (on behalf of itself and the Holders) of claims against the
Independent Auditors, and (iii) restrictions or prohibitions on the disclosure of information or documents provided to it by such firm of Independent Auditors (including to the Holders). Notwithstanding the foregoing, in no event shall the
Trustee be required to execute any agreement in respect of the Independent Auditors that the Trustee reasonably determines adversely affects it. 

(x)    Citibank, N.A. (in each of its capacities, the “Bank”) agrees to accept and act
upon instructions or directions pursuant to this Base Indenture, the Guarantee and 

  
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Collateral Agreement or any documents executed in connection herewith or therewith sent by unsecured email, facsimile transmission or other similar unsecured electronic methods; provided,
however, that any person providing such instructions or directions shall provide to the Bank an incumbency certificate listing persons designated to provide such instructions or directions (including the email addresses of such persons), which
incumbency certificate shall be amended whenever a person is added or deleted from the listing. If such person elects to give the Bank email (of .pdf or similar files) or facsimile instructions (or instructions by a similar electronic method) and
the Bank in its discretion elects to act upon such instructions, the Bank’s reasonable understanding of such instructions shall be deemed controlling. The Bank shall not be liable for any losses, costs or expenses arising directly or indirectly
from the Bank’s reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions or directions agrees to
assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Bank, including without limitation the risk of the Bank acting on unauthorized instructions, and the risk of interception and misuse by
third parties. 
 Section 10.3    Individual Rights of the Trustee. 

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

Section 10.4    Notice of Events of Default and Defaults. 

If an Event of Default, a Default, a Rapid Amortization Event or a Potential Rapid Amortization Event occurs and is
continuing of which the Trustee has Actual Knowledge or written notice of the existence thereof has been delivered to the Trustee at the Corporate Trust Office, the Trustee shall promptly provide the Noteholders, the Servicer, the Manager, the Back-Up Manager, the Co-Issuers, any Class A-1 Administrative Agent and each Rating Agency with notice of such Event of Default,
Default, Rapid Amortization Event or Potential Rapid Amortization Event, to the extent that the Notes of such Series are Book-Entry Notes, by telephone and e-mail and otherwise by first class mail. 

Section 10.5    Compensation and Indemnity. 

(a)    The Co-Issuers shall promptly pay to the Trustee from time
to time compensation for its acceptance of the Indenture and services hereunder and under the other Transaction Documents to which the Trustee is a party as the Trustee and the Co-Issuers shall from time to
time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Co-Issuers shall reimburse the Trustee promptly upon request for all
reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services in accordance with the provisions of the Indenture (including, without limitation, the Priority of Payments). Such expenses shall
include the reasonable compensation, disbursements and expenses of the Trustee’s agents and outside counsel. The Co-Issuers shall not be required to reimburse any expense incurred by the Trustee through
the Trustee’s own willful misconduct, bad faith or negligence. When the Trustee incurs expenses or 

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

(c)    The provisions of this Section 10.5 shall survive the termination of the
Indenture and the resignation and removal of the Trustee. 

Section 10.6    Replacement of the Trustee. 

(a)     A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 10.6. 

(b)    The Trustee may, after giving not less than thirty (30) days’ prior written notice to
the Co-Issuers, the Noteholders, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative, each
Class A-1 Administrative Agent and each Rating Agency, resign at any time from its office and be discharged from the trust hereby created; provided, however, that no such resignation of the
Trustee shall be effective until a successor trustee has assumed the obligations of the Trustee hereunder. The Control Party (at the direction of the Controlling Class Representative) or the Co-Issuers
may remove the Trustee by delivering written notice of such removal to the Trustee, or any Noteholder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee, if at any time: 
 (i)    the Trustee fails to
comply with Section 10.8; 

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

(iii)    the Trustee fails generally to pay its debts as such debts become due; or 

(iv)    the Trustee becomes incapable of acting. 

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

(c)    If a successor Trustee is not appointed and an instrument of acceptance by a successor Trustee is
not delivered to the Trustee within thirty (30) days after the retiring Trustee resigns or is removed, at the direction of the Control Party, the retiring Trustee, at the expense of the Co-Issuers, may
petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(d)    [Reserved]. 

(e)    A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee
or removed Trustee and to the Servicer and the Co-Issuers. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and
duties of the Trustee under this Base Indenture, any Series Supplement and any other Transaction Document to which the Trustee is a party. The successor Trustee shall mail a notice of its succession to Noteholders and each Class A-1 Administrative Agent. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided, however, that all sums owing to the retiring
Trustee hereunder have been paid. Notwithstanding replacement of the Trustee pursuant to this Section 10.6 the Co-Issuers’ obligations under
Section 10.5 shall continue for the benefit of the retiring Trustee. 

(f)    No successor Trustee may accept its appointment unless at the time of such acceptance such
successor is qualified and eligible under this Base Indenture and a Rating Agency Notification has been provided and the Control Party has provided its consent with respect to such appointment. 

Section 10.7    Successor Trustee by Merger, etc. 

Subject to Section 10.8, if the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee; provided that written notice of such consolidation, merger or conversion shall be
provided to the Co-Issuers, the Servicer, the Noteholders and each Class A-1 Administrative Agent; provided further that the resulting or successor
corporation is eligible to be a Trustee under Section 10.8. 

  
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 Section 10.8    Eligibility
Disqualification. 
 (a)    There shall at all times be a Trustee hereunder which shall (i) be
a bank or trust company organized and doing business under the laws of the United States of America or of any state thereof authorized under such laws to exercise corporate trustee power, (ii) be subject to supervision or examination by federal
or state authority, (iii) have a combined capital and surplus of at least $250,000,000 as set forth in its most recent published annual report of condition, (iv) be reasonably acceptable to the Servicer and (v) have a long-term
unsecured debt rating of at least “BBB+” and “Baa1” by S&P’s and Moody’s, respectively. 

(b)    At any time the Trustee shall cease to satisfy the eligibility requirements of
Section 10.8(a), the Trustee shall resign after written request that it do so by the Co-Issuers, or by the Control Party at the direction of the Controlling Class Representative,
in the manner and with the effect specified in Section 10.6. 

Section 10.9    Appointment of
Co-Trustee or Separate Trustee. 
 (a)    Notwithstanding
any other provisions of this Base Indenture, any Series Supplement or any other Transaction Document, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Collateral may at the time be located,
the Trustee shall have the power upon notice to the Control Party, the Co-Issuers and each Class A-1 Administrative Agent and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, for all or any part of the Collateral, and to
vest in such Person or Persons, in such capacity and for the benefit of the Noteholders and the other Secured Parties, such title to the Collateral, or any part thereof, and, subject to the other provisions of this
Section 10.9, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. Any co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 10.8 or shall be otherwise acceptable to the Servicer. No notice to Noteholders of the appointment of any co-trustee
or separate trustee shall be required under Section 10.6. No co-trustee shall be appointed without the consent of the Servicer and the
Co-Issuers unless such appointment is required as a matter of state law or to enable the Trustee to perform its functions hereunder. 

(b)    Every separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and conditions: 

(i)    the Notes of each Series shall be authenticated and delivered solely by the
Trustee or an authenticating agent appointed by the Trustee; 
 (ii)    all rights,
powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being
understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed, the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral

  
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or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the
direction of the Trustee; 
 (iii)    no trustee hereunder shall be personally liable
by reason of any act or omission of any other trustee hereunder and such appointment shall not, and shall not be deemed to, constitute any such trustee or co-trustee as an agent of the Trustee; and 

(iv)    the Trustee may at any time accept the resignation of or remove any separate
trustee or co-trustee. 
 (c)    Any notice, request or other
writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate
trustee or co-trustee shall refer to this Base Indenture and the conditions of this Article X. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Base
Indenture, any Series Supplement and any other Transaction Documents to which the Trustee is a party, specifically including every provision of this Base Indenture, any Series Supplement, or any other Transaction Document which the Trustee is a
party relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee and a copy thereof given to the Servicer and the
Co-Issuers. 
 (d)    Any separate trustee or co-trustee may at any time constitute the Trustee, its agent or attorney-in-fact with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect to this Base Indenture, any Series Supplement or any other Transaction Document on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee. 
 Section 10.10    Representations and Warranties of Trustee.

 The Trustee represents and warrants to the Co-Issuers and the Noteholders that:

 (a)    the Trustee is a national banking association, organized, existing and in good standing under
the laws of the United States; 
 (b)    the Trustee has full power, authority and right to execute,
deliver and perform this Base Indenture, any Series Supplement issued concurrently with this Base Indenture and each other Transaction Document to which it is a party and to authenticate the Notes, and has taken all necessary action to authorize the
execution, delivery and performance by it of this Base Indenture, any Series Supplement issued concurrently with this Base Indenture and any such other Transaction Document and to authenticate the Notes; 

  
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 (c)    this Base Indenture and each other Transaction
Document to which it is a party has been duly executed and delivered by the Trustee; and 
 (d)    the
Trustee meets the requirements of eligibility as a trustee hereunder set forth in Section 10.8(a). 

Section 10.11    Confidentiality. 

(a)    “Confidential Information” means trade secrets and other information (including,
without limitation, know how, ideas, techniques, recipes, formulas, customer lists, customer information, financial information, business methods and processes, marketing plans, specifications, and other similar information as well as internal
materials prepared by the owner of such information containing or based, in whole or in part, on any such information) that is confidential and proprietary to its owner and that is disclosed by one party to an agreement to another party thereto
whether in writing or disclosed orally, and whether or not designated as confidential. 
 (b)    The
Trustee acknowledges that during the term of this Base Indenture it may receive Confidential Information in its capacity as Trustee from any Non-Securitization Entity, the Securitization Entities, the Manager
and the Back-Up Manager. The Trustee agrees to use reasonable controls (but in all events at least the same degree of care and controls that the Trustee uses to protect its own confidential and proprietary
information of similar importance) to maintain the Confidential Information in confidence and only use the Confidential Information for purposes of its duties under this Base Indenture, and will not, at any time, disseminate or disclose any
Confidential Information to any person or entity other than those of its affiliates and its and their directors, officers, employees, agents, consultants or representatives who have a “need to know” such information in connection with this
Base Indenture (collectively, the “Representatives”), and its applicable regulatory authorities and auditors. The Trustee shall inform its Representatives of these restrictions, shall be liable for any action, or use or disclosure
of Confidential Information by its Representatives which would have constituted a breach of this Section 10.11 had such Representative been a party hereto and shall immediately notify the Manager in the event of any loss or
disclosure of any Confidential Information. Confidential Information shall not include information that: (i) is already known to the Trustee without restriction on use or disclosure prior to receipt of such information from any Non-Securitization Entity, a Securitization Entity or other party to a Transaction Document; (ii) is or becomes part of the public domain other than by breach of this Base Indenture by, or other wrongful act
of, the Trustee or any of its Representatives; (iii) is developed by the Trustee independently of and without reference to any Confidential Information; (iv) is received by the Trustee from a third party who is not under any obligation to
any Non-Securitization Entity, any Securitization Entity or any other party to a Transaction Document to maintain the confidentiality of such information or (v) is required to be disclosed by applicable
law, statute, rule, regulation, subpoena, court order or legal process; provided, that the Trustee promptly notifies the Securitization Entities and the Manager of any such requirement and reasonably cooperates with the Securitization
Entities and the Manager to minimize the extent of any such disclosure. The duties hereunder shall survive termination of this Base Indenture and (A) for trade secret information, shall continue for as long as such information remains a trade
secret under applicable law, and (B) for all other Confidential Information, shall continue for three (3) years after the term of this Base Indenture. 

  
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Notwithstanding anything to the contrary in this Section 10.11, the disclosure of Confidential Information in accordance with the terms of any Transaction Document shall
not be a violation of this Section 10.11. 
 (c)    All books, records,
documents, papers or other materials relating to any Non-Securitization Entity’s, any Securitization Entity’s or the Manager’s business, Intellectual Property, customers, suppliers,
distributors, franchisees, products or projects received by the Trustee containing Confidential Information or other proprietary information or trade secrets of any Non-Securitization Entity, any
Securitization Entity or the Manager, including any copies thereof, shall at all times be and remain the property of the applicable Non-Securitization Entity, Securitization Entity or the Manager, as the case
may be, and shall be destroyed or returned immediately to the applicable Non-Securitization Entity, Securitization Entity or the Manager, as the case may be, upon termination of this Base Indenture, or earlier
at the request of the applicable Non-Securitization Entity, Securitization Entity or the Manager; provided, however, that the Trustee may retain such limited media and materials containing
Confidential Information for customary archival and audit purposes (including with respect to regulatory compliance) only for reference with respect to the prior dealings between the parties and subject to the confidentiality terms of this Base
Indenture. Upon request, the Trustee shall provide an officer’s certificate attesting to the return and/or destruction of all materials containing any Non-Securitization Entity’s, any Securitization
Entity’s or the Manager’s Confidential Information. 
 (d)    Nothing in this
Section 10.11 shall be construed as preventing any Non-Securitization Entity or any Securitization Entity, all of which shall be third-party beneficiaries of the rights arising under
this Section 10.11, as applicable, from pursuing any and all remedies available to it for the breach or threatened breach of covenants made in this Section 10.11, including recovery of money
damages for temporary or permanent injunctive relief. 
 ARTICLE XI 

CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY 

Section 11.1    Controlling Class Representative. 

(a)    Within thirty (30) days after the Closing Date or any CCR
Re-election Event, the Trustee will send via email to each Class A-1 Administrative Agent and, with respect to any Notes other than any Series of Class A-1 Notes, to the Holders thereof via the Applicable Procedures of the Clearing Agency a written notice (with copies to the Manager and the Co-Issuers) in the form
of Exhibit H attached hereto, announcing an election and soliciting nominations for a Controlling Class Representative (a “CCR Election Notice”). Each Controlling Class Member will be allowed to nominate itself as a
CCR Candidate (and will not be permitted to nominate any other Person or entity as a CCR Candidate) by submitting a nomination to the Trustee in the form of Exhibit I attached hereto (a “CCR Nomination”), certifying that, as
of a date not more than ten (10) Business Days prior to the date of the CCR Election Notice, such Controlling Class Member was the Holder or Noteholder of the Outstanding Principal Amount of Notes of the Controlling Class specified in
its CCR Nomination and that it is not a Competitor; provided that for purposes of such nomination and determining the CCR Candidates pursuant to 

  
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the Base Indenture, with respect to any Series of Class A-1 Notes Outstanding, the Class A-1 Notes Voting
Amount will be used in place of the Outstanding Principal Amount of such Series. For any nomination to be valid, the CCR Nomination will be delivered to the Trustee within thirty (30) calendar days of the date of the CCR Election Notice (such
period, the “CCR Nomination Period”). 
 (b)    Based upon the CCR Nominations that
are received by the Trustee, within three (3) Business Days following the end of the CCR Nomination Period, (i) if no nomination has been received and there is no Controlling Class Representative, the Trustee will notify the Manager,
the Co-Issuers, the Servicer and the Controlling Class Members that no nominations have been received and that no election will occur, (ii) if one or more nominations have been received, the Trustee
will prepare and send to each applicable Controlling Class Member a ballot in the form of Exhibit J attached hereto (the “CCR Ballot”) naming the top three candidates based upon the highest aggregate Outstanding
Principal Amount of Notes of Controlling Class Members nominating such candidate (or, if fewer than three (3) candidates are nominated, the CCR Ballot will list all candidates) or (iii) if a Controlling Class Representative
currently exists and no CCR Nominations are received prior to the end of the CCR Nomination Period, then the Person serving as the current Controlling Class Representative will be deemed re-elected and
will remain the Controlling Class Representative. Each Controlling Class Member may, in its sole discretion, indicate its vote for Controlling Class Representative by returning a completed CCR Ballot directly to the Trustee certifying
that, as of the date of the CCR Ballot (the “CCR Voting Record Date”), such Controlling Class Member was the owner or beneficial owner of the Outstanding Principal Amount of Notes of the Controlling Class specified by such
Controlling Class Member in the CCR Ballot; provided that for the purposes of such certification and the tabulation of votes pursuant to the following paragraph, with respect to any Series of
Class A-1 Notes Outstanding, the Class A-1 Notes Voting Amount will be used in place of the Outstanding Principal Amount of such Series. For any vote delivered
on a CCR Ballot to be valid, such CCR Ballot must be delivered to the Trustee within thirty (30) calendar days of the date of such CCR Ballot (such period, a “CCR Election Period”). 

(c)    If a CCR Candidate receives votes from Controlling Class Members holding interests in excess
of 50% of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of Class A-1 Notes of the Controlling Class and (ii) the
Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than Class A-1 Notes), in each case, that are Outstanding as of the CCR Voting Record Date and with respect to which
votes were submitted (which may be less than the Outstanding Principal Amount of Notes of the Controlling Class as of the CCR Voting Record Date), such CCR Candidate will be appointed the Controlling Class Representative. Notes of the
Controlling Class held by the Co-Issuers or any Affiliate of any Co-Issuer will not be considered Outstanding for such voting purposes. If two CCR Candidates both
receive votes from Controlling Class Members holding beneficial interests in exactly 50% of the aggregate Outstanding Principal Amount of Notes of the Controlling Class with respect to which votes were submitted, the Controlling
Class Representative will be the CCR Candidate chosen by the Co-Issuers (or the Manager on their behalf pursuant to the Management Agreement). In the event that there is no current Controlling
Class Representative and no CCR Candidate receives 50% of the aggregate Outstanding Principal Amount of Notes of the Controlling Class with respect to which votes were submitted, the Trustee will notify the Manager, the Securitization
Entities, the Servicer, the Back-Up Manager, the Rating Agency and the Controlling Class Members that no Controlling Class Representative has been appointed, and until a CCR
Re-

  
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election Event occurs and a new Controlling Class Representative is elected then (i) the Control Party will exercise the rights of the Controlling Class Representative in
accordance with the Servicing Standard and (ii) any deliverable or notice that is required to be provided to the Controlling Class Representative under a Transaction Document will be delivered to the Control Party. 

(d)    In the event that a Controlling Class Representative is elected, deemed elected or chosen
pursuant to the previous paragraph, the Trustee will forward an acceptance letter in the form of Exhibit K attached hereto (a “CCR Acceptance Letter”) to such Controlling Class Representative. No Person will be appointed
Controlling Class Representative unless such Person delivers to the Trustee an executed CCR Acceptance Letter within fifteen (15) Business Days of receipt thereof. In the CCR Acceptance Letter, the Person accepting the role of the
Controlling Class Representative will (i) agree to act as the Controlling Class Representative, (ii) provide its name and contact information and permit such information to be shared with the Manager, the Securitization Entities,
the Servicer, the Back-Up Manager, each Rating Agency and the Controlling Class Members and (iii) represent and warrant that it is a Controlling Class Member and not a Competitor. Within two
(2) Business Days of receipt of such executed CCR Acceptance Letter, the Trustee will promptly forward copies thereof, or provide the new Controlling Class Representative’s identity and contact information, to the Manager, the
Securitization Entities, the Servicer, the Back-Up Manager, each Rating Agency and the Controlling Class Members. 

(e)    Within two (2) Business Days of any other change in the name or address of the Controlling
Class Representative of which the Trustee has received notice from the Controlling Class Representative, the Trustee will deliver to each Noteholder via the Applicable Procedures of the Clearing Agency, each
Class A-1 Administrative Agent, the Co-Issuers, the Manager, the Back-Up Manager and the Servicer a notice setting forth the
name and address of the new Controlling Class Representative. 
 (f)    The Trustee will be
entitled to conclusively rely on, and will be fully protected in all actions taken or not taken by it with respect to, (i) the email information provided by each Class A-1 Administrative Agent and
the Applicable Procedures of the Clearing Agency for delivery of the CCR Election Notices and CCR Ballots to holders and beneficial owners of the Controlling Class and (ii) with respect to all CCR
Re-election Events, the representations and warranties of the Persons submitting CCR Nominations, CCR Ballots and CCR Acceptance Letters. The Servicer (in its capacity as Servicer and Control Party) will be
entitled to rely on the identity of the Controlling Class Representative provided by the Trustee with respect to any obligation or right under the Indenture and the other Transaction Documents that the Servicer (in its capacity as Servicer and
Control Party) may have to deliver information or otherwise communicate with the Controlling Class Representative or any of the Noteholders of the Controlling Class, with no liability for such reliance. 

(g)    The Servicer (in its capacity as Servicer and Control Party) will be entitled to rely on the
identity of the Controlling Class Representative provided by the Trustee with respect to any obligation or right hereunder or under any other Transaction Document that the Servicer (in its capacity as Servicer and Control Party) may have to
deliver information or 

  
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otherwise communicate with the Controlling Class Representative or any of the Noteholders of the Controlling Class, with no liability to it for such reliance. 

(h)    The Controlling Class Representative shall be entitled to receive from the Trustee, upon
request, any memoranda delivered to the Trustee by the Back-Up Manager pursuant to the Back-Up Management Agreement; provided that it shall have first executed a
confidentiality agreement, in form and substance satisfactory to the Manager, and such confidentiality agreement remains in effect. Any such memoranda shall be deemed to contain confidential information. 

Section 11.2    Resignation or Removal of the Controlling
Class Representative. The Controlling Class Representative may at any time resign by giving written notice to the Trustee, the Manager, the Servicer and to each Noteholder of the Controlling Class. As of any Record Date,
a Majority of Controlling Class Members shall be entitled to remove any existing Controlling Class Representative by giving written notice to the Trustee, the Manager, the Servicer and such existing Controlling Class Representative.
No resignation or removal of the Controlling Class Representative shall become effective until a successor Controlling Class Representative has been appointed pursuant to Section 11.1 or until the end of the CCR
Election Period (or, if not CCR Election Period has occurred after a CCR Nomination, until the end of the related CCR Nomination Period) following such resignation or removal; provided that any Controlling Class Representative that has
been removed pursuant to this Section 11.2 may subsequently be nominated as a CCR Candidate (provided that such Controlling Class Representative candidate satisfies the requirements of this Base Indenture) and
appointed as Controlling Class Representative pursuant to Section 11.1; provided, further, that an existing Controlling Class Representative shall cease to be the Controlling
Class Representative at the end of a CCR Election Period, even if no successor is re-elected pursuant to Section 11.1, unless such Controlling Class Representative is
elected during such CCR Election Period (except that, in the event of a CCR Re-election Event or upon the occurrence of an annual election date, if no CCR Nominations are received prior to the end of the CCR
Nomination Period, the current Controlling Class Representative will remain the Controlling Class Representative and no further action will be taken with respect to such CCR Re-election Event or
annual election date). In addition to the foregoing, within two (2) Business Days of the selection, resignation or removal of the Controlling Class Representative, the Trustee shall notify the Manager and the Servicer and the parties to
this Base Indenture of such event. 
 Section 11.3    Expenses and Liabilities
of the Controlling Class Representative. 
 (a)    The Controlling
Class Representative shall have no liability to the Noteholders or the Note Owners for any action taken, or for refraining from the taking of any action, in good faith or for errors in judgment; provided, however, that the
Controlling Class Representative shall not be protected against any liability that would otherwise be imposed by reason of willful misfeasance, gross negligence or reckless disregard of its obligations or duties under the Indenture. Each Note
Owner acknowledges and agrees, by its acceptance of its Notes or interests therein, that (i) the Controlling Class Representative may have special relationships and interests that conflict with those of Note Owners of one or more Classes
of Notes, or that conflict with other Note Owners, (ii) the Controlling Class Representative may act solely in the 

  
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interests of the Controlling Class Members or in its own interest, (iii) the Controlling Class Representative does not have any duties to Note Owners other than the Controlling
Class Members, (iv) the Controlling Class Representative may take actions that favor the interests of the Controlling Class Members over the interests of Note Owners of one or more other Classes of Notes, or that favor its own
interests over those of other Note Owners or other Controlling Class Members, (v) the Controlling Class Representative shall not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful
misfeasance, by reason of its having acted solely in the interests of the Controlling Class Members or in its own interests, and (vi) the Controlling Class Representative shall have no liability whatsoever for having so acted pursuant
to clauses (i) through (v), and no Note Owner or Noteholder may take any action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal
thereof for having so acted. 
 (b)    Any and all expenses of the Controlling
Class Representative for acting in its capacity as Controlling Class Representative shall be borne by the Controlling Class Members (and not by any other party), pro rata according to their respective Outstanding
Principal Amounts. Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative and the Servicer or the Trustee are also named parties to the same action and, in the sole judgment of the Servicer, the
Controlling Class Representative had acted in good faith, without gross negligence or willful misconduct, with regard to the particular matter at issue, and there is no potential for the Servicer or the Trustee to be an adverse party in such
action as regards the Controlling Class Representative, the Servicer on behalf of the Trustee shall be required to assume the defense (with any costs incurred in connection therewith being deemed to be reimbursable as a Collateral Protection
Advance) of any such claim against the Controlling Class Representative. 

Section 11.4    Control Party. 

(a)    The Control Party is authorized to consent to and implement, subject to the Servicing Standard,
any Consent Request that does not require the consent of any Noteholder or the Controlling Class Representative. 

(b)    For any Consent Request that expressly requires, pursuant to the terms of this Base Indenture and
the other Transaction Documents, the consent or direction of the Controlling Class Representative, the Control Party shall review such Consent Request and shall formulate and present a Consent Recommendation to the Controlling
Class Representative whether to approve or reject such Consent Request. The Control Party is not authorized to implement any such Consent Request until the Control Party receives the consent of the applicable Noteholders or the Controlling
Class Representative; provided that, subject to Section 6.3 of the Servicing Agreement, if the Controlling Class Representative fails to approve or reject a Consent Request within ten (10) Business
Days following delivery of a Consent Request and the related Consent Recommendation to the Controlling Class Representative or if there is no Controlling Class Representative at such time (including, without limitation, prior to the first
CCR Election Period or upon the issuance of a new Series of Notes), the Control Party shall be authorized (but not required) to implement such Consent Request in accordance with the Servicing Standard, whether or not this Indenture or any
Transaction Document indicates that the Control Party is required to act with the consent or at the direction of the Controlling Class Representative with respect to any 

  
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specific matter relating to such Consent Request, other than with respect to Servicer Termination Events. 

(c)    For any Consent Request that expressly requires the consent or direction of affected Noteholders
or 100% of the Noteholders pursuant to the terms of the Indenture or other Transaction Documents, including pursuant to Section 13.2, the Control Party will review such Consent Request and will formulate and present a
Consent Recommendation to the Trustee, which will forward such Consent Request and Consent Recommendation to the applicable Noteholders. The Control Party will be required to obtain the consent of the applicable Noteholders with respect to such
Consent Request, as required under the Transaction Documents, to implement such Consent Requests. 

(d)    The Control Party shall promptly notify the Trustee, the Manager, the Back-Up Manager, the Co-Issuers and the Controlling Class Representative if the Control Party determines, in accordance with the Servicing Standard, not to implement a
Consent Request or has not received the requisite consent of the Controlling Class Representative or the Noteholders, if applicable, to implement a Consent Request. The Trustee shall promptly notify the Control Party, the Manager, the Back-Up Manager, the Co-Issuers and the Controlling Class Representative if the Trustee has not received the requisite consent of the required percentage of Noteholders
to implement a Consent Request. 
 (e)    Notwithstanding anything herein to the contrary, no advice,
direction or objection from or by the Controlling Class Representative may (i) require or cause the Trustee or the Control Party to violate applicable Requirements of Law, the terms of this Base Indenture, the Notes, the Servicing
Agreement or the other Transaction Documents, including, without limitation with respect to the Control Party, the Control Party’s obligation to act in accordance with the Servicing Standard, (ii) expose the Control Party or the Trustee,
or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, to any material claim, suit or liability, or (iii) materially expand the scope of the Servicer’s responsibilities under the
Servicing Agreement or the Trustee’s responsibility under this Base Indenture, the Notes and the other Transaction Documents. The Trustee and the Control Party shall not be required to follow any such advice, direction or objection. In
addition, notwithstanding anything herein or in the other Transaction Documents to the contrary, the Controlling Class Representative shall not be able to prevent the Control Party from transferring the ownership of all or any portion of the
Collateral if any Advance by the Servicer has been outstanding for twelve (12) months (or longer) and the Control Party determines in accordance with the Servicing Standard that such transfer of ownership would be in the best interest of the
Noteholders (taken as a whole). 
 Section 11.5    Note Owner List. 

(a)    To facilitate communication among Note Owners, the Manager, the Trustee, the Control Party and the
Controlling Class Representative, a Note Owner may elect, but is not required, to notify the Trustee of its name, address and other contact information, which will be kept in a register maintained by the Trustee. 

(b)    Any Note Owners holding beneficial interests of not less than $50,000,000 in aggregate principal
amount of Notes that wish to communicate with the other Note 

  
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Owners with respect to their rights under the Indenture or under the Notes may request in writing that the Trustee deliver a notice or communication to the other Note Owners through the
Applicable Procedures of each Clearing Agency with respect to all Series of Notes Outstanding. If such request and transmission states that such Note Owners desire to communicate with other Note Owners with respect to their rights under the
Indenture or under the Notes and is accompanied by (i) a certificate substantially in the form of Exhibit O certifying that such Note Owners hold beneficial interests of not less than $50,000,000 in aggregate principal amount of Notes
(each, a “Note Owner Certificate”) (upon which the Trustee may conclusively rely) and (ii) a copy of the communication which such Note Owners propose to transmit, then the Trustee, after having been adequately indemnified by
such Note Owners for its costs and expenses, shall transmit the requested communication to all other Note Owners through the Applicable Procedures of each Clearing Agency with respect to all Series of Notes Outstanding, and shall give the Co-Issuers, the Servicer and the Controlling Class Representative notice that such request and transmission has been made, within five (5) Business Days after receipt of the request. The Trustee shall have
no obligation of any nature whatsoever with respect to any requested communication other than to transmit it in accordance with and subject to the terms hereof and to give notice thereof to the Co-Issuers, the
Servicer and the Controlling Class Representative. 
 ARTICLE XII 

DISCHARGE OF INDENTURE 

Section 12.1    Termination of the
Co-Issuers’ and Guarantors’ Obligations. 

(a)    Satisfaction and Discharge. The Indenture and the Guarantee and Collateral Agreement shall
be discharged and cease to be of further effect when all Outstanding Notes theretofore authenticated and issued (other than destroyed, lost or stolen Notes which have been replaced or paid) have been delivered to the Trustee for cancellation, the Co-Issuers have paid all sums payable hereunder and under each other Indenture Document, all commitments to extend credit under all Class A-1 Note Purchase Agreements
have been terminated and all Series Hedge Agreements have been terminated and all payments by the Co-Issuers thereunder have been paid or otherwise provided for; except that (i) the Co-Issuers’ obligations under Section 10.11, Section 10.5 and the Guarantors’ guaranty thereof, (ii) the Trustee’s and the Paying Agent’s
obligations under Sections 12.2 and 12.3 and (iii) the Noteholders’ and the Trustee’s obligations under Section 14.13 shall survive. The Trustee, on demand and at the expense of the
Securitization Entities, will execute proper instruments acknowledging confirmation of, and discharge under, the Indenture and the Guarantee and Collateral Agreement, prepared by the Securitization Entities. 

Upon the termination of the last Series Supplement under which Notes are Outstanding, at the election of the Co-Issuers, the Indenture, the Guarantee and Collateral Agreement and all other Indenture Documents shall be discharged and cease to be of further effect; except that (i) the rights and obligations of the
Trustee hereunder, including, without limitation, the Trustee’s rights to compensation and indemnity under Section 10.5, and the Guarantor’s guaranty thereof, (ii) the Trustee’s and the Paying
Agent’s obligations under Section 12.2 and Section 12.3, and (iii) the Noteholders’ and the Trustee’s obligations under Section 14.13 shall survive.
The Trustee, on demand and at the expense of the Securitization Entities, shall execute 

  
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proper instruments acknowledging confirmation of and discharge under the Indenture and the Guarantee and Collateral Agreement, prepared by the Securitization Entities. 

(b)    Indenture Defeasance. The Co-Issuers may terminate
all of their obligations and the obligations of the Guarantors under the Indenture Documents if: 

(i)    the Co-Issuers irrevocably deposit in
trust with the Trustee or at the option of the Trustee, with a trustee reasonably satisfactory to the Control Party, the Trustee and the Co-Issuers under the terms of an irrevocable trust agreement in form and
substance satisfactory to the Trustee, U.S. Dollars and/or Government Securities in an amount sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, to pay (without consideration of any reinvestment), when due, principal, premiums, make-whole prepayment consideration, if any, and interest on the Outstanding Notes (including additional interest that accrues after a
Series Anticipated Repayment Date or Class A-1 Notes Renewal Date, if applicable) to prepayment, redemption or maturity, as the case may be, and to pay all other sums payable by them hereunder and under
each other Transaction Document and each Series Hedge Agreement; provided that any Government Securities deposited in trust shall provide for the scheduled payment of all principal and interest thereon not later than the Business Day prior to
the applicable prepayment date, redemption date or maturity date, as the case may be; and provided, further, that if (x) the deposit is held by a trustee of an irrevocable trust other than the Trustee, such trustee shall have been
irrevocably instructed by the Co-Issuers to pay such money or the proceeds of such U.S. Government Securities to the Trustee on or prior to the prepayment date, redemption date or maturity date, as applicable,
and (y) the Trustee shall have been irrevocably instructed by the Co-Issuers to apply such money or the proceeds of such U.S. Government Securities to the payment of said principal, premiums, make-whole
prepayment consideration, if any, and interest with respect to the Notes and such other obligations; 

(ii)    all commitments under all Class A-1
Note Purchase Agreements and all Series Hedge Agreements have been terminated on or before the date of such deposit; 

(iii)    the Co-Issuers deliver notice of such
deposit to the Noteholders of Outstanding Notes no more than twenty (20) Business Days prior to such deposit and such notice is expressly stated to be, or as of the date of the deposit has become, irrevocable; 

(iv)    the Co-Issuers deliver notice of such
deposit to the Control Party, the Manager, the Back-Up Manager, the Rating Agencies and the Servicer, on or before the date of the deposit; and 

  
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 (v)    an Opinion of Counsel is
delivered to the Trustee and the Servicer by the Co-Issuers to the effect that all conditions precedent set forth herein with respect to such termination have been satisfied. 

Upon satisfaction of such conditions, the Indenture, the Guarantee and Collateral Agreement and all other Indenture Documents shall be
discharged and cease to be of further effect; except that (i) the rights and obligations of the Trustee hereunder, including, without limitation, the Trustee’s rights to compensation and indemnity under
Section 10.5, and the Guarantor’s guaranty thereof, (ii) the Trustee’s and the Paying Agent’s obligations under Section 12.2 and Section 12.3, (iii)
the Noteholders’ and the Trustee’s obligations under Section 14.13, (iv) this Section 12.1(b) and (v) the Noteholders’ rights to registration of transfer and exchange under
Section 2.8 and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under Section 2.10(a) shall survive. The Trustee, on demand of the Securitization Entities, shall
execute proper instruments acknowledging confirmation of and discharge under the Indenture and the Guarantee and Collateral Agreement. 

(c)    Series Defeasance. Subject to the terms of each applicable Series Supplement, the Co-Issuers, solely in connection with the payment in full (whether optional or mandatory) or a redemption in full of all Outstanding Notes of a particular Series, Class, Subclass or Tranche of Notes (the
“Defeased Series”) or in connection with the Series Legal Final Maturity Date of a particular Series of Notes, may terminate all of their obligations and the obligations of the Guarantors under the Indenture Documents with respect
to such Series, Class, Subclass or Tranche of Notes on and as of any Business Day (the “Series Defeasance Date”), provided: 

(i)    the Co-Issuers irrevocably deposit in
trust with the Trustee, or at the option of the Trustee, with a trustee reasonably satisfactory to the Control Party, the Trustee and the Co-Issuers under the terms of an irrevocable trust agreement in form
and substance satisfactory to the Trustee, U.S. Dollars or Government Securities (or any combination thereof) in an amount sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, to pay (without consideration of any reinvestment) without duplication: 

(1)    all principal, interest, contingent interest, premiums, make-whole prepayment
consideration, Series Hedge Payment Amounts, commitment fees, Class A-1 Notes Administrative Expenses, Class A-1 Notes Interest Adjustment Amounts, Class A-1 Notes Other Amounts, interest on the Outstanding Notes of such Series, Class, Subclass or Tranche (including additional interest that accrues after a Series Anticipated Repayment Date or renewal date,
if applicable) and any other Series Obligations that will be due and payable by the Co-Issuers solely with respect to the Defeased Series as of the applicable prepayment date, redemption date or Series Legal
Final Maturity Date, as the case may be, and to pay other sums payable by them under the Base Indenture and each other Transaction Document with respect to the Defeased Series of Notes; 

  
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 (2)    all Weekly Management Fees,
Supplemental Management Fees, unreimbursed Advances (and outstanding interest thereon) and Manager Advances (and outstanding interest thereon), all fees, indemnities, reimbursements and expenses due to the Trustee, the Manager, the Servicer and the Back-Up Manager, and all Successor Manager Transition Expenses and Successor Servicer Transition Expenses, in each case that will be due and payable on or as of the following Weekly Allocation Date or Quarterly
Payment Date, as applicable; and 
 (3)    all Securitization Operating Expenses and
all Class A-1 Notes Administrative Expenses, Class A-1 Notes Interest Adjustment Amounts, Class A-1 Notes
Commitment Fees Adjustment Amounts and Class A-1 Notes Other Amounts for the Defeased Series, in each case, that are due and unpaid as of the Series Defeasance Date to the Actual Knowledge of the Manager;

 provided, that the terms of each Government Security deposited in trust shall provide for the
scheduled payment of all principal and interest thereon not later than the Business Day prior to the prepayment date, redemption date or Series Legal Final Maturity of the Defeased Series, as applicable; and provided, further, that if
(x) if the deposit is held by a trustee of an irrevocable trust other than Trustee, such trustee shall have been irrevocably instructed by the Co-Issuers to pay such money or the proceeds of such
Government Securities to the Trustee on or prior to the prepayment date, redemption date, or Series Legal Final Maturity Date, as applicable and (y) the Trustee shall have been irrevocably instructed by the
Co-Issuers to apply such money or the proceeds of such Government Securities to the payment of the Series Obligations with respect to the Notes of such Series, Class, Subclass or Tranche and to the payment of
other fees and expenses, as applicable; 
 (ii)    all commitments under all Class A-1 Note Purchase Agreements and all Series Hedge Agreements with respect to the Defeased Series shall have been terminated on or before the Series Defeasance Date; 

(iii)    the Co-Issuers deliver notice of
prepayment, redemption or maturity in full of such Series, Class, Subclass or Tranche of Notes in full to the Noteholders of the Defeased Series, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager, each Rating Agency and the Servicer not more than twenty (20) Business Days prior to the Series Defeasance Date, and such notice is expressly stated to be, or as of the date of the deposit has
become, irrevocable; 
 (iv)    if, after giving effect to the deposit, any other
Series, Class, Subclass or Tranche of Notes is Outstanding, the Co-Issuers deliver to the Trustee an Officer’s Certificate of the Co-Issuers stating that no
Potential Rapid 

  
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Amortization Event, Rapid Amortization Event, Default or Event of Default shall have occurred and be continuing on the date of such deposit; 

(v)    the Co-Issuers deliver to the Trustee an
Officer’s Certificate stating that the defeasance was not made by the Co-Issuers with the intent of preferring the holders of the Defeased Series over other creditors of the
Co-Issuers or with the intent of defeating, hindering, delaying or defrauding other creditors; 

(vi)    the Co-Issuers deliver notice of such
deposit to the Control Party, the Manager, the Back-Up Manager and each Rating Agency on or before the date of the deposit; 

(vii)    such defeasance will not result in a breach or violation of, or constitute a
default under, the Indenture or any other Indenture Documents; and 
 (viii)    the Co-Issuers deliver to the Trustee an Opinion of Counsel to the effect that all conditions precedent set forth herein with respect to such termination have been satisfied. 

Upon satisfaction of such conditions, the Indenture, the Guarantee and Collateral Agreement and the other Indenture Documents shall cease to
be of further effect with respect to such Defeased Series, the Co-Issuers and the Guarantors shall be deemed to have paid and been discharged from their Series Obligations with respect to such Defeased Series
and thereafter such Defeased Series shall be deemed to be “Outstanding” only for purposes of (1) the Trustee’s and the Paying Agent’s obligations under Section 10.11,
Section 12.2 and Section 12.3, (2) the Noteholders’ and the Trustee’s obligations under Section 14.13 and (3) the Noteholders’ rights to registration
of transfer and exchange under Section 2.8 and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under Section 2.10(a). The Trustee, on demand of the Securitization
Entities, shall execute proper instruments acknowledging confirmation of and discharge under the Indenture and the Guarantee and Collateral Agreement of such Series Obligations. 

For the avoidance of doubt, upon the termination of a Series Supplement in accordance with the terms thereof, such Series of Notes shall be a
“Defeased Series” and all Series Obligations with respect to such Series of Notes and all Obligations of the Guarantors under the Guarantee and Collateral Agreement in respect of such Series of Notes shall terminate and such date of
termination shall be a “Series Defeasance Date”. Upon such termination of the applicable Series Supplement in accordance with its terms, the Indenture, the Guarantee and Collateral Agreement and the other Indenture Documents shall cease to
be of further effect with respect to such Defeased Series, the Co-Issuers and the Guarantors shall be deemed to have paid and been discharged from their Series Obligations with respect to such Defeased Series
and thereafter such Defeased Series shall no longer be deemed Outstanding hereunder. 
 (d)    After
the conditions set forth in Section 12.1(a) have been met, or after the irrevocable deposit is made pursuant to Section 12.1(b) and satisfaction of the other conditions set forth therein have been
met, the Trustee upon request of the Securitization Entities shall reassign (without recourse upon, or any warranty whatsoever by, the Trustee) and deliver all 

  
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Collateral and documents then in the custody or possession of the Trustee promptly to the applicable Securitization Entities. 

Section 12.2    Application of Trust Money. 

The Trustee or a trustee satisfactory to the Servicer, the Trustee and the Co-Issuers
shall hold in trust money or Government Securities deposited with it pursuant to Section 12.1. The Trustee shall apply the deposited money and the money from Government Securities through the Paying Agent in accordance with
this Base Indenture and the other Transaction Documents to the payment of principal, premium, if any, and interest on the Notes and the other sums referred to above. The provisions of this Section 12.2 shall survive the
expiration or earlier termination of the Indenture. 

Section 12.3    Repayment to the
Co-Issuers. 
 (a)    The Trustee and the Paying Agent
shall promptly pay to the Co-Issuers upon written request any excess money or, pursuant to Sections 2.10 and 2.14, return any cancelled Notes held by them at any time. 

(b)    Subject to Section 2.6(c), the Trustee and the Paying Agent shall pay to
the Co-Issuers upon written request any money held by them for the payment of principal, premium or interest that remains unclaimed for two years after the date upon which such payment shall have become due.

 (c)    The provisions of this Section 12.3 shall survive the expiration or
earlier termination of the Indenture. 
 Section 12.4    Reinstatement.

 If the Trustee is unable to apply any funds received under this Article XII by reason of any
proceeding, order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Co-Issuers’ obligations under the Indenture or the other
Indenture Documents and in respect of the Notes and the Guarantors’ obligations under the Guarantee and Collateral Agreement shall be revived and reinstated as though no deposit had occurred, until such time as the Trustee is permitted to apply
all such funds or property in accordance with this Article XII. If the Co-Issuers or Guarantors make any payment of principal, premium or interest on any Notes or any other sums under
the Indenture Documents while such obligations have been reinstated, the Co-Issuers and the Guarantors shall be subrogated to the rights of the Noteholders or Note Owners or other Secured Parties who received
such funds or property from the Trustee to receive such payment in respect of the Notes. 

  
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 ARTICLE XIII 

AMENDMENTS 

Section 13.1    Without Consent of the Controlling
Class Representative or the Noteholders. 
 (a)    Without the consent of any
Noteholder, the Control Party, the Controlling Class Representative or any other Secured Party, the Co-Issuers and the Trustee, at any time and from time to time, may enter into one or more Supplements
hereto or amendments, modifications or supplements to any Supplement, the Guarantee and Collateral Agreement or any other Indenture Document), in form satisfactory to the Trustee (or solely with respect to clause (xiv) below, upon notice
thereof from the Co-Issuers to the Trustee and the Control Party), for any of the following purposes: 

(i)    to create a new Series of Notes in accordance with
Section 2.2(b) or issue Additional Notes of an existing Series, Class, Subclass or Tranche of Notes, and in connection therewith, and notwithstanding the Specified Payment Amendment Provisions (but solely with respect to
such Series of Notes), to add or modify Events of Default, Rapid Amortization Events, Manager Termination Events to the extent that any such modifications render such events more restrictive from the perspective of the Dine Brands Entities; 

(ii)    to add to the covenants of the Securitization Entities for the benefit of any
Noteholders or any other Secured Parties or to surrender for the benefit of the Noteholders and the other Secured Parties any right or power herein conferred upon the Securitization Entities; 

(iii)    to mortgage, pledge, convey, assign and transfer to the Trustee any property or
assets as security for the Obligations and to specify the terms and conditions upon which such property or assets are to be held and dealt with by the Trustee and to set forth such other provisions in respect thereof as may be required by the
Indenture or as may, consistent with provisions of this Base Indenture, be deemed appropriate by the Co-Issuers, or to correct or to amplify the description of any such property or assets at any time so
mortgaged, pledged, conveyed and transferred to the Trustee for the benefit of the Secured Parties; 

(iv)    to correct any manifest error or defect or to cure any ambiguity or to correct
or supplement any provisions herein or any Series Supplement which may be inconsistent with any other provision therein or with the offering memorandum for any Series of Notes Outstanding; 

(v)    to provide for uncertificated Notes in addition to certificated Notes; 

(vi)    to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Notes of one or more Series and to add to or change any of the provisions of the Indenture or the Guarantee and 

  
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Collateral Agreement as shall be necessary to provide for or facilitate the administration of the trusts hereunder or thereunder by more than one Trustee; 

(vii)    to correct or supplement any provision of this Base Indenture, the Guarantee
and Collateral Agreement, any Supplement or any other Indenture Document that may be inconsistent with any other provision in this Base Indenture, the Guarantee and Collateral Agreement, any Supplement or any other Indenture Document; or to make
this Base Indenture, the Guarantee and Collateral Agreement, any Supplement or any other Indenture Document consistent with any other provisions with respect to matters set forth in this Base Indenture, any Supplement, the Guarantee and Collateral
Agreement, any other Indenture Document to which the Trustee is a party or with any offering memorandum for a Series of Notes; 

(viii)    to comply with Requirements of Law (as evidenced by an Opinion of Counsel);

 (ix)    to facilitate the transfer of Notes in accordance with applicable
Requirements of Law (as evidenced by an Opinion of Counsel); 
 (x)    to take any
action necessary or helpful to avoid the imposition, under and in accordance with applicable Requirements of Law, of any Tax, including withholding Tax; 

(xi)    to take any action necessary and appropriate to facilitate the origination of
Franchise Documents or the management and preservation of the Franchise Documents, in each case, in accordance with the Managing Standard; 

(xii)    to provide for mechanical provisions in respect of the issuance of Senior
Subordinated Notes or Subordinated Notes; 
 (xiii)    to amend the definitions of
“Quarterly Fiscal Period” to conform to any change in the Manager’s fiscal year-end (to the extent such amendment is in accordance with the Managing Standard); 

(xiv)    to add provisions in respect of hedging and enhancement mechanics; 

(xv)    in the case of any Class A-1 Note
Purchase Agreement, to amend, modify, supplement or waive any of the terms thereof, pursuant to the terms of such agreement; 

(xvi)    to make LIBOR Successor Rate Conforming Changes to any Series Supplement and
related Class A-1 Note Purchase Agreement, in accordance with the terms thereof; or 

(xvii)    to amend, amend and restate or otherwise modify any Indenture Document in
connection with the issuance of Additional Notes in 

  
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conjunction with the defeasance of all other Series of Notes outstanding at such time (a “Series Refinancing Event”); provided that such modifications shall take effect
simultaneously with or following such defeasance; and provided, further, that no such amendment shall adversely affect the rights of the Trustee without the prior written consent of the Trustee; 

provided, however, that, (i) other than in the case of any Supplement with respect to clause
(xiii) or (xvii) above, as evidenced by an Officer’s Certificate delivered to the Trustee and the Servicer, such action could not reasonably be expected to adversely affect in any material respect the interests of any
Noteholder, any Note Owner, the Trustee, the Servicer or any other Secured Party and (ii) this Article XIII shall not apply to amendments and replacements of Interest Reserve Letters of Credit and other Letters of
Credit issued under any Class A-1 Note Purchase Agreement, which shall be subject to amendment, replacement or modification in accordance with the terms thereof. 

In addition to the foregoing, without the consent of any Noteholder, the Control Party, the Controlling
Class Representative or any other Secured Party, the Co-Issuers (acting at the direction of the Manager) and the Trustee, at any time and from time to time, may enter into one or more Supplements hereto
to amend the Priority of Payments following the Closing Date in order to provide for supplemental scheduled payments of principal (including Scheduled Principal Payments) of one or more Series of Additional Notes and/or the reallocation of a
specified percentage of cash flow to pay principal of any then-Outstanding Series of Notes and/or one or more Series of Additional Notes upon the occurrence of specified trigger events to be set forth in the related Series Supplement subject to
satisfaction of the Rating Agency Condition with respect to each Series of Notes that will remain Outstanding and the other conditions applicable thereto set forth in Sections 13.3, 13.6 and 13.7 of this Base Indenture;
provided, that no such amendment shall adversely affect the rights of the Trustee, the Servicer or Holders of each Series of Class A-1 Notes without the prior written consent of each of the
Trustee, the Servicer or the Holders of such Series of Class A-1 Notes (which, in the case of the Holders of each Series of Class A-1 Notes will be given by
the applicable Class A-1 Administrative Agent acting with the consent of each Holder of the Class A-1 Note Commitments); provided, further, that
any amendment to the Priority of Payments to provide for allocations or payments that are senior to or pari passu with any amount payable to the Holders of each Series of Class A-1 Notes or
the applicable Class A-1 Administrative Agent shall be deemed to adversely affect the rights of the Holders of each Series of Class A-1 Notes for purposes of
the immediately preceding proviso. 
 (b)    Upon the request of the
Co-Issuers and receipt by the Servicer and the Trustee of the documents described in Section 2.2 and delivery by the Servicer of its consent thereto to the extent required by
Section 2.2, the Trustee shall join with the Co-Issuers in the execution of any Series Supplement authorized or permitted by the terms of this Base Indenture and shall make any
further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into such Series Supplement which affects its own rights, duties or immunities under this Base Indenture or otherwise.

  
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 Section 13.2    With Consent
of the Controlling Class Representative or the Noteholders. 
 (a)    Except as
provided in Section 13.1, the provisions of this Base Indenture, the Guarantee and Collateral Agreement, any Supplement and any other Indenture Document to which the Trustee is a party (unless otherwise provided in such
Supplement) may from time to time be amended, modified or waived, if such amendment, modification or waiver is in writing in a Supplement and consented to in writing by the Control Party (at the direction of the Controlling
Class Representative); provided, that (except with respect to amendments, modifications and waivers permitted pursuant to Section 13.1(a) that expressly do not require the consent of any Noteholder or other
affected Secured Party): 
 (i)    any such amendment, waiver or other modification
pursuant to this Section 13.2 that would reduce the percentage of the Aggregate Outstanding Principal Amount or the Outstanding Principal Amount of any Series of Notes, the consent of the Noteholders of which is required
for any Supplement under this Section 13.2 or the consent of the Noteholders of which is required for any waiver of compliance with the provisions of the Indenture or any other Transaction Document or defaults hereunder or
thereunder and their consequences provided for in herein and therein or for any other action hereunder or thereunder shall require the consent of each affected Noteholder; 

(ii)    any such amendment, waiver or other modification pursuant to this
Section 13.2, that would permit the creation of any Lien ranking prior to or on a parity with the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Transaction Documents with respect to any
material portion of the Collateral or except as otherwise permitted by the Transaction Documents, terminate the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Transaction Documents on any material portion of the
Collateral at any time subject thereto or deprive any Secured Party of any material portion of the security provided by the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Transaction Documents shall, in each case,
require the consent of each affected Noteholder and each other affected Secured Party; 

(iii)    any amendment, waiver or other modification that would (A) extend the due
date for, or reduce the amount of any scheduled repayment or prepayment of principal of, premium, if any, or interest on any Note and the other Obligations (or reduce the principal amount of, premium, if any, or rate of interest on any Note and the
other Obligations); (B) affect adversely the interests, rights or obligations of any Noteholder individually in comparison to any other Noteholder; (C) change the provisions of the Priority of Payments; (D) change any place of payment
where, or the coin or currency in which, any Notes and the other Obligations or the interest thereon is payable; (E) impair the right to institute suit for the enforcement of the provisions of the Indenture requiring the application of funds
available therefor, as provided in Article V, to the payment of any such amount due on the Notes and the other Obligations owing to Noteholders on or after 

  
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the respective due dates thereof, (F) subject to the ability of the Control Party (acting at the direction of the Controlling Class Representative) to waive certain events or modify
thresholds as set forth in Section 9.7, amend or otherwise modify any of the specific language of the following definitions: “Default,” “Event of Default,” “Potential Rapid Amortization Event,”
“Rapid Amortization Event” or “Outstanding” (as defined in the Base Indenture or any applicable Series Supplement); provided, that the addition to any such definitions of additional such events, and the subsequent
amendment thereof, shall not be deemed to violate this provision, or (G) amend, waive or otherwise modify this Section 13.2, in each case, shall require the consent of each affected Noteholder and each other affected
Secured Party (this clause (iii), the “Specified Payment Amendment Provisions”); and 

(iv)    any such amendment, waiver or other modification pursuant to this
Section 13.2, that would change the time periods with respect to any requirement to deliver to Noteholders notice with respect to any repayment, prepayment or redemption shall require the consent of each affected
Noteholder. 
 (b)    No failure or delay on the part of any Noteholder, the Trustee or any other
Secured Party in exercising any power or right under the Indenture or any other Transaction Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise
thereof or the exercise of any other power or right. 
 (c)    The express requirement, in any
provision hereof, that the Rating Agency Condition be satisfied as a condition to the taking of a specified action, shall not be amended, modified or waived by the parties hereto without satisfying the Rating Agency Condition. 

Section 13.3    Supplements. 

Each amendment or other modification to the Indenture, the Notes or the Guarantee and Collateral Agreement shall be set forth
in a Supplement, a copy of which shall be delivered to each Rating Agency, the Servicer, the Controlling Class Representative, the Manager, the Back-Up Manager and the
Co-Issuers. The Co-Issuers shall provide written notice to each Rating Agency of any amendment or modification to the Indenture, the Notes or the Guarantee and
Collateral Agreement no less than ten (10) days prior to the effectiveness of the related Supplement, except in connection with the issuance of Additional Notes that will be rated by such Rating Agency; provided that such Supplement need
not be in final form at the time such notice is given. The initial effectiveness of each Supplement shall be subject to the delivery to the Servicer and the Trustee of an Opinion of Counsel that such Supplement is authorized or permitted by this
Base Indenture and the conditions precedent set forth herein with respect thereto have been satisfied. In addition to the manner provided in Sections 13.1 and 13.2, each Series Supplement may be amended as provided in such Series
Supplement. 

  
 135 

 Section 13.4    Revocation and
Effect of Consents. 
 Until an amendment or waiver becomes effective, a consent to it by a Noteholder of a Note is a
continuing consent by the Noteholder and every subsequent Noteholder of a Note or portion of a Note that evidences the same debt as the consenting Noteholder’s Note, even if notation of the consent is not made on any Note. Any such Noteholder
or subsequent Noteholder, however, may revoke the consent as to his Note or portion of a Note if the Trustee receives written notice of revocation before the date the amendment or waiver becomes effective. An amendment or waiver becomes effective in
accordance with its terms and thereafter binds every Noteholder. The Co-Issuers may fix a record date for determining which Noteholders must consent to such amendment or waiver. 

Section 13.5    Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment or waiver on any Note thereafter authenticated. The Co-Issuers, in exchange for all Notes, may issue and the Trustee shall authenticate new Notes that reflect the amendment or waiver. Failure to make the appropriate notation or issue a new Note shall not affect the
validity and effect of such amendment or waiver. 
 Section 13.6    The
Trustee to Sign Amendments, etc. 
 The Trustee shall sign any Supplement authorized pursuant to this
Article XIII if the Supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing such Supplement, the Trustee shall be
entitled to receive, if requested, an indemnity reasonably satisfactory to it and to receive and, subject to Section 10.1, shall be fully protected in relying upon, an Officer’s Certificate of the Co-Issuers and an Opinion of Counsel as conclusive evidence that such Supplement is authorized or permitted by this Base Indenture and that all conditions precedent have been satisfied, and that it will be valid and
binding upon the Co-Issuers and the Guarantors in accordance with its terms. 

Section 13.7    Amendments and Fees. 

The Co-Issuers, the Control Party and the Controlling Class Representative shall
negotiate any amendments, waivers or modifications to the Indenture or the other Transaction Documents that require the consent of the Control Party or the Controlling Class Representative in good faith, and any consent required to be given by
the Control Party or the Controlling Class Representative shall not be unreasonably denied or delayed. The Control Party and the Controlling Class Representative shall be entitled to be reimbursed by the
Co-Issuers only for the reasonable counsel fees incurred by the Control Party or the Controlling Class Representative in reviewing and approving any amendment or in providing any consents, and except as
provided in the Servicing Agreement, neither the Control Party nor the Controlling Class Representative shall be entitled to any additional compensation in connection with any amendments or consents to this Base Indenture or to any Transaction
Document. 

  
 136 

 ARTICLE XIV 

MISCELLANEOUS 

Section 14.1    Notices. 

Any notice or communication by the Co-Issuers, the Manager or the Trustee to any
other party hereto shall be in writing and delivered in person, delivered by email, posted on a password protected website for which the recipient has granted access or mailed by first-class mail (registered or certified, return receipt requested)
facsimile or overnight air courier guaranteeing next day delivery, to such other party’s address: 
 If to the
Applebee’s Issuer: 
 450 North Brand Blvd., 7th Floor 

Glendale, CA 91203.4415 

Attention: General Counsel 

Facsimile: 818-637-5362 

If to the IHOP Issuer: 

450 North Brand Blvd., 7th Floor 

Glendale, CA 91203.4415 

Attention: General Counsel 

Facsimile: 818-637-5362 

If to the Manager: 

450 North Brand Blvd., 7th Floor 

Glendale, CA 91203.4415 

Attention: General Counsel 

Facsimile: 818-637-5362 

If to the Manager with a copy to: 

450 North Brand Blvd., 7th Floor 

Glendale, CA 91203.4415 

Attention: General Counsel 

Facsimile: 818-637-5362 

If to any Co-Issuer with a copy to: 

450 North Brand Blvd., 7th Floor 

Glendale, CA 91203.4415 

Attention: General Counsel 

Facsimile: 818-637-5362 

  
 137 

 If to the Back-Up Manager:

 FTI Consulting, Inc. 

3 Times Square 

11th Floor 

New York, NY 10036 

Attention: Robert J. Darefsky 

Facsimile: 212-499-3636 

If to the Servicer: 

Midland Loan Services, a division of 

PNC Bank, National Association 

10851 Mastin Street 

Building 82, Suite 700 

Overland Park, Kansas 66210 

Attention: President 

Facsimile: 913-253-9709 

If to the Trustee: 

Citibank, N.A. 

388 Greenwich Street 

New York, NY 10013 

Attention: Agency & Trust–Applebee’s Funding LLC 

& IHOP Funding LLC 

E-mail: anthony.bausa@citi.com or call (888)
855-9695 to obtain Citibank, 
 N.A. account manager’s email address 

If to S&P: 

S&P Global Ratings 

55 Water Street, 42nd Floor 

New York, NY 10041-0003 

Attention: ABS Surveillance Group – New Assets 

E-mail: Servicer_Reports@standardandpoors.com 

If to an Enhancement Provider or an Hedge Counterparty: At the address provided in the applicable Enhancement
Agreement or the applicable Series Hedge Agreement. 
 (a)    The
Co-Issuers or the Trustee by notice to each other party may designate additional or different addresses for subsequent notices or communications; provided, however, the Co-Issuers may not at any time designate more than a total of three (3) addresses to which notices must be sent in order to be effective. 

(b)    Any notice (i) given in person shall be deemed delivered on the date of delivery of such
notice, (ii) given by first class mail shall be deemed given five days after the 

  
 138 

 
date that such notice is mailed, (iii) delivered by facsimile shall be deemed given on the date of delivery of such notice, (iv) delivered by overnight air courier shall be deemed
delivered one (1) Business Day after the date that such notice is delivered to such overnight courier, (v) when posted on a password-protected website shall be deemed delivered after notice of such posting has been provided to the
recipient and (vi) delivered by email shall be deemed delivered on the date of delivery of such notice. 

(c)    Notwithstanding any provisions of the Indenture to the contrary, the Trustee shall have no
liability based upon or arising from the failure to receive any notice required by or relating to the Indenture, the Notes or any other Transaction Document. 

(d)    If any Co-Issuer delivers a notice or communication to
Noteholders, it shall deliver a copy to the Back-Up Manager, the Servicer, the Controlling Class Representative and the Trustee at the same time. 

(e)    Reasonably concurrently with the time any report, notice or other document is provided to the
Rating Agencies and/or the Trustee, or caused to be provided, by any Co-Issuer or the Manager under the Base Indenture (including, without limitation, under Section 8.8,
Section 8.9 or Section 8.11) or under the related Series Supplement, the Co-Issuers shall provide each Class A-1
Administrative Agent with a copy of such report, notice or other document; provided, however, that neither the Manager nor the Co-Issuers shall have any obligation under this
Section 14.1(e) to deliver to any Class A-1 Administrative Agent copies of any Quarterly Noteholders’ Reports that relate solely to a Series of Notes other than such Series
under which the related Class A-1 Notes were issued; provided, further, that this clause (ii) shall not apply in connection with a Series Refinancing Event to a Class A-1 Administrative Agent for any Class A-1 Notes issued in connection therewith. 

(f)    The Co-Issuers shall provide to each Rating Agency a copy
of each Opinion of Counsel and Officer’s Certificate delivered to the Trustee pursuant to a Transaction Document; provided, that this clause (iii) shall not apply in connection with a Series Refinancing Event to a Rating Agency
rating the Notes issued in connection therewith. 
 (g)    Where the Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if sent in writing and mailed, first-class postage prepaid, to each Noteholder affected by such event, at its address as it appears in the
Note Register, not later than the latest date, and not earlier than the earliest date, prescribed (if any) for the giving of such notice. In any case where notice to a Noteholder is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly
given. Where the Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Noteholders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In the case by reason of the suspension of regular mail service or by reason
of any other cause it shall be impracticable to give such notice 

  
 139 

 
by mail, then such notification as shall be made that is satisfactory to the Trustee shall constitute a sufficient notification for every purpose hereunder. 

(h)    Notwithstanding any other provision herein, for so long as Dine Brands Global, Inc. is the
Manager, any notice, communication, certificate, report, statement or other information required to be delivered by the Manager to any Co-Issuer, or by any Co-Issuer to
the Manager, shall be deemed to have been delivered to both the Co-Issuer and the Manager if the Manager has prepared or is otherwise in possession of such notice, communication, certificate, report, statement
or other information, and in no event shall the Manager or any Co-Issuer be in breach of any delivery requirements hereunder for constructive delivery pursuant to this
Section 14.1(h). 
 Section 14.2    Communication by
Noteholders With Other Noteholders. 
 Noteholders may communicate with other Noteholders with respect to their rights
under the Indenture or the Notes. 

Section 14.3    Officer’s Certificate as to Conditions
Precedent. 
 Upon any request or application by the Co-Issuers to the
Controlling Class Representative, the Servicer or the Trustee to take any action (other than any action expressly excluded from the satisfaction of such requirement) under the Indenture or any other Transaction Document, the Co-Issuers to the extent requested by the Controlling Class Representative, the Servicer or the Trustee shall furnish to the Controlling Class Representative, the Servicer and the Trustee (a) an
Officer’s Certificate of the Co-Issuers in form and substance reasonably satisfactory to the Controlling Class Representative, the Servicer or the Trustee, as applicable (which shall include the
statements set forth in Section 14.4), stating that all conditions precedent and covenants, if any, provided for in the Indenture or such other Transaction Documents relating to the proposed action have been complied with
and (b) an Opinion of Counsel confirming the same. Such Opinion of Counsel shall be at the expense of the Co-Issuers. 

Section 14.4    Statements Required in Certificate. 

Each certificate with respect to compliance with a condition or covenant provided for in the Indenture or any other
Transaction Document shall include: 
 (a)    a statement that the Person giving such certificate has
read such covenant or condition; 
 (b)    a brief statement as to the nature and scope of the
examination or investigation upon which the statements contained in such certificate are based; 

(c)    a statement that, in the opinion of such Person, he has made such examination or investigation as
is necessary to enable him to reach an informed opinion as to whether or not such covenant or condition has been complied with; and 

  
 140 

 (d)    a statement as to whether or not such condition
or covenant has been complied with. 
 Section 14.5    Rules by the
Trustee. 
 The Trustee may make reasonable rules for action by or at a meeting of Noteholders. 

Section 14.6    Benefits of Indenture. 

Except as set forth in a Series Supplement, nothing in this Base Indenture or in the Notes, expressed or implied, shall give
to any Person, other than the parties hereto and their successors hereunder and the Holders and the other Secured Parties, any benefit or any legal or equitable right, remedy or claim under the Indenture. 

Section 14.7    Payment on Business Day. 

In any case where any Quarterly Payment Date, redemption date or maturity date of any Note shall not be a Business Day, then
(notwithstanding any other provision of the Indenture) payment of interest or principal (and premium, if any), as the case may be, need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if
made on the Quarterly Payment Date, redemption date or maturity date; provided, however, that no interest shall accrue for the period from and after such Quarterly Payment Date, redemption date or maturity date, as the case may be.

 Section 14.8    Governing Law. 

THIS BASE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

Section 14.9    Successors. 

All agreements of each of the Co-Issuers in the Indenture, the Notes and each other
Transaction Document to which it is a party shall bind its successors and assigns; provided, however, no Co-Issuer may assign its obligations or rights under the Indenture or any other
Transaction Document, except with the written consent of the Control Party. All agreements of the Trustee in the Indenture shall bind its successors. 

Section 14.10    Severability. 

In case any provision in the Indenture, the Notes or any other Transaction Document shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 141 

 Section 14.11    Counterpart
Originals. 
 The parties may sign any number of copies of this Base Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. 

Section 14.12    Table of Contents, Headings, etc. 

The Table of Contents and headings of the Articles and Sections of the Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 14.13    No Bankruptcy Petition Against the Securitization Entities.

 Each of the Noteholders, the Trustee and the other Secured Parties hereby covenants and agrees that, prior to the date
which is one year and one day after the payment in full of the latest maturing Note, it will not institute against, or join with any other Person in instituting against, any Securitization Entity any arrangement or any Insolvency proceedings, or
other proceedings, under any federal or state bankruptcy or similar law; provided, however, that nothing in this Section 14.13 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. In the event that any such Noteholder or other Secured Party or the Trustee takes action in violation of this
Section 14.13, each affected Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Noteholder or Secured Party
or the Trustee against such Securitization Entity or the commencement of such action and raising the defense that such Noteholder or other Secured Party or the Trustee has agreed in writing not to take such action and should be estopped and
precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 14.13 shall survive the termination of the Indenture and the resignation or removal of the
Trustee. Nothing contained herein shall preclude participation by any Noteholder or any other Secured Party or the Trustee in the assertion or defense of its claims in any such proceeding involving any Securitization Entity. 

Section 14.14    Recording of Indenture. 

If the Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the
Co-Issuers and at their expense. 

Section 14.15    Waiver of Jury Trial. 

EACH OF THE CO-ISSUERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS BASE INDENTURE, THE NOTES, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. 

  
 142 

 Section 14.16    Submission to
Jurisdiction; Waivers. 
 Each of the Co-Issuers and the Trustee hereby
irrevocably and unconditionally: 
 (a)    submits for itself and its property in any legal action or
proceeding relating to the Indenture and the other Transaction Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction
of the courts of the State of New York, sitting in New York County, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; 

(b)    consents that any such action or proceeding may be brought in such courts and waives any objection
that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c)    agrees that service of process in any such action or proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Co-Issuers or the Trustee, as the case may be, at its address set forth in
Section 14.1 or at such other address of which the Trustee shall have been notified pursuant thereto; 

(d)    agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e)    waives, to
the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 14.16 any special, exemplary, punitive or consequential damages. 

Section 14.17    Permitted Asset Dispositions; Release of Collateral. 

After consummation of a Permitted Asset Disposition, upon request of the Co-Issuers,
the Trustee, at the written direction of the Control Party, shall execute and deliver to the Securitization Entities any and all documentation reasonably requested and prepared by the Securitization Entities at their expense to effect or evidence
the release by the Trustee of the Secured Parties’ security interest in the property disposed of in connection with such Permitted Asset Disposition. 

Section 14.18    Calculation of Dine Brands Global, Inc. Leverage Ratio and
Senior Leverage Ratio. 
 (a)    Dine Brands Global, Inc. Leverage Ratio. In the event that
the Dine Brands Entities incur, repay, repurchase or redeem any Indebtedness subsequent to the commencement of the period for which the Dine Brands Global, Inc. Leverage Ratio is being calculated but prior to the event for which the calculation of
the Dine Brands Global, Inc. Leverage Ratio is made, then the Dine Brands Global, Inc. Leverage Ratio shall be calculated giving pro forma effect to such incurrence, repayment, repurchase or redemption of Indebtedness, as if the same had occurred at
the beginning of the applicable preceding four Quarterly Fiscal Periods 

  
 143 

 
(including in the case of any incurrence or issuance, a pro forma application of the net proceeds therefrom); provided that the Manager may elect pursuant to an Officer’s Certificate
delivered to the Trustee (with respect to which the Trustee shall have no obligation of any nature whatsoever) to treat all or any portion of the commitment under any Indebtedness as being incurred at such time, in which case any subsequent
incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an incurrence at such subsequent time. 

For purposes of making the computation of the Dine Brands Global, Inc. Leverage Ratio (including, without limitation the
calculation of Covenant-Adjusted EBITDA used therein), investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating
unit of a business, and any restructurings or reorganizations that any of the Dine Brands Entities has either determined to make or made during the preceding four Quarterly Fiscal Periods or subsequent to such preceding four Quarterly Fiscal Periods
and on or prior to or simultaneously with the is made date as of which such computation (each, for purposes of this Section 14.18(a), a “pro forma event”) shall be calculated on a pro forma basis assuming that all
such investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations, restructurings and reorganizations (and the change in Covenant-Adjusted EBITDA resulting therefrom) had occurred on the first day of such
preceding four Quarterly Fiscal Periods. If since the beginning of such period any Person that subsequently became a Dine Brands Entity since the beginning of such preceding four Quarterly Fiscal Periods shall have made any investment, acquisition,
disposition, merger, consolidation, discontinued operation, restructurings or reorganizations, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to this
Section 14.18(a), then the Dine Brands Global, Inc. Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such investment, acquisition, disposition, discontinued operation, merger,
consolidation, restructurings or reorganizations had occurred at the beginning of the applicable preceding four Quarterly Fiscal Periods. 

For purposes of making the computation of the Dine Brands Global, Inc. Leverage Ratio, whenever pro forma effect is to be
given to any pro forma event, the pro forma calculations will be made in good faith by a responsible financial or accounting officer of the Manager. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith
determination of the Manager as set forth in an Officer’s Certificate delivered to the Trustee (with respect to which the Trustee will have no obligation of any nature whatsoever) to reflect (1) operating expense reductions and other
operating improvements or synergies reasonably expected to result from the applicable pro forma event and (2) all adjustments of the nature used in connection with the calculation of “Covenant-Adjusted EBITDA,” to the extent such
adjustments, without duplication, continue to be applicable to such preceding four Quarterly Fiscal Periods. 

(b)    Senior Leverage Ratio. For In the event that the Securitization Entities incur, repay,
repurchase or redeem any Senior Notes subsequent to the commencement of the period for which the Senior Leverage Ratio is being calculated but prior to the event for which the calculation of the Senior Leverage Ratio is made, then the Senior
Leverage Ratio shall be calculated giving pro forma effect to such incurrence, repayment, repurchase or redemption of Senior Notes, as if the same had occurred at the beginning of the applicable preceding four Quarterly Fiscal Periods (including in
the case of any incurrence or issuance, a pro forma 

  
 144 

 
application of the net proceeds therefrom); provided that the Manager may elect pursuant to an Officer’s Certificate delivered to the Trustee (with respect to which the Trustee shall
have no obligation of any nature whatsoever) to treat all or any portion of the commitment under any Senior Notes as being incurred at such time, in which case any subsequent incurrence of Senior Notes under such commitment shall not be deemed, for
purposes of this calculation, to be an incurrence at such subsequent time. 
 For purposes of making the computation of the
Senior Leverage Ratio (including, without limitation, the calculation of Net Cash Flow used therein), investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with
GAAP), in each case with respect to an operating unit of a business, and any restructurings or reorganizations that any of the Securitization Entities has either determined to make or made during the preceding four Quarterly Fiscal Periods or
subsequent to such preceding four Quarterly Fiscal Periods and on or prior to or simultaneously with the date as of which such computation is made (each, for purposes of this Section 14.18(b), a “pro forma event”)
shall be calculated on a pro forma basis assuming that all such investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations, restructurings and reorganizations (and the change in Net Cash Flow resulting
therefrom) had occurred on the first day of such preceding four Quarterly Fiscal Periods. If since the beginning of such period any Person that subsequently became a Securitization Entity since the beginning of such preceding four Quarterly Fiscal
Periods shall have made any investment, acquisition, disposition, merger, consolidation, discontinued operation, restructurings or reorganizations, in each case with respect to an operating unit of a business, that would have required adjustment
pursuant to this Section 14.18(b), then the Senior Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such investment, acquisition, disposition, merger, consolidation, restructurings or
reorganizations had occurred at the beginning of the applicable preceding four Quarterly Fiscal Periods. 
 For purposes of
making the computation of the Senior Leverage Ratio, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Manager. Any such
pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Manager as set forth in an Officer’s Certificate delivered to the Trustee (with respect to which the Trustee shall have no obligation
of any nature whatsoever) to reflect (1) operating expense reductions and other operating improvements or synergies, reasonably expected to result from the applicable pro forma event and (2) all adjustments of the nature used in connection
with the calculation of “Net Cash Flow,” to the extent such adjustments, without duplication, continue to be applicable to such preceding four Quarterly Fiscal Periods. 

Section 14.19    Amendment and Restatement. 

The execution and delivery of this Base Indenture shall constitute an amendment and restatement, but not a novation, of the
Original Base Indenture and the obligations and liabilities of the Co-Issuers under the Original Base Indenture and the pledge of the Indenture Collateral made by the
Co-Issuers thereunder to the Trustee. Except as specifically amended and restated under this Base Indenture, all Liens, deeds of trust, mortgages, assignments and security interests securing the Original Base
Indenture and the obligations and liabilities of the Co-Issuers 

  
 145 

 
relating thereto are hereby ratified, confirmed, renewed, extended, brought forward and rearranged as security for the Obligations, shall continue without any diminution thereof and shall remain
in full force and effect on and after the Closing Date. The Co-Issuers hereby reaffirm all UCC financing statements and continuation statements and amendments thereof filed and all other filings and
recordations made in respect of the Indenture Collateral and the Liens and security interests granted under the Original Base Indenture and this Base Indenture and acknowledge that all such filings and recordations were and remain authorized and
effective on and after the date hereof. 
 [Signature Pages Follow] 

  
 146 

 IN WITNESS WHEREOF, each of the
Co-Issuers, the Trustee and the Securities Intermediary have caused this Base Indenture 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/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

			
	
	 IHOP FUNDING LLC, as
Co-Issuer

 
			
		
	 By:
	 	 /s/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

  
 Dine Brands - Base
Indenture 

 
			
	 CITIBANK, N.A., in its capacity as Trustee

and as Securities Intermediary

		
	 By:
	 	 /s/ Jacqueline Suarez

		 	 Name: Jacqueline Suarez

		 	 Title: Senior Trust Officer

  
 Dine Brands - Base
Indenture 

 CONSENT OF CONTROL PARTY AND SERVICER: 

Midland Loan Services, a division of PNC Bank, National Association, as Control Party and as Servicer, hereby consents to the execution and
delivery of this Indenture by the parties hereto, and as Control Party hereby directs the Trustee to execute and deliver this Indenture. 

MIDLAND LOAN SERVICES, 
 a
division of PNC Bank, National Association 
  

			
	 By:
	 	 /s/ David A. Eckels

		 	 Name: David A. Eckels

		 	 Title: Senior Vice President

  
 Dine Brands - Base
Indenture 

 ANNEX A 

BASE INDENTURE DEFINITIONS LIST 

“1933 Act” means the Securities Act of 1933, as amended. 

“1940 Act” means the Investment Company Act of 1940, as amended. 

“2014-1 Closing Date Securitization IP” means all Intellectual
Property (other than the Excluded IP) created, developed, authored, acquired or owned by or on behalf of or licensed to or on behalf of Dine Brands Global, Inc. or its direct or indirect Subsidiaries as of the
2014-1 Closing Date covering, reading on or embodied in (i) any of the Brands, (ii) products or services sold or distributed under any of the Brands, (iii) the Branded Restaurants, (iv) the
Applebee’s System, (v) the IHOP System or (vi) the Contributed Franchised Restaurant Business. 

“Account Agreement” means each agreement governing the establishment and maintenance of any Management
Account or any other Base Indenture Account or Series Account to the extent that any such account is not held at the Trustee. 

“Account Control Agreement” means each control agreement, in form and substance reasonably satisfactory to
the Servicer and Trustee, pursuant to which the Trustee is granted the right to control deposits and withdrawals from, or otherwise to give instructions or entitlement orders in respect of, a deposit and/or securities account and any lock-box related thereto. 
 “Accounts” mean, collectively, the
Indenture Trust Accounts, the Management Accounts and any other account subject to an Account Control Agreement. 

“Actual Knowledge” means the actual knowledge of (i) in the case of Dine Brands, in its individual
capacity or in its capacity as Manager, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel or any Senior Vice President of Dine Brands, (ii) in the case of any Securitization Entity, any manager or
director (as applicable) or officer of such Securitization Entity who is also an officer of Dine Brands described in clause (i) above, (iii) in the case of the Manager or any Securitization Entity, with respect to a relevant matter or event, an
Authorized Officer of the Manager or such Securitization Entity, as applicable, directly responsible for managing the relevant asset or for administering the transactions relevant to such matter or event, (iv) with respect to the Trustee, an
Authorized Officer of the Trustee responsible for administering the transactions relevant to the applicable matter or event or (v) with respect to any other Person, any member of senior management of such Person. 

“Additional Applebee’s Franchise Entity” means an Additional IP Holder or Additional Franchise Entity
that is designated as an “Additional Applebee’s Franchise Entity” pursuant to Section 8.34 of the Base Indenture. 

“Additional Franchise Entity” means an Additional Applebee’s Franchise Entity or Additional IHOP
Franchise Entity. 

  

 “Additional IHOP Franchise Entity” means an Additional IP
Holder or Additional Franchise Entity that is designated as an “Additional IHOP Franchise Entity” pursuant to Section 8.34 of the Base Indenture. 

“Additional IP Holder” means any entity that after the Closing Date is designated as an “Additional IP
Holder” pursuant to Section 8.34 of the Base Indenture. 
 “Additional Management
Account” has the meaning set forth in Section 5.1(a) of the Base Indenture. 

“Additional Notes” means each additional Series, Class, Subclass or Tranche of Notes or additional Notes of
an existing Series, Class, Subclass or Tranche of Notes issued by the Co-Issuers from time to time following the Closing Date on the related Series Closing Date pursuant to
Section 2.2. 
 “Advance” means a Collateral Protection Advance or a Debt
Service Advance. 
 “Advance Interest Rate” means a rate equal to the Prime Rate plus 3.0%
per annum. 
 “Advance Period” means the period commencing on the date the Servicer, makes an Advance and
shall end on the date the Servicer is reimbursed in full (from amounts other than Advances) for all outstanding Advances with interest thereon. 

“Advertising Fees” means collectively, the Applebee’s Advertising Fees and the IHOP Advertising Fees.

 “Affiliate” or “Affiliated” means, with respect to any specified Person, any other
Person that, directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, such specified Person. For the purposes of this definition, “control” when used with respect to any
specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or other ownership or beneficial interests, by contract or otherwise; and the terms
“controlling” and “controlled” have the meanings correlative to the meaning of “control.” 

“After-Acquired Securitization IP” means all Intellectual Property (other than Excluded IP) created,
developed, authored or acquired by or on behalf of, or licensed to or on behalf of, any Franchise Entity after the Series 2014-1 Closing Date pursuant to the IP License Agreements or otherwise, including,
without limitation, all Manager-Developed IP and all Licensee-Developed IP. 
 “Agent” means any Note
Registrar or Paying Agent. 
 “Aggregate Outstanding Principal Amount” means the sum of the Outstanding
Principal Amounts with respect to all Series of Notes. 
 “Allocated Note Amount” means, as of any date of
determination, an amount equal to the greater of (x) zero and (y) with respect to (i) any Franchise Asset or Real Estate Asset in existence on the Closing Date, the pro rata portion of $1,525,000,000 allocated to such asset on

  
 2 

 
the Closing Date based on such asset’s contribution to Retained Collections during the four Quarterly Fiscal Periods ending as of the second Quarterly Fiscal Period of 2019 and (ii) any
Franchise Asset or Real Estate Asset arising after the Closing Date, the Outstanding Principal Amount of the Notes allocated to such asset, on the date such asset was included in the Collateral, based on such asset’s contribution to Retained
Collections during the then-most recently ended four Quarterly Fiscal Periods. With respect to any Franchise Asset or Real Estate Asset that does not have a four Quarterly Fiscal Period operating period as of the date such asset was included in the
Collateral, such asset’s contribution to Retained Collections will equal (a) in the case of a New Franchise Agreement, the average of all collected Franchisee Payments under Franchise Agreements during the four Quarterly Fiscal Periods
ending as of the date such Franchise Agreement was included in the Collateral, (b) in the case of a New Franchisee Note or Equipment Lease, the aggregate scheduled payments due thereunder during the twelve-month period after such inclusion and
(c) in the case of any Real Estate Asset, the aggregate scheduled lease payments due to the applicable Franchise Entity in respect thereof during the twelve-month period after such inclusion (if applicable, net of the aggregate scheduled lease
payments payable by such Franchise Entity in respect thereof during such period). 
 “Applebee’s/IHOP
Systemwide Sales” means, with respect to any Quarterly Calculation Date, aggregate Gross Sales in the United States (which will be permitted to include a good faith estimate (in accordance with the Managing Standard) of estimated Gross
Sales of up to 10% of the total to the extent actual Gross Sales are not available as of such Quarterly Calculation Date) for all Branded Restaurants for the four (4) Quarterly Fiscal Periods ended immediately prior to such Quarterly
Calculation Date. 
 “Applebee’s Advertising Fees” means any fees payable by Applebee’s
Franchisees and Non-Securitization Entities to fund the national marketing and advertising activities with respect to the Applebee’s Brand. 

“Applebee’s Brand” means the “Applebee’s” Trademark, (words and/or design including
apple logo), alone or in combination with other words or symbols, and any variations or derivatives thereof (but excluding any other Brand). 

“Applebee’s Company Restaurant License” means the Applebee’s Company Restaurant License, dated as
of the 2014-1 Closing Date, by and between the Applebee’s Franchise Holder, as licensor, and the Applebee’s Parent, and certain Subsidiaries thereof, as licensees, as amended, supplemented or
otherwise modified from time to time. 
 “Applebee’s Concentration Account” means the account
maintained in the name of Applebee’s Issuer and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.9(a) of the Base Indenture or any successor or additional such account
established for Applebee’s Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant
to Section 5.1(b) of the Base Indenture. 
 “Applebee’s Contributed Assets”
means all assets contributed under the Applebee’s Contribution Agreements. 

  
 3 

 “Applebee’s Contribution Agreements” means,
collectively, (i) the Applebee’s First-Tier Contribution Agreement; (ii) the Applebee’s Second-Tier Contribution Agreement; (iii) the Third-Tier Applebee’s Contribution Agreement (Applebee’s Franchise Holder); and
(iv) the Third-Tier Applebee’s Contribution Agreement (Applebee’s Franchisor). 
 “Applebee’s
Dine Brands IP License” means the Applebee’s Dine Brands IP License, dated as of the 2014-1 Closing Date, between the Applebee’s Franchise Holder, as licensor, and the Applebee’s
Parent, as licensee, as amended, supplemented or otherwise modified from time to time. 
 “Applebee’s
First-Tier Contribution Agreement” means the First-Tier Applebee’s Contribution Agreement, dated as of the Closing Date, by and between the Applebee’s Parent and the Applebee’s Holding Company Guarantor, as amended,
supplemented or otherwise modified from time to time. 
 “Applebee’s Franchise Entities” means the
Applebee’s Franchise Holder, the Applebee’s Franchisor and each Additional Applebee’s Franchise Entity. 

“Applebee’s Franchise Holder” means Applebee’s Restaurants LLC, a Delaware limited liability
company, and its successors and assigns. 
 “Applebee’s Franchisor” means Applebee’s Franchisor
LLC, a Delaware limited liability company, and its successors and assigns. 
 “Applebee’s Franchisor Capital
Account” means the account maintained in the name of the Applebee’s Franchisor into which the Applebee’s Franchisor causes amounts to be deposited pursuant to Section 5.1(d) of the Base Indenture or any
successor account established by the Applebee’s Franchisor for such purpose pursuant to the Base Indenture. 

“Applebee’s Franchisor IP License” means the Applebee’s Franchisor IP License, dated as of the
Series 2014-1 Closing Date, by and between the Applebee’s Franchise Holder, as licensor, and the Applebee’s Franchisor, as licensee, as amended, supplemented or otherwise modified from time to time.

 “Applebee’s Holding Company Guarantor” means Applebee’s SPV Guarantor LLC, a Delaware limited
liability company, and its successors and assigns. 
 “Applebee’s IP” means the Securitization IP
related to the business operated or intended to be operated under the Applebee’s Brand. 
 “Applebee’s
Issuer” means Applebee’s Funding LLC, a Delaware limited liability company, and its successors and assigns. 

“Applebee’s Parent” means Applebee’s International, Inc., a Delaware corporation, and its
successors and assigns. 
 “Applebee’s Second-Tier Contribution Agreement” means the Second-Tier
Applebee’s Contribution Agreement, dated as of the 2014-1 Closing Date, by and between the 

  
 4 

 
Applebee’s Holding Company Guarantor and the Applebee’s Issuer, as amended, supplemented or otherwise modified from time to time. 

“Applebee’s Third-Tier Contribution Agreement” means, collectively, the Third-Tier Applebee’s
Contribution Agreement (Franchisor) and the Third-Tier Applebee’s Contribution Agreement (Franchise Holder). 

“Applebee’s System” means the system of restaurants operating under the Applebee’s Brand in the
United States. 
 “Applicable Procedures” means the provisions of the rules and procedures of DTC, the
“Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream, as in
effect from time to time. 
 “Area License Agreements” means all area license agreements for Branded
Restaurants pursuant to which a licensee obtains the rights to operate, as a franchisee, or sub-franchise Branded Restaurants within a designated geographical area. 

“ASC 842, Leases” means FASB Accounting Standards Codification Topic 842, Leases. 

“Asset Disposition Proceeds” means, the proceeds of any disposition (including all cash and cash equivalents
received as payments of the purchase price for such disposition, including, without limitation, any cash or cash equivalents received in respect of deferred payment, or monetization of a note receivable, received as consideration for such
disposition) pursuant to clause (e), (f) or (h)(ii) of the definition of “Permitted Asset Disposition”, but only to the extent that such proceeds, in the aggregate, exceed $5,000,000 per annum, or any other disposition not permitted under
the terms of the Indenture as a Permitted Asset Disposition, net of (i.e., reduced by) the following amounts: (A) the principal amount of any Indebtedness that is secured by the applicable property and that is required to be repaid in
connection with such disposition (other than Indebtedness under the Notes) to the extent such principal amount is actually repaid, (B) the reasonable and customary
out-of-pocket expenses incurred by the Securitization Entities in connection with such disposition, as certified by the Manager, and (C) income taxes reasonably
estimated to be actually payable within two (2) years of such disposition as a result of any gain recognized in connection therewith. For the avoidance of doubt, the proceeds of any Permitted Asset Disposition pursuant clause (e), (f) or
(h)(ii) of the definition of “Permitted Asset Disposition” to the extent that such proceeds, in the aggregate, do not exceed $5,000,000 per annum, or pursuant to any of the remaining clauses of the definition of “Permitted Asset
Disposition” (net of the amounts described in clauses (A) through (C) of the preceding sentence) shall not constitute Asset Disposition Proceeds and instead will be treated as Collections with respect to the Quarterly Fiscal Period in
which such amounts are received. 
 “Asset Disposition Proceeds Account” means the account maintained in
the name of the IHOP Issuer and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.9(f) of this Base Indenture or any successor account established for IHOP Issuer by the
Manager for such purpose pursuant to the Base Indenture and the 

  
 5 

 
Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of this Base
Indenture. 
 “Asset Disposition Reinvestment Period” has the meaning specified in
Section 5.9(e) of this Base Indenture. 
 “Assumption Agreement” has the meaning
specified in Section 8.34(d) of this Base Indenture. 
 “Authorized Officer”
means, with respect to (i) any Securitization Entity, any officer who is authorized to act for such Securitization Entity in matters relating to such Securitization Entity, including an Authorized Officer of the Manager authorized to act on
behalf of such Securitization Entity; (ii) Dine Brands Global, Inc., in its individual capacity and in its capacity as the Manager, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel or any Senior Vice
President of Dine Brands Global, Inc. or any other officer of Dine Brands Global, Inc. who is directly responsible for managing the Contributed Franchised Restaurant Business or otherwise authorized to act for the Manager in matters relating to, and
binding upon, the Manager with respect to the subject matter of the request, certificate or order in question; (iii) the Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer;
(iv) the Servicer, any officer of the Servicer who is duly authorized to act for the Servicer with respect to the relevant matter; or (v) the Control Party, any officer of the Control Party who is duly authorized to act for the Control
Party with respect to the relevant matter. Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force
and effect until receipt by such other party of written notice to the contrary. 

“Back-Up Management Agreement” means the Back-Up Management and Consulting Agreement, dated as of the Series 2014-1 Closing Date, by and among the Back-Up Manager, the Manager,
the Co-Issuers, the other Securitization Entities party thereto and the Trustee, as amended and restated on the Closing Date and as further amended, supplemented or otherwise modified from time to time;
provided that references to the Back-Up Management Agreement prior to the Closing Date shall refer to the Back-Up Management and Consulting Agreement as in effect at
such time. 
 “Back-Up Manager” means FTI Consulting, Inc., a
Maryland corporation, in its capacity as Back-Up Manager pursuant to the Back-Up Management Agreement, and any successor Back-Up
Manager. 
 “Back-Up Manager Fees” means all reimbursements paid
to the Back-Up Manager for reasonable out-of-pocket expenses and all fees paid based on the
Back-Up Manager’s current rates per hour, in each case incurred by the Back-Up Manager in performing services under the
Back-Up Management Agreement. 
 “Bankruptcy Code” means the
Bankruptcy Reform Act of 1978, as amended from time to time, and as codified as 11 U.S.C. Section 101 et seq. 

“Base Indenture” means the Base Indenture, dated as of the Series
2014-1 Closing Date, by and among the Co-Issuers and the Trustee, as amended and restated on the Closing Date 

  
 6 

 
and as further amended, supplemented or otherwise modified from time to time, exclusive of any Series Supplements; provided that references to the Base Indenture prior to the Closing Date shall
refer to the Base Indenture as in effect at such time. 
 “Base Indenture Account” means any account or
accounts authorized and established pursuant to the Base Indenture for the benefit of the Secured Parties, including, without limitation, each account established pursuant to Article V of this Base Indenture. 

“Base Indenture Definitions List” has the meaning set forth in Section 1.1 of this
Base Indenture. 
 “Book-Entry Notes” means beneficial interests in the Notes of any Series, ownership and
transfers of which will be evidenced or made through book entries by a Clearing Agency as described in Section 2.12 of this Base Indenture; provided that, after the occurrence of a condition whereupon book-entry
registration and transfer are no longer permitted and Definitive Notes are issued to the Note Owners, such Definitive Notes will replace Book-Entry Notes. 

“Branded Restaurants” means, as of any date of determination, any restaurant, whether or not such restaurant
offers sit-down dining, operated in the United States under the Applebee’s Brand or IHOP Brand. 

“Brands” means the Applebee’s Brand and/or the IHOP Brand. 

“Business Day” means any day other than Saturday or Sunday or other day on which commercial banks are
authorized to close under the laws of, or are in fact closed in, New York, New York, Los Angeles, California or the city in which the Corporate Trust Office of any successor Trustee is located if so required by such successor. 

“Capitalized Lease Obligations” means the obligations of a Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as finance leases under ASC 842, Leases on a balance sheet of
such Person under GAAP and, for the purposes of the Indenture, the amount of such obligations will be the capitalized amount thereof determined in accordance with GAAP. 

“Capped Class A-1 Notes Administrative Expenses
Amount” means, for each Weekly Allocation Date with respect to any Quarterly Collection Period, an amount equal to the lesser of (a) the Class A-1 Notes Administrative Expenses that have
become due and payable prior to such Weekly Allocation Date and have not been previously paid and (b) the amount by which (i) $100,000 exceeds (ii) the aggregate amount of Class A-1 Notes
Administrative Expenses previously paid on each preceding Weekly Allocation Date that occurred (x) in the case of a Weekly Allocation Date occurring during the period beginning on the Closing Date and ending on the date on which 52 full and
consecutive Weekly Collection Periods have occurred, since the Closing Date and (y) in the case of a Weekly Allocation Date occurring during any successive period of 52 consecutive Weekly Collection Periods after the period in clause (x), since
the beginning of such period. 

  
 7 

 “Capped Securitization Operating Expense Amount” means,
for any Weekly Allocation Date that occurs (x) during the period beginning on the Closing Date and ending on the date on which 52 full and consecutive Weekly Collection Periods have occurred since the Closing Date and (y) each successive
period of 52 (in the case of 52-week fiscal years) or 53 (in the case of 53-week fiscal years) consecutive Weekly Collection Periods after the period in (x), the amount
by which $500,000 exceeds the aggregate Securitization Operating Expenses already paid during such period; provided, however, that during any period that the Back-Up Manager is required to
provide Warm Back-Up Management Duties or Hot Back-Up Management Duties pursuant to the Back-Up Management Agreement, the Control
Party, acting at the direction of the Controlling Class Representative, may further increase the Capped Securitization Operating Expense Amount as calculated above in order to take account of any additional increased fees associated with the
provision of such services. Mortgage Recordation Fees are not included as Securitization Operating Expenses and accordingly are not subject to the Capped Securitization Operating Expense Amount. 

“Carryover Class A-1 Notes Accrued Quarterly Commitment
Fee Amount” means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period, the amount, if any, by
which (i) the amount allocated to the Class A-1 Notes Commitment Fees Account with respect to the Class A-1 Notes Quarterly Commitment Fees Amounts on the
immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Class A-1 Notes Accrued Quarterly Commitment Fees Amount for such immediately
preceding Weekly Allocation Date. 
 “Carryover Senior Notes Accrued Quarterly Interest Amount” means
(a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the amount
allocated to the Senior Notes Interest Payment Account with respect to the Senior Notes on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Notes Accrued Quarterly
Interest Amount for such immediately preceding Weekly Allocation Date. 
 “Carryover Senior Notes Accrued Quarterly
Post-ARD Additional Interest Amount” means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with
respect to such Quarterly Collection Period the amount, if any, by which (i) the amount allocated to the Senior Notes Post-ARD Additional Interest Account with respect to the Senior Notes Quarterly Post-ARD Additional Interest on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Notes Accrued Quarterly Post-ARD Additional Interest Amount for such immediately preceding Weekly Allocation Date. 

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

  
 8 

 
(ii) the Senior Notes Accrued Scheduled Principal Payments Amount for such immediately preceding Weekly Allocation Date. 

“Cash Collateral” has the meaning set forth in Section 5.11(d)(iii) of this Base
Indenture. 
 “Cash Flow Sweeping Event” means any Quarterly Payment Date on which the DSCR is less than
1.75x. 
 “Cash Flow Sweeping Period” means any period that begins on any Quarterly Payment Date on which
a Cash Flow Sweeping Event occurs and ends on the first Quarterly Payment Date when either (x) a Rapid Amortization Period commences or (y) the DSCR is greater than or equal to 1.75x. 

“Casualty Reinvestment Period” has the meaning specified in Section 5.9(f) of this
Base Indenture. 
 “Cause” means, with respect to an Independent Manager or Independent Director,
(i) acts or omissions by such Independent Manager or Independent Director, as applicable, constituting fraud, dishonesty, negligence, misconduct or other deliberate action which causes injury to any Securitization Entity or an act by such
Independent Manager or Independent Director, as applicable, involving moral turpitude or a serious crime or (ii) that such Independent Manager no longer meets the definition of “Independent Manager” or “Independent Director”
as set forth in the applicable Securitization Entity’s Charter Documents. 
 “CCR Acceptance Letter”
has the meaning set forth in Section 11.1(d) of this Base Indenture. 
 “CCR
Ballot” has the meaning set forth in Section 11.1(b) of this Base Indenture. 

“CCR Candidate” means any nominee submitted to the Trustee on a CCR Nomination pursuant to
Section 11.1(a) of this Base Indenture. 
 “CCR Election Notice” has the meaning
set forth in Section 11.1(a) of this Base Indenture. 
 “CCR Election Period”
has the meaning set forth in Section 11.1(b) of this Base Indenture. 
 “CCR
Nomination” has the meaning set forth in Section 11.1(a) of this Base Indenture. 

“CCR Nomination Period” has the meaning set forth in Section 11.1(a) of this Base
Indenture. 
 “CCR Re-election Event” means any of the following
events: (i) an additional Series of Notes of the Controlling Class is issued, (ii) the Controlling Class changes, (iii) the Trustee receives written notice of the resignation or removal of any acting Controlling Class

  
 9 

 
Representative, (iv) the Trustee receives a written request for an election for a Controlling Class Representative from a Controlling Class Member and such election has been
consented to by the Control Party in its sole discretion, which election will be at the expense of such Controlling Class Members (including Trustee expenses), (v) the Trustee receives written notice that an Event of Bankruptcy has occurred
with respect to the acting Controlling Class Representative, (vi) there is no Controlling Class Representative and the Control Party requests an election be held or (vii) an annual election date occurs; provided, that with
respect to a CCR Re-election Event that occurs as a result of clauses (iv), (vi) and (vii), no CCR Re-election Event will be deemed to have occurred if it would result
in more than two (2) CCR Re-election Events occurring in a single calendar year. Within two (2) Business Days of any other change in the name or address of the Controlling Class Representative
of which the Trustee has received notice from the Controlling Class Representative, the Trustee will deliver to the Noteholders via the Applicable Procedures of the Clearing Agency, each Class A-1
Administrative Agent, the Co-Issuers, the Manager, the Back-Up Manager and the Servicer a notice setting forth the name and address of the new Controlling Class Representative. 

“CCR Voting Record Date” has the meaning set forth in Section 11.1(b) of this Base
Indenture. 
 “Charter Document” means, with respect to any entity and at any time, the certificate of
incorporation, certificate of formation, operating agreement, by-laws, memorandum of association, articles of association, or such other similar document, as applicable to such entity in effect at such time.

 “Class” means, with respect to any Series of Notes, any one of the classes of Notes of such Series as
specified in the applicable Series Supplement. 

“Class A-1 Administrative Agent” means,
(i) with respect to the Series 2019-1 Class A-1 Notes, the Series 2019-1
Class A-1 Administrative Agent and (ii) with respect to any other Class A-1 Notes, the Person identified as the
“Class A-1 Administrative Agent” in the applicable Series Supplement. 

“Class A-1 Commitment” means, (i) with
respect to the Series 2019-1 Class A-1 Notes, the Series 2019-1 Class A-1
Commitments and (ii) with respect to any other Class A-1 Notes, the obligation of each Class A-1 Investor in respect of such Notes to fund advances
pursuant to the related Class A-1 Note Purchase Agreement. 

“Class A-1 Investor” means with respect to
(i) the Series 2019-1 Class A-1 Notes, each of Barclays Bank PLC and Credit Suisse, in its capacity as such pursuant to the Series 2019-1 Class A-1 Note Purchase Agreement, and its permitted successors and assigns in such capacity, and (ii) with respect to any other Class A-1 Notes, the Person acting in such capacity pursuant to the related Class A-1 Note Purchase Agreement. 

“Class A-1 Note Purchase Agreement” means
(i) with respect to the Series 2019-1 Class A-1 Notes, the Series 2019-1
Class A-1 Note Purchase Agreement and (ii) with respect to any other Class A-1 Notes, any note purchase agreement entered into by the Co-Issuers in connection with the issuance of such Class A-1 Notes that is identified as a “Class A-1 Note Purchase
Agreement” in the applicable Series Supplement. 

  
 10 

“Class A-1 Noteholder” means (i) with respect
to the Series 2019-1 Class A-1 Notes, any Person in whose name the Series 2019-1
Class A-1 Notes are registered, and (ii) with respect to any other Class A-1 Notes, any Person in whose name such other
Class A-1 Notes are registered. 
 “Class A-1 Notes” means any Notes designated as “Class A-1” pursuant to the Series Supplement applicable to such Class of Notes. 

“Class A-1 Notes Accrued Quarterly Commitment Fees
Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the lesser of (a) the sum of (i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection
Period and (2) the Class A-1 Notes Quarterly Commitment Fees Amount for the Interest Accrual Period ending in the next succeeding Quarterly Collection Period, (ii) the Carryover Class A-1 Notes Accrued Quarterly Commitment Fee Amount for such Weekly Allocation Date and (iii) if such Weekly Allocation Date occurs on or after a Quarterly Payment Date on which amounts are withdrawn
from the Class A-1 Notes Commitment Fees Account to cover any Class A-1 Notes Commitment Fees Adjustment Amount, the amount so withdrawn (without duplication
for amounts previously allocated pursuant to this clause (iii)) and (b) the amount, if any, by which (i) Class A-1 Notes Quarterly Commitment Fees Amount for the Interest Accrual Period
ending in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to the Class A-1 Notes Commitment Fees Account on each preceding Weekly Allocation
Date (or prefunded on the Closing Date) with respect to such Quarterly Collection Period. 
 “Class A-1 Notes Administrative Expenses” means all amounts due and payable pursuant to any Class A-1 Note Purchase Agreement that are identified as “Class A-1 Notes Administrative Expenses” in the applicable Series Supplement. 

“Class A-1 Notes Amortization Event” means with
respect to (i) the Series 2019-1 Class A-1 Notes, the Series 2019-1
Class A-1 Notes Amortization Event and (ii) any other Class A-1 Notes, the meaning designated in the related Series Supplement. 

“Class A-1 Notes Amortization Period” means, with
respect to any Class A-1 Notes, the period identified as the “Class A-1 Notes Amortization Period” in the applicable Series Supplement. 

“Class A-1 Notes Commitment Fees Adjustment
Amount” means, for any Class A-1 Notes for any Interest Accrual Period, the aggregate amount, if any, for such Interest Accrual Period that is identified as a “Commitment Fees Adjustment
Amount” in the applicable Series Supplement, which will generally equal the difference between (i) the amounts accrued in respect of commitment fees relating to any Series of Class A-1 Notes
during the related Quarterly Fiscal Period based on certain estimation principles and (ii) the actual amount of such commitment fees for such Interest Accrual Period, as such difference is calculated in accordance with the Indenture. 

“Class A-1 Notes Commitment Fees Account” has the
meaning set forth in Section 5.5 of this Base Indenture. 

  
 11 

“Class A-1 Notes Commitment Fees Shortfall Amount”
has the meaning set forth in Section 5.11(b)(iii) of this Base Indenture. 

“Class A-1 Notes Interest Adjustment Amount”
means, for any Class A-1 Notes for any Interest Accrual Period, the aggregate amount, if any, for such Interest Accrual Period that is identified as an “Interest Adjustment Amount” in the
applicable Series Supplement. 
 “Class A-1 Notes
Maximum Principal Amount” means, (i) with respect to the Series 2014-1 Class A-1 Notes, the Series 2014-1 Class A-1 Notes Maximum Principal Amount and (ii) with respect to any other Class A-1 Notes, the meaning specified in the applicable Series Supplement. 

“Class A-1 Notes Other Amounts” means all amounts
due and payable pursuant to any Class A-1 Note Purchase Agreement that are identified as “Class A-1 Notes Other Amounts” in the applicable Series
Supplement. 
 “Class A-1 Notes Quarterly Commitment
Fees Amount” means, for any Interest Accrual Period, with respect to any Class A-1 Notes Outstanding, the aggregate amount of commitment fees due and payable, with respect to such Interest
Accrual Period, on such Class A-1 Notes that is identified as “Class A-1 Notes Quarterly Commitment Fees Amount” in the applicable Series Supplement;
provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such commitment fees cannot be ascertained, an estimate of such commitment fees will be used to calculate the
Class A-1 Notes Quarterly Commitment Fees Amount for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided
further that any amount identified as “Class A-1 Notes Administrative Expenses” or “Class A-1 Notes Other Amounts” in any Series Supplement
will under no circumstances be deemed to constitute “Class A-1 Notes Quarterly Commitment Fees Amount.” 

“Class A-1 Notes Renewal Date” means,
(i) with respect to the Series 2014-1 Class A-1 Notes, the Series 2014-1
Class A-1 Notes Renewal Date and (ii) with respect to any other Series of Class A-1 Notes, the date identified as the
“Class A-1 Notes Renewal Date” in the applicable Series Supplement. 

“Class A-1 Notes Voting Amount” means, with
respect to any Series of Class A-1 Notes, the greater of (i) the Class A-1 Notes Maximum Principal Amount for such Series (after giving effect to any
cancelled commitments) and (ii) the Outstanding Principal Amount of Class A-1 Notes for such Series. 

“Class A-2 Notes” means any Notes
alphanumerically designated as “Class A-2” pursuant to the Series Supplement applicable to such Class of Notes. 

“Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act or any successor provision thereto or Euroclear or Clearstream. 

  
 12 

 “Clearing Agency Participant” means a broker, dealer,
bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Clearstream” means Clearstream Luxembourg. 

“Closing Date” means June 5, 2019. 

“Closing Title Reports” means title commitments for each Contributed Owned Real Property. 

“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to
time, and any successor statute of similar import, in each case as in effect from time to time. References to sections of the Code also refer to any successor sections. 

“Co-Issuers” means, collectively, Applebee’s Issuer and IHOP
Issuer. 
 “Collateral” means, collectively, the Indenture Collateral, the “Collateral” as
defined in the Guarantee and Collateral Agreement and any property subject to any other Indenture Document that grants a Lien to secure any Obligations. 

“Collateral Documents” means, collectively, the Collateral Franchise Business Documents and the Collateral
Transaction Documents. 
 “Collateral Exclusions” means the following property of the Securitization
Entities: (i) the Franchised Restaurant Leases, (ii) any other lease, sublease, license, or other contract or permit, in each case if the grant of a lien or security interest in any of the Securitization Entities’ right, title and
interest in, to or under such lease, sublease, license, contract or permit in the manner contemplated by this Indenture (a) is prohibited by the terms of such lease, sublease, license, contract or permit or would require the consent of a third
party, (b) would constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of the applicable Securitization Entity therein or (c) would otherwise result in a breach thereof or the termination
or a right of termination thereof, except to the extent that any such prohibition, breach, termination or right of termination is rendered ineffective pursuant to the UCC or any other applicable law, (iii) the Excepted Securitization IP Assets
and (iv) the Excluded Amounts; provided, further, that the Co-Issuers and the Guarantors will not be required to pledge more than 65% of the Equity Interests (and any rights associated with
such Equity Interests) of any foreign subsidiary of any of the Co-Issuers or the Guarantors that is a corporation for United States federal income tax purposes and in no circumstance will any such foreign
subsidiary be required to pledge any assets, serve as Guarantor, or otherwise guarantee the Notes; provided further that the security interest in (A) each Series Distribution Account and the funds or securities deposited therein or
credited thereto will only secure the related Class of Notes as set forth in the Indenture, (B) the Senior Notes Interest Reserve Account and the related property will only be for the benefit of the Senior Noteholders and the Trustee, in
its capacity as trustee for the Senior Noteholders and (C) the Senior Subordinated Notes Interest Reserve Account and the related property will only be for the benefit of the Senior Subordinated Noteholders and the Trustee, in its capacity as
trustee for the Senior Subordinated Noteholders. 

  
 13 

 “Collateral Franchise Business Documents” means,
collectively, the Franchise Documents, the Franchisee Notes, the Equipment Leases, the Product Sourcing Agreements and the Company Restaurant Licenses. 

“Collateral Protection Advance” means any advance of (a) payment of taxes, rent, assessments, insurance
premiums and other related or similar costs and expenses necessary to protect, preserve or restore the Collateral and (b) payments of any Securitization Operating Expenses (excluding (i) any indemnification obligations, (ii) business
and/or asset-related operating expenses, (iii) fees and expenses of external legal counsel that are not directly related to the maintenance or preservation of the Collateral, (iv) fees and expenses of any entity other than a Securitization
Entity and (v) damages, costs or expenses relating to fraud, bad faith, willful misconduct, violations of law, bodily injury, property damage or misappropriation of funds), to the extent not previously paid pursuant to a Manager Advance, in
each case made by the Servicer pursuant to the Servicing Agreement in accordance with the Servicing Standard, or by the Trustee pursuant to the Indenture. 

“Collateral Transaction Documents” means the Contribution Agreements, the Charter Documents of each
Securitization Entity, the IP License Agreements, the Servicing Agreement, the Account Control Agreements, the Management Agreement and the Back-Up Management Agreement. 

“Collateralized Letters of Credit” has the meaning set forth in Section 5.11(d)(iii) of this
Base Indenture. 
 “Collection Account” means account no. 11312500 entitled “Citibank, N.A. f/b/o
IHOP Funding LLC – Collection Account” maintained by the Trustee for the benefit of the Secured Parties pursuant to Section 5.4 of this Base Indenture or any successor securities account maintained pursuant to
Section 5.4 of this Base Indenture. 
 “Collection Account Administrative
Accounts” has the meaning set forth in Section 5.5 of this Base Indenture. 

“Collections” means, with respect to each Weekly Collection Period, all amounts received by or for the
account of (or in the case of ACH transactions, amounts remitted via ACH to or for the account of but net of any Reversed ACH Remittance) the Securitization Entities during such Weekly Collection Period, including (without duplication): 

 

	 	(i)	 Franchisee Payments deposited into either Concentration Account; 

 

	 	(ii)	 Franchisee Lease Payments deposited into either Concentration Account; 

 

	 	(iii)	 all Net Product Sourcing Payments deposited into the Collection Account; 

 

	 	(iv)	 Franchisee Note Payments deposited into any Concentration Account; 

 

	 	(v)	 Equipment Lease Payments deposited into any Concentration Account; 

  
 14 

 (vi)      all amounts, including Company
Restaurant License Fees, received under the IP License Agreements and all other license fees and other amounts received in respect of the Securitization IP, including recoveries from the enforcement of the Securitization IP; 

(vii)      Indemnification Amounts, Insurance/Condemnation Proceeds, Asset Disposition
Proceeds, and (without duplication) all other amounts received upon the disposition of the Collateral, including proceeds received upon the disposition of property expressly excluded from the definition of Asset Disposition Proceeds, in each case
that are required to be deposited into any Concentration Account or the Collection Account; 

(viii)      the Series Hedge Receipts, if any, received by the Securitization Entities in
respect of any Series Hedge Agreements entered into by the Securitization Entities in connection with the issuance of Additional Notes following the Closing Date; 

(ix)        Investment Income earned on amounts on deposit in the Accounts; 

(x)         equity contributions made to the
Co-Issuers; 
 (xi)        to the extent
not otherwise included above, payments from Franchisees or any other Person in respect of Excluded Amounts deposited in any Concentration Account or otherwise included in Collections; 

(xii)      amounts released from the Senior Notes Interest Reserve Account or the Senior
Subordinated Notes Interest Reserve Amount, respectively; 
 (xiii)      Optional Prepayment
Accrued Principal Release Amounts; and 
 (xiv)      any other payments or proceeds received
with respect to the Collateral. 
 “Commitment” has the meaning set forth in the applicable Series
Supplement. 
 “Company Order” and “Company Request” mean a written order or request
signed in the name of each of the Co-Issuers by any Authorized Officer of each such Co-Issuer and delivered to the Trustee, the Control Party or the Paying Agent. 

“Company Restaurant License” means each of (i) the Applebee’s Company Restaurant Licenses, dated
as of the Series 2014-1 Closing Date, by and between Applebee’s Franchise Holder, as licensor, and the Applebee’s Parent, and certain subsidiaries thereof, as licensees, as amended, supplemented or
otherwise modified from time to time and (ii) the IHOP Company Restaurant License, dated as of the Series 2014-1 Closing Date, by and between the IHOP Parent and certain subsidiaries thereof, as
licensees, as amended, supplemented or otherwise modified from time to time. 
 “Company Restaurants”
means the Branded Restaurants that are owned and operated by the Non-Securitization Entities, including Branded Restaurants that the Non-Securitization Entities
reacquire from Franchisees from time to time until they can be refranchised. 

  
 15 

 “Company Restaurant License Fees” means the licensing fee
payable by the applicable Non-Securitization Entity to the applicable Franchise Entity pursuant to the Company Restaurant Licenses equal to (i) four percent (4%) of the Gross Sales of each Applebee’s
Brand Company Restaurant, if any, to the Applebee’s Franchise Holder (paid monthly) or (ii) four and a half percent (4.5%) of the Gross Sales of each IHOP Brand Company Restaurant, if any, to the IHOP Franchise Holder (paid weekly). 

“Competitor” means any Person that is a direct or indirect franchisor, franchisee, owner or operator of a
large regional or national casual dining or family dining restaurant concept (including a Franchisee); provided, however, that (i) a Person will not be a Competitor solely by virtue of its direct or indirect ownership of less than
5% of the Equity Interests in a “Competitor,” (ii) a Person will not be a “Competitor” if such Person has policies and procedures that prohibit such Person from disclosing or making available any confidential information that
such Person may receive as a Holder of the Notes or prospective investor in the Notes, to individuals involved in the business of buying, selling, holding or analyzing the Equity Interests of a “Competitor” or in the business of being a
franchisor, franchisee, owner or operator of a large regional or national casual dining or family dining restaurant concept and (iii) a franchisee will only be a “Competitor” if it, or its Affiliates, directly or indirectly, owns,
franchises or licenses, in the aggregate, ten or more individual locations of a particular concept. 

“Concentration Accounts” means, collectively, the Applebee’s Concentration Account and the IHOP
Concentration Account. 
 “Confidential Information” has the meaning set forth in
Section 10.11(a) of this Base Indenture. 
 “Consent Recommendation” means the
action recommended by the Control Party in writing with respect to any Consent Request. 
 “Consent
Request” means any request for directions, waivers, amendments, consents and other actions under the Transaction Documents. 

“Consolidated Interest Expense” means, with respect to any Person for any period, consolidated interest
expense, whether paid or accrued, of such Person and its Subsidiaries for such period, including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit, net costs under interest rate hedging
agreements, amortization of discount, that portion of interest obligations with respect to any lease of any property (whether real, personal or mixed) that is properly classified as a liability on a balance sheet in conformity with GAAP, including
all Capitalized Lease Obligations incurred by such Person, commitment fees and acceleration of fees and expenses payable in connection with Indebtedness. 

“Consolidated Net Income” means, with respect to any Person for any period, the consolidated net income of
such Person and its Subsidiaries (whether positive or negative), determined in accordance with GAAP, for such period. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or
otherwise, of that Person (a) with respect to any indebtedness, lease, declared but unpaid dividends, letter of credit or other obligation of another if the primary purpose 

  
 16 

 
or intent thereof by the Person incurring the Contingent Obligation is to provide assurance to the obligee of such obligation of another that such obligation of another will be paid or
discharged, or that any agreements relating thereto will be complied with, or that the holders of such obligation will be protected (in whole or in part) against loss in respect thereof or (b) under any letter of credit issued for the account
of that Person or for which that Person is otherwise liable for reimbursement thereof. Contingent Obligation will include (x) the direct or indirect guarantee, endorsement (otherwise than for collection or deposit in the ordinary course of
business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of another and (y) any liability of such Person for the obligations of another through any agreement
(contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases,
capital contributions or otherwise), (ii) to maintain the solvency of any balance sheet item, level of income or financial condition of another or (iii) to make
take-or-pay or similar payments if required regardless of non-performance by any other party or parties to an agreement, if in
the case of any agreement described under subclause (i) or (ii) of this clause (y) the primary purpose or intent thereof is as described in the preceding sentence. The amount of any Contingent Obligation will be equal
to the amount of the obligation so guaranteed or otherwise supported. 
 “Contractual Obligation” means,
with respect to any Person, any provision of any security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its
properties is bound or to which it or any of its properties is subject. 
 “Contributed Assets” means,
collectively, the Applebee’s Contributed Assets and the IHOP Contributed Assets. 
 “Contributed Development
Agreements” means all of Development Agreements and all related guaranty agreements existing as of the Series 2014-1 Closing Date that were contributed to a Franchise Entity on the Series 2014-1 Closing Date pursuant to the applicable Contribution Agreements; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with the
Transaction Documents as in effect as of the time of such disposition. 
 “Contributed Equipment Lease”
means all Equipment Leases and all related guaranty agreements existing as of the Series 2014-1 Closing Date that were contributed to a Franchise Entity on the Series
2014-1 Closing Date pursuant to the applicable Contribution Agreements; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with the
Transaction Documents as in effect as of the time of such disposition. 
 “Contributed Franchise
Agreements” means all Franchise Agreements and related guaranty agreements existing as of the Series 2014-1 Closing Date that were contributed to a Franchise Entity on the Series 2014-1 Closing Date pursuant to the applicable Contribution Agreements; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with the
Transaction Documents as in effect as of the time of such disposition. 

  
 17 

 “Contributed Franchised Restaurant Business” means the
business of franchising or licensing Branded Restaurants located in the United States, the manufacturing and sale of Proprietary Products for use at Branded Restaurants located in the United States and the provision of ancillary goods and services
in connection therewith. For the avoidance of doubt, the Contributed Franchised Restaurant Business does not include any Company Restaurants or any restaurants located outside of the United States. 

“Contributed Franchised Restaurant Leases” means (i) leases from landlords unaffiliated with Dine
Brands Global, Inc. in respect of which a Dine Brands Entity was the prime lessee and a Franchisee or other Person was the sub-lessee (as of the Series 2014-1 Closing
Date) that were contributed to a Franchise Entity on the Series 2014-1 Closing Date pursuant to the applicable Contribution Agreements and (ii) leases or subleases in respect of which a Dine Brands Entity
was the lessor or sublessor and a Franchisee or other Person was the lessee or sublessee (as of the Series 2014-1 Closing Date) that were contributed to a Franchise Entity on the Series 2014-1 Closing Date pursuant to the applicable Contribution Agreements; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with the
Transaction Documents as in effect as of the time of such disposition. 
 “Contributed Franchised
Restaurants” means the Branded Restaurants that, as of the Series 2014-1 Closing Date, were owned and operated by Franchisees (or, in the case of any Branded Restaurant subject to an Area License
Agreement, a sub-franchisee thereof) that were unaffiliated with Dine Brands Global, Inc. and its Affiliates pursuant to a Franchise Agreement that were contributed to a Franchise Entity on the Series 2014-1 Closing Date pursuant to the applicable Contribution Agreements; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with the
Transaction Documents as in effect as of the time of such disposition. 
 “Contributed Franchisee Note”
means all Franchisee Notes and all related guaranty agreements existing as of the Series 2014-1 Closing Date that were contributed to a Franchise Entity on the Series
2014-1 Closing Date pursuant to the applicable Contribution Agreements; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with
the Transaction Documents as in effect as of the time of such disposition. 
 “Contributed Owned Real
Property” means the real property (including the land, buildings and fixtures) owned in fee (as of the Series 2014-1 Closing Date) by Dine Brands Global, Inc. or its Subsidiaries that was contributed
to a Franchise Entity on the Series 2014-1 Closing Date pursuant to the applicable Contribution Agreements; provided that references to the same as of any date of determination shall exclude any such
assets disposed of in accordance with the Transaction Documents as in effect as of the time of such disposition. 

“Contributed Product Sourcing Agreement” means all Product Sourcing Agreements and all related guarantees
existing as of the Series 2014-1 Closing Date that were contributed to a Franchise Entity on the Series 2014-1 Closing Date pursuant to the applicable Contribution
Agreement; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with the Transaction Documents as in effect as of the time of such disposition. 

  
 18 

 “Contributed Real Estate Assets” means (i) the
Contributed Owned Real Property and (ii) the Contributed Franchised Restaurant Leases. 
 “Contribution
Agreements” means the Applebee’s Contribution Agreements and the IHOP Contribution Agreements. 

“Controlled Group” means any group of trades or businesses (whether or not incorporated) under common
control that is treated as a single employer for purposes of Section 302 or Title IV of ERISA. 
 “Control
Party” means, at any time, the Servicer, who will direct the Trustee to act (or refrain from acting) or will act on behalf of the Trustee in connection with Consent Requests. 

“Controlling Class” means the most senior Class of Notes then Outstanding among all Series of Notes
then Outstanding for which purpose the Class A-1 Notes and the Class A-2 Notes will be treated as a single Class for so long as the Class A-1 Notes and the Class A-2 Notes remain Outstanding. 

“Controlling Class Member” means, with respect to a Note issued in book-entry form of the
Controlling Class, a Note Owner of such Note and, with respect to a Note issued in physical, definitive form of the Controlling Class, a Noteholder of such Note issued in physical, definitive form (excluding, in each case, any Securitization Entity
or Affiliate thereof). 
 “Controlling Class Representative” means, at any time during
which one or more Series of Notes is Outstanding, the representative, if any, that has been elected pursuant to Section 11.1 of this Base Indenture by the Majority of Controlling Class Members; provided that, if
no Controlling Class Representative has been elected or if the Controlling Class Representative does not respond to a Consent Request within the time period specified in Section 11.4 of this Base Indenture, the
Control Party will be entitled to exercise the rights of the Controlling Class Representative with respect to such Consent Request other than with respect to Servicer Termination Events. 

“Copyrights” has the meaning set forth in the definition of “Intellectual Property.” 

“Corporate Trust Office” means the corporate trust office of the Trustee (a) for Note transfer purposes
and presentment of the Notes for final payment thereon, Citibank, N.A., 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention: Securities Window - Applebee’s Funding LLC and IHOP Funding LLC and (b) for all other
purposes, Citibank, N.A., 388 Greenwich Street, New York, New York 10013, Attention: Agency & Trust - Applebee’s Funding LLC and IHOP Funding LLC, call: (888) 855-9695 to obtain Citibank, N.A.
account manager’s email, or such other address as the Trustee may designate from time to time by notice to the Holders, the Rating Agencies and the Co-Issuers or the principal corporate trust office of
any successor Trustee. 
 “Covenant-Adjusted EBITDA” means, with respect to any Person for any period, the
Consolidated Net Income of such Person and its Subsidiaries for such period: 

  
 19 

 (a)      plus, without duplication, the following to the
extent deducted in calculating such Consolidated Net Income: 
 (i) Consolidated Interest Expense; 

(ii) net loss attributable to asset dispositions not in the ordinary course of business or early extinguishment of
Indebtedness or Swap Contracts; 
 (iii) stock based compensation expense; 

(iv) closure and impairment losses on assets; 

(v) depreciation and amortization expense; 

(vi) Transaction Expenses; 

(vii) expenses or charges related to any actual or contemplated acquisition or disposition (excluding de minimis acquisitions
or dispositions), issuance of Equity Interests, recapitalization or incurrence or repayment of Indebtedness (in each case, whether or not successful); 

(viii) net loss (or similar charges) resulting from currency translation; 

(ix) charges, fees, expenses, costs, accruals or reserves of any kind arising from litigation or claim settlement, including,
without limitation, all related legal fees, disbursements and expenses and costs of defense; 
 (x) costs incurred in
connection with franchise conventions; 
 (xi) board of directors fees and expenses; 

(xii) closed store expenses, lease buy-out expenses, remodel reopening expenses, and
new restaurant opening and pre-opening expenses; 
 (xiii) current and/or deferred
taxes based on income, profits or capital of such Person and its Subsidiaries, including without limitation U.S. federal, state, local, foreign, franchise, excise, withholding and similar taxes and foreign withholding taxes (including penalties and
interest related to such taxes or arising from tax examination); 
 (xiv) net loss related to any brand national
advertising fund deficit and 
 (xv) other extraordinary, unusual or nonrecurring losses, expenses or charges, including
without limitation: 
 (A) any severance, relocation, reorganization or other restructuring expenses, 

(B) any expenses related to reconstruction, decommissioning, recommissioning or reconfiguration of fixed
assets for alternative uses, 

  
 20 

 (C) inventory optimization programs, 

(D) facility, office, store, restaurant or business unit closures or consolidations, 

(E) systems establishment costs, 

(F) contract termination costs, 

(G) curtailments or modifications to pension and post-retirement employee benefit plans, 

(H) excess pension charges, 

(I) acquisition integration costs, 

(J) business optimization costs, 

(K) signing, retention or recruiting bonuses and expenses, or 

(L) any losses, expenses or charges related to liability or casualty events or business interruption, and

 (b) minus, without duplication, to the extent added in calculating such Consolidated Net Income, 

(i) net gain attributable to asset dispositions not in the ordinary course of business or early extinguishment of
Indebtedness or Swap Contracts; 
 (ii) net gain (or similar credits) resulting from currency translation; 

(iii) net gain related to any brand national advertising fund excess and 

(iv) other extraordinary or nonrecurring items; provided, however, that items that would have been accounted for as operating
leases under GAAP as in effect on the Closing Date will continue to be treated as operating leases for purposes of this definition irrespective of any change in GAAP subsequent to the Closing Date. 

“Debt Service” means, with respect to any Quarterly Payment Date, the sum of (A) the Senior Notes
Quarterly Interest Amount plus (B) the Senior Subordinated Notes Quarterly Interest Amount plus (C) the aggregate Class A-1 Notes Quarterly Commitment Fees Amounts plus
(D) with respect to each Class of Senior Notes and Senior Subordinated Notes Outstanding, the aggregate amount of Scheduled Principal Payments that would be due and payable on such Quarterly Payment Date, as ratably reduced by the
aggregate amount of any payments of Indemnification Amounts, Insurance/Condemnation Proceeds or Asset Disposition Proceeds, after giving effect to any optional or mandatory prepayment of principal of any such Senior Notes or Senior Subordinated
Notes or any repurchase and cancellation of such Senior Notes or Senior Subordinated Notes, but without giving effect to any reductions available due to satisfaction of any Series Non-Amortization Test on the
applicable Non-Amortization Test Date. 

  
 21 

 For the purposes of calculating the DSCR as of the first Quarterly Payment
Date after the Closing Date, Debt Service will be deemed to be the sum of (A) the product of (x) the sum of the amounts referred to in clauses (A) through (C) of the definition of “Debt Service” multiplied by (y) a
fraction the numerator of which is 90 and the denominator of which is the actual number of days elapsed during the period commencing on and including the Closing Date and ending on but excluding the first Quarterly Payment Date, plus (B) the
amount referred to in clause (D) of the definition of “Debt Service”. 
 “Debt Service
Advance” means an advance made by the Servicer (or, if the Servicer fails to do so, the Trustee) in respect of the Senior Notes Interest Shortfall Amount on any Quarterly Payment Date. 

“Default” means any Event of Default or any occurrence that with notice or the lapse of time or both would
become an Event of Default. 
 “Defeased Series” has the meaning set forth in
Section 12.1(c) of this Base Indenture. 
 “Definitive Notes” has the meaning
set forth in Section 2.12(a) of this Base Indenture. 
 “Depository” has the
meaning set forth in Section 2.12(a) of this Base Indenture. 
 “Depository
Agreement” means, with respect to a Series or Class of a Series of Notes having Book-Entry Notes, the agreement among the Co-Issuers, the Trustee and the Clearing Agency governing the deposit of
such Notes with the Clearing Agency, or as otherwise provided in the applicable Series Supplement. 
 “Development
Agreements” means all development agreements for Branded Restaurants pursuant to which a Franchisee, developer or other Person obtains the rights to develop (in order to operate as a Franchisee) one or more Branded Restaurants within a
designated geographical area. 
 “Dine Brands” means Dine Brands Global, Inc., a Delaware corporation, and
its successors and assigns. 
 “Dine Brands Entities” means Dine Brands Global, Inc. and each of its
Subsidiaries, now existing or hereafter created. 
 “Dine Brands IP Licenses” means, collectively, the
Applebee’s Dine Brands IP License and the IHOP Dine Brands IP License. 
 “Dine Brands Leverage
Ratio” means, as of any date of determination, the ratio of (a)(i) Indebtedness of the Non-Securitization Entities and the Securitization Entities (provided that, with respect to each Series of Class A-1 Notes Outstanding, the aggregate principal amount of each such Series of Class A-1 Notes will be deemed to be (A) for purposes of any Series Non-Amortization Test, the actual principal amount for each such Series (including any issued letters of credit) and (B) for all other purposes, the Class A-1 Notes
Maximum Principal Amount for each 

  
 22 

 
such Series) as of the end of the most recently ended Quarterly Fiscal Period less (ii) the sum of (v) the operating lease obligations of the
Non-Securitization and the Securitization Entities as of the end of the most recently ended Quarterly Fiscal Period recognized under ASC 842, Leases, (w) the cash and cash equivalents of the
Securitization Entities credited to the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Franchisor Capital Accounts and the Rent Disbursement Accounts as of the end of the most recently ended
Quarterly Fiscal Period, (x) the cash and cash equivalents of the Securitization Entities maintained in the Management Accounts that, pursuant to a Weekly Manager’s Certificate delivered on or prior to such date, will be paid to the
Manager or constitute the Residual Amount on the next succeeding Weekly Allocation Date, (y) the unrestricted cash and cash equivalents of the Non-Securitization Entities as of the end of the most
recently ended Quarterly Fiscal Period and (z) the available amount of each Interest Reserve Letter of Credit with respect to the Senior Notes as of the end of the most recently ended Quarterly Fiscal Period to (b) Covenant Adjusted EBITDA
of the Non-Securitization Entities and the Securitization Entities for the four Quarterly Fiscal Periods most recently ended as of such date and for which financial statements are required to be delivered. The
Dine Brands Leverage Ratio shall be calculated in accordance with Section 14.18(a) of the Base Indenture. 

“Dollar” and the symbol “$” or “U.S.$” or U.S. Dollar” means the lawful
currency of the United States. 
 “DSCR” means an amount calculated as of any Quarterly Calculation Date
by dividing (i) the Net Cash Flow over the four (4) immediately preceding Quarterly Collection Periods most recently ended by (ii) the Debt Service due during the four (4) immediately preceding Quarterly Fiscal Periods most
recently ended; provided that, for purposes of calculating the DSCR as of the first four (4) Quarterly Calculation Dates: 

(a)       “Net Cash Flow” for the Quarterly Collection Period
ended July 1, 2018 shall be deemed to be $80,136,432, “Net Cash Flow” for the Quarterly Collection Period ended September 30, 2018 shall be deemed to be $79,611,888, “Net Cash Flow” for the Quarterly Collection Period
ended December 30, 2018 shall be deemed to be $82,233,432 and “Net Cash Flow” for the Quarterly Collection Period ended March 31, 2019 shall be deemed to be $78,454,364; 

(b)      the Debt Service due during such period for purposes of clause
(ii) shall be deemed to equal the Debt Service for the most recently ended Quarterly Collection Period times four (and for the first Quarterly Collection Period, the Debt Service measured for such Quarterly Collection Period shall be adjusted
as set forth in the definition of such term to account for the irregular number of days in such Quarterly Collection Period), and 

(c)      Net Cash Flow for the Quarterly Fiscal Period ending on June 30,
2019 shall be adjusted to reflect the Manager’s good faith estimate (in accordance with the Managing Standard) of what Net Cash Flow would have been for the portion of such Quarterly Fiscal Period occurring prior to the Closing Date if the
calculation of “Net Cash Flow” set forth below had been in effect prior to the Closing Date and based on the changes to the components of such calculation on and after the Closing Date. 

  
 23 

 “EBA” means the European Banking Authority (including any
successor or replacement organization thereto). 
 “EIOPA” means the European Insurance and Occupational
Pensions Authority (including any successor or replacement organization thereto). 
 “Eligible Account”
means (a) a segregated identifiable trust account established in the trust department of a Qualified Trust Institution or (b) a separately identifiable deposit or securities account established at a Qualified Institution. 

“Eligible Assets” means any real property or other asset used or useful to the Securitization Entities in
the operation of the Contributed Franchised Restaurant Business or their other assets, including, without limitation, (i) capital assets, capital expenditures, renovations and improvements and (ii) assets intended to generate revenue for
the Securitization Entities. 
 “Eligible Investments” means (a) time deposits with, or insured
certificates of deposit or bankers’ acceptances of, any commercial bank or trust company that (i) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking
subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) whose short-term debt is rated at least “P-1” (or then equivalent grade) by Moody’s and at least “A 1+” (or then equivalent grade) by S&P and (iii) has combined capital and surplus of at least $1,000,000,000, in each case
with maturities of not more than one year from the date of acquisition thereof; (b) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof
having maturities of not more than one year from the date of acquisition thereof; provided, that the full faith and credit of the United States of America is pledged in support thereof; (c) commercial paper issued by any Person organized
under the laws of any state of the United States of America and rated at least “P-1” (or the then equivalent grade) by Moody’s and at least “A 1+” (or the then equivalent grade) by
S&P, with maturities of not more than 180 days from the date of acquisition thereof; (d) repurchase obligations with a term of not more than 30 days for underlying securities of the type described in clauses (a) and (b) above entered
into with any financial institution meeting the qualifications specified in clause (a) above and (e) investments, classified in accordance with GAAP as current assets of the relevant Person making such investment, in money market
investment programs registered under the 1940 Act, which have the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are invested primarily in investments of the character, quality and maturity described in
clauses (a) though (d) of this definition. Notwithstanding the foregoing, all Eligible Investments must either (A) be at all times available for withdrawal or liquidation at par (or for commercial paper issued at a discount, at the
applicable purchase price) or (B) mature on or prior to the Business Day prior to the immediately succeeding Weekly Allocation Date. 

“Employee Benefit Plan” means any “employee benefit plan,” as such term is defined in
Section 3(3) of ERISA, whether or not subject to ERISA, established, maintained or contributed to by a Securitization Entity, or with respect to which any Securitization Entity has any liability. 

  
 24 

 “Enhancement” means, with respect to any Series of Notes,
the rights and benefits provided to the Noteholders of such Series of Notes pursuant to any letter of credit, surety bond, cash collateral account, spread account, guaranteed rate agreement, maturity guaranty facility, tax protection agreement,
interest rate swap or any other similar arrangement entered into by the Co-Issuers in connection with the issuance of such Series of Notes as provided for in the applicable Series Supplement in accordance with
the terms of this Base Indenture. 
 “Enhancement Agreement” means any contract, agreement, instrument or
document governing the terms of any Enhancement or pursuant to which any Enhancement is issued or outstanding. 

“Enhancement Provider” means the Person providing any Enhancement as designated in the applicable Series
Supplement. 
 “Environmental Law” means any and all applicable laws, rules, orders, regulations,
statutes, ordinances, binding guidelines, codes, decrees, agreements or other legally enforceable requirements (including common law) of any international authority, foreign government, the United States, or any state, local, municipal or other
governmental authority, regulating, relating to or imposing liability or standards of conduct concerning protection of the environment or of human health (as it relates to exposure to Materials of Environmental Concern), or employee health and
safety (as it relates to exposure to Materials of Environmental Concern), as has been, is now, or may at any time hereafter be, in effect. 

“Environmental Permits” means any and all permits, licenses, approvals, registrations, notifications,
exemptions and other authorizations required under any Environmental Law. 
 “Equipment Lease” means any
equipment lease pursuant to which a Franchisee leases from a Securitization Entity equipment used to operate a Franchised Restaurant, together with any residual interest in the related equipment and any security interest in such equipment. 

“Equipment Lease Payments” means all amounts payable to a Franchise Entity by a Franchisee pursuant to an
Equipment Lease. 
 “Equity Interests” means any (a) membership interest in any limited liability
company, (b) general or limited partnership interest in any partnership, (c) common, preferred or other stock interest in any corporation, (d) share, participation, unit or other interest in the property or enterprise of an issuer
that evidences ownership rights therein, (e) ownership or beneficial interest in any trust, (f) option, warrant or other right to convert any interest into or otherwise receive any of the foregoing or (g) any other interest or
participation that confers the right to receive a share of the profits and losses of, or distributions of assets of, the applicable issuer. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended, and any successor
statute of similar import, in each case as in effect from time to time. References to sections of ERISA also refer to any successor sections. 

“ESMA” means the European Securities and Markets Authority (including any successor or replacement
organization thereto). 

  
 25 

 “EU” means the European Union. 

“EU Investor Requirements” means Article 5 of the EU Securitization Regulation with respect to institutional
investors (as such term is defined for purposes of the EU Securitization Regulation). 
 “EU Securitization
Laws” means the EU Securitization Regulation, together with any supplementary regulatory technical standards, implementing technical standards and any official guidance published in relation thereto by the European Supervisory Authorities,
and any implementing laws or regulations. 
 “EU Securitization Regulation” means Regulation (EU)
2017/2402 (as amended). 
 “Euroclear” means Euroclear Bank, S.A./N.V., or any successor thereto, as
operator of the Euroclear System. 
 “European Supervisory Authorities” means, together, the EBA, ESMA and
EIOPA. 
 “Event of Bankruptcy” means an event that will be deemed to have occurred with respect to a
Person if: 
 (a)      a case or other proceeding is commenced, without the
application or consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian,
liquidator, assignee, sequestrator or the like for such Person or all or any substantial part of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or
composition or adjustment of debts, and such case or proceeding continues undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of such Person is entered in an involuntary case
under the federal bankruptcy laws or other similar laws now or hereafter in effect; or 

(b)      such Person commences a voluntary case or other proceeding under any
applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) for such Person or for any substantial part of its property, or makes any general assignment for the benefit of creditors; or 

(c)      the board of directors or board of managers (or similar body) of such
Person votes to implement any of the actions set forth in clause (b) above. 
 “Event of Default”
means any of the events set forth in Section 9.2 of this Base Indenture. 
 “Excepted
Securitization IP Assets” means (i) any right to use third-party Intellectual Property pursuant to a license to the extent such rights are not able to be pledged; and (ii) any application for registration of a Trademark that would
be invalidated, canceled, voided or 

  
 26 

 
abandoned due to the grant and/or enforcement of an assignment or security interest, including intent-to-use
applications filed with the PTO pursuant to 15 U.S.C. Section 1051(b) prior to the filing of a statement of use or amendment to allege use pursuant to 15 U.S.C. 1051(c) or (d); provided, that at such time as the grant and/or enforcement
of the assignment or security interest would not cause such application to be invalidated, canceled, voided or abandoned, such Trademark application will not be considered an Excepted Securitization IP Asset. 

“Excess Class A-1 Notes Administrative Expenses
Amount” means, for each Weekly Allocation Date, an amount equal to the amount by which (a) the Class A-1 Notes Administrative Expenses that have become due and payable prior to such Weekly
Allocation Date and have not been previously paid exceed (b) the Capped Class A-1 Notes Administrative Expenses Amount for such Weekly Allocation Date. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Amounts” means (i) fees and expenses paid by or on behalf of any Franchise Entity or any
Franchise Holder in connection with registering, maintaining and enforcing the Securitization IP and paying third party licensing and subscription fees, or any other fees, expenses or costs in connection with indemnification obligations and other
obligations under any other license, (ii) account expenses and fees paid to the banks at which the Management Accounts are held, (iii) Advertising Fees, (iv) insurance and condemnation proceeds payable by the Securitization Entities
to Franchisees, (v) withholding, sales and other taxes (if any) included in Collections that are due and payable to a Governmental Authority or other unaffiliated third party, (vi) any proceeds from or collections in respect of Non-Contributed Property, (vii) amounts paid by Franchisees and Company Restaurants, if any, to Dine Brands Global, Inc. or into any Brand technology development fund for the development, maintenance and
support of restaurant-level and above restaurant-level technology systems, including, without limitation, back of house, mobile order and/or mobile payment systems, (viii) amounts paid by Franchisees for corporate services provided by the
Manager, including, without limitation, repairs and maintenance, gift card administration, asset development services and employee training, (ix) tenant improvement allowances and similar amounts received from landlords, (x) proceeds of
directors’ and officers’ insurance, (xi) amounts received as reimbursement for hotel, travel and training costs in connection with Franchisee training or operational programs, (xii) insurance and condemnation proceeds payable by
the Securitization Entities to third parties or by Franchisees to the Manager or the Securitization Entities, (xiii) any amounts that cannot be transferred to the Concentration Account or the Collection Account due to applicable law,
(xiv) any revenue sharing, brokerage or other fees, costs and expenses related to licenses and (xiv) any other amounts deposited into any Concentration Account or otherwise included in Collections that are not required to be deposited into
the Collection Account. Excluded Amounts are not transferred into the Collection Account, will not constitute Collateral regardless of whether such amounts are deposited into Management Accounts, and therefore not available to pay interest on and
principal of the Offered Notes. 
 “Excluded IP” means (a) any Intellectual Property arising under
the laws of any jurisdiction other than the United States, any state thereof or the District of Columbia, (b) any trademarks owned and used by a Non-Securitization Entity principally for its own corporate
purposes, such as “Dine Brands Global”, that do not contain “International House of Pancakes”, “IHOP” or “Applebee’s”, (c) any commercially available Software licensed to or on behalf of any

  
 27 

 
Non-Securitization Entity and (d) so long as the related Software is not, in the judgement of the Manager, material to the operation of the related
Franchised Restaurant business, any Software and Improvements thereto (and associated licensing fees paid by Franchisees) developed with the support of Brand technology fund monies described in clause (vii) of the definition of “Excluded
Amounts”. 
 “Extension Period” means, with respect to any Series or any Class of any Series of
Notes, the period from the Series Anticipated Repayment Date (or any previously extended Series Anticipated Repayment Date) with respect to such Series or Class to the Series Anticipated Repayment Date with respect to such Series or
Class as extended in connection with the provisions of the applicable Series Supplement. 
 “FATCA”
means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereunder or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any published
intergovernmental agreement entered into in connection with the implementation of such sections of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to such published intergovernmental agreement. 

“FDIC” means the U.S. Federal Deposit Insurance Corporation. 

“Final Series Legal Final Maturity Date” means the Series Legal Final Maturity Date with respect to the last
Series of Notes Outstanding. 
 “Financial Assets” has the meaning set forth in
Section 5.7(b) of this Base Indenture. 
 “Financing Obligation” means the
amount of minimum lease payments for sale-leaseback transactions accounted for as financings. 
 “Fiscal Quarter
Percentage” means (i) with respect to any Weekly Collection Period in which the 12th day of a calendar month occurs, 20.0% and (ii) with respect to each other Weekly Collection Period, 5.0%. 

“Franchise Agreement” means (a) a franchise agreement whereby a franchisee agrees to operate a Branded
Restaurant or (b) an Area License Agreement. 
 “Franchise Documents” means all Franchise Agreements,
Development Agreements and agreements related thereto, together with any modifications, amendments, extensions or replacements of the foregoing. 

“Franchise Assets” means, (i) the Contributed Franchise Agreements and all Franchisee Payments thereon;
(ii) the Contributed Development Agreements and all Franchisee Payments thereon; (iii) the New Franchise Agreements and all Franchisee Payments thereon; (iv) the New Development Agreements and all Franchisee Payments thereon;
(v) all rights to enter into New Franchise Agreements and New Development Agreements; (vi) any and all other property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned as security for payment or performance of
any obligation of the Franchisees or other Persons, as applicable, to such 

  
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Franchise Entity under the Franchise Agreements or the Development Agreements and all guarantees of such obligations and the rights evidenced by or reflected in the Franchise Agreements or the
Development Agreements, in each case together with all payments, proceeds and accrued and future rights to payment thereon. 

“Franchise Entities” means, collectively, the Applebee’s Franchise Entities and the IHOP Franchise
Entities. 
 “Franchise Entity Lease Payments” means all amounts payable by any Franchise Entity under a
lease constituting a Contributed Franchised Restaurant Lease or New Franchised Restaurant Lease pursuant to clause (i) of the definitions thereof or a Required Consent Lease. 

“Franchise Entity Product Sourcing Payments” means all amounts payable by any Franchise Entity to a
manufacturer of Proprietary Products under any Product Sourcing Agreement. 
 “Franchise Holder” means
either the Applebee’s Franchise Holder or the IHOP Franchise Holder. 
 “Franchised Restaurant
Leases” means, collectively, the Contributed Franchised Restaurant Leases, the New Franchised Restaurant Leases and the Required Consent Leases. 

“Franchised Restaurants” means, collectively, the Contributed Franchised Restaurants and the New Franchised
Restaurants. 
 “Franchisee” means any Person that is a franchisee under a Franchise Agreement. 

“Franchisee Lease Payments” means all lease payments, taxes and any other amounts payable by Franchisees to
a Franchise Entity in respect of Real Estate Assets. 
 “Franchisee Note” means any franchisee note
entered into by a Franchise Entity or any franchisee note or other franchisee financing agreement entered into in order to finance the payment of franchisee fees or other amounts owing by a Franchisee. 

“Franchisee Note Payments” means all amounts payable to a Franchise Entity by a Franchisee pursuant to a
Franchisee Note. 
 “Franchisee Payments” means, all amounts payable to a Franchise Entity by Franchisees
pursuant to the Franchise Documents other than Excluded Amounts. 
 “Franchisor Capital Account” means the
Applebee’s Franchisor Capital Account, IHOP Franchisor Capital Account and any additional Management Account designated as a Franchisor Capital Account by the Manager in accordance with Section 5.1(a) of the Base
Indenture. 
 “Franchisor IP Licenses” means, collectively, the Applebee’s Franchisor IP License and
the IHOP Franchisor IP License. 

  
 29 

 “GAAP” means the generally accepted accounting principles
in the United States promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors in effect from time to time. 

“Government Securities” means readily marketable obligations issued or directly and fully guaranteed or
insured by the United States of America or any agency or instrumentality thereof and as to which obligations the full faith and credit of the United States of America is pledged in support thereof. 

“Governmental Authority” means the government of the United States of America or any other nation or any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government. 
 “Gross Sales” means, with respect to a restaurant, the total
amount of revenue received from the sale of all food, products, merchandise and performance of all services (except Manager-approved promotional items) and all other income of every kind and nature (including gift certificates when redeemed but not
when purchased), whether for cash or credit and regardless of collection in the case of credit; provided, however, that Gross Sales shall not include (i) refunds and allowances; (ii) any sales taxes or other taxes, in each
case collected from customers for transmittal to the appropriate taxing authority or (iii) revenues that are not subject to royalties in accordance with the related franchise agreement, Company Restaurant License or other applicable agreement.

 “Guarantee” means, as to any Person, any (a) obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “Primary Obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the
purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) Lien on any assets of such Person securing any Indebtedness or other
obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be
deemed to be (i) with respect to a Guarantee pursuant to clause (a) above, an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith or (ii) with respect to a Guarantee pursuant to clause (b) above, the fair market value of the
assets subject to (or that could be subject to) the related Lien. The term “Guarantee” as a verb has a corresponding meaning. 

  
 30 

 “Guarantee and Collateral Agreement” means the Guarantee
and Collateral Agreement, dated as of the Series 2014-1 Closing Date, by and among the Guarantors and the Trustee, as amended and restated on the Closing Date and as further amended, supplemented or otherwise
modified from time to time; provided that references to the Guarantee and Collateral Agreement prior to the Closing Date shall refer to the Guarantee and Collateral Agreement as in effect at such time. 

“Guarantors” means, collectively, the Franchise Entities and the Holding Company Guarantors. 

“Hedge Counterparty” means an institution that enters into a Swap Contract with one or more Securitization
Entities to provide certain financial protections with respect to changes in interest rates applicable to a Series of Notes if and as specified in the applicable Series Supplement. 

“Hedge Payment Account” means an account (including any investment accounts related thereto) in the name of
the Trustee, for the benefit of the Secured Parties, into which amounts payable to a Hedge Counterparty are deposited, bearing a designation clearly indicating that the funds deposited therein are held by the Trustee for the benefit of the Secured
Parties. 
 “Holding Company Guarantors” means, collectively, the Applebee’s Holding Company
Guarantor and the IHOP Holding Company Guarantor. 
 “Hot Back-Up
Management Duties” has the meaning set forth in the Back-Up Management Agreement. 

“IHOP Advertising Fees” means any fees payable by IHOP Franchisees and
Non-Securitization Entities to fund the national marketing and advertising activities and local advertising cooperatives with respect to the IHOP Brand. 

“IHOP Brand” means the “IHOP” Trademark (words and/or design), alone or in combination with other
words or symbols, and any variations or derivatives thereof (but excluding any other Brand). 
 “IHOP Concentration
Account” means the account established and maintained in the name of the IHOP Issuer and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.9(a) of the Base Indenture
or any successor account established for the IHOP Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment
purposes pursuant to Section 5.1(b) of the Base Indenture. 
 “IHOP Company Restaurant
License” means the IHOP Company Restaurant License, dated as of the 2014-1 Closing Date, by and between the IHOP Franchise Holder, as licensor, and the IHOP Parent and certain subsidiaries, as
licensees, as amended, supplemented or otherwise modified from time to time. 
 “IHOP Contributed Assets”
means all assets contributed under the IHOP Contribution Agreements. 

  
 31 

 “IHOP Contribution Agreements” means, collectively,
(i) the IHOP Property Contribution Agreement; (ii) the IHOP Leasing Contribution Agreement (IHOP Properties); (iii) the IHOP Leasing Contribution Agreement (IHOP Property Leasing); (iv) the IHOP First-Tier Contribution Agreement;
(v) the IHOP Second-Tier Contribution Agreement; (vi) the IHOP Third-Tier Contribution Agreement (Franchise Holder); and (vii) the IHOP Third-Tier Contribution Agreement (Franchisor). 

“IHOP Dine Brands IP License” means the IHOP Dine Brands IP License, dated as of the 2014-1 Closing Date, between the IHOP Franchise Holder, as licensor, and the IHOP Parent, as licensee, as amended, supplemented or otherwise modified from time to time. 

“IHOP First-Tier Contribution Agreement” means the First-Tier IHOP Contribution Agreement, dated as of the 2014-1 Closing Date, by and between the IHOP Parent and the IHOP Holding Company Guarantor, as amended, supplemented or otherwise modified from time to time. 

“IHOP Franchise Entities” means, collectively, the IHOP Franchise Holder, the IHOP Franchisor, IHOP
Property, IHOP Leasing and each Additional IHOP Franchise Entity. 
 “IHOP Franchise Holder” means IHOP
Restaurants LLC, a Delaware limited liability company, and its successors and assigns. 
 “IHOP
Franchisor” means IHOP Franchisor LLC, a Delaware limited liability company, and its successors and assigns. 

“IHOP Franchisor Capital Account” means the account maintained in the name of the IHOP Franchisor into which
the IHOP Franchisor causes amounts to be deposited pursuant to Section 5.1(d) of the Base Indenture or any successor account established by the IHOP Franchisor for such purpose pursuant to the Base Indenture. 

“IHOP Franchisor IP License” means the IHOP Franchisor IP License, dated as of the 2014-1 Closing Date, by and between the IHOP Franchise Holder, as licensor, and the IHOP Franchisor, as licensee, as amended, supplemented or otherwise modified from time to time. 

“IHOP Holding Company Guarantor” means IHOP SPV Guarantor LLC, a Delaware limited liability company, and its
successors and assigns. 
 “IHOP IP” means the Securitization IP related to the business operated or
intended to be operated under or in connection with the IHOP Brand. 
 “IHOP Issuer” means IHOP Funding
LLC, a Delaware limited liability company, and its successors and assigns. 
 “IHOP Leasing” means IHOP
Leasing LLC, a Delaware limited liability company, and its successors and assigns. 

  
 32 

 “IHOP Leasing Contribution Agreement” means, collectively,
(a) the IHOP Leasing Contribution Agreement (IHOP Properties) and (b) the IHOP Leasing Contribution Agreement (IHOP Property Leasing). 

“IHOP Leasing Contribution Agreement (IHOP Properties)” means the IHOP Leasing Contribution Agreement, dated
as of the 2014-1 Closing Date, by and between IHOP Properties, LLC and IHOP Leasing, as amended, supplemented or otherwise modified from time to time. 

“IHOP Leasing Contribution Agreement (IHOP Property Leasing)” means the IHOP Leasing Contribution Agreement,
dated as of the 2014-1 Closing Date, between IHOP Property Leasing, LLC and IHOP Leasing, as amended, supplemented or otherwise modified from time to time. 

“IHOP Parent” means International House of Pancakes LLC, a Delaware limited liability company, and its
successors and assigns. 
 “IHOP Product Sourcing Account” means the account maintained in the name of the
IHOP Franchise Holder and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.9(c) of the Base Indenture or any successor account established for the IHOP Issuer by the Manager
for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base
Indenture. 
 “IHOP Product Sourcing Disbursement Account” means the account maintained in the name of the
IHOP Franchise Holder and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.9(c) of the Base Indenture or any successor account established for the IHOP Issuer by the Manager
for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base
Indenture. 
 “IHOP Property” means IHOP Property LLC, a Delaware limited liability company, and its
successors and assigns. 
 “IHOP Property Contribution Agreement” means the IHOP Property Contribution
Agreement, dated as of the 2014-1 Closing Date, by and between IHOP Real Estate, LLC and IHOP Property, as amended, supplemented or otherwise modified from time to time. 

“IHOP Second-Tier Contribution Agreement” means the Second-Tier IHOP Contribution Agreement, dated as of the
2014-1 Closing Date, by and between the IHOP Holding Company Guarantor and the IHOP Issuer, as amended, supplemented or otherwise modified from time to time. 

“IHOP System” means the system of restaurants operating under the IHOP Brand in the United States. 

“IHOP Third-Tier Contribution Agreement” means (a) when used in respect of the IHOP Franchisor, the
IHOP Third-Tier Contribution Agreement (Franchisor), (b) when used in 

  
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respect of the IHOP Franchise Holder, the IHOP Third-Tier Contribution Agreement (Franchise Holder) and (c), when used in respect of the IHOP Issuer, the IHOP Third-Tier Contribution Agreement
(Franchisor) and the IHOP Third-Tier Contribution Agreement (Franchise Holder), collectively. 
 “IHOP Third-Tier
Contribution Agreement (Franchise Holder)” means the Third-Tier IHOP Contribution Agreement (Franchise Holder), dated as of the 2014-1 Closing Date, by and between the IHOP Issuer and IHOP Franchise
Holder, as amended, supplemented or otherwise modified from time to time. 
 “IHOP Third-Tier Contribution
Agreement (Franchisor)” means the Third-Tier IHOP Contribution Agreement (Franchisor), dated as of the 2014-1 Closing Date, by and between the IHOP Issuer and IHOP Franchisor, as amended, supplemented
or otherwise modified from time to time. 
 “Improvements” means any additions, modifications,
developments, variations, refinements, enhancements or improvements, including without limitation derivative works as defined by applicable Requirements of Law. 

“Indebtedness” means, as to any Person as of any date, without duplication, (a) all obligations of such
Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all Capitalized Lease Obligations of such Person, (c) all Financing Obligations (current
and long term) of such Person and (d) the maximum amount of all direct or contingent obligations of such Person arising under letters of credit, in the case of the foregoing clauses (a), (b) and (c), to the extent such item would be classified
as a liability on a consolidated balance sheet of such Person as of such date. 
 “Indemnification Amount”
means, with respect to any Franchise Asset or Real Estate Asset, an amount equal to the Allocated Note Amount for such asset. 

“Indemnitor” means the Applebee’s Parent, the IHOP Parent or the Manager. 

“Indenture” means the Base Indenture, together with all Series Supplements, as amended, supplemented or
otherwise modified from time to time by Supplements thereto in accordance with its terms. 
 “Indenture
Collateral” has the meaning set forth in Section 3.1 of the Base Indenture. 

“Indenture Documents” means, with respect to any Series of Notes, collectively, the Base Indenture, the
related Series Supplement, the Notes of such Series, the Guarantee and Collateral Agreement, the related Account Control Agreements, any related Class A-1 Note Purchase Agreement and any other agreements
relating to the issuance or the purchase of the Notes of such Series or the pledge of Collateral under any of the foregoing. 

“Indenture Trust Accounts” means, the Collection Account, the Collection Account Administrative Accounts,
the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Hedge Payment Account, the Series Distribution Accounts 

  
 34 

 
and such other accounts as the Trustee may establish from time to time pursuant to its authority to establish additional accounts pursuant to the Indenture. 

“Independent” means, as to any Person, any other Person (including, in the case of an accountant, or lawyer,
a firm of accountants or lawyers and any member thereof or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any
Affiliate of such Person and (ii) is not connected with such Person or an Affiliate of such Person as an officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions. “Independent”
when used with respect to any accountant may include an accountant who audits the books of such Person if, in addition to satisfying the criteria set forth above, the accountant is independent with respect to such Person within the meaning of
Rule 101 of the Code of Ethics of the American Institute of Certified Public Accountants. Whenever any Independent Person’s opinion or certificate is to be furnished to the Trustee, such opinion or certificate shall state that the signer
has read this definition and that the signer is Independent within the meaning hereof. 
 “Independent
Auditors” means the firm of Independent accountants appointed pursuant to the Management Agreement or any successor Independent accountant. 

“Independent Director” means, with respect to any corporation, an individual who has prior experience as an
independent director, independent manager or independent member with at least three years of employment experience and who is provided by Corporation Service Company, CT Corporation, Lord Securities Corporation, National Registered Agents, Inc.,
Stewart Management Company, Wilmington Trust, National Association, Wilmington Trust SP Services, Inc., Citadel SPV LLC, or, if none of those companies is then providing professional independent managers, another nationally-recognized company
reasonably approved by the Trustee, in each case that is not an Affiliate of the corporation and that provides professional independent managers and other corporate services in the ordinary course of its business, and which individual is duly
appointed as an Independent Director and is not, and has never been, and will not while serving as Independent Director be, any of the following: 

(i)      a member (other than a special member), partner, equityholder, manager, director,
officer or employee of the corporation (other than any Securitization Entity), the shareholder thereof, or any of their respective equityholders or Affiliates (other than as an Independent Director of the corporation or an Affiliate of the
corporation that is not in the direct chain of ownership of the corporation and that is required by a creditor to be a single purpose bankruptcy remote entity, provided that such Independent Director is employed by a corporation that routinely
provides professional independent directors in the ordinary course of its business); 

(ii)      a creditor, supplier or service provider (including a provider of professional
services) to the corporation, or any of its equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional independent directors and other corporate services to the corporation or any of its
equityholders or Affiliates in the ordinary course of its business); 

  
 35 

 (iii)      a family member of any such
member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or 

(iv)      a Person that controls (whether directly, indirectly or otherwise) any of (i), (ii)
or (iii) above. 
 A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph
(i) by reason of being the Independent Director (or independent director or manager) of a “special purpose entity” which is an Affiliate of the corporation shall be qualified to serve as an Independent Director of the corporation,
provided that the fees that such individual earns from serving as Independent Director (or independent director or manager of any Affiliate of the corporation) in any given year constitute in the aggregate less than five percent (5%) of such
individual’s annual income for that year. 
 “Independent Manager” means, with respect to any limited
liability company, an individual who has prior experience as an independent director, independent manager or independent member with at least three years of employment experience and who is provided by Corporation Service Company, CT Corporation,
Lord Securities Corporation, National Registered Agents, Inc., Stewart Management Company, Wilmington Trust, National Association, Wilmington Trust SP Services, Inc., or, if none of those companies is then providing professional independent
managers, another nationally-recognized company reasonably approved by the Trustee, in each case that is not an Affiliate of the company and that provides professional independent managers and other corporate services in the ordinary course of its
business, and which individual is duly appointed as an Independent Manager and is not, and has never been, and will not while serving as Independent Manager be, any of the following: 

(i)      a member (other than a special member), partner, equityholder, manager, director,
officer or employee of the company, the member thereof, or any of their respective equityholders or Affiliates (other than as an Independent Manager of the company or an Affiliate of the company (other than any Securitization Entity) that is not in
the direct chain of ownership of the company and that is required by a creditor to be a single purpose bankruptcy remote entity, provided that such Independent Manager is employed by a company that routinely provides professional independent
managers in the ordinary course of its business); 
 (ii)      a creditor, supplier or
service provider (including provider of professional services) to the company, or any of its equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional independent managers and other corporate
services to the company or any of its equityholders or Affiliates in the ordinary course of its business); 

(iii)      a family member of any such member, partner, equityholder, manager, director,
officer, employee, creditor, supplier or service provider; or 
 (iv)      a Person that
controls (whether directly, indirectly or otherwise) any of (i), (ii) or (iii) above. 
 A natural person who
otherwise satisfies the foregoing definition and satisfies subparagraph (i) by reason of being the Independent Manager (or independent manager) of a 

  
 36 

 
“special purpose entity” which is an Affiliate of the company shall be qualified to serve as an Independent Manager of the company, provided that the fees that such individual earns
from serving as Independent Manager (or independent manager) of any Affiliate of the company in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that year. 

“Ineligible Account” has the meaning set forth in Section 5.17 of the Base
Indenture. 
 “Initial Principal Amount” means, with respect to any Series or Class (or Subclass) of
Notes, the aggregate initial principal amount of such Series or Class (or Subclass) of Notes specified in the applicable Series Supplement. 

“Insolvency” means liquidation, insolvency, bankruptcy, rehabilitation, composition, reorganization or
conservation; and when used as an adjective “Insolvent.” 
 “Insolvency Law” means any
applicable federal, state or foreign law relating to liquidation, insolvency, bankruptcy, rehabilitation, composition, reorganization, conservation or other similar law now or hereafter in effect. 

“Insurance/Condemnation Proceeds” means an amount equal to: (i) any cash payments or proceeds received
by the Securitization Entities (a) by reason of theft, physical destruction or damage or any other similar event with respect to any properties or assets of the Securitization Entities under any policy of insurance (other than liability
insurance) in respect of a covered loss thereunder or (b) as a result of any non-temporary condemnation, taking, seizing or similar event with respect to any properties or assets of the Securitization
Entities by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking minus (ii)(a) any actual and reasonable documented costs
incurred by the Securitization Entities in connection with the adjustment or settlement of any claims of the Securitization Entities in respect thereof and (b) any bona fide direct costs incurred in connection with any disposition of such
assets as referred to in clause (i)(b) of this definition, including income taxes reasonably estimated to be actually payable by the Securitization Entities’ consolidated group as a result of any gain recognized in connection therewith.
For the avoidance of doubt, “Insurance/Condemnation Proceeds” shall not include any proceeds of policies of insurance not described above, such as business interruption insurance, food safety insurance coverage and other insurance procured
in the ordinary course of business, which shall be treated as Collections. 
 “Insurance Proceeds Account”
means the account maintained in the name of the IHOP Issuer and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.9(f) of the Base Indenture or any successor account
established for the Co-Issuers by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred
for investment purposes pursuant to Section 5.1(b) of the Base Indenture. 

“Intellectual Property” or “IP” means all rights in intellectual property of any type
throughout the world, including: (i) Trademarks; (ii) Patents; (iii) rights in computer programs, 

  
 37 

 
including in both source code and object code therefor, together with related documentation and explanatory materials and databases, including any Copyrights, Patents and trade secrets thereon or
therein (“Software”); (iv) copyrights (whether registered or unregistered) in unpublished and published works (“Copyrights”); (v) trade secrets and other confidential or proprietary information, including
with respect to recipes, unpatented inventions, operating procedures, know how, procedures and formulas for preparing food and beverage products, specifications for certain food and beverage products, inventory methods, customer service methods and
financial control methods, and training techniques (“Trade Secrets”); (vi) all Improvements of or to any of the foregoing; (vii) all registrations, applications for registration or issuances, recordings, renewals and
extensions relating to any of the foregoing; and (vii) for the avoidance of doubt, the sole and exclusive rights to prosecute and maintain any of the foregoing, to enforce any past, present or future infringement, misappropriation or other
violation of any of the foregoing, and to defend any pending or future challenges to any of the foregoing. 

“Interest Accrual Period” means (a) solely with respect to any
Class A-1 Notes of any Series of Notes, unless otherwise specified in the applicable Class A-1 Note Purchase Agreement, a 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 and (b) with respect to any other
Class of Notes of any Series of Notes, a period commencing on and including the 5th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but
excluding the 5th day of the calendar month which includes the then-current Quarterly Payment Date; provided, however, that the initial Interest Accrual Period for any Series
will commence on and include the Series Closing Date and end on the date specified in the applicable Series Supplement; provided further that the Interest Accrual Period, with respect to each Series of Notes Outstanding, immediately
preceding the Quarterly Payment Date on which the last payment on the Notes of such Series is to be made will end on such Quarterly Payment Date. 

“Interest-Only DSCR” means the DSCR calculated as of any Quarterly Calculation Date without giving effect to
clause (D) of the definition of “Debt Service”. 
 “Interest Payment Account” means each of
the Senior Notes Interest Payment Account, the Senior Subordinated Notes Interest Payment Account, and Subordinated Notes Interest Payment Account. 

“Interest Reserve Accounts” means each of the Senior Notes Interest Reserve Account and the Senior
Subordinated Notes Interest Reserve Account. 
 “Interest Reserve Letter of Credit” means any letter of
credit issued under a Class A-1 Note Purchase Agreement for the benefit of the Control Party and the Trustee, in each case, on behalf of the Holders of the Senior Notes or the Holders of the Senior
Subordinated Notes, as applicable, each in a face amount equal to the amounts required to be funded in respect of such account(s) pursuant to the Indenture had such Interest Reserve Letter of Credit had not been issued. 

“Interest Reserve Release Event” means, with respect to any Series of Notes, an event allowing funds to be
released from the Senior Notes Interest Reserve Account or the Senior 

  
 38 

 
Subordinated Notes Interest Reserve Account, as applicable, identified as an Interest Reserve Release Event with respect to such Series of Notes pursuant to the applicable Series Supplement. 

“Investment Income” means the investment income earned on a specified account during a specified period, in
each case net of all losses and expenses allocable thereto. 
 “Investment Property” has the meaning set
forth in Section 9-102(a)(49) of the applicable UCC. 
 “Investor
Request Certification” has the meaning specified in Section 4.4 of this Base Indenture. 

“Investments” means, with respect to any Person(s), all investments by such Person(s) in other Persons in
the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel, moving and other similar advances to officers, directors, employees and
consultants of such Person(s) (including Affiliates) made in the ordinary course of business) and purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person. 

“IP License Agreements” means the Dine Brands IP Licenses, the Company Restaurant Licenses and the
Franchisor IP Licenses. 
 “L/C Downgrade Event” has the meaning specified in
Section 5.16 of the Base Indenture. 
 “L/C Provider” has the meaning specified
in Section 5.16 of the Base Indenture. 
 “Legacy Account” means, on or after
the date that any Class or Series of Notes issued pursuant to the Base Indenture is no longer Outstanding, any account maintained by the Trustee to which funds have been allocated in accordance with the Priority of Payments for the payment of
interest, fees or other amounts in respect of such Class or Series of Notes. 
 “Letter of Credit
Reimbursement Agreement” means the Letter of Credit Reimbursement Agreement, dated as of the Closing Date, among Dine Brands Global, Inc. and the Co-Issuers, as amended, supplemented or otherwise
modified from time to time. 
 “Licensee-Developed IP” means all Intellectual Property (other than
Excluded IP) created, developed, authored, acquired or owned by or on behalf of any licensee under any IP License Agreement related to (i) any of the Brands, (ii) products or services sold or distributed under any of the Brands,
(iii) the Branded Restaurants, (iv) the Applebee’s System, (v) the IHOP System or (vi) the Contributed Franchised Restaurant Business, including, without limitation, all Improvements to any Securitization IP. 

“Lien” means, when used with respect to any Person, any interest in any real or personal property, asset or
other right held, owned or being purchased or acquired by such Person which secures payment or performance of any obligation, and will include any mortgage, lien, pledge, encumbrance, charge, retained security title of a conditional vendor or
lessor, or other 

  
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security interest of any kind, whether arising under a security agreement, mortgage, lease, deed of trust, chattel mortgage, assignment, pledge, retention or security title, financing or similar
statement, or arising as a matter of law, judicial process or otherwise. 
 “Liquidation Fees” has the
meaning set forth in the Servicing Agreement. 
 “Majority of Controlling
Class Members” means (x) except as set forth in clause (y), with respect to the Controlling Class Members (or, if specified, any subset thereof) and as of any day of determination, Controlling Class Members
that hold in excess of 50% of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of Class A-1 Notes of the Controlling
Class and (ii) the Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than the Class A-1 Notes) or any beneficial interest therein as of such day of
determination (excluding any Notes or beneficial interests in Notes held by any Securitization Entity or any Affiliate of any Securitization Entity) and (y) with respect to the election of a Controlling Class Representative, Controlling
Class Members that hold beneficial interests in excess of 50% of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of
Class A-1 Notes of the Controlling Class and (ii) the Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than
Class A-1 Notes) or any beneficial interest therein, in each case, that are Outstanding as of the CCR Voting Record Date and with respect to which votes were submitted (which may be less than the
Outstanding Principal Amount of Notes of the Controlling Class as of the CCR Voting Record Date). 
 “Majority
of Senior Noteholders” means Senior Noteholders holding in excess of 50% of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of
Class A-1 Notes Outstanding and (ii) the Outstanding Principal Amount of each Series of Senior Notes other than Class A-1 Notes (excluding any Senior
Notes or beneficial interests in Senior Notes held by any Securitization Entity or any Affiliate of any Securitization Entity). 

“Managed Assets” means the assets that the Manager has agreed to manage and service pursuant to the
Management Agreement in accordance with the standards and the procedures described therein. 
 “Management
Accounts” means, collectively, the Product Sourcing Accounts, the Franchisor Capital Accounts, the Concentration Accounts, the Asset Disposition Proceeds Account, the Insurance Proceeds Account and such other accounts as may be established
by the Manager from time to time pursuant to the Management Agreement that the Manager designates as a “Management Account” for purposes of the Management Agreement; provided each such other account is established with the Trustee
or otherwise controlled by the Trustee under the New York UCC, or subject to an Account Control Agreement. 

“Management Agreement” means the Management Agreement, dated as of the Series
2014-1 Closing Date, and amended and restated as of the Series 2018-1 Closing Date, by and among the Manager, Applebee’s Services, as
sub-manager, IHOP Parent, as sub-manager, the Co-Issuers, the other Securitization Entities party thereto and the Trustee, as
amended and restated on the Closing Date and as further amended, supplemented or otherwise modified from time to time; provided that references to the Management Agreement prior to the Closing Date shall refer to the Management Agreement as
in effect at such time. 

  
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 “Manager” means Dine Brands, as the Manager, under the
Management Agreement, and any successor thereto. 
 “Manager Advances” has the meaning set forth in the
Management Agreement. 
 “Manager-Developed IP” means all Intellectual Property (other than Excluded IP)
created, developed, authored, acquired or owned by or on behalf of the Manager related to (i) any of the Brands, (ii) products or services sold or distributed under any of the Brands, (iii) Branded Restaurants, (iv) the
Applebee’s System, (v) the IHOP System or (vi) the Contributed Franchised Restaurant Business, including without limitation all Improvements to any Securitization IP. 

“Manager Termination Event” means the occurrence of an event specified in
Section 6.1 of the Management Agreement. 
 “Managing Standard” has the meaning
set forth in the Management Agreement. 
 “Material Adverse Effect” means: 

(a)    with respect to the Manager, a material adverse effect on (i) its results of operations,
business, properties or financial condition, taken as a whole, (ii) its ability to conduct its business or to perform in any material respect its obligations under the Management Agreement or any other Transaction Document, (iii) the
Collateral, taken as a whole, or (iv) the ability of the Securitization Entities to perform in any material respect their obligations under the Transaction Documents; 

(b)    with respect to the Collateral, a material adverse effect with respect to the Collateral taken as a
whole, the enforceability of the terms thereof, the likelihood of the payment of the amounts required with respect thereto in accordance with the terms thereof, the value thereof, the ownership thereof by the Securitization Entities (as applicable)
or the Lien of the Trustee thereon; 
 (c)    with respect to any Securitization Entity, a materially
adverse effect on the results of operations, business, properties or financial condition of each such Securitization Entity, taken as a whole, or the ability of each such Securitization Entity, taken as a whole, to conduct its business or to perform
in any material respect its obligations under any of the Transaction Documents; or 
 (d)    with
respect to any Person or matter, a material impairment to the rights of or benefits available to, taken as a whole, the Securitization Entities, the Trustee, or the Noteholders under any Transaction Document or the enforceability of any material
provision of any Transaction Document; 
 provided, that where “Material Adverse Effect” is used in any
Transaction Document without specific reference, such term will have the meaning specified in clauses (a) through (d), as the context may require. 

“Materials of Environmental Concern” means any gasoline or petroleum (including crude oil or any fraction
thereof) or petroleum products (virgin or unused), polychlorinated 

  
 41 

 
biphenyls, urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity and any other materials or substances of any kind, whether or not any such material or substance is
defined as hazardous or toxic under any Environmental Law, that is regulated pursuant to or could reasonably be expected to give rise to liability under any Environmental Law. 

“Monthly Fiscal Period” means the following monthly fiscal periods of the Securitization Entities:
(a) eight 4-week fiscal periods and four 5-week fiscal periods of the Securitization Entities in connection with their
52-week fiscal years and (b) eight 4-week fiscal periods, three 5-week fiscal periods and one
6-week fiscal period of the Securitization Entities in connection with their 53-week fiscal years, whereby the 6-week period is
the last fiscal period in such fiscal year. 
 “Moody’s” means Moody’s Investors Service, Inc.
or any successor thereto. 
 “Mortgages” means the mortgages, substantially in the form of Exhibit L to
the Base Indenture, required, pursuant to Section 8.37 of the Base Indenture, to be prepared, executed and delivered by the applicable Franchise Entity to the Trustee (for the benefit of the Secured Parties) to hold in
escrow with respect to each Contributed Owned Real Property and each New Owned Real Property. 
 “Mortgage
Preparation Event” means the occurrence following any Rapid Amortization Event (for which the Trustee receives notice) or following any date of measurement upon which the DSCR is equal to or less than 1.75x. 

“Mortgage Recordation Event” means, in the event that any Rapid Amortization Event occurs (or is continuing)
on or following the 120th day following the occurrence of a Mortgage Preparation Event, the Trustee’s delivery of the Mortgages to the applicable recording office for recordation within five (5) Business Days of receiving direction of the
Control Party (unless such recordation requirement is waived by the Control Party, acting at the direction of the Controlling Class Representative). 

“Mortgage Recordation Fees” means any fees, taxes or other amounts required to be paid to any applicable
Governmental Authority, or any expenses incurred by the Trustee, in connection with the recording of any Mortgages as required by the Base Indenture. 

“Multiemployer Plan” means any Pension Plan that is a “multiemployer plan” as defined in
Section 4001 of ERISA. 
 “Net Cash Flow” means, with respect to any Quarterly Payment Date and the
immediately preceding Quarterly Collection Period, the amount (not less than zero) equal to: 

(a)      the Retained Collections with respect to such Quarterly Collection Period;
minus 
 (b)      the amount (without duplication) equal to the sum of (i) the
Securitization Operating Expenses paid on each Weekly Allocation Date with respect to such Quarterly Collection Period pursuant to priority (v) of the Priority of Payments, (ii) the Weekly Management Fees and Supplemental Management
Fees paid on each Weekly Allocation Date to the Manager 

  
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with respect to such Quarterly Collection Period, (iii) the Servicing Fees, Liquidation Fees, and Workout Fees paid to the Servicer on each Weekly Allocation Date with respect to such
Quarterly Collection Period; and (iv) the amount of Class A-1 Notes Administrative Expenses paid on each Weekly Allocation Date with respect to such Quarterly Collection Period; minus 

(c)      the amount, if any, by which equity contributions included in such Retained
Collections exceeds the relevant amount of Retained Collections Contributions permitted to be included in Net Cash Flow pursuant to Section 5.15 of the Base Indenture; 

provided, that (x) funds released from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes
Interest Reserve Account (but excluding such funds constituting Collections) shall not constitute Retained Collections for purposes of this definition and (y) Franchise Entity Lease Payments made with the proceeds of Manager Advances or
Collateral Protection Advances shall be deducted in the determination of Retained Collections for purposes of this definition. 

“Net Product Sourcing Payments” means, with respect to any Weekly Collection Period, the excess, if any, of
(a) the aggregate Product Sourcing Payments deposited to any Product Sourcing Account during such Weekly Collection Period over (b) the sum of (i) the aggregate Franchise Entity Product Sourcing Payments made from any Product Sourcing
Account during such Weekly Collection Period plus (ii) the aggregate Product Sourcing Advances repaid from a Product Sourcing Account during such Weekly Collection Period plus (iii) the aggregate payments of refunds, credits or other
amounts owing to Proprietary Product Distributors made from a Product Sourcing Account during such Weekly Collection Period. 

“New Asset” means a New Franchise Agreement, a New Development Agreement, a New Real Estate Asset, a New
Franchisee Note, a New Equipment Lease or a New Product Sourcing Agreement or any other Managed Asset contributed or otherwise entered into or acquired by the Securitization Entities after the Series 2014-1
Closing Date. 
 “New Development Agreements” means all Development Agreements and related guaranty
agreements entered into by a Franchise Entity following the Series 2014-1 Closing Date; provided that references to the same as of any date of determination shall exclude any such assets disposed of in
accordance with the Transaction Documents as in effect as of the time of such disposition. 
 “New Equipment
Leases” means all Equipment Leases and related guaranty agreements entered into by a Franchise Entity following the Series 2014-1 Closing Date; provided that references to the same as of any date of
determination shall exclude any such assets disposed of in accordance with the Transaction Documents as in effect as of the time of such disposition. 

“New Franchise Agreements” means all Franchise Agreements and related guaranty agreements entered into by a
Franchise Entity following the Series 2014-1 Closing Date, in its capacity as franchisor for Branded Restaurants (including all renewals for Contributed Franchised Restaurants); provided that references to the
same as of any date of determination shall exclude any such assets disposed of in accordance with the Transaction Documents as in effect as of the time of such disposition. 

  
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 “New Franchised Restaurant Leases” means, to the extent
acquired or entered into by a Franchise Entity after the Series 2014-1 Closing Date, (i) leases from landlords unaffiliated with Dine Brands Global, Inc. in respect of which a Franchise Entity is the
prime lessee and a Franchisee or other Person is the sub-lessee executed or acquired by such Franchise Entity and (ii) leases or subleases in respect of which a Franchise Entity is the lessor or sublessor
and a Franchisee or other Person is the lessee or sublessee; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with the Transaction Documents as in effect as of the time of
such disposition. 
 “New Franchised Restaurants” means the Branded Restaurants opened after the Series 2014-1 Closing Date that are owned and operated by a Franchisee (or, in the case of a Branded Restaurant subject to an Area License Agreement, a sub-franchisee thereof) that
is unaffiliated with Dine Brands Global, Inc. and its Affiliates; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with the Transaction Documents as in effect as of the time
of such disposition. 
 “New Franchisee Notes” means all Franchisee Notes and related guaranty and
collateral agreements entered into by a Franchise Entity following the Series 2014-1 Closing Date; provided that references to the same as of any date of determination shall exclude any such assets disposed of
in accordance with the Transaction Documents as in effect as of the time of such disposition. 
 “New Owned Real
Property” means real property (including the land, buildings and fixtures) that is (i) acquired in fee after the Series 2014-1 Closing Date by a Franchise Entity or (ii) acquired in fee
after the Series 2014-1 Closing Date by a Non-Securitization Entity and contributed to a Franchise Entity pursuant to a contribution agreement in form and substance
reasonably acceptable to the Trustee; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with the Transaction Documents as in effect as of the time of such disposition. 

“New Product Sourcing Agreement” means all Product Sourcing Agreements entered into by a Franchise Entity
following the Series 2014-1 Closing Date; provided that references to the same as of any date of determination shall exclude any such assets disposed of in accordance with the Transaction Documents as in
effect as of the time of such disposition. 
 “New Real Estate Assets” means collectively, the New Owned
Real Property and the New Franchised Restaurant Leases. 
 “New
Series Pro Forma DSCR” means, at any time of determination and with respect to the issuance of any Additional Notes, the ratio calculated by dividing (i) the Net Cash Flow over the four immediately
preceding Quarterly Collection Periods most recently ended over (ii) the Debt Service due during such period, in each case, on a pro forma basis, calculated as if (a) such Additional Notes had been outstanding and any assets acquired
with the proceeds of such Additional Notes had been acquired at the commencement of such period, and (b) any Notes that have been paid, prepaid or repurchased and cancelled during such period, or any Notes that will be paid, prepaid or
repurchased and cancelled using the proceeds of such issuance, were so paid, prepaid or repurchased and cancelled as of the commencement of such period. 

  
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 “New York UCC” has the meaning set forth in
Section 5.7(b) of the Base Indenture. 

“Non-Amortization Test Date” means, until and including the
applicable Series Anticipated Repayment Date for each Tranche of the applicable Class A-2 Notes, the Quarterly Payment Date preceding September 5, 2019 and each Quarterly Payment Date thereafter.

 “Nonrecoverable Advance” means any portion of an Advance previously made and not previously reimbursed,
or proposed to be made, which, together with any then-outstanding Advances, and the interest accrued or that would reasonably be expected to accrue thereon, in the reasonable and good faith judgment of the Servicer or the Trustee, as applicable,
would not be ultimately recoverable from subsequent payments or collections from any funds on deposit in the Collection Account or funds reasonably expected to be deposited in the Collection Account following such date of determination,, giving due
consideration to allocations and disbursements of funds in such accounts and the limited assets of the Securitization Entities. 

“Non-Securitization Entity” means any Dine Brands Entity (or any
Affiliate of a Dine Brands entity) that is not a Securitization Entity. 
 “Note Owner” means, with
respect to a Global Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency that holds the Book-Entry Note, or on the books of a Person holding an account with such Clearing Agency
(directly or as an indirect participant, in accordance with the rules of such Clearing Agency). 
 “Note Owner
Certificate” has the meaning specified in Section 11.5(b) of the Base Indenture. 

“Note Rate” means, with respect to any Series, Class, Subclass or Tranche of Notes, the annual rate at which
interest (other than contingent or additional interest) accrues on the Notes of such Series, Class, Subclass or Tranche of Notes (or the formula on the basis of which such rate will be determined) as stated in the applicable Series Supplement. 

“Note Register” means the register maintained pursuant to Section 2.5(a) of the
Base Indenture, providing for the registration of the Notes and transfers and exchanges thereof, subject to such reasonable regulations as the Co-Issuers may prescribe. 

“Note Registrar” has the meaning specified in Section 2.5(a) of this Base
Indenture. 
 “Noteholder” or “Holder” means the Person in whose name a Note is
registered in the Note Register. 
 “Notes” has the meaning specified in the recitals to the Base
Indenture. 
 “Notes Discharge Date” means, with respect to any Class or Series of Notes, the first
date on which such Class or Series of Notes is no longer Outstanding. 
 “Obligations” means
(a) all principal, interest and premium, if any, at any time and from time to time, owing by the Co-Issuers on the Notes or owing by the Guarantors pursuant to

  
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the Guarantee and Collateral Agreement, (b) the payment and performance of all other obligations, covenants and liabilities of the Co-Issuers or the
Guarantors arising under the Indenture, the Notes, any other Indenture Document or the Servicing Agreement or of the Guarantors under the Guarantee and Collateral Agreement and (c) the obligation of the
Co-Issuers to pay to the Trustee all fees and expenses payable to the Trustee under the Indenture and the other Transaction Documents to which it is a party and all Mortgage Recordation Fees when due and
payable as provided in the Indenture. 
 “Officer’s Certificate” means a certificate signed by an
Authorized Officer of the party delivering such certificate. 
 “Opinion of Counsel” means a written
opinion from legal counsel who is reasonably acceptable to the Trustee and the Control Party. The counsel may be an employee of, or counsel to, the Securitization Entities, Dine Brands Global, Inc., the Manager or the
Back-Up Manager, as the case may be. 
 “Optional Prepayment Accrued
Principal Release Amount” means, in the event of an optional prepayment in part in accordance with the terms of any Series Supplement in respect of Senior Notes, an amount, if positive, equal to the excess of (i) amounts on deposit in
the Senior Notes Principal Payment Account over (ii) such amount that would have otherwise accrued for the relevant period based on the Senior Notes Accrued Scheduled Principal Payments Amount as adjusted after such optional prepayment.
Optional Prepayment Accrued Principal Release Amounts shall be withdrawn from the Senior Notes Principal Payment Account and deposited in the Collection Account at the direction of the Manager. 

“Optional Scheduled Principal Payment” means, each principal payment with respect to any Series of Notes, or
Class, Subclass or Tranche thereof identified as an “Optional Scheduled Principal Payment” in the applicable Series Supplement. 

“Original Base Indenture” has the meaning specified in the recitals hereto. 

“Other Products and Services” means any and all businesses, products, or services other than the Contributed
Franchised Restaurant Business and the operation, ownership, or franchising of Branded Restaurants in the United States. 

“Outstanding” means, with respect to the Notes, as of any time, all of the Notes of any one or more Series,
as the case may be, theretofore authenticated and delivered under the Indenture except: 

  (i)      Notes theretofore canceled by the Note Registrar or delivered to the Note
Registrar for cancellation, including any such Notes delivered to the Note Registrar by a Dine Brands Entity or an Affiliate; 

  (ii)      Notes, or portions thereof, for whose payment or redemption funds in the
necessary amount have been theretofore irrevocably deposited with the Trustee in trust for the Noteholders of such Notes pursuant to the Indenture; provided that, if such Notes or portions thereof are to be redeemed, notice of such redemption has
been duly given 

  
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pursuant to the Indenture or provision therefore reasonably satisfactory to the Trustee has been made; 

  (iii)      Notes in exchange for, or in lieu of which other Notes have been
authenticated and delivered pursuant to the Indenture, unless proof reasonably satisfactory to the Trustee is presented that any such Notes are held by a holder in due course or Protected Purchaser; 

  (iv)      Notes that have been defeased in accordance with the Indenture; and 

  (v)       Notes alleged to have been mutilated, destroyed, lost or stolen for which
replacement Notes have been issued as provided in the Indenture; 
 provided that, (A) in determining whether
the Noteholders of the requisite Outstanding Principal Amount have given any request, demand, authorization, direction, notice, consent, waiver or vote under the Indenture, the following Notes shall be disregarded and deemed not to be Outstanding:
(x) Notes owned by the Securitization Entities or any other obligor upon the Notes or any Affiliate of any of them and (y) Notes held in any accounts with respect to which the Manager or any Affiliate thereof exercises discretionary voting
authority; provided, further, that in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or vote, only Notes as described under clause (x) or
(y) above that a Trust Officer actually knows to be so owned shall be so disregarded; and (B) Notes owned in the manner indicated in clause (x) or (y) above that have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not a Securitization Entity or any other obligor or the Manager, an Affiliate thereof, or an account for
which the Manager or an Affiliate of the Manager exercises discretionary voting authority. 
 “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. 

“Patents” means United States and non-U.S. patents, (including,
during the term of the patent, the inventions claimed thereunder), patent disclosures, industrial designs, inventions (whether or not patentable or reduced to practice), invention disclosures, and applications, divisions, continuations, continuations-in-part, provisionals, reexaminations and reissues for any of the foregoing. 

“Paying Agent” has the meaning specified in Section 2.5(a) of the Base Indenture.

 “PBGC” means the Pension Benefit Guaranty Corporation established under Section 4002 of ERISA.

 “Pension Plan” means any “employee pension benefit plan,” as such term is defined in
Section 3(2) of ERISA, which is subject to Title IV of ERISA and to which any company in the same Controlled Group as either of the Co-Issuers has liability, contingent or otherwise, including any
liability by reason of having been a substantial employer within the meaning of Section 4063 

  
 47 

 
of ERISA for any time within the preceding six years or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA. 

“Permitted Asset Dispositions” has the meaning set forth in Section 8.16 of the
Base Indenture. 
 “Permitted Liens” means (a) Liens for (i) Taxes, assessments or other
governmental charges not delinquent or (ii) Taxes, assessments or other charges being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in
accordance with GAAP, (b) all Liens created or permitted under the Transaction Documents in favor of the Trustee for the benefit of the Secured Parties, (c) (i) Liens existing on the Series 2014-1
Closing Date which were released on or promptly after such date and (ii) Liens existing on the Closing Date, which shall be released on such date; provided that mortgage and intellectual property recordations need not have been terminated of
record on the Closing Date so long as such mortgage and intellectual property recordations are terminated of record within sixty (60) days after the Closing Date, (d) encumbrances in the nature of (i) a lessor’s fee interest,
(ii) zoning, building code and similar restrictions, (iii) easements, covenants, restrictions, leases, subleases, rights of way and other title matters whether or not shown by the public records, (iv) overlaps, encroachments and any
matters not of record which would be disclosed by an accurate survey or a personal inspection of the property, (v) title to any portion of any premises lying within the right of way or boundary of any public road or private road and
(vi) landlords’ and lessors’ Liens on rented premises, and which, in each case (as described in clauses (d)(i) through (vi) above), do not materially detract from the value of the encumbered property or impair the use thereof in
the business of any Securitization Entity and (vi) the interest of a lessee in property leased to a Franchisee (including pursuant to any Equipment Lease), (e) in the case of any interest in real estate consisting of a Franchised Restaurant
Lease, (i) the terms of the applicable Franchised Restaurant Lease, (ii) Liens affecting the underlying fee interest in the real estate and/or any of the property of the lessor grantor, sublessor or sub grantor under the applicable lease
or sublease (including, without limitation, any mortgages on the landlord’s fee interest in the leased real estate), (iii) in the case of any Franchised Restaurant Lease consisting of a sublease, each applicable overlying lease under which such
subleasehold interest was created and any Liens affecting such overlying lease (or any interest therein) and (iv) Liens with respect to which the Franchised Restaurant Lease has priority, (f) deposits or pledges made (i) in connection
with casualty insurance maintained in accordance with the Transaction Documents, (ii) to secure the performance of bids, tenders, contracts or leases, (iii) to secure statutory obligations or surety or appeal bonds or (iv) to secure
indemnity, performance or other similar bonds in the ordinary course of business of any Securitization Entity, (g) Liens of carriers, warehouses, mechanics and similar Liens, in each case securing obligations (i) that are not yet due and
payable or not overdue for more than forty five (45) days from the date of creation thereof or (ii) being contested in good faith by any Securitization Entity in appropriate proceedings (so long as such Securitization Entity shall, in
accordance with GAAP, have set aside on its books adequate reserves with respect thereto), (h) restrictions under federal, state or foreign securities laws on the transfer of securities, (i) any Liens arising under law or pursuant to
documentation governing permitted accounts in connection with the Securitization Entities’ cash management system, (j) any matter disclosed in the most recent title report obtained on each real property prior to the Closing Date,
(k) Liens arising from judgment, decrees or attachments in circumstances not constituting an Event of Default, (l) Liens arising in connection with any Capitalized Lease Obligations, sale-leaseback transaction or in

  
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connection with any Indebtedness, in each case that is permitted under the Indenture, (m) Liens not securing Indebtedness that attach to any Collateral in an aggregate outstanding amount not
exceeding $1,000,000 at any time and (n) Liens on Collateral that has been pledged pursuant to the Class A-1 Note Purchase Agreement with respect to letters of credit issued thereunder. 

“Person” means an individual, corporation (including a business trust), partnership, limited liability
partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof. 

“Plan” means (i) any “employee benefit plan” (as defined in Section 3(3) of ERISA) that
is subject to Title I of ERISA, (ii) any “plan” (as defined in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code and (iii) any entity whose underlying assets are deemed to include assets of
a plan described in (i) or (ii) for purposes of Title I of ERISA and/or Section 4975 of the Code. 

“Post-ARD Additional Interest” means any Senior Notes Quarterly Post-ARD Additional Interest, Senior Subordinated Notes Quarterly Post-ARD Additional Interest and Subordinated Notes Quarterly
Post-ARD Additional Interest. 
 “Potential Manager Termination
Event” means any occurrence or event which, with the giving of notice, the passage of time or both, would constitute a Manager Termination Event. 

“Potential Rapid Amortization Event” means any occurrence or event which, with the giving of notice, the
passage of time or both, would constitute a Rapid Amortization Event. 
 “Prepayment Condition Amounts”
means, with respect to any Quarterly Payment Date, the following amounts with respect to such Quarterly Payment Date: the Senior Notes Quarterly Interest Amount, the Class A-1 Notes Quarterly Commitment
Fees Amount, the Senior Subordinated Notes Quarterly Interest Amount, the Senior Notes Aggregate Scheduled Principal Payments, the aggregate amount of Senior Subordinated Notes Accrued Scheduled Principal Payments Amount for the corresponding
Quarterly Fiscal Period, the Subordinated Notes Quarterly Interest Amount, and the aggregate amount of Subordinated Notes Accrued Scheduled Principal Payments Amounts for the corresponding Quarterly Fiscal Period. 

“Prepayment Premium” means, with respect to any Series of Notes, the premium to be paid on any prepayment of
principal with respect to such Series of Notes, identified as a “Prepayment Premium” pursuant to the applicable Series Supplement. 

“Prime Rate” means the rate of interest publicly announced from time to time by a commercial bank mutually
agreed upon by the Manager and the Servicer as its reference rate, base rate or prime rate. 
 “Principal Payment
Account” means each of the Senior Notes Principal Payment Account, the Senior Subordinated Notes Principal Payment Account, and the Subordinated Notes Principal Payment Account. 

  
 49 

 “Principal Release Amount” means, with respect to any
Series and any Quarterly Payment Date on which the related Series Non-Amortization Test is satisfied on the applicable Non-Amortization Test Date, the amounts in respect
of Scheduled Principal Payments with respect to such Series that have been allocated to the Senior Notes Principal Payment Account, the Senior Subordinated Notes Principal Payment Account or the Subordinated Notes Principal Payment Account, as
applicable, pursuant to the Priority of Payments during the applicable Quarterly Collection Period, net of any Optional Scheduled Principal Payment with respect to such Series for such Quarterly Payment Date. 

“Principal Terms” has the meaning specified in Section 2.3 of the Base Indenture.

 “Priority of Payments” means the allocation and payment obligations described in
Section 5.10 of the Base Indenture as supplemented by the allocation and payment obligations with respect to each Series of Notes described in each Series Supplement. 

“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 

“Proceeds” has the meaning specified in Section 9-102(a)(64) of
the applicable UCC. 
 “Product Sourcing Account” means the IHOP Product Sourcing Account and any
additional Management Account designated as a Product Sourcing Account by the Manager in accordance with Section 5.1(a) of the Base Indenture. 

“Product Sourcing Disbursement Account” means the IHOP Product Sourcing Disbursement Account and any
additional Management Account designated as a Product Sourcing Disbursement Account by the Manager in accordance with Section 5.1(a) of the Base Indenture. 

“Product Sourcing Advance” has the meaning specified in the Management Agreement. 

“Product Sourcing Agreements” means all agreements for (a) the manufacture and production of
Proprietary Products and (b) the sale of Proprietary Products to Proprietary Product Distributors. 
 “Product
Sourcing Assets” means, with respect to each Franchise Holder, (i) the Contributed Product Sourcing Agreements and all Product Sourcing Payments hereon, (ii) the New Product Sourcing Agreements and all Product Sourcing Payments
thereon; (iii) all rights to enter into New Product Sourcing Agreements and (iv) any and all other property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned as security for payment or performance of any
obligation of any Person to such Franchise Entity under the Product Sourcing Agreements and all guarantees of such obligations and the rights evidenced by or reflected in the Product Sourcing Agreements, in each case together with all payments,
proceeds and accrued and future rights to payment thereon. 
 “Product Sourcing Payments” means all
amounts payable to a Franchise Entity by Proprietary Product Distributors with respect to purchases of Proprietary Products. 

  
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 “pro forma event” has the meaning set forth in
Section 14.18 of the Base Indenture. 
 “Proprietary Product Distributor” means
any distributor of Proprietary Products to Franchisees or Non-Securitization Entities. 

“Proprietary Products” means any waffle and pancake dry mix that is (a) manufactured or otherwise
produced in the United States by a third party in accordance with the applicable Franchise Entity’s specifications, (b) purchased by such Franchise Entity from such third-party manufacturer and (c) sold by such Franchise Entity to
Proprietary Product Distributors (for distribution to Franchisees and Non-Securitization Entities for use at Branded Restaurants). 

“Protected Purchaser” has the meaning specified in
Section 8-303 of the UCC. 
 “PTO” means the U.S. Patent and
Trademark Office and any successor U.S. Federal office. 
 “Qualified Institution” means a depository
institution organized under the laws of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to
supervision and examination by federal or state banking authorities that at all times has the Required Rating and, in the case of any such institution organized under the laws of the United States of America, whose deposits are insured by the FDIC.

 “Quarterly Calculation Date” means the date four (4) Business Days prior to each Quarterly Payment
Date. Any reference to a Quarterly Calculation Date relating to a Quarterly Payment Date means the Quarterly Calculation Date occurring in the same calendar month as the Quarterly Payment Date and any reference to a Quarterly Calculation Date
relating to a Quarterly Collection Period means the Quarterly Collection Period most recently ended on or prior to the related Quarterly Payment Date. 

“Quarterly Collection Period” means each period commencing on and including the first day of a Quarterly
Fiscal Period and ending on but excluding the first day of the immediately following Quarterly Fiscal Period. The first Quarterly Collection Period will end on and include June 30, 2019. 

“Quarterly Compliance Certificate” has the meaning specified in Section 4.1(d) of
the Base Indenture. 
 “Quarterly Fiscal Period” means the following quarterly fiscal periods of the
Securitization Entities: (a) four 13-week quarters of the Securitization Entities in connection with their 52-week fiscal years and (b) three 13-week quarters and one 14 week quarter of the Securitization Entities in connection with their 53-week fiscal years. The last day of the fourth Quarterly Fiscal Period of
each fiscal year of the Securitization Entities is the Sunday nearest to December 31. References to “weeks” mean the Securitization Entities’ fiscal weeks, which commence on each Monday of a calendar week and end immediately prior to
the Monday of the following calendar week. 

  
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 “Quarterly Noteholders’ Report” means, with respect
to any Series of Notes, a statement substantially in the form of an Exhibit C to the applicable Series Supplement, including the Manager’s statement specified in such exhibit. 

“Quarterly Payment Date” means, unless otherwise specified in any Series Supplement for the related Series
of Notes, the 5th day of each of the following calendar months: March, June, September and December, or if such date is not a Business Day, the next succeeding Business Day, commencing on
September 5, 2019. Any reference to a Quarterly Collection Period relating to a Quarterly Payment Date means the Quarterly Collection Period most recently ended prior to such Quarterly Payment Date, and any reference to an Interest Accrual
Period relating to a Quarterly Payment Date means the Interest Accrual Period most recently ended prior to such Quarterly Payment Date. 

“Quarterly Reallocation Event” has the meaning set forth in Section 5.11(p) of
this Base Indenture. 
 “Rapid Amortization Event” has the meaning specified in
Section 9.1 of the Base Indenture. 
 “Rapid Amortization Period” means the
period commencing on the date on which a Rapid Amortization Event occurs and ending on the earlier to occur of the waiver of the occurrence of such Rapid Amortization Event in accordance with Section 9.7 of the Base
Indenture and the date on which there are no Notes Outstanding. 
 “Rating Agencies” with respect to any
Series of Notes, has the meaning specified in the applicable Series Supplement. 
 “Rating Agency
Condition” means, with respect to any Series of Notes then Outstanding and any event or action to be taken or proposed to be taken requiring satisfaction of the Rating Agency Condition in the Indenture or in any other Transaction Document,
a condition that is satisfied if the Manager has notified the Co-Issuers, the Servicer and the Trustee in writing that the Manager has provided the Rating Agencies and the Servicer with a written notification
setting forth in reasonable detail such event or action and has actively solicited (by written request and by request via e-mail and telephone) a Rating Agency Confirmation from each Rating Agency, and each
Rating Agency has either provided the Manager with a Rating Agency Confirmation with respect to such event or action or informed the Manager that it declines to review such event or action; provided that: 

(i)      except in connection with the issuance of Additional Notes, as to which the conditions
of clause (ii) below will apply in all cases, the Rating Agency Condition in respect of each Rating Agency will be required to be satisfied in connection with any such event or action only if the Manager determines in its sole discretion that
the policies of such Rating Agency permit it to deliver such Rating Agency Confirmation; 

(ii)      the Rating Agency Condition will not be required to be satisfied in respect of each
Rating Agency if the Manager provides an Officer’s Certificate (along with copies of all written requests for such Rating Agency Confirmation and copies of all related e-mail correspondence) to the Co-Issuers, the Servicer and the Trustee certifying that: 

  
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 (a)      the Manager has not received any
response from the Rating Agencies within ten (10) Business Days following the date of delivery of the initial solicitation; and 

(b)      the Manager has no reason to believe that such event or action would result in a
Rating Agency withdrawing its credit ratings on such Series of Notes then Outstanding or assigning credit ratings on such Series of Notes then Outstanding below the lower of (1) the then-current credit ratings on such Series of Notes then
Outstanding or (2) the initial credit ratings assigned to such Series of Notes then Outstanding by such Rating Agency (in each case, without negative implications); 

or, in lieu of (a) and (b) above 

(c)      solely in connection with any issuance of Additional Notes, either: 

(1)      such Rating Agency has provided a Rating Agency Confirmation; or 

(2)      the ratings for such Additional Notes will be not lower than the lower of the initial
or current ratings of each Series of Class A-2 Notes Outstanding as of such date; provided that such Class A-2 Notes are rated at least investment grade. 

“Rating Agency Confirmation” means, with respect to any Series of Notes then Outstanding, a confirmation
from a Rating Agency that a proposed event or action will not result in (i) a withdrawal of its credit ratings on such Series of Notes (or Class or Tranche thereof) then Outstanding or (ii) the assignment of credit ratings on such
Series of Notes (or Class or Tranche thereof) then Outstanding below the lower of (A) the then-current credit ratings on such Series of Notes (or Class or Tranche thereof) then Outstanding or (B) the initial credit ratings on
such Series of Notes (or Class or Tranche thereof) then Outstanding; provided, however, that solely in connection with an issuance of Additional Notes, a Rating Agency Confirmation of S&P will be required for each Series of Notes then rated
by S&P at the time of such issuance of Additional Notes. 
 “Rating Agency Notification” means, with
respect to any prospective action or occurrence, a written notification to each Rating Agency setting forth in reasonable detail such action or occurrence. 

“Real Estate Assets” means the Contributed Real Estate Assets and the New Real Estate Assets. 

“Record Date” means, with respect to any Quarterly Payment Date the close of business on the last Business
Day of the calendar month immediately preceding the calendar month in which such Quarterly Payment Date occurs. 

“Rent Disbursement Account” means an account maintained in the name of a Franchise Entity and pledged to the
Trustee into which funds are deposited for the payment of Franchise Entity Lease Payments. 

“Reorganization” means, with respect to any Multiemployer Plan, the condition that such plan is in
reorganization within the meaning of Section 4241 of ERISA. 

  
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 “Reportable Event” means any “reportable event,”
as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Single Employer Plan (other than an event for which the 30-day notice period is waived). 

“Required Consent Lease” means any Contributed Franchised Restaurant Lease or New Franchised Restaurant
Lease arising prior to the Closing Date in respect of which a Dine Brands Entity as the prime lessee did require consent of the applicable landlord for an assignment to the applicable Securitization Entity without triggering a default thereunder.

 “Required Rating” means (i) a short-term certificate of deposit rating from Moody’s of “P-1” and from S&P of at least “A-1” and (ii) a long-term unsecured debt rating of not less than “Baa1” by Moody’s and
“BBB+” by S&P. 
 “Requirements of Law” means, with respect to any Person or any of its
property, the certificate of incorporation or articles of association and by-laws, limited liability company agreement, partnership agreement or other organizational or governing documents of such Person or
any of its property, and any law, treaty, rule or regulation, or determination of any arbitrator or Governmental Authority, in each case applicable to, or binding upon, such Person or any of its property or to which such Person or any of its
property is subject, whether federal, state, local or foreign (including usury laws, the Federal Truth in Lending Act, state franchise laws and retail installment sales acts), and the EU Securitization Laws including the EU Investor Requirements.

 “Residual Amount” means for any Weekly Allocation Date with respect to any Quarterly Collection Period
the amount, if any, by which the amount allocated to the Collection Account on such Weekly Allocation Date exceeds the sum of the amounts to be paid and/or allocated on such Weekly Allocation Date pursuant to priorities (i) through
(xxvi) of the Priority of Payments. 
 “Retained Collections” means, with respect to any
specified period of time, the amount equal to (i) Collections received over such period minus without duplication (ii) the Excluded Amounts over such period minus (iii) disbursements made from the Concentration Accounts
to the Rent Disbursement Accounts over such period (other than Franchise Entity Lease Payments made with the proceeds of Manager Advances and Collateral Protection Advances). 

“Retained Collections Contribution” means, with respect to any Quarterly Collection Period, an equity
contribution made to either Co-Issuer at any time prior to the Series 2019-1 Legal Final Maturity Date to be included in Net Cash Flow in accordance with
Section 5.15 of the Base Indenture, which for all purposes of the Transaction Documents, except as otherwise specified therein, will be treated as Retained Collections received during such Quarterly Collection Period;
provided, that any Retained Collections Contribution made shall be excluded from the amount of Net Cash Flow for purposes of calculations undertaken in the following circumstances: (a) to determine the New
Series Pro Forma DSCR, (b) to determine satisfaction of the Series 2019-1 Class A-2 Non-Amortization Test and
(c) to determine whether the Co-Issuers may extend the 2019-1 Class A-1 Notes Renewal Date. 

  
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 “Reversed ACH Remittance” means, with respect to any
Weekly Collection Period, an ACH remittance relating to any Weekly Collection Period that is reversed during such Weekly Collection Period. 

“S&P” means S&P Global Ratings, or any successor thereto. 

“Scheduled Principal Payments” means, with respect to any Series, Class of any Series of Notes, or
Subclass or Tranche thereof, any payments scheduled to be made pursuant to the applicable Series Supplement that reduce the amount of principal Outstanding with respect to such Series, Class, Subclass or Tranche on a periodic basis that are
identified as “Scheduled Principal Payments” in the applicable Series Supplement. 
 “Scheduled Principal
Payments Deficiency Event” means, with respect to any Quarterly Collection Period, as of the last Weekly Allocation Date with respect to such Quarterly Collection Period, the occurrence of the following event: the amount of funds on deposit
in the Senior Notes Principal Payment Account after the last Weekly Allocation Date with respect to such Quarterly Collection Period is less than the Senior Notes Aggregate Scheduled Principal Payments for the next succeeding Quarterly Payment Date.

 “Scheduled Principal Payments Deficiency Notice” has the meaning specified in
Section 4.1(d) of the Base Indenture. 
 “SEC” means the United States
Securities and Exchange Commission. 
 “Secured Parties” means the Trustee, for the benefit of
(i) itself, (ii) the Noteholders, (iii) the Servicer, (iv) the Control Party, (v) the Manager, (vi) the Back-Up Manager, (vii) each
Class A-1 Administrative Agent and (viii) each Hedge Counterparty, if any, together with their respective successors and assigns. 

“Securities Intermediary” has the meaning set forth in Section 5.7(a) of the Base
Indenture. 
 “Securitization Entities” means, collectively, the
Co-Issuers and the Guarantors. 
 “Securitization IP” means,
collectively, the 2014-1 Closing Date Securitization IP and the After-Acquired Securitization IP, except that “Securitization IP” does not include, solely for purposes of the licenses granted under
the IP License Agreements, any rights to use licensed third-party Intellectual Property to the extent that such rights are not sublicensable without the consent of or any payment to such third party, or any other action by the licensee thereof. 

“Securitization Operating Expense Account” has the meaning set forth in
Section 5.5 of the Base Indenture. 
 “Securitization Operating Expenses” means
all expenses incurred by the Securitization Entities and payable to third parties in connection with the maintenance and operation of the Securitization Entities and the transactions contemplated by the Transaction Documents to which they are a
party (other than those paid for from the Concentration Accounts or the Product Sourcing Accounts as described in the Indenture), including (i) accrued and unpaid 

  
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taxes (other than federal, state and local income taxes), filing fees and registration fees payable by the Securitization Entities to any federal, state or local Governmental Authority;
(ii) fees and expenses payable to (A) the Trustee under the Indenture or the other Transaction Documents to which it is a party (excluding Mortgage Recordation Fees), (B) the Back-Up Manager as Back-Up Manager Fees, (C) the Rating Agencies, (D) independent certified public accountants (including, for the avoidance of doubt, any incremental auditor costs) or external legal counsel and (E) any
stock exchange on which the Notes may be listed; (iii) the indemnification obligations of the Securitization Entities under the Transaction Documents to which they are a party (including any interest thereon at the Advance Interest Rate, if
applicable); and (iv) independent director and manager fees. 
 “Senior Leverage Ratio” means, as of
any date of determination, the ratio of (a)(i) the aggregate principal amount of each Series of Senior Notes Outstanding (provided that, with respect to each Series of Class A-1 Notes Outstanding,
the aggregate principal amount of each such Series of Senior Notes will be deemed to be the Class A-1 Notes Maximum Principal Amount for each such Series) as of the end of the most recently ended
Quarterly Fiscal Period less (ii) the sum of (x) the cash and cash equivalents of the Securitization Entities credited to the Senior Notes Interest Reserve Account, the Franchisor Capital Accounts and the Rent Disbursement Accounts as of
the end of the most recently ended Quarterly Fiscal Period, (y) the cash and cash equivalents of the Securitization Entities maintained in the Management Accounts as of the end of the most recently ended Quarterly Fiscal Period that, pursuant
to a Weekly Manager’s Certificate delivered on or prior to such date, will constitute the Residual Amount on the next succeeding Weekly Allocation Date and (z) the available amount of the Interest Reserve Letter of Credit with respect to
the Senior Notes as of the end of the most recently ended Quarterly Fiscal Period to (b) Net Cash Flow for the preceding four Quarterly Collection Periods most recently ended as of such date and for which financial statements are required to be
delivered. The Senior Leverage Ratio shall be calculated in accordance with Section 14.18(b) of the Base Indenture. 

“Senior Noteholder” means any Holder of Senior Notes of any Series. 

“Senior Notes” or “Class A Notes” means any Series or Class of
any Series of Notes issued that are designated as “Class A” and identified as “Senior Notes” in the applicable Series Supplement. 

“Senior Notes Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect to a
Quarterly Collection Period, an amount equal to the lesser of (a) the sum of (i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection Period and (2) the Senior Notes Aggregate Quarterly Interest for the
Interest Accrual Period ending in the next succeeding Quarterly Collection Period, (ii) the Carryover Senior Notes Accrued Quarterly Interest Amount for such Weekly Allocation Date and (iii) if such Weekly Allocation Date occurs on or
after a Quarterly Payment Date on which amounts are withdrawn from the Senior Notes Interest Payment Account pursuant to the Base Indenture to cover any Class A-1 Notes Interest Adjustment Amount, the
amount so withdrawn (without duplication for amounts previously allocated pursuant to this clause (iii)) and (b) the amount, if any, by which (i) Senior Notes Aggregate Quarterly Interest for the Interest Accrual Period ending in the
next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to the Senior Notes Interest Payment Account with respect to the Senior Notes Quarterly Interest Amount on

  
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each preceding Weekly Allocation Date (or prefunded on the Closing Date) with respect to such Quarterly Collection Period. 

“Senior Notes Accrued Quarterly Post-ARD Additional Interest Amount”
means, for each Weekly Allocation Date with respect to a Quarterly Collection Period an amount equal to the lesser of (a) the sum of (i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection Period and
(2) the Senior Notes Aggregate Quarterly Post-ARD Additional Interest for the Interest Accrual Period ending in the next succeeding Quarterly Collection Period and (ii) the Carryover Senior Notes
Accrued Quarterly Post-ARD Additional Interest Amount for such Weekly Allocation Date and (b) the amount, if any, by which (i) Senior Notes Aggregate Quarterly
Post-ARD Additional Interest for the Interest Accrual Period ending in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to the Senior Notes Post-ARD Additional Interest Account with respect to Senior Notes Quarterly Post-ARD Additional Interest on each preceding Weekly Allocation Date with respect to the Quarterly
Collection Period. 
 “Senior Notes Accrued Scheduled Principal Payments Amount” means, for each Weekly
Allocation Date with respect to any Quarterly Collection Period an amount equal to the lesser of (a) the sum of (i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection Period and (2) the Senior Notes
Aggregate Scheduled Principal Payments for the Quarterly Payment Date in the next succeeding Quarterly Collection Period and (ii) the Carryover Senior Notes Accrued Scheduled Principal Payments Amount for such Weekly Allocation Date and
(b) the amount, if any, by which (i) the Senior Notes Aggregate Scheduled Principal Payments for the Quarterly Payment Date in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to
the Senior Notes Principal Payment Account with respect to Senior Notes Aggregate Scheduled Principal Payments on each preceding Weekly Allocation Date (or prefunded on the Closing Date) with respect to such Quarterly Collection Period. 

“Senior Notes Aggregate Quarterly Interest” means, for any Interest Accrual Period, with respect to all
Senior Notes Outstanding, the aggregate Senior Notes Quarterly Interest Amount due and payable on all such Senior Notes with respect to such Interest Accrual Period. 

“Senior Notes Aggregate Quarterly Post-ARD Additional Interest”
means, for any Interest Accrual Period, with respect to all Senior Notes Outstanding, the aggregate amount of Senior Notes Quarterly Post-ARD Additional Interest accrued on all such Senior Notes with respect
to such Interest Accrual Period. 
 “Senior Notes Aggregate Scheduled Principal Payments” means, for any
Quarterly Payment Date, with respect to all Senior Notes Outstanding, the aggregate amount of Senior Notes Scheduled Principal Payments Amounts due and payable on all such Senior Notes on such Quarterly Payment Date. 

“Senior Notes Interest Payment Account” has the meaning set forth in Section 5.5
of the Base Indenture. 

  
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 “Senior Notes Interest Reserve Account” means
collectively, (i) account no. 11658900 entitled “Citibank, N.A. f/b/o IHOP Franchisor LLC, Senior Notes Interest Reserve Account” and (ii) account no. 11312200 entitled “Citibank, N.A. f/b/o IHOP Funding LLC, Senior
Notes Interest Reserve Account”, in each case, maintained by the Trustee pursuant to Section 5.2(a) of the Base Indenture or any successor securities account maintained pursuant to
Section 5.2(a) of the Base Indenture. 
 “Senior Notes Interest Reserve Account Deficit
Amount” means as of any date of determination, the excess, if any, of the Senior Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account and (b) the amount available
under any Interest Reserve Letter of Credit relating to the Senior Notes. 
 “Senior Notes Interest Reserve
Amount” means with respect to any Quarterly Payment Date (and any Weekly Allocation Date related thereto and any drawing date in respect of any Class A-1 Notes), an amount equal to the Senior
Notes Quarterly Interest Amount and the Class A-1 Notes Quarterly Commitment Fees Amount due on such Quarterly Payment Date (with the interest and Class A-1
Notes Quarterly Commitment Fees Amount payable with respect to the Class A-1 Notes on such Quarterly Payment Date being based on the good faith utilization estimate of the Manager as set forth in the
applicable Weekly Manager’s Certificate), which amount will increase or decrease in accordance with any increase or reduction in the Outstanding Principal Amount of the Senior Notes or in accordance with the Manager’s good faith
utilization estimate with respect to the Class A-1 Notes as set forth in the applicable Weekly Manager’s Certificate; provided, that, with respect to the first Interest Accrual Period
following the Closing Date, the Senior Notes Interest Reserve Amount will be an amount equal to the Initial Senior Notes Interest Reserve Deposit. The Senior Notes Interest Reserve Amount may be funded in whole or in part with the proceeds of a
drawing under any Class A-1 Notes. 
 “Senior Notes Interest Shortfall
Amount” has the meaning set forth in Section 5.11(a)(iii) of the Base Indenture. 

“Senior Notes Post-ARD Additional Interest Account” has the meaning
set forth in Section 5.5 of the Base Indenture 
 “Senior Notes Principal Payment
Account” has the meaning set forth in Section 5.5 of the Base Indenture. 

“Senior Notes Quarterly Interest Amount” means with respect to each Quarterly Payment Date, (a) the
aggregate amount of interest due and payable, with respect to the related Interest Accrual Period, on the Senior Notes that is identified as a “Senior Notes Quarterly Interest Amount” in the applicable Series Supplement (other than any Post-ARD Additional Interest), plus (b) to the extent not otherwise included in clause (a), with respect to any Class A-1 Notes Outstanding, the aggregate
amount of any letter of credit fees (including fronting fees) due and payable on issued but undrawn Letters of Credit, with respect to such Interest Accrual Period, on such Class A-1 Notes pursuant to the
applicable Class A-1 Note Purchase Agreement; provided, that if, on any Quarterly Payment Date or other date of determination, the actual amount of any such interest or letter of credit fees cannot be
ascertained, an estimate of such interest or letter of credit fees will be used to calculate the Senior Notes Quarterly Interest Amount for such Quarterly 

  
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Payment Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided, further, that any amount identified as “Post-ARD Additional Interest,” “Class A-1 Notes Administrative Expenses,” “Class A-1 Notes Other
Amounts,” or “Class A-1 Commitment Fees Amount” in any Series Supplement shall under no circumstances be deemed to constitute part of the “Senior Notes Quarterly Interest Amount.”

 “Senior Notes Quarterly Post-ARD Additional Interest” means,
for any Interest Accrual Period, with respect to any Class of Senior Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Accrual Period on each such Class of Senior Notes that is identified as
“Senior Notes Quarterly Post-ARD Additional Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of
any such interest cannot be ascertained, an estimate of such interest will be used to calculate the Senior Notes Quarterly Post-ARD Additional Interest for such Weekly Allocation Date or other date of
determination in accordance with the terms and provisions of the applicable Series Supplement; provided further that any amount identified as “Senior Notes Quarterly Interest Amount” in any Series Supplement will under no
circumstances be deemed to constitute “Senior Notes Quarterly Post-ARD Additional Interest.” 

“Senior Notes Scheduled Principal Payments Amounts” means, with respect to any Class of Senior Notes
Outstanding, any Scheduled Principal Payments with respect to such Class of Senior Notes. 
 “Senior Notes
Scheduled Principal Payment Deficiency Amount” means, with respect to any Senior Notes Outstanding as calculated in connection with any Quarterly Payment Date (1) the amount, if any, by which (a) the Senior Notes Aggregate
Scheduled Principal Payments for such Class of Notes exceeds (b) the sum of (i) the amount of funds on deposit with respect to such Class of Notes in the Senior Notes Principal Payment Account plus (ii) any other funds on
deposit in the Indenture Trust Accounts that are available to pay the Senior Notes Aggregate Scheduled Principal Payments for such Class of Notes on such Quarterly Payment Date in accordance with the Indenture, plus (2) any Senior Notes
Aggregate Scheduled Principal Payments due but unpaid from any previous Quarterly Payment Dates. 
 “Senior
Subordinated Notes” means any issuance of Notes under the Indenture by the Co-Issuers that are part of a Class with an alphanumerical designation that contains any letter from “B”
through “L” of the alphabet. 
 “Senior Subordinated Noteholders” means, collectively, all
holders of Senior Subordinated Notes. 
 “Senior Subordinated Notes Accrued Quarterly Interest Amount”
means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and any Senior Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Senior Subordinated Notes Accrued Quarterly Post-ARD Additional Interest
Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and any Senior Subordinated Notes, the amount defined in the applicable Series Supplement. 

  
 59 

 “Senior Subordinated Notes Accrued Scheduled Principal Payments
Amount” means, for each Weekly Allocation Date with respect to any Quarterly Collection Period and any Senior Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Senior Subordinated Notes Aggregate Scheduled Principal Payments” means, for any Quarterly Payment Date,
with respect to all Senior Subordinated Notes Outstanding, the aggregate amount of Senior Subordinated Notes Scheduled Principal Payment Amounts due and payable on all such Senior Subordinated Notes on such Quarterly Payment Date. 

“Senior Subordinated Notes Interest Payment Account” has the meaning set forth in
Section 5.5 of the Base Indenture. 
 “Senior Subordinated Notes Interest Reserve
Account” means account no. 11312300 entitled “Citibank, N.A. f/b/o IHOP Funding LLC, Series 2019-1 – Senior Subordinated Notes Interest Reserve Account” maintained by the Trustee
pursuant to Section 5.3(a) of the Base Indenture or any successor securities account maintained pursuant to
 Section 5.3(a) of the Base Indenture. 

“Senior Subordinated Notes Interest Reserve Account Deficit Amount” means, as of any date of determination,
the excess, if any, of the Senior Subordinated Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Subordinated Notes Interest Reserve Account and (b) the amount available under any Interest Reserve Letter
of Credit relating to the Senior Subordinated Notes. 
 “Senior Subordinated Notes Interest Reserve
Amount” means, with respect to any Quarterly Payment Date (and any Weekly Allocation Date related thereto), an amount equal to the Senior Subordinated Notes Quarterly Interest Amount due on the next Quarterly Payment Date. 

“Senior Subordinated Notes Post-ARD Additional Interest Account” has
the meaning set forth in Section 5.5 of the Base Indenture. 
 “Senior Subordinated Notes
Principal Payment Account” has the meaning set forth in Section 5.5 of the Base Indenture. 

“Senior Subordinated Notes Quarterly Interest Amount” means, with respect to each Quarterly Payment Date,
the aggregate amount of interest due and payable, with respect to the related Interest Accrual Period, on any Class of Senior Subordinated Notes Outstanding that is identified as “Senior Subordinated Notes Quarterly Interest Amount”
in the applicable Series Supplement (other than any Post-ARD Additional Interest); provided, that any amount identified as “Post-ARD Additional Interest” in
any Series Supplement shall under no circumstances be deemed to constitute part of the “Senior Subordinated Notes Quarterly Interest Amount.” 

“Senior Subordinated Notes Quarterly Post-ARD Additional Interest”
means, for any Interest Accrual Period, with respect to any Class of Senior Subordinated Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Accrual Period on each such Class of Senior Subordinated
Notes that is identified as “Senior Subordinated Notes Quarterly Post-ARD Additional Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of
determination, the actual amount of any such interest 

  
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cannot be ascertained, an estimate of such interest will be used to calculate the Senior Subordinated Notes Quarterly Post-ARD Additional Interest for such
Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided further that any amount identified as a “Senior Subordinated Notes Quarterly Interest Amount”
in any Series Supplement will under no circumstances be deemed to constitute “Senior Subordinated Notes Quarterly Post-ARD Additional Interest.” 

“Senior Subordinated Notes Scheduled Principal Payment Amounts” means, with respect to any Class of
Senior Subordinated Notes Outstanding, any Scheduled Principal Payments with respect to such Class of Senior Subordinated Notes. 

“Senior Subordinated Notes Scheduled Principal Payment Deficiency Amount” has the meaning specified in the
related Series Supplement, with respect to any Series of Senior Subordinated Notes. 
 “Series 2014-1 Closing Date” means September 30, 2014. 
 “Series
Account” means any account or accounts established pursuant to a Series Supplement for the benefit of a Series of Notes (or any Class thereof). 

“Series Anticipated Repayment Date” means, with respect to each Series of Notes, or Class or Tranche
thereof, the anticipated repayment date provided for in the Series Supplement for such Series of Notes, or Class or Tranche thereof. 

“Series Closing Date” means, with respect to any Series, Class, Subclass or Tranche of Notes, the date of
issuance of such Series, Class, Subclass or Tranche of Notes, as specified in the applicable Series Supplement. 

“Series Defeasance Date” has the meaning set forth in Section 12.1(c) of the Base
Indenture. 
 “Series Distribution Account” means, with respect to any Series of Notes or any
Class of any Series of Notes, an account established to receive distributions to be paid to the Noteholders of such Class or such Series of Notes pursuant to the applicable Series Supplement. 

“Series Hedge Agreement” means, with respect to any Tranche or Series of Notes, the relevant Swap Contract,
if any, described in the applicable Series Supplement. 
 “Series Hedge Counterparty” means, with respect
to any series of Notes, the relevant Hedge Counterparty, if any, described in the applicable Series Supplement. 

“Series Hedge Payment Amount” means all amounts payable by the
Co-Issuers under a Series Hedge Agreement including any termination payment payable by the Co-Issuers. 

“Series Hedge Receipts” means all amounts received by the Securitization Entities under a Series Hedge
Agreement. 

  
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 “Series Legal Final Maturity Date” means, with respect to
any Series, the “Series Legal Final Maturity Date” set forth in the related Series Supplement. 
 “Series
Non-Amortization Test” means with respect to the Series 2019-1 Notes, the Series 2019-1
Class A-2 Non-Amortization Test (as defined in the Series 2019-1 Supplement) and, with respect to any other Series of Notes,
the meaning set forth in the related Series Supplement or, if not specified therein, means a test that will be satisfied on any Quarterly Payment Date if the Dine Brands Leverage Ratio is less than or equal to 5.25x as of such Quarterly Calculation
Date. 
 “Series Obligations” means, with respect to a Series of Notes, (a) all principal, interest,
premiums, make-whole payments and Series Hedge Payment Amounts, at any time and from time to time, owing by the Co-Issuers on such Series of Notes or owing by the Guarantors pursuant to the Guarantee and
Collateral Agreement on such Series of Notes and (b) the payment and performance of all other obligations, covenants and liabilities of the Co-Issuers or the Guarantors arising under the Indenture, the
Notes or any other Indenture Document, in each case, solely with respect to such Series of Notes. 
 “Series of
Notes” or “Series” means each series of Notes issued and authenticated pursuant to the Base Indenture and the applicable Series Supplement. 

“Series Supplement” means a supplement to the Base Indenture complying (to the extent applicable) with the
terms of Section 2.3 of the Base Indenture regarding the issuance of a new Series of Notes. 

“Servicer” means Midland Loan Services, a division of PNC Bank, National Association, as servicer under the
Servicing Agreement, and any successor thereto. 
 “Servicer Termination Event” has the meaning set forth
in the Servicing Agreement. 
 “Services” has the meaning set forth in the Management Agreement. 

“Servicing Agreement” means the Servicing Agreement, dated as of the Series
2014-1 Closing Date, by and among the Servicer, the Co-Issuers, the other Securitization Entities party thereto, the Manager and the Trustee, as amended and restated on
the Closing Date and as amended, supplemented or otherwise modified from time to time; provided that references to the Servicing Agreement prior to the Closing Date shall refer to the Servicing Agreement as in effect at such time. 

“Servicing Fees” has the meaning set forth in the Servicing Agreement. 

“Servicing Standard” has the meaning set forth in the Servicing Agreement. 

“Single Employer Plan” means any Pension Plan that is covered by Title IV of ERISA, but that is not a
Multiemployer Plan. 
 “Software” has the meaning set forth in the definition of “Intellectual
Property.” 

  
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 “Specified Bankruptcy Opinion Provisions” means the
provisions contained in the legal opinion(s) delivered in connection with the issuance of each Series of Notes relating to the non-substantive consolidation of the Securitization Entities with any of Dine
Brands, the Applebee’s Parent or the IHOP Parent. 
 “Specified Indenture Trust Accounts” means the
Senior Notes Interest Payment Account, the Class A-1 Notes Commitment Fees Account, the Senior Subordinated Notes Interest Payment Account, the Subordinated Notes Interest Payment Account, the Senior
Notes Principal Payment Account, the Senior Subordinated Notes Principal Payment Account, the Subordinated Notes Principal Payment Account, the Senior Notes Post-ARD Additional Interest Account, the Senior
Subordinated Notes Post-ARD Additional Interest Account, the Subordinated Notes Post-ARD Additional Interest Account and the Hedge Payment Account. 

“Specified Payment Amendment Provisions” has the meaning set forth in
Section 13.2(a)(iii). 
 “Subclass” means, with respect to any Class of any
Series of Notes, any one of the subclasses of Notes of such Class as specified in the applicable Series Supplement. 

“Subordinated Notes” means any issuance of Notes under the Indenture by the
Co-Issuers that are part of a Class with an alphanumerical designation that contains any letter from “M” through “Z” of the alphabet. 

“Subordinated Noteholders” means, collectively, the holders of any Subordinated Notes. 

“Subordinated Notes Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect
to a Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Subordinated Notes Accrued Quarterly Post-ARD Additional Interest
Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Subordinated Notes Accrued Scheduled Principal Payments Amount” means, for each Weekly Allocation Date with
respect to any Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Subordinated Notes Interest Payment Account” has the meaning set forth in
Section 5.5 of the Base Indenture. 
 “Subordinated Notes Interest Shortfall
Amount” has the meaning set forth in Section 5.11(f)(iii) of the Base Indenture. 

“Subordinated Notes Principal Payment Account” has the meaning set forth in
Section 5.5 of the Base Indenture. 

  
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 “Subordinated Notes
Post-ARD Additional Interest Account” has the meaning set forth in Section 5.5 of the Base Indenture. 

“Subordinated Notes Quarterly Interest Amount” means, for any Interest Accrual Period, with respect to any
Class of Subordinated Notes Outstanding, the aggregate amount of interest due and payable, with respect to such Interest Accrual Period, on such Class of Subordinated Notes that is identified as a “Subordinated Notes Quarterly
Interest Amount” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest, fees or expenses cannot be ascertained, an estimate of such interest,
fees or expenses will be used to calculate the Subordinated Notes Quarterly Interest Amount for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided
further that any amount identified as “Subordinated Notes Quarterly Post-ARD Additional Interest” in any Series Supplement will under no circumstances be deemed to constitute a “Subordinated
Notes Quarterly Interest Amount”. 
 “Subordinated Notes Quarterly
Post-ARD Additional Interest” means, for any Interest Accrual Period, with respect to any Class of Subordinated Notes Outstanding, the aggregate amount of interest accrued with respect to such
Interest Accrual Period on each such Class of Subordinated Notes that is identified as “Subordinated Notes Quarterly Post-ARD Additional Interest” in the applicable Series Supplement; provided
that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest cannot be ascertained, an estimate of such interest will be used to calculate the Subordinated Notes Quarterly Post-ARD Additional Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided, further, that any amount
identified as “Subordinated Notes Quarterly Interest Amount” in any Series Supplement will under no circumstances be deemed to constitute “Subordinated Notes Quarterly Post-ARD Additional
Interest.” 
 “Subordinated Notes Scheduled Principal Payment Amounts” means, with respect to any
Class of Subordinated Notes Outstanding, any Scheduled Principal Payments with respect to such Class of Subordinated Notes. 

“Subordinated Notes Scheduled Principal Payment Deficiency Amount” has the meaning specified in the related
Series Supplement, with respect to any Series of Subordinated Notes. 
 “Subsidiary” means, with respect
to any Person (herein referred to as the “parent”), any corporation, partnership, limited liability company, association or other business entity (a) of which securities or other ownership interests representing more than 50%
of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent or (b) that is, at the time any
determination is being made, otherwise controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

  
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 “Successor Manager” means any successor to the Manager
selected by the Control Party (at the direction of the Controlling Class Representative) upon the resignation or removal of the Manager pursuant to the terms of the Management Agreement. 

“Successor Manager Transition Expenses” means all costs and expenses incurred by a Successor Manager in
connection with the termination, removal and replacement of the Manager under the Management Agreement. 

“Successor Servicer Transition Expenses” means all costs and expenses incurred by a successor Servicer in
connection with the termination, removal and replacement of the Servicer under the Servicing Agreement. 

“Supplement” means a Series Supplement or such other supplement to the Base Indenture complying with the
terms of Article XIII of thereof. 
 “Supplemental Management Fee” means for
each Weekly Allocation Date with respect to any Quarterly Collection Period the amount, approved in writing by the Control Party acting at the direction of the Controlling Class Representative, by which, with respect to any Quarterly Collection
Period, (i) the expenses incurred or other amounts charged by the Manager since the beginning of such Quarterly Collection Period in connection with the performance of the Manager’s obligations under the Management Agreement and the amount
of any current or projected Tax Payment Deficiency, if applicable, exceed (ii) the Weekly Management Fees received and to be received by the Manager on such Weekly Allocation Date and each preceding Weekly Allocation Date with
respect to such Quarterly Collection Period. 
 “Swap Contract” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Tax” means (i) any federal, state, local or foreign income, gross receipts, license, payroll,
employment, excise, severance, stamp, occupation, premium, environmental, customs duties, capital stock, profits, documentary, property, franchise, withholding, social security (or similar), unemployment, disability, real property, personal
property, sales, use, transfer, registration, value added, alternative or add-on minimum, or other tax of any kind whatsoever, including any interest, penalty, fine, assessment or addition thereto and
(ii) any transferee liability in respect of any items described in clause (i) above. 

  
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 “Tax Information” means information and/or properly
completed and signed tax certifications sufficient to eliminate the imposition of or to determine the amount of any withholding of tax, including backup withholding and withholding required pursuant to FATCA. 

“Tax Lien Reserve Amount” means any funds contributed by Dine Brands or a Subsidiary thereof to satisfy
Liens filed by the IRS pursuant to Section 6323 of the Code against any Securitization Entity. 
 “Tax
Opinion” means an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters to be delivered in connection with the issuance of each new Series of Notes to the effect that, for United States
federal income tax purposes, (a) the issuance of such new Series of Notes will not affect adversely the United States federal income tax characterization of any Series of Notes Outstanding or Class thereof that was (based upon an Opinion
of Counsel) treated as debt at the time of their issuance, (b) except with respect to any Additional Franchise Entity (including Additional Franchise Entities organized with the consent of the Control Party pursuant to
Section 8.34(b) of the Base Indenture) in existence as of the date of delivery of such opinion that will be treated as a corporation for United States federal income tax purposes, each of the
Co-Issuers organized in the United States, each other Securitization Entity organized in the United States in existence as of the date of the delivery of such opinion, and each other direct or indirect
Subsidiary of either Co-Issuer organized in the United States in existence as of the date of delivery of such opinion will not as of the date of issuance be classified as a corporation or as an association or
a publicly traded partnership taxable as a corporation and (c) such new Series of Notes will as of the date of issuance be treated as debt to the extent such Notes are beneficially owned by a person other than a
Co-Issuer or any affiliate of a Co-Issuer for U.S. federal income tax purposes. 

“Tax Payment Deficiency” means any Tax liability of Dine Brands (or, if Dine Brands is not the taxable
parent entity of any Securitization Entity, such other taxable parent entity) (including Taxes imposed under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local or foreign law))
attributable to the operations of the Securitization Entities or their direct or indirect Subsidiaries that the Manager determines cannot be satisfied by Dine Brands (or such other taxable parent entity) from its available funds. 

“Third-Tier Applebee’s Contribution Agreement” means (a) when used in respect of the
Applebee’s Franchisor, the Third-Tier Applebee’s Contribution Agreement (Franchisor) and (b) when used in respect of the Applebee’s Franchise Holder, the Third-Tier Applebee’s Contribution Agreement (Franchise Holder). 

“Third-Tier Applebee’s Contribution Agreement (Franchise Holder)” means the Third-Tier Applebee’s
Contribution Agreement (Franchise Holder), dated as of the 2014-1 Closing Date, by and between the Applebee’s Issuer and the Applebee’s Franchise Holder, as amended, supplemented or otherwise
modified from time to time. 
 “Third-Tier Applebee’s Contribution Agreement (Franchisor)” means the
Third-Tier Applebee’s Contribution Agreement (Franchisor), dated as of the 2014-1 Closing Date, by and between the Applebee’s Issuer and the Applebee’s Franchisor, as amended, supplemented or
otherwise modified from time to time. 

  
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 “Title Policy” means an ALTA mortgagee title insurance
policy issued by a title insurance company reasonably acceptable to the Trustee (it being understood that Old Republic Title Insurance Company shall be deemed acceptable to the Trustee) in an insured amount reasonably acceptable to Trustee, not to
exceed 110% of the estimated value of the property, insuring the related Mortgage as a first priority mortgage lien, free and clear of all defects and encumbrances except Permitted Liens, and otherwise in form and substance reasonably satisfactory
to the Trustee, and shall include such endorsements as are (i) reasonably requested by the Trustee and (ii) available at commercially reasonable rates. 

“Trade Secrets” has the meaning set forth in the definition of “Intellectual Property”. 

“Trademarks” means all United States, state and non-U.S. trademarks,
service marks, trade names, trade dress, designs, logos, slogans and other indicia of source or origin, whether registered or unregistered, registrations and pending applications to register the foregoing, internet domain names, and all goodwill of
any business connected with the use thereof or symbolized thereby. 
 “Tranche” means with respect to any
Class or Subclass of any Series of Notes, any one of the tranches of Notes of such Class or Subclass as specified in the applicable Series Supplement. 

“Transaction Documents” means the Indenture, the Notes, the Guarantee and Collateral Agreement, each Account
Control Agreement, the Management Agreement, the Servicing Agreement, the Back-Up Management Agreement, any Series Hedge Agreement, the Contribution Agreements, any Note Purchase Agreement, each other note
purchase agreement pursuant to which Notes are purchased, the IP License Agreements, any Enhancement Agreement, the Charter Documents, the Letter of Credit Reimbursement Agreement and any additional document identified as a “Transaction
Document” in the Series Supplement for any Series of Notes Outstanding and any other material agreements entered into, or certificates delivered, pursuant to the foregoing documents. 

“Transaction Expenses” means all expenses and fees incurred in connection with the consummation of the
transactions contemplated by the Indenture and application of the proceeds of the Notes, including, without limitation, professional, financing and accounting fees, costs and expenses, transfer taxes and any premiums, fees, discounts, expenses and
losses (and any amortization thereof) payable in connection with a tender offer for and redemption or prepayment of Indebtedness (including amortization or write offs of debt issuance or deferred financing costs, premiums and prepayment penalties).

 “Trust Officer” means any officer within the corporate trust department of the Trustee, including any
Vice President, Assistant Vice President or Assistant Treasurer of the Corporate Trust Office, or any trust officer, or any officer customarily performing functions similar to those performed by the person who at the time will be such officers, in
each case having direct responsibility for the administration of this Indenture, and also any officer to whom any corporate trust matter is referred because of his knowledge of and familiarity with a particular subject. 

  
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 “Trustee” means the party named as such in the Indenture
until a successor replaces it in accordance with the applicable provisions of the Indenture and thereafter means the successor serving thereunder. On the Closing Date, the Trustee shall be Citibank, N.A., a national banking association. 

“Trustee Accounts” has the meaning set forth in Section 5.7(a) of the Base
Indenture. 
 “U.S. Dollars” or “$” refers to lawful money of the United States of
America. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the specified
jurisdiction or any applicable jurisdiction, as the case may be. 
 “United States” or
“U.S.” means the United States of America, its fifty states and the District of Columbia. 

“Unrestricted Cash” means as of any date, unrestricted cash and Eligible Investments owned by the Non-Securitization Entities that are not, and are not presently required under the terms of any agreement or other arrangement binding any Non-Securitization Entity on such
date to be, (a) pledged to or held in one or more accounts under the control of one or more creditors of any Non-Securitization Entity or (b) otherwise segregated from the general assets of the Non-Securitization Entities, in one or more special accounts or otherwise, for the purpose of securing or providing a source of payment for Indebtedness or other obligations that are or from time to time may be owed
to one or more creditors of the Non-Securitization Entities. It is agreed that cash and Eligible Investments held in ordinary deposit or security accounts and not subject to any existing or contingent
restrictions on transfer by any Non-Securitization Entity will not be excluded from Unrestricted Cash by reason of setoff rights or other Liens created by law or by applicable account agreements in favor of
the depositary institutions or security intermediaries. 
 “Warm Back-Up
Management Duties” has the meaning set forth in the Back-Up Management Agreement. 

“Warm Back-Up Management Trigger Event” means the occurrence and
continuation of (i) any event that causes a Cash Flow Sweeping Period to begin and that continues for at least two consecutive Quarterly Calculation Dates or (ii) a Rapid Amortization Event, in each case, that has not been waived or
approved by the Control Party (acting at the direction of the Controlling Class Representative). 
 “Weekly
Allocation Date” means the sixth (6th) Business Day following the date on which each Weekly Collection Period ends or, upon not less than two (2) Business Days’ notice from the
Manager to the Trustee, such earlier Business Day occurring no earlier than the third (3rd) Business Day following the last day of each Weekly Collection Period that has been designated by the
Manager and consented to by the Trustee (such consent not to be unreasonably withheld). 
 “Weekly Collection
Period” means each weekly period commencing at 12:00 a.m. (Pacific time) on each Monday and ending immediately prior to 12:00 a.m. (Pacific time) on the following Monday. 

  
 68 

 “Weekly Management Fee” has the meaning set forth in the
Management Agreement. 
 “Weekly Manager’s Certificate” has the meaning specified in
Section 4.1(a) of the Base Indenture. 
 “Welfare Plan” means any “employee
welfare benefit plan” as such term is defined in Section 3(1) of ERISA. 
 “Workout Fees” has
the meaning set forth in the Servicing Agreement. 

  
 69 

 Exhibits and Schedules to Base Indenture 

Exhibit A 
 Weekly
Manager’s Report 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit B 

[RESERVED] 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit C 

[RESERVED] 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit D-1 

FORM OF NOTICE OF GRANT OF SECURITY INTEREST IN TRADEMARKS 

This NOTICE OF GRANT OF SECURITY INTEREST IN TRADEMARKS (the “Notice”) is made and entered into as of
[                    ], by and between [APPLEBEE’S RESTAURANTS LLC] [IHOP RESTAURANTS LLC], a Delaware limited liability company located
at                      (“Grantor”), in favor of CITIBANK, N.A., a national banking association
(“Citibank”), as trustee located at                      (“Trustee”). 

WHEREAS, Grantor is the owner of the United States trademarks and service marks set forth in Schedule 1 attached
hereto, including the associated registrations and applications for registration set forth in Schedule 1 attached hereto (collectively, the “Trademarks”) and the goodwill connected with the use of or symbolized by such
Trademarks; and 
 WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated as of September 30, 2014, by and
among IHOP SPV Guarantor LLC, a Delaware limited liability company, Applebee’s SPV Guarantor LLC, a Delaware limited liability company, IHOP Restaurants LLC, a Delaware limited liability company, Applebee’s Restaurants LLC, a Delaware
limited liability company, IHOP Franchisor LLC, a Delaware limited liability company, Applebee’s Franchisor LLC, a Delaware limited liability company, IHOP Property LLC, a Delaware limited liability company, IHOP Leasing LLC, a Delaware limited
liability company, each as a Guarantor, and the Trustee (the “Guarantee and Collateral Agreement”), to secure the Obligations, Grantor has granted to the Trustee for the benefit of the Secured Parties, a security interest in
Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Trademarks and the goodwill connected with the use of or symbolized by the Trademarks, and the right to bring an action at law or in
equity for any infringement, misappropriation, dilution or other violation thereof, and to collect all damages, settlements and proceeds derived from or related thereto, and, to the extent not otherwise included, all payments, proceeds, supporting
obligations and accrued and future rights to payment with respect to the foregoing (collectively the “Trademark Collateral”); and 

WHEREAS, pursuant to Section 4.6(a) of the Guarantee and Collateral Agreement, Grantor agreed to execute and deliver to
the Trustee this Notice for purposes of filing the same with the PTO to confirm, evidence and perfect the security interest in the Trademark Collateral granted under the Guarantee and Collateral Agreement; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject
to all applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set forth herein, to secure the Obligations, Grantor hereby grants to the Trustee, for the benefit of
the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under the Trademark Collateral, to the extent now owned or at any time hereafter acquired by Grantor; provided that the grant of security interest
hereunder shall not include any application for registration of a Trademark that would be invalidated, canceled, voided or abandoned due to the 

  
 D-1-1 

 Exhibits and Schedules to Base Indenture 

 

 
grant and/or enforcement of such security interest, including intent-to-use applications filed with the PTO
pursuant to 15 U.S.C. Section 1051(b) prior to the filing of a statement of use or amendment to allege use pursuant to 15 U.S.C. Section 1051(c) or (d), provided that at such time that the grant and/or enforcement of the security
interest will not cause such Trademark to be invalidated, cancelled, voided or abandoned such Trademark application will not be excluded from the Notice. 

Capitalized terms used in this Notice (including the preamble and the recitals hereto), and not defined in this Notice, shall
have the meanings assigned to such terms in Annex A attached to the Base Indenture, dated as of September 30, 2014, by and among IHOP Funding LLC, a Delaware limited liability company, and Citibank, as Trustee and Securities Intermediary (the
“Indenture”). 
 1.    The parties intend that this Notice is for recordation purposes.
The terms of this Notice shall not modify the applicable terms and conditions of the Indenture or the Guarantee and Collateral Agreement, which govern the Trustee’s interest in the Trademark Collateral and which shall control in the event of
any conflict. Grantor hereby acknowledges the sufficiency and completeness of this Notice to create a security interest in the Trademark Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the PTO
to file and record this Notice together with the annexed Schedule 1. 
 2.    Grantor and Trustee
hereby acknowledge and agree that the grant of security interest in, to and under the Trademark Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall
terminate automatically upon the termination of the Indenture or the Guarantee and Collateral Agreement. 

3.    THIS NOTICE 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 LIMITATION SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK). 
 4.    This Notice may be executed by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 D-1-2 

 Exhibits and Schedules to Base Indenture 

 

 IN WITNESS WHEREOF, the undersigned has caused this NOTICE OF GRANT OF
SECURITY INTEREST IN TRADEMARKS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [APPLEBEE’S RESTAURANTS LLC]

	 [IHOP RESTAURANTS LLC]

 

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Notice of Grant of
Security Interest in Trademarks 
 D-1-3 

 Exhibits and Schedules to Base Indenture 

 

 Schedule 1 

Trademarks 

  
 D-1-4 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit D-2 

FORM OF NOTICE OF GRANT OF SECURITY INTEREST IN PATENTS 

This NOTICE OF GRANT OF SECURITY INTEREST IN PATENTS (the “Notice”) is made and entered into as of
[                    ], by and between [APPLEBEE’S RESTAURANTS LLC] [IHOP RESTAURANTS LLC], a Delaware limited liability company located
at                     (“Grantor”), in favor of CITIBANK, N.A., a national banking association (“Citibank”),
as trustee located at                      (“Trustee”). 

WHEREAS, Grantor is the owner of the United States patents and patent applications set forth in Schedule 1 attached
hereto (collectively, the “Patents”); and 
 WHEREAS, pursuant to the Guarantee and Collateral Agreement,
dated as of September 30, 2014, by and among IHOP SPV Guarantor LLC, a Delaware limited liability company, Applebee’s SPV Guarantor LLC, a Delaware limited liability company, IHOP Restaurants LLC, a Delaware limited liability company,
Applebee’s Restaurants LLC, a Delaware limited liability company, IHOP Franchisor LLC, a Delaware limited liability company, Applebee’s Franchisor LLC, a Delaware limited liability company, IHOP Property LLC, a Delaware limited liability
company, IHOP Leasing LLC, a Delaware limited liability company, each as a Guarantor, and the Trustee (“Guarantee and Collateral Agreement”), to secure the Obligations, Grantor has granted to the Trustee for the benefit of the
Secured Parties, a security interest in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Patents and the right to bring an action at law or in equity for any infringement,
misappropriation or other violation thereof, and to collect all damages, settlements and proceeds derived from or related thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations and accrued and future
rights to payment with respect to the foregoing (collectively, the “Patent Collateral”); and 
 WHEREAS,
pursuant to Section 4.6(a) of the Guarantee and Collateral Agreement, Grantor agreed to execute and deliver to the Trustee this Notice for purposes of filing the same with the PTO to confirm, evidence and perfect the security interest in the
Patent Collateral granted under the Guarantee and Collateral Agreement;     
 NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to all applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully
set forth herein, to secure the Obligations, Grantor hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under the Patent Collateral, to the extent now
owned or at any time hereafter acquired by Grantor. 
 Capitalized terms used in this Notice (including the preamble and the
recitals hereto), and not defined in this Notice, shall have the meanings assigned to such terms in Annex A attached to the Base Indenture, dated as of September 30, 2014, by and among IHOP Funding LLC, a

  
 D-2-1 

 Exhibits and Schedules to Base Indenture 

 

 
Delaware limited liability company, and Citibank, as Trustee and Securities Intermediary (the “Indenture”). 

1.    The parties intend that this Notice is for recordation purposes. The terms of this Notice shall not
modify the applicable terms and conditions of the Indenture or the Guarantee and Collateral Agreement, which govern the Trustee’s interest in the Patent Collateral and which shall control in the event of any conflict. Grantor hereby
acknowledges the sufficiency and completeness of this Notice to create a security interest in the Patent Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the PTO to file this Notice together with
the annexed Schedule 1. 
 2.    Grantor and Trustee hereby acknowledge and agree that the grant
of security interest in, to and under the Patent Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the termination of the
Indenture or the Guarantee and Collateral Agreement. 
 3.    THIS NOTICE 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). 
 4.    This Notice may be executed by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 D-2-2 

 Exhibits and Schedules to Base Indenture 

 

 IN WITNESS WHEREOF, the undersigned has caused this NOTICE OF GRANT OF SECURITY INTEREST IN
PATENTS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [APPLEBEE’S RESTAURANTS LLC]

	 [IHOP RESTAURANTS LLC]

 

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Notice of Grant of
Security Interest in Patents 
 D-2-3 

 Exhibits and Schedules to Base Indenture 

 

 Schedule 1 

Patents and Patent Applications 

  
 D-2-4 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit D-3 

FORM OF NOTICE OF GRANT OF SECURITY INTEREST IN COPYRIGHTS 

This NOTICE OF GRANT OF SECURITY INTEREST IN COPYRIGHTS (the “Notice”) is made and entered into as of
[                    ], by and between [APPLEBEE’S RESTAURANTS LLC] [IHOP RESTAURANTS LLC], a Delaware limited liability company located
at                      (“Grantor”), in favor of CITIBANK, N.A., a national banking association
(“Citibank”), as trustee located at                      (“Trustee”). 

WHEREAS, Grantor is the owner of the United States copyright registrations set forth in Schedule 1 attached hereto
(collectively, the “Copyrights”); and 
 WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated
as of September 30, 2014, by and among IHOP SPV Guarantor LLC, a Delaware limited liability company, Applebee’s SPV Guarantor LLC, a Delaware limited liability company, IHOP Restaurants LLC, a Delaware limited liability company,
Applebee’s Restaurants LLC, a Delaware limited liability company, IHOP Franchisor LLC, a Delaware limited liability company, Applebee’s Franchisor LLC, a Delaware limited liability company, IHOP Property LLC, a Delaware limited liability
company, IHOP Leasing LLC, a Delaware limited liability company, each as a Guarantor, and the Trustee (the “Guarantee and Collateral Agreement”), to secure the Obligations, Grantor has granted to the Trustee for the benefit of the
Secured Parties, a security interest in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Copyrights and the right to bring an action at law or in equity for any infringement,
misappropriation or other violation thereof, and to collect all damages, settlements and proceeds derived from or related thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations, and accrued and future
rights to payment with respect to the foregoing (collectively, the “Copyright Collateral”); and 
 WHEREAS,
pursuant to Section 4.6(a) of the Guarantee and Collateral Agreement, Grantor agreed to execute and deliver to the Trustee this Notice for purposes of filing the same with the United States Copyright Office to confirm, evidence and perfect the
security interest in the Copyright Collateral granted under the Guarantee and Collateral Agreement; 
 NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to all applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if
fully set forth herein, to secure the Obligations, Grantor hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under the Copyright Collateral, to the extent
now owned or at any time hereafter acquired by Grantor. 
 Capitalized terms used in this Notice (including the preamble and
the recitals hereto), and not defined in this Notice, shall have the meanings assigned to such terms in Annex A attached to the Base Indenture, dated as of September 30, 2014, by and among IHOP Funding LLC, a

  
 D-3-1 

 Exhibits and Schedules to Base Indenture 

 

 
Delaware limited liability company, and Citibank, as Trustee and Securities Intermediary (the “Indenture”). 

1.    The parties intend that this Notice is for recordation purposes. The terms of this Notice shall not
modify the applicable terms and conditions of the Indenture or the Guarantee and Collateral Agreement, which govern the Trustee’s interest in the Copyright Collateral and which shall control in the event of any conflict. Grantor hereby
acknowledges the sufficiency and completeness of this Notice to create a security interest in the Copyright Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the Copyright Office to file and
record this Notice together with the annexed Schedule 1. 
 2.    Grantor and Trustee hereby
acknowledge and agree that the grant of security interest in, to and under the Copyright Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate
automatically upon the termination of the Indenture or the Guarantee and Collateral Agreement. 

3.    THIS NOTICE 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 LIMITATION SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK). 
 4.    This Notice may be executed by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 D-3-2 

 Exhibits and Schedules to Base Indenture 

 

 IN WITNESS WHEREOF, the undersigned has caused this NOTICE OF GRANT OF
SECURITY INTEREST IN COPYRIGHTS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [APPLEBEE’S RESTAURANTS LLC]

	 [IHOP RESTAURANTS LLC]

 

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Notice of Grant of
Security Interest in Copyrights 
 D-3-3 

 Exhibits and Schedules to Base Indenture 

 

 Schedule 1 

Copyrights 

  
 D-3-4 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit E-1 

FORM OF SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN TRADEMARKS 

This SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN TRADEMARKS (the “Notice”) is made and entered into
as of [                    ], by and between [APPLEBEE’S RESTAURANTS LLC] [IHOP RESTAURANTS LLC], a Delaware limited liability company
located at                      (“Grantor”), in favor of CITIBANK, N.A., a national banking association
(“Citibank”), as trustee located at                      (“Trustee”). 

WHEREAS, Grantor is the owner of the United States trademarks and service marks set forth in Schedule 1 attached
hereto, including the associated registrations and applications for registration set forth in Schedule 1 attached hereto (collectively, the “Trademarks”) and goodwill connected with the use of or symbolized by such
Trademarks; and 
 WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated as of September 30, 2014, by and
among IHOP SPV Guarantor LLC, a Delaware limited liability company, Applebee’s SPV Guarantor LLC, a Delaware limited liability company, IHOP Restaurants LLC, a Delaware limited liability company, Applebee’s Restaurants LLC, a Delaware
limited liability company, IHOP Franchisor LLC, a Delaware limited liability company, Applebee’s Franchisor LLC, a Delaware limited liability company, IHOP Property LLC, a Delaware limited liability company, IHOP Leasing LLC, a Delaware limited
liability company, each as a Guarantor, and the Trustee (as amended and restated as of June 5, 2019, and as further amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), to
secure the Obligations, Grantor has granted to the Trustee for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Trademarks
and the goodwill connected with the use of or symbolized by the Trademarks and the right to bring an action at law or in equity for any infringement, misappropriation or other violation thereof, and to collect all damages, settlements and proceeds
derived from or related thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations, and accrued and future rights to payment with respect to the foregoing (collectively the “Trademark
Collateral”); and 
 WHEREAS, pursuant to Section 8.25(e) of the Base Indenture, dated as
of September 30, 2014, by and among Applebee’s Funding LLC, a Delaware limited liability company, IHOP Funding LLC, a Delaware limited liability company, and Citibank, as Trustee and Securities Intermediary (as amended and restated as of
June 5, 2019, and as further amended, supplemented or otherwise modified from time to time, “Indenture”), and Section 3.5(a) of the Guarantee and Collateral Agreement, Grantor agreed to execute and
deliver to the Trustee this Notice for purposes of filing the same with the PTO to confirm, evidence and perfect the security interest in the Trademark Collateral granted under the Guarantee and Collateral Agreement; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject
to all applicable terms and conditions of the Indenture 

  
 E-1-1 

 Exhibits and Schedules to Base Indenture 

 

 
and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set forth herein, to secure the Obligations Grantor hereby grants to the Trustee, for the benefit of
the Secured Parties, a security interest in Grantor’s right, title and interest in the Trademark Collateral, to the extent now owned or at any time hereafter acquired by Grantor; provided that the grant of security interest hereunder
shall not include any application for registration of a Trademark that would be invalidated, canceled, voided or abandoned due to the grant and/or enforcement of such security interest, including, intent-to-use applications filed with the PTO pursuant to 15 U.S.C. Section 1051 (b) prior to the filing of a statement of use or amendment to allege use pursuant to 15 U.S.C. Section 1051 (c) or
(d), provided that, at such time as the grant and/or enforcement of the security interest will not cause such Trademark to be invalidated, cancelled, voided or abandoned such Trademark will not be excluded from the Notice. 

Capitalized terms used in this Notice (including the preamble and the recitals hereto), and not defined in this Notice, shall
have the meanings assigned to such terms in Annex A attached to the Indenture (as defined below). 

1.    The parties intend that the Trademark Collateral subject to this Notice is to be considered as
After-Acquired IP Assets under the Indenture and the Guarantee and Collateral Agreement and that this Notice is for recordation purposes. The terms of this Notice shall not modify the applicable terms and conditions of the Indenture or the Guarantee
and Collateral Agreement, which govern the Trustee’s interest in the Trademark Collateral and which shall control in the event of any conflict. Grantor hereby acknowledges the sufficiency and completeness of this Notice to create a security
interest in the Trademark Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the PTO to file and record this Notice together with the annexed Schedule 1. 

2.    Grantor and the Trustee hereby acknowledge and agree that the grant of security interest in, to and
under the Trademark Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the termination of the Indenture or the Guarantee and
Collateral Agreement. 
 3.    THIS NOTICE 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). 
 4.    This Notice may be executed by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 E-1-2 

 Exhibits and Schedules to Base Indenture 

 

 IN WITNESS WHEREOF, the undersigned has caused this SUPPLEMENTAL NOTICE OF
GRANT OF SECURITY INTEREST IN TRADEMARKS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [APPLEBEE’S RESTAURANTS LLC]

	 [IHOP RESTAURANTS LLC]

 

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Supplemental Notice of
Grant of Security Interest in Trademarks 
 E-1-3 

 Exhibits and Schedules to Base Indenture 

 

 Schedule 1 

Trademarks 

  
 E-1-4 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit E-2 

FORM OF SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN PATENTS 

This SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN PATENTS (the “Notice”) is made and entered into as
of [                    ], by and between [APPLEBEE’S RESTAURANTS LLC] [IHOP RESTAURANTS LLC], a Delaware limited liability company
located at                      (“Grantor”), in favor of CITIBANK, N.A., a national banking association
(“Citibank”), as trustee located at                      (“Trustee”). 

WHEREAS, Grantor is the owner of the United States patents and patent applications set forth in Schedule 1 attached hereto
(collectively, the “Patents”); and 
 WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated as
of September 30, 2014, by and among IHOP SPV Guarantor LLC, a Delaware limited liability company, Applebee’s SPV Guarantor LLC, a Delaware limited liability company, IHOP Restaurants LLC, a Delaware limited liability company,
Applebee’s Restaurants LLC, a Delaware limited liability company, IHOP Franchisor LLC, a Delaware limited liability company, Applebee’s Franchisor LLC, a Delaware limited liability company, IHOP Property LLC, a Delaware limited liability
company, IHOP Leasing LLC, a Delaware limited liability company, each as a Guarantor, and the Trustee (as amended and restated as of June 5, 2019, and as further amended, supplemented or otherwise modified from time to time, the
“Guarantee and Collateral Agreement”), to secure the Obligations, Grantor has granted to the Trustee for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under certain
intellectual property of Grantor, including the Patents and the right to bring an action at law or in equity for any infringement, misappropriation or other violation thereof, and to collect all damages, settlements and proceeds derived from or
related thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations and accrued and future rights to payment with respect to the foregoing (collectively, the “Patent Collateral”); and 

WHEREAS, pursuant to Section 8.25(e) of the Base Indenture, dated as of September 30, 2014, by
and among Applebee’s Funding LLC, a Delaware limited liability company, IHOP Funding LLC, a Delaware limited liability company, and Citibank, as Trustee and Securities Intermediary (as amended and restated as of June 5, 2019, and as
further amended, supplemented or otherwise modified from time to time, the “Indenture”), and Section 3.5(a) of the Guarantee and Collateral Agreement, Grantor agreed to execute and deliver to the Trustee
this Notice for purposes of recording the same with the PTO to confirm, evidence and perfect the security interest in the Patent Collateral granted under the Guarantee and Collateral Agreement; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject
to all applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set forth herein, to secure the Obligations Grantor hereby grants to the Trustee, for the benefit of
the 

  
 E-2-1 

 Exhibits and Schedules to Base Indenture 

 

 
Secured Parties, a security interest in Grantor’s right, title and interest under the Patent Collateral, to the extent now owned or at any time hereafter acquired by Grantor. 

Capitalized terms used in this Notice (including the preamble and the recitals hereto), and not defined in this Notice, shall
have the meanings assigned to such terms in Annex A attached to the Indenture (as defined below). 

1.    The parties intend that the Patent Collateral subject to this Notice is to be considered as
After-Acquired IP Assets under the Indenture and the Guarantee and Collateral Agreement and that this Notice is for recordation purposes. The terms of this Notice shall not modify the applicable terms and conditions of the Indenture or the Guarantee
and Collateral Agreement, which govern the Trustee’s interest in the Patent Collateral and which shall control in the event of any conflict. Grantor hereby acknowledges the sufficiency and completeness of this Notice to create a security
interest in the Patent Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the PTO to file and record this Notice together with the annexed Schedule 1. 

2.    Grantor and the Trustee hereby acknowledge and agree that the grant of security interest in, to and
under the Patent Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the termination of the Indenture or the Guarantee and
Collateral Agreement. 
 3.    THIS NOTICE 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). 
 4.    This Notice may be executed by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 E-2-2 

 Exhibits and Schedules to Base Indenture 

 

 IN WITNESS WHEREOF, the undersigned has caused this SUPPLEMENTAL NOTICE OF
GRANT OF SECURITY INTEREST IN PATENTS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [APPLEBEE’S RESTAURANTS LLC]

	 [IHOP RESTAURANTS LLC]

 

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Supplemental Notice of
Grant of Security Interest in Patents 
 E-2-3 

 Exhibits and Schedules to Base Indenture 

 

 Schedule 1 

Patents and Patent Applications 

  
 E-2-4 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit E-3 

FORM OF SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN COPYRIGHTS 

This SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN COPYRIGHTS (the “Notice”) is made and entered into
as of [                    ] by and between [APPLEBEE’S RESTAURANTS LLC] [IHOP RESTAURANTS LLC], a Delaware limited liability company
located at                      (“Grantor”), in favor of CITIBANK, N.A., a national banking association
(“Citibank”), as trustee located at                      (“Trustee”). 

WHEREAS, Grantor is the owner of the United States copyrights (including the associated registrations and applications for
registration) set forth in Schedule 1 attached hereto (collectively, the “Copyrights”); and 

WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated as of September 30, 2014, by and among IHOP SPV
Guarantor LLC, a Delaware limited liability company, Applebee’s SPV Guarantor LLC, a Delaware limited liability company, IHOP Restaurants LLC, a Delaware limited liability company, Applebee’s Restaurants LLC, a Delaware limited liability
company, IHOP Franchisor LLC, a Delaware limited liability company, Applebee’s Franchisor LLC, a Delaware limited liability company, IHOP Property LLC, a Delaware limited liability company, IHOP Leasing LLC, a Delaware limited liability
company, each as a Guarantor, and the Trustee (as amended and restated as of June 5, 2019, and as further amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), to secure the
Obligations, Grantor has granted to the Trustee for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Copyrights and the right
to bring an action at law or in equity for any infringement, misappropriation or other violation thereof, and to collect all damages, settlements and proceeds derived from or related thereto, and, to the extent not otherwise included, all payments,
proceeds, supporting obligations, and accrued and future rights to payment with respect to the foregoing (collectively, the “Copyright Collateral”); and 

WHEREAS, pursuant to Section 8.25(e) of the Base Indenture, dated as of September 30, 2014, by
and among Applebee’s Funding LLC, a Delaware limited liability company, IHOP Funding LLC, a Delaware limited liability company, and Citibank, as Trustee and Securities Intermediary (as amended and restated as of June 5, 2019, and as
further amended, supplemented or otherwise modified from time to time, the “Indenture”), and Section 3.5(a) of the Guarantee and Collateral Agreement, Grantor agreed to execute and deliver to the Trustee
this Notice for purposes of filing the same with the United States Copyright Office (the “Copyright Office”) to confirm, evidence and perfect the security interest in the Copyright Collateral granted under the Guarantee and
Collateral Agreement; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and subject to all applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set 

  
 E-3-1 

 Exhibits and Schedules to Base Indenture 

 

 
forth herein, to secure the Obligations, Grantor hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest under the
Copyright Collateral, to the extent now owned or at any time hereafter acquired by Grantor. 
 Capitalized terms used in
this Notice (including the preamble and the recitals hereto), and not defined in this Notice, shall have the meanings assigned to such terms in Annex A attached to the Indenture (as defined below). 

1.    The parties intend that the Copyright Collateral subject to this Notice is to be considered as
After-Acquired IP Assets under the Indenture and the Guarantee and Collateral Agreement and that this Notice is for recordation purposes. The terms of this Notice shall not modify the applicable terms and conditions of the Indenture or the Guarantee
and Collateral Agreement, which govern the Trustee’s interest in the Copyright Collateral and which shall control in the event of any conflict. Grantor hereby acknowledges the sufficiency and completeness of this Notice to create a security
interest in the Copyright Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the Copyright Office to file and record this Notice together with the annexed Schedule 1. 

2.    Grantor and the Trustee hereby acknowledge and agree that the grant of security interest in, to and
under the Copyright Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the termination of the Indenture or the Guarantee and
Collateral Agreement. 
 3.    THIS NOTICE SHALL BE GOVERNED BY, AND CONSTRUED 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). 
 4.    This Notice may be executed by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 E-3-2 

 Exhibits and Schedules to Base Indenture 

 

 IN WITNESS WHEREOF, the undersigned has caused this SUPPLEMENTAL NOTICE OF GRANT OF SECURITY
INTEREST IN COPYRIGHTS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [APPLEBEE’S RESTAURANTS LLC]

	 [IHOP RESTAURANTS LLC]

 

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Supplemental Notice of
Grant of Security Interest in Copyrights 
 E-3-3 

 Exhibits and Schedules to Base Indenture 

 

 Schedule 1 

Copyrights 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit F 

Form of Investor Request Certification 

Citibank, N.A. 
 388 Greenwich Street 

New York, NY 10013 
 Attention: Agency & Trust–
Applebee’s Funding LLC & IHOP Funding LLC 
 Email: anthony.bausa@citi.com or call 

(888) 855-9695 to obtain Citibank, N.A. 

account manager’s email address 

Pursuant to Section 4.4 of the Base Indenture, dated as of September 30, 2014, by and among
Applebee’s Funding LLC and IHOP Funding LLC, as Co-Issuers, and Citibank, N.A., as Trustee and Securities Intermediary (as amended and restated as of June 2019, and as further amended, supplemented or
otherwise modified from time to time, the “Base Indenture”), the undersigned hereby certifies and agrees to the following conditions. Capitalized terms used herein but not otherwise defined herein shall have the respective meanings
ascribed thereto in Annex A to the Base Indenture. 
 1.    The undersigned is a [Noteholder][Note
Owner][prospective purchaser] of Series [    ] [    ]% Fixed Rate Senior Secured Notes, Class A-2. 

2.    In the case that the undersigned is a Note Owner, the undersigned is a beneficial owner of Notes. In
the case that the undersigned is a prospective purchaser, the undersigned has been designated by a Noteholder or a Note Owner as a prospective transferee of Notes. 

3.    The undersigned is requesting all information and copies of all documents that the Trustee is
required to deliver to such Noteholder, Note Owner or prospective purchaser, as the case may be, pursuant to Section 4.4 of the Base Indenture. In the case that the undersigned is a Noteholder or a Note Owner, pursuant to
Section 4.4 of the Base Indenture, the undersigned is also requesting access for the undersigned to the password-protected area of the Trustee’s website at [www.sf.citidirect.com] relating to the Notes. 

4.    The undersigned is requesting such information solely for use in evaluating the undersigned’s
investment, or possible investment in the case of a prospective purchaser, in the Notes. 
 5.    The
undersigned is not a Competitor. 
 6.    The undersigned understands that [the documents it has
requested][and][the Trustee’s website] contains confidential information. 

 Exhibits and Schedules to Base Indenture 

 

 7.    In consideration of the Trustee’s disclosure
to the undersigned, the undersigned will keep the information strictly confidential, and such information will not be disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives in any manner
whatsoever, without the prior written consent of the Trustee or used for any purpose other than evaluating the undersigned’s investment or possible investment in the Notes; provided, however, that the undersigned shall be permitted to disclose
such information to: (A) to (1) those personnel employed by it who need to know such information which have agreed to keep such information confidential and to treat the information as confidential information, (2) its attorneys and
outside auditors which have agreed to keep such information confidential and to treat the information as confidential information, or (3) a regulatory or self-regulatory authority pursuant to applicable law or regulation or (B) by judicial
process; provided, that it may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions and any related tax strategies to the extent necessary to prevent the transaction from being
described as a “confidential transaction” under U.S. Treasury Regulations Section 1.6011-4(b)(3). 

8.    The undersigned will not use or disclose the information in any manner which could result in a
violation of any provision of the 1933 Act or the Exchange Act or would require registration of any non-registered security pursuant to the 1933 Act. 

IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized officer. 

[Name of [Noteholder][Note Owner][prospective purchaser]] 
  

									
	 By:
	  	  
	  		  	 Date:
	  	  

		  	 Name:
	  		  		  	
		  	 Title:
	  		  		  	

  
 F-2 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit H 

FORM OF CCR ELECTION NOTICE 

CITIBANK, N.A. 
 IHOP
FUNDING LLC 
 APPLEBEE’S FUNDING LLC 

NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT NOTES. IF
APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER. 

 

							
	 Notice Date:
	  	 	                    , 20    	 	  	
	 Notice Record Date:
	  	 	                    , 20    	 	  	
	 Responses due by:
	  	 	                    , 20    	 	  	
	
                   
             
	  				  	

 Re: Election for Controlling Class Representative 

To: the Controlling Class Members described below: 
  

							
	 CLASS
	  	CUSIP	  	ISIN	 	Common Code
	 	  	 	  	 	 	 
	 	  	 	  	 	 	 

 Dear Noteholder: 

Reference is hereby made to the Base Indenture, dated as of September 30, 2014, (as amended and restated as of
June 5, 2019, and as further amended, supplemented or otherwise modified from time to time, the “Base Indenture”), by and among Applebee’s Funding LLC, a Delaware limited liability company, and IHOP Funding LLC, a Delaware
limited liability company (together with Applebee’s Funding LLC, the “Co-Issuers”), each as a Co-Issuer, and Citibank, N.A., a national banking
association, as trustee (in such capacity, the “Trustee”), and as securities intermediary. Unless otherwise defined herein, 

  
 H-1 

 Exhibits and Schedules to Base Indenture 

 

 
all capitalized terms used herein shall have the meanings assigned to such terms in the Base Indenture. 

Pursuant to Section 11.1(b) of the Base Indenture, you are hereby notified that: 

 

	 	1.	 There will be an election for a Controlling Class Representative. 

 

	 	2.	 If you wish to make a nomination, please do so by submitting a completed nomination form in the form of
Exhibit I to the Base Indenture by [insert 30 days] to the below address: 

 Citibank, N.A. 

388 Greenwich Street 
 New York,
New York 10013 
 Attention: Agency & Trust - IHOP Funding LLC and Applebee’s Funding LLC 

Email: anthony.bausa@citi.com or contact Citibank, N.A.’s 

customer service desk at (888) 855-9695  

This Notice shall be construed in accordance with, and this Notice and any matters arising out of or relating in any way
whatsoever to this Notice (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York  

[Signature Page Follows] 

  
 H-2 

 Exhibits and Schedules to Base Indenture 

 

					
		
		 	 Very truly yours,

		
		 	 CITIBANK, N.A., as Trustee

			
		 	 By:
	 	  

		 		 	  Name:

		 		 	  Title:

  

	cc:	     Applebee’s Funding LLC 

	    	     IHOP Funding LLC 

	    	     Dine Brands Global, Inc., as Manager 

  
 H-3 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit I 

FORM OF NOMINATION FOR 

CONTROLLING CLASS REPRESENTATIVE 

I hereby submit the following nomination for election as the Controlling Class Representative: 

Nominee:                      
                                         
                              

By my signature below, I, (please print name)
                                         
            hereby certify that: 
 (1) As of [insert date not more than 10
Business Days prior to the date of the CCR Election Notice] (the “Nomination Record Date”), I was the (please check one): 
 ☐
         Note Owner 
 ☐          Noteholder 

of the [Outstanding Principal Amount of Notes][Class A-1 Notes Voting Amount] of the Controlling Class set forth
below. 

$                       
                                         
       
 (2) I hereby nominate myself for election as Controlling Class Representative is a
Controlling Class Member and is not a Competitor. 
 [Signature Page Follows] 

  
 I-1 

 Exhibits and Schedules to Base Indenture 

 

 
			
		
	 By:
	 	  

		 	 Name:

 
			
	
	
Date submitted:                   
          

  
 I-2 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit J 

FORM OF CCR BALLOT FOR 

CONTROLLING CLASS REPRESENTATIVE 

CITIBANK, N.A. 
 IHOP
FUNDING LLC 
 APPLEBEE’S FUNDING LLC 

NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT NOTES. IF
APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER. 

 

					
	 Notice Date:
	  	
                       
 , 20    
	  	
	 Notice Record Date:
	  	
                       
 , 20    
	  	
	 Responses due by:
	  	
                       
 , 20    
	  	

 Re: Election for Controlling Class Representative 

To: the Controlling Class Members described below: 
  

							
	 CLASS
	  	CUSIP	  	ISIN	  	Common Code
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 

 Dear Noteholder: 

Reference is hereby made to the Base Indenture, dated as of September 30, 2014, (as amended and restated as of
June 5, 2019, and as further amended, supplemented or otherwise modified from time to time, the “Base Indenture”), by and among Applebee’s Funding LLC, a Delaware limited liability company, and IHOP Funding LLC, a Delaware
limited liability company (together with Applebee’s Funding LLC, the “Co-Issuers”), each as a Co-Issuer, and Citibank, N.A., a national banking
association, as trustee (in such capacity, the “Trustee”), and as securities intermediary. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings assigned to such terms in the Base Indenture. 

  

 Exhibits and Schedules to Base Indenture 

 

 Pursuant to Section 11.1(b) of the Base Indenture please indicate your
vote by submitting the attached Exhibit A with respect to your vote for Controlling Class Representative within [insert thirty (30) calendar days of the date of this ballot] (the “CCR Election Period”) to my attention by email to
anthony.bausa@citi.com or contact Citibank, N.A.’s customer service desk at (888) 855-9695. 

This Notice shall be construed in accordance with, and this Notice and any matters arising out of or relating in any way
whatsoever to this Notice (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York  
  

			
		 	 CITIBANK, N.A., as Trustee

		
		 	
By:                      
                  

		 	 Name:

		 	 Title:

  
 J-2 

 Exhibits and Schedules to Base Indenture 

 

 EXHIBIT A 

BALLOT FOR 

CONTROLLING CLASS REPRESENTATIVE 

IHOP FUNDING LLC 

APPLEBEE’S FUNDING LLC 
  

									
	 Notice Date:
	  	 	                 , 20    	 	  	 	    	 
	 Notice Record Date:
	  	 	                 , 20    	 	  			
	 Responses Due By:
	  	 	                 , 20    	 	  			

 Please indicate your vote by checking the “Yes” or “No” box next to each candidate. You
may only select “Yes” below for a single candidate. 
 The election outcome will be determined by reference to the number of votes actually
submitted and received by the Trustee by the end of the CCR Election Period. Abstentions shall not be considered in the determination of the election outcome. 
  

									
	Yes	  	No	  	Nominee	  	
CUSIP
	  	
Outstanding Principal
 Amount/Class
A-1 Notes
 Voting Amount

	
☐            
	  	
☐            
	  	 [Nominee 1]
	  	 	  	 
	
☐            
	  	
☐            
	  	 [Nominee 2]
	  	 	  	 
	
☐            
	  	
☐            
	  	 [Nominee 3]
	  	 	  	 

 By my signature below, I, (please print name) __________________*, hereby certify that as of the date hereof I
am an owner or beneficial owner of the [Outstanding Principal Amount of Notes][Class A-1 Notes Voting Amount] of the Controlling Class set forth below: 

$__________________________ 
 *If the beneficial
owner of a book-entry position is completing this, please indicate your DTC custodian’s information below. (To avoid duplication of your vote, please do not respond additionally via your custodian.) 

Bank:____________________________                DTC # _____

 [Signature Page Follows] 

  
 J-3 

 Exhibits and Schedules to Base
Indenture           
  

  
  

			
	 By:
	 	  

			
	 Name:
	 	
		
	 Date submitted:
	 	  

  
 J-4 

 Exhibits and Schedules to Base Indenture 

 

 Exhibit K 

FORM OF CCR ACCEPTANCE LETTER 

________ ___, _____ 
  

                       
              

                       
              

                       
              
 Re: Acceptance Letter for Controlling
Class Representative 
 Dear Mr./Ms. __________: 

Reference is hereby made to the Base Indenture, dated as of September 30, 2014, (as amended and restated as of
June 5, 2019, and as further amended, supplemented or otherwise modified from time to time, the “Base Indenture”), by and among Applebee’s Funding LLC, a Delaware limited liability company, and IHOP Funding LLC, a Delaware
limited liability company (together with Applebee’s Funding LLC, the “Co-Issuers”), each as a Co-Issuer, and Citibank, N.A., a national banking
association, as trustee (in such capacity, the “Trustee”) and as securities intermediary. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings assigned to such terms in the Base Indenture and
the Series Supplements, as applicable. 
 Pursuant to Section 11.1(e) of the Base Indenture, the
undersigned, as the [elected][appointed] Controlling Class Representative, hereby agrees to (i) act as the Controlling Class Representative and (ii) provide its name and contact information in the space provided below and permit
such information to be shared with the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the Controlling Class Members. In addition, the undersigned, as the
[elected][appointed] Controlling Class Representative, hereby represents and warrants that it is a Controlling Class Member and not a Competitor. 

[Signature Page Follows] 

  
 K-1 

 Exhibits and Schedules to Base Indenture 

 

  
  

			
	 Very truly yours,

		
	 By:
	 	  

		 	 Name:

		 	 Title: Controlling Class

	 Representative

 Contact Information: 
  

			
	 Address:
	 	  

			
	  

	 Telephone:
	 	  

			
	 E-mail:
	 	  

  
 K-2 

 Exhibits and Schedules to Base Indenture 

 

  
 Exhibit L

 FORM OF MORTGAGE 

  
 L-1 

 Exhibits and Schedules to Base Indenture 

 

  
 Exhibit M

 [RESERVED] 

  
 M-1 

 Exhibits and Schedules to Base Indenture 

 

  
 Exhibit N

 [RESERVED] 

  
 N-1 

 Exhibits and Schedules to Base Indenture 

 

  
 Exhibit O

 Form of Note Owner Certification 

Sent via email to: anthony.bausa @citi.com or contact Citibank, N.A’s customer service desk at (888)
855-9695 
 Re:    Request to Communicate with Note Owners 

Reference is made to Section 11.5(b) of the Base Indenture, dated as of September 30, 2014, by and among
Applebee’s Funding LLC and IHOP Funding LLC, as Co-Issuers, and Citibank, N.A., as Trustee and Securities Intermediary (as amended and restated as of June 5, 2019, and as further amended,
supplemented or otherwise modified from time to time, the “Base Indenture”). Capitalized terms used herein but not otherwise defined herein shall have the respective meanings ascribed thereto in Annex A to the Base Indenture. 

The undersigned hereby certify that they are Note Owners who collectively hold beneficial interests of not less than $50,000,000 in aggregate
principal amount of Notes. 
 The undersigned wish to communicate with other Note Owners with respect to their rights under the Indenture or
under the Notes and hereby request that the Trustee deliver the enclosed notice or communication to all other Note Owners through the Applicable Procedures of each Clearing Agency with respect to all Series of Notes Outstanding. 

The undersigned agree to indemnify the Trustee for its costs and expenses in connection with the delivery of the enclosed notice or
communication. 
  

							
				
		 		 	 Dated:
	 	  

				
		 		 	 Signed:
	 	  

				
		 		 	 Printed Name:
	 	  

				
		 		 	 Dated:
	 	  

				
		 		 	 Signed:
	 	  

				
		 		 	 Printed Name:
	 	  

 Enclosure(s): [                ] 

  
 O-1 

 Exhibits and Schedules to Base Indenture 

 

  
 Schedule 7.3

 Consents 
 None. 

  
 Schedule 7.3-1 

 Exhibits and Schedules to Base Indenture 

 

  
 Schedule 7.6

 Plans 
 None. 

  
 Schedule 7.6-1 

 Exhibits and Schedules to Base Indenture 

 

  
 Schedule 7.7

 Proposed Tax Assessments 
 None.

  
 Schedule 7.7-1 

 Exhibits and Schedules to Base Indenture 

 

  
 Schedule
7.13(a) 
 Non-Perfected Liens 

None. 

  
 Schedule 7.13(a)-1 

 Exhibits and Schedules to Base Indenture 

 

  
 Schedule 7.19

 Insurance 
 See attached. 

  
 Schedule 7.19-1 

 Exhibits and Schedules to Base Indenture 

 

  
 Schedule 7.21

 Pending Actions or Proceedings Relating to the Securitization IP 

None. 

  
 Schedule 7.21-1 

 Exhibits and Schedules to Base Indenture 

 

  
 Schedule 8.11

 Liens 
 None. 

  
 Schedule 8.11-1EX-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 2019-1 Securities Intermediary 

 
 SERIES 2019-1 SUPPLEMENT 
 Dated as of June 5, 2019 

to 
 BASE INDENTURE

 Dated as of June 5, 2019 
  

 
 $225,000,000 Series 2019-1 Variable Funding Senior Notes, Class A-1 
 $700,000,000
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I 

$600,000,000 Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II 
  

  

 Table of Contents 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION
	  	 	2	 
		
	 ARTICLE II INITIAL ISSUANCE, INCREASES AND DECREASES OF SERIES 2019-1 CLASS A-1

            OUTSTANDING PRINCIPAL AMOUNT; ISSUANCE OF
ADDITIONAL CLASS A-1 NOTES
	  	 	2	 
			
	             Section 2.1
	  	 Procedures for Issuing and Increasing the Series 2019-1 Class A-1
	  			
		  	 Outstanding Principal Amount
	  	 	2	 
	             Section 2.2
	  	 Procedures for Decreasing the Series 2019-1 Class A-1
	  			
		  	 Outstanding Principal Amount
	  	 	3	 
	             Section 2.3
	  	 Issuances of Additional Class A-1 Notes
	  	 	5	 
		
	 ARTICLE III SERIES 2019-1 ALLOCATIONS; PAYMENTS
	  	 	5	 
			
	             Section 3.1
	  	 Allocations of Net Proceeds with Respect to the Series 2019-1
	  			
		  	 Notes; Interest Reserve Letter of Credit
	  	 	5	 
	             Section 3.2
	  	 [Reserved]
	  	 	5	 
	             Section 3.3
	  	 Certain Distributions from Series 2019-1 Distribution Accounts
	  	 	5	 
	             Section 3.4
	  	 Series 2019-1 Class A-1 Interest and Certain Fees
	  	 	6	 
	             Section 3.5
	  	 Series 2019-1 Class A-2 Interest
	  	 	7	 
	             Section 3.6
	  	 Payment of Series 2019-1 Note Principal
	  	 	8	 
	             Section 3.7
	  	 Series 2019-1 Class A-1 Distribution Account
	  	 	15	 
	             Section 3.8
	  	 Series 2019-1 Class A-2 Distribution Account
	  	 	16	 
	             Section 3.9
	  	 Trustee as Securities Intermediary
	  	 	17	 
	             Section 3.10
	  	 Manager
	  	 	19	 
	             Section 3.11
	  	 Replacement of Ineligible Accounts
	  	 	19	 
		
	 ARTICLE IV FORM OF SERIES 2019-1 NOTES
	  	 	19	 
			
	             Section 4.1
	  	 Issuance of Series 2019-1 Class A-1 Notes
	  	 	19	 
	             Section 4.2
	  	 Issuance of Series 2019-1 Class A-2 Notes
	  	 	21	 
	             Section 4.3
	  	 Transfer Restrictions of Series 2019-1 Class A-1 Notes
	  	 	22	 
	             Section 4.4
	  	 Transfer Restrictions of Series 2019-1 Class A-2 Notes
	  	 	25	 
	             Section 4.5
	  	 Note Owner Representations and Warranties
	  	 	31	 
	             Section 4.6
	  	 Limitation on Liability
	  	 	32	 
		
	 ARTICLE V GENERAL
	  	 	32	 
			
	             Section 5.1
	  	 Information
	  	 	32	 
	             Section 5.2
	  	 Exhibits
	  	 	33	 
	             Section 5.3
	  	 Ratification of Base Indenture
	  	 	33	 
	             Section 5.4
	  	 Notices to the Rating Agencies
	  	 	33	 
	             Section 5.5
	  	 Counterparts
	  	 	33	 
	             Section 5.6
	  	 Governing Law
	  	 	34	 

  
 i 

							
	             Section 5.7
	  	 Amendments
	  	 	34	 
	             Section 5.8
	  	 Termination of Series Supplement; Tranche Defeasance
	  	 	34	 
	             Section 5.9
	  	 Entire Agreement
	  	 	34	 

  

			
	ANNEXES	 	
		
	Annex A	 	Series 2019-1 Supplemental Definitions List
		
	EXHIBITS	 	
		
	Exhibit A-1-1:	 	Form of Series 2019-1 Class A-1 Advance Note
	Exhibit A-1-2:	 	Form of Series 2019-1 Class A-1 Swingline Note
	Exhibit A-1-3:	 	Form of Series 2019-1 Class A-1 L/C Note
	Exhibit A-2-1:	 	Form of Rule 144A Global Series 2019-1 Class A-2 Note
	Exhibit A-2-2:	 	Form of Temporary Regulation S Global Series 2019-1 Class A-2 Note
	Exhibit A-2-3:	 	Form of Permanent Regulation S Global Series 2019-1 Class A-2 Note
	Exhibit B-1:	 	Form of Transferee Certificate - Series 2019-1 Class A-1 Notes
	Exhibit B-2:	 	Form of Transferee Certificate - Series 2019-1 Class A-2 Notes, Rule 144A to Temporary Regulation S
	Exhibit B-3:	 	Form of Transferee Certificate - Series 2019-1 Class A-2 Notes, Rule 144A to Permanent Regulation S
	Exhibit B-4:	 	Form of Transferee Certificate - Series 2019-1 Class A-2 Notes, Temporary Regulation S or Permanent Regulation S to Rule 144A
	Exhibit C	 	Form of Quarterly Noteholders’ Report

  
 ii 

 SERIES 2019-1 SUPPLEMENT, dated as
of June 5, 2019 (this “Series 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 2019-1 Securities Intermediary, to the Base Indenture, dated as of the Series 2014-1 Closing Date (as amended and restated on the date hereof and as the same 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 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 the Series 2019-1 Supplement, and such Series of Notes shall be designated as the Series 2019-1 Notes. On the Series 2019-1 Closing Date, two
Classes of Notes of such Series shall be issued: (a) Series 2019-1 Variable Funding Senior Notes, Class A-1 (as referred to herein, such Class or Notes
thereof, as the context requires, the “Series 2019-1 Class A-1 Notes”) and (b) Series
2019-1 Fixed Rate Senior Secured Notes, Class A-2 (as referred to herein, such Class or Notes thereof, as the context requires, the “Series 2019-1 Class A-2 Notes”). The Series 2019-1 Class A-1 Notes
shall be issued in three Subclasses: (i) Series 2019-1 Class A-1 Advance Notes (as referred to herein, the “Series
2019-1 Class A-1 Advance Notes”), (ii) Series 2019-1
Class A-1 Swingline Notes (as referred to herein, the “Series 2019-1 Class A-1 Swingline
Notes”), and (iii) Series 2019-1 Class A-1 L/C Notes (as referred to herein, the “Series 2019-1
Class A-1 L/C Notes”). The Series 2019-1 Class A-2 Notes shall be issued in two Tranches: (i)
$700,000,000 initial outstanding principal amount of Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I (as
referred to herein, the “Series 2019-1 Class A-2-I Notes”) and (ii) $600,000,000 initial
outstanding principal amount of Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II (as referred to herein,
the “Series 2019-1 Class A-2-II Notes”). For purposes of the Base Indenture and the Series 2019-1 Supplement, the Series 2019-1 Class A-1 Notes and the Series 2019-1 Class A-2 Notes shall be deemed to be separate Classes 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 the Series 2019-1 Supplemental Definitions List attached hereto as Annex A (the “Series 2019-1 Supplemental
Definitions List”) as such Series 2019-1 Supplemental Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof. All capitalized terms
not otherwise defined herein or therein, and the term “written” or “in writing”, shall have the meanings assigned thereto in the Base Indenture or the Base Indenture Definitions List attached to the Base Indenture as Annex
A thereto, as such Base Indenture or Base Indenture Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the terms of the Base Indenture. Unless otherwise specified herein, all Article,
Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections of the Series 2019-1 Supplement. Unless otherwise stated herein, as the context otherwise requires or
if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2019-1 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 the Series 2019-1 Supplement.

 ARTICLE II 

INITIAL ISSUANCE, INCREASES AND DECREASES OF 

SERIES 2019-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT;
ISSUANCE OF 
 ADDITIONAL CLASS A-1 NOTES 

Section 2.1    Procedures for Issuing and Increasing the Series
2019-1 Class A-1 Outstanding Principal Amount. 

(a)     Subject to satisfaction of the conditions precedent to the making of Series 2019-1 Class A-1 Advances set forth in the Series 2019-1 Class A-1 Note Purchase
Agreement, (i) on the Series 2019-1 Closing Date, the Co-Issuers may cause the Series 2019-1
Class A-1 Initial Advance Principal Amount to become outstanding by drawing ratably, at par, the initial principal amounts of the Series 2019-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2019-1 Class A-1 Advances made on the Series 2019-1 Closing Date (the “Series 2019-1 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, the Co-Issuers may increase the Series 2019-1
Class A-1 Outstanding Principal Amount (such increase referred to as an “Increase”), by drawing ratably (or as otherwise set forth in the Series
2019-1 Class A-1 Note Purchase Agreement), at par, additional principal amounts on the Series 2019-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2019-1 Class A-1 Advances made on such Business
Day; provided that at no time may the Series 2019-1 Class A-1 Outstanding Principal Amount exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount. The Series 2019-1 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 2019-1 Class A-1 Note Purchase Agreement and shall be ratably (except as
otherwise set forth in the Series 2019-1 Class A-1 Note Purchase Agreement) allocated among the 

  
 2 

 
Series 2019-1 Class A-1 Noteholders (other than the Series 2019-1 Class A-1 Subfacility Noteholders in their capacity as such) as provided therein. Proceeds from the Series 2019-1 Class A-1
Initial Advance and each Increase shall be paid as directed by the Co-Issuers in the applicable Series 2019-1 Class A-1
Advance Request or as otherwise set forth in the Series 2019-1 Class A-1 Note Purchase Agreement. Upon receipt of written notice from the Co-Issuers or the Series 2019-1 Class A-1 Administrative Agent of the Series 2019-1 Class A-1 Initial Advance and any Increase, the Trustee shall indicate in its books and records the amount of the Series 2019-1
Class A-1 Initial Advance or such Increase, as applicable. 

(b)    Subject to satisfaction of the applicable conditions precedent set forth in the Series 2019-1 Class A-1 Note Purchase Agreement, on the Series 2019-1 Closing Date, the
Co-Issuers may cause (i) the Series 2019-1 Class A-1 Initial Swingline Principal Amount to become outstanding by
drawing, at par, the initial principal amounts of the Series 2019-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Swingline Loans, if any,
made on the Series 2019-1 Closing Date pursuant to Section 2.06 of the Series 2019-1 Class A-1
Note Purchase Agreement (the “Series 2019-1 Class A-1 Initial Swingline Loan”) and (ii) the Series 2019-1 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 2019-1 Class A-1 L/C Notes corresponding to the aggregate Undrawn L/C Face Amount of the Letters of Credit issued on the Series
2019-1 Closing Date pursuant to Section 2.07 of the Series 2019-1 Class A-1 Note Purchase
Agreement (including with respect to the letters of credit in existence prior to the Series 2019-1 Closing Date set forth in Schedule IV to the Series 2019-1 Class A-1 Note Purchase Agreement); provided that at no time may the Series 2019-1 Class A-1 Outstanding Principal
Amount exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount. The procedures relating to increases in the Series
2019-1 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 2019-1 Class A-1 Note Purchase Agreement. Upon receipt of written notice from the Co-Issuers or the Series 2019-1 Class A-1 Administrative Agent of the issuance of the Series
2019-1 Class A-1 Initial Swingline Loan, the issuance of Series 2019-1
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
2019-1 Class A-1 Outstanding Principal Amount. 

(a)     Mandatory Decrease. Whenever a Series 2019-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series 2019-1 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 2019-1 Class A-1 Outstanding Principal
Amount on such date, no such Series 2019-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 2019-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 2019-1
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 2019-1 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 

  
 3 

 
Decrease and distribution instructions in accordance with Section 4.02 of the Series 2019-1
Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2019-1 Class A-1 Note Purchase Agreement) shall be allocated as Series 2019-1 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 2019-1
Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice (by e-mail) of the need for any such Mandatory Decreases to the Trustee and the Series 2019-1 Class A-1 Administrative Agent. 

(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 to the Series 2019-1 Class A-1 Administrative Agent and the Trustee, the Co-Issuers may decrease the Series 2019-1 Class A-1 Outstanding Principal Amount (each such decrease of the Series 2019-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(b), a “Voluntary Decrease”) by depositing in the
Series 2019-1 Class A-1 Distribution Account not later than 10:00 a.m. (New York City time) on the date specified as the decrease date in the prior written notice
referred to above and providing a written report to the Trustee directing the Trustee to distribute in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2019-1 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 2019-1 Class A-1 Outstanding Principal Amount equal to the amount of such
Voluntary Decrease; provided that to the extent the deposit into the Series 2019-1 Class A-1 Distribution Account described above is not made by 10:00 a.m.
(New York City time) on a Business Day, the same shall be deemed to be deposited on the following Business Day. Each such Voluntary Decrease shall be in a minimum principal amount as provided in the Series
2019-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2019-1 Class A-1 Note Purchase Agreement) shall be allocated as Series 2019-1
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 2019-1 Class A-1 Distribution Account of principal of the Series 2019-1 Class A-1 Advance Notes in connection with each Decrease,
the Trustee shall (i) remit such amounts to the Holders of the Series 2019-1 Class A-1 Advance Notes and (ii) indicate in its books and records such
Decrease. 
 (d)    The Series 2019-1 Class A-1 Note Purchase Agreement sets forth additional procedures relating to decreases in the Series 2019-1 Class A-1
Outstanding Subfacility Amount (each such decrease, together with any Voluntary Decrease or Mandatory Decrease allocated to the Series 2019-1 Class A-1 Subfacility
Noteholders, referred to as a “Subfacility Decrease”) through (i) borrowings of Series 2019-1 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 

  
 4 

 
written notice from the Co-Issuers or the Series 2019-1 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 2019-1 Class A-1 Notes are Outstanding, the issuance of any additional Series of Class A-1 Notes shall also require the consent of the Series 2019-1 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 2019-1 Class A-1 Administrative Agent pursuant to the last paragraph of Section 8.01 of the Series
2019-1 Class A-1 Note Purchase Agreement). 
 ARTICLE
III 
 SERIES 2019-1 ALLOCATIONS; PAYMENTS 

With respect to the Series 2019-1 Notes only, the following shall apply: 

Section 3.1    Allocations of Net Proceeds with Respect to the Series 2019-1 Notes; Interest Reserve Letter of Credit. 
 (a)    On the
Series 2019-1 Closing Date, (i) the net proceeds from the issuance and sale of the Series 2019-1 Class A-2 Notes to the
Initial Purchasers shall be paid to, or at the direction of, the Co-Issuers and (ii) 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 2019-1 Closing Date, proceeds of
the Series 2019-1 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    [Reserved]. 

Section 3.3    Certain Distributions from Series 2019-1
Distribution Accounts. 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 (i) to the
Series 2019-1 Class A-1 Noteholders or the Series 2019-1 Class A-1
Administrative Agent, as applicable, from the Series 2019-1 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 2019-1 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 2019-1 Class A-1 

  
 5 

 
Distribution Account for the payment of interest and fees and, to the extent applicable, principal or other amounts in respect of the Series 2019-1 Class A-1 Notes on such Quarterly Payment Date and (ii) to the Series 2019-1 Class A-2 Noteholders from the Series 2019-1 Class A-2 Distribution Account, the amounts withdrawn from the Senior Notes Interest Payment Account, Senior Notes Principal Payment Account, Senior Notes Post-ARD Additional Interest Account or otherwise, as applicable, pursuant to Section 5.11(a), (d) or (h) of the Base Indenture, as applicable, or otherwise, and
deposited in the Series 2019-1 Class A-2 Distribution Account for the payment of interest and, to the extent applicable, principal or other amounts in respect of
the Series 2019-1 Class A-2 Notes on such Quarterly Payment Date. 

Section 3.4    Series 2019-1 Class A-1 Interest and Certain Fees. 
 (a)    Series 2019-1 Class A-1 Note Rate and L/C Fees. From and after the Series 2019-1 Closing Date, the applicable portions
of the Series 2019-1 Class A-1 Outstanding Principal Amount will accrue (i) interest at the Series 2019-1 Class A-1 Note Rate and (ii) L/C Quarterly Fees at the applicable rates provided therefor in the Series 2019-1 Class A-1
Note Purchase Agreement. Such accrued interest and fees will be due and payable in arrears on each Quarterly Payment Date from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the
Priority of Payments and (ii) on such Quarterly Payment Date in accordance with 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 2019-1 Legal Final Maturity Date, on any Series 2019-1 Prepayment Date
with respect to a prepayment in full of the Series 2019-1 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 2019-1 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 when due, such unpaid amount will accrue interest at the Series 2019-1 Class A-1 Note Rate. 

(b)    Undrawn Commitment Fees. From and after the Series
2019-1 Closing Date, Undrawn Commitment Fees will accrue as provided in the Series 2019-1 Class A-1 Note Purchase Agreement.
Such accrued fees will be due and payable in arrears on each Quarterly Payment Date, from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on
such Quarterly Payment Date in accordance with 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 when due, such
unpaid amount will accrue interest at the Series 2019-1 Class A-1 Note Rate. 

(c)    Series 2019-1 Class A-1 Post-Renewal Date Additional Interest. From and after the Series 2019-1 Class A-1 Notes Renewal Date (after giving
effect to any extensions), if the Outstanding Principal Amount of the Series 2019-1 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 2019-1 Class A-1 Outstanding Principal Amount (excluding any
Undrawn L/C Face Amounts included therein) at a rate equal to 5% per annum (the “Series 2019-1 Class A-1 Post-Renewal Date Additional Interest
Rate”) in addition to the regular interest that will continue to accrue at the Series 2019-1 Class A-1 Note Rate. All computations of Series 2019-1 Class A-1 Post-Renewal Date Additional Interest (other than any accruing on any 

  
 6 

 
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
2019-1 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 2019-1 Class A-1 Note Purchase Agreement. Any Series 2019-1 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
made available, and failure to pay any Series 2019-1 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 2019-1
Class A-1 Post-Renewal Date Additional Interest shall be paid in full on the Series 2019-1 Legal Final Maturity Date or otherwise as part of any Series 2019-1 Final Payment. 
 (d)    Series 2019-1 Class A-1 Initial Interest Accrual Period. The initial Interest Accrual Period for the Series 2019-1 Class A-1 Notes shall commence on the Series 2019-1 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    Series 2019-1 Class A-2 Interest. 

(a)    Series 2019-1 Class A-2 Notes Interest. With respect to each Tranche, from the Series 2019-1 Closing Date until the Series 2019-1 Class A-2 Outstanding Principal Amount of such Tranche has been paid in full, the Series 2019-1 Class A-2 Outstanding
Principal Amount of such Tranche will accrue interest for each Interest Accrual Period (after giving effect to all payments of principal made to Noteholders as of the first day of such Interest Accrual Period, and also giving effect to prepayments,
repurchases and cancellations of Series 2019-1 Class A-2 Notes during such Interest Accrual Period) at the applicable Series
2019-1 Class A-2 Note Rate for such Tranche. Such accrued interest will be due and payable in arrears on each Quarterly Payment Date, from amounts that are made
available for payment thereof (i) on any related 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,
commencing on Initial Quarterly Payment Date; provided that in any event all accrued but unpaid interest shall be due and payable in full on the Series 2019-1 Legal Final Maturity Date, on any Series 2019-1 Prepayment Date with respect to a prepayment in full of such Tranche or on any other day on which all of the Series 2019-1
Class A-2 Outstanding Principal Amount of such Tranche is required to be paid in full. To the extent any interest accruing at the applicable Series 2019-1 Class A-2 Note Rate is not paid when due, such unpaid interest will accrue interest at the applicable Series 2019-1 Class A-2
Note Rate for each Tranche. All computations of interest at the Series 2019-1 Class A-2 Note Rate shall be made on a 30/360 Day Basis. 

(b)    Series 2019-1 Class A-2 Quarterly Post-ARD Additional Interest. 

(i)    Post-ARD Additional Interest. From
and after the applicable Series 2019-1 Anticipated Repayment Date, if the Series 2019-1 Final Payment has not been made

  
 7 

 
on the applicable Tranche, then additional interest will accrue on the Series 2019-1 Class A-2 Outstanding
Principal Amount of such Tranche at a per annum rate (the “Series 2019-1 Class A-2 Quarterly Post-ARD
Additional Interest Rate”) equal to the greater of (as determined by the Manager): (A) 5.0% and (B) the amount, if any, by which the sum of the following exceeds the applicable Series 2019-1 Class A-2 Note Rate: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the applicable Series 2019-1 Anticipated Repayment Date of the
United States Treasury Security having a term closest to 10 years plus (y) 5.0%, plus (z) 2.15% for the Series 2019-1
Class A-2-I Notes and 2.64% for the Series 2019-1
Class A-2-II Notes (such additional interest, the “Series 2019-1
Class A-2 Quarterly Post-ARD Additional Interest”). All computations of Series 2019-1 Class A-2 Quarterly Post-ARD Additional Interest shall be made on a 30/360 Day Basis and will be due and payable on any Quarterly Payment Date to the extent allocated in
accordance with the Priority of Payments. 
 (ii)    Payment of Series 2019-1 Class A-2 Quarterly Post-ARD Additional Interest. Any Series
2019-1 Class A-2 Quarterly Post-ARD Additional Interest will be due and payable on each applicable 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. The failure to pay any Series 2019-1 Class A-2 Quarterly Post-ARD Additional Interest in excess of available amounts in accordance with the foregoing (including on the Series 2019-1 Legal Final Maturity Date) will not be an Event of
Default and interest will not accrue on any unpaid portion thereof; provided that in any event all accrued but unpaid Series 2019-1 Class A-2 Quarterly Post-ARD Additional Interest shall be due and payable in full on the Series 2019-1 Legal Final Maturity Date, on any Series 2019-1
Prepayment Date with respect to a prepayment in full of the applicable Tranche of Series 2019-1 Class A-2 Notes or otherwise as part of any Series 2019-1 Final Payment. 
 (c)    Series 2019-1 Class A-2 Initial Interest Accrual Period. The initial Interest Accrual Period for the Series 2019-1 Class A-2 Notes shall commence on (and include) the Series 2019-1 Closing Date and end on (but exclude) the Initial Quarterly Payment Date. 

Section 3.6    Payment of Series 2019-1 Note
Principal. 
 (a)    Series 2019-1 Notes Principal
Payment at Legal Maturity. The Series 2019-1 Outstanding Principal Amount shall be due and payable in full on the Series 2019-1 Legal Final Maturity Date. The Series
2019-1 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 2019-1 Class A-1 Outstanding Principal Amount, Section 2.2 of the Series 2019-1 Supplement and the
Series 2019-1 Class A-1 Note Purchase Agreement. 

(b)    Series 2019-1 Anticipated Repayment Date; Series 2019-1 Class A-1 Renewal Date. The Series 2019-1 Final Payment Date is anticipated to occur (i) for the
Series 2019-1 Class A-2-I Notes, on the Quarterly Payment Date occurring in June 2024, (ii) for the Series 2019-1 Class A-2-II Notes, on the Quarterly Payment Date occurring in June 2026 (each such date, a “Series 2019-1 Anticipated Repayment Date”). The initial Series 2019-1 Class A-1

  
 8 

 
Notes Renewal Date will be the Quarterly Payment Date occurring in June 2024, 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 2024 to elect (the “Series 2019-1 First Extension Election”) to extend the Series 2019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date
occurring in June 2025 by delivering written notice to the Series 2019-1 Class A-1 Administrative Agent, the Trustee and the Control Party no later than the
Quarterly Payment Date occurring in June 2024 to the effect that the conditions precedent to such Series 2019-1 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 2025 shall become the Series 2019-1 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 2019-1 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 2025 to elect (the “Series 2019-1 Second Extension
Election”) to extend the Series 2019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in June 2026 by delivering written notice to
the Series 2019-1 Class A-1 Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in June 2025 to the effect
that the conditions precedent to such Series 2019-1 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 2026 shall become the Series 2019-1 Class A-1 Notes Renewal Date. 

(iii)    Conditions Precedent to Extension Elections. It shall be a condition to
the effectiveness of the Series 2019-1 Extension Elections that, in the case of the Series 2019-1 First Extension Election, on the Quarterly Payment Date occurring in
June 2024, and in the case of the Series 2019-1 Second Extension Election, on the Quarterly Payment Date occurring in June 2025: (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 2019-1 Class A-2 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 2019-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of the Series
2019-1 First Extension Election or the Series 2019-1 Second Extension Election. 

(c)    Payment of Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amounts. Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amounts for
each Tranche will be due and payable with respect to such Tranche on each applicable Quarterly Payment Date, commencing with the Quarterly Payment Date occurring on September 5, 2019 and prior to the

  
 9 

 
applicable Series 2019-1 Anticipated Repayment Date, in accordance with Section 5.11 of the Base Indenture, to the extent of
available funds allocated in respect thereof in accordance with the Priority of Payments, and failure to pay any Series 2019-1 Class A-2 Notes Scheduled Principal
Payment Amounts in excess of available amounts in accordance with the foregoing will not be an Event of Default; provided that (A) Series 2019-1
Class A-2 Notes Scheduled Principal Payment Amounts shall only be due and payable on a Quarterly Payment Date if the Series 2019-1
Class A-2 Non-Amortization Test is not satisfied with respect to the related Non-Amortization Test Date (and, for the
avoidance of doubt, any such Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amounts that are not due and payable due to the satisfaction of the Series 2019-1 Class A-2 Non-Amortization Test with respect to such Quarterly Payment Date shall not become due and payable if the Series 2019-1 Class A-2 Non-Amortization Test is subsequently not satisfied); and (B) if the Series
2019-1 Class A-2 Non-Amortization Test is satisfied on a Non-Amortization Test Date
on which Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amounts would otherwise be due and payable, the
Co-Issuers may elect in their sole discretion to make one or more Series 2019-1 Class A-2 Optional Scheduled Principal
Payments on such Quarterly Payment Date by indicating such election in the related Quarterly Noteholder’s Report. 

(d)    Certain Series 2019-1 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 applicable Classes of Series 2019-1 Notes as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date, in
accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture, in the amount so made available, together with any Series 2019-1 Class A-2 Make-Whole Prepayment Consideration required to be paid in connection therewith pursuant to Section 3.6(e); provided,
for the avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2019-1 Class A-2 Make-Whole Prepayment Consideration is not paid
because insufficient funds are available to pay such Series 2019-1 Class A-2 Make-Whole Prepayment Consideration, in accordance with the Priority of Payments. Such
payments shall be ratably allocated among the Series 2019-1 Noteholders within each applicable Class based on their respective portion of the Series 2019-1
Outstanding Principal Amount of such Class (or, in the case of the Series 2019-1 Class A-1 Noteholders, in accordance with the order of distribution of principal
payments set forth in Section 4.02 of the Series 2019-1 Class A-1 Note Purchase Agreement). 

(ii)    During any Series 2019-1 Class A-1 Notes Amortization Period, principal payments shall be due and payable on the Series 2019-1 Class A-1 Notes as and
when amounts are made available for payment thereof (i) on each Weekly Allocation Date during such period in accordance with the Priority of Payments and (ii) 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 2019-1 Class A-1
Noteholders, in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2019-1 Class A-1
Note Purchase Agreement. For the avoidance of doubt, no Series 2019-1 Class A-2 Make-Whole Prepayment Consideration will be due in connection with any principal
payments on the Series 2019-1 Class A-1 Notes. 

  
 10 

 (e)    Series
2019-1 Class A-2 Make-Whole Prepayment Consideration Payments. In connection with (A) any mandatory prepayment of any Tranche made during a
Rapid Amortization Period pursuant to Section 3.6(d)(i), (B) any mandatory prepayment made with any Asset Disposition Proceeds pursuant to Section 3.6(j), (C) any optional prepayment of any Tranche
made pursuant to Section 3.6(f) (each, a “Series 2019-1 Class A-2 Prepayment”, and if made with respect to
a Tranche prior to the applicable Prepayment Consideration End Date, a “Make-Whole Series 2019-1 Class A-2 Prepayment”), the Co-Issuers shall pay, in the manner described herein, the Series 2019-1 Class A-2 Make-Whole Prepayment Consideration to the
applicable Series 2019-1 Class A-2 Noteholders with respect to the principal portion of the applicable Series 2019-1
Prepayment Amount; provided that no Series 2019-1 Class A-2 Make-Whole Prepayment Consideration shall be payable in connection with any of the following,
which shall not be “Make-Whole Series 2019-1 Class A-2 Prepayments”: (i) prepayments arising from the receipt of Indemnification Amounts or
Insurance/Condemnation Proceeds, (ii) payments of Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amounts, Series
2019-1 Class A-2 Optional Scheduled Principal Payments, and Series 2019-1
Class A-2 Notes Scheduled Principal Payment Deficiency Amounts or prepayments made in respect of a Cash Flow Sweeping Event and (iii) any prepayment of the Series
2019-1 Class A-2 Notes made on or after the Quarterly Payment Date in the applicable Target Month; provided, further, for the avoidance of doubt, that
the failure to pay any Series 2019-1 Class A-2 Make-Whole Prepayment Consideration on any Quarterly Payment Date (other than the Series 2019-1 Legal Final Maturity Date and any other date on which any Tranche of the Series 2019-1 Class A-2 Notes must be paid in
full) shall not constitute an Event of Default. 
 Solely with respect to the Series
2019-1 Class A-2-II Notes, the Series 2019-1 Class A-2-II Call Redemption Premium will be payable in lieu of the applicable Series 2019-1 Class A-2 Make-Whole
Prepayment Consideration by the Co-Issuers upon any redemption or refinancing of the Series 2019-1 Notes in full at any time on or after the Quarterly Payment Date in
June 2022 and on or prior to the Quarterly Payment Date in June 2023. In the event that the Series 2019-1 Class A-2-II Call
Redemption Premium is paid, such amount will be in lieu of any Series 2019-1 Class A-2 Make-Whole Prepayment Consideration otherwise required to be paid on the
Notes being repaid in full. 
 (f)    Optional Prepayment of Series
2019-1 Class A-2 Notes. Subject to Section 3.6(e) and Section 3.6(g), the Co-Issuers shall have the option to prepay (including with the proceeds of equity contributions) the Outstanding Principal Amount of any Tranche of Series 2019-1 Class A-2 Notes in whole or in part on any Business Day that is specified as the Series 2019-1 Prepayment Date in the applicable Prepayment Notice (each, an
“Optional Prepayment Date”); provided that no such optional prepayment may be made unless the following conditions shall be satisfied: 

(i)    in the case of a prepayment of a Tranche in part: 

(A)    the amount on deposit in the Series
2019-1 Class A-2 Distribution Account is sufficient to pay the principal amount of such Tranche to be prepaid and any Series
2019-1 Class A-2 Make-Whole Prepayment Consideration required pursuant to Section 3.6(e); 

  
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 (B)    the amounts on deposit in, or
allocable to, the Series 2019-1 Distribution Accounts to be distributed on the Quarterly Payment Date which coincides with, or immediately follows, such Optional Prepayment Date, as the case may be, are
sufficient to pay (in addition to the amounts described in clause (i)(A)) the Prepayment Condition Amounts on such Quarterly Payment Date; and 

(C)    if such prepayment is not made on a Quarterly Payment Date, the amounts on
deposit in the Senior Notes Interest Payment Account allocable to such Tranche, or other available amounts, are sufficient to pay accrued interest on the principal amount of such Tranche to be prepaid in respect of the period prior to such Optional
Prepayment Date; and 
 (ii)    in the case of an optional prepayment of a Tranche in
whole: 
 (A)    the amounts on deposit in the Indenture Trust Accounts, the Series 2019-1 Class A-2 Distribution Account (after giving effect to any deposits on such Optional Prepayment Date pursuant to Section 3.6(i)(iii)) or other available
amounts, in each case allocable to such Tranche, are sufficient to pay all outstanding monetary Obligations (including unreimbursed Advances with interest thereon at the Advance Interest Rate) in respect of such Tranche of the Series 2019-1 Class A-2 Notes set forth in the Priority of Payments after giving effect to the applicable allocations set forth therein on such Optional Prepayment Date,
including unpaid interest accrued in respect of the period prior to such Optional Prepayment Date and any Prepayment Premium to be paid on such date, and 

(B)    the amounts on deposit in the Collection Account, the Indenture Trust Accounts or
otherwise available are reasonably expected by the Manager to be sufficient to pay the Prepayment Condition Amounts, other than with respect to such Tranche of the Series 2019-1
Class A-2 Notes, on the immediately following Quarterly Payment Date, if any, or are sufficient to pay such amounts on such Optional Prepayment Date, if such date is a Quarterly Payment Date, 

or, in each case, any shortfalls in such amounts have been deposited to the applicable accounts. 

The Co-Issuers may prepay one or more Tranches of the Series
2019-1 Class A-2 Notes in whole or in part without prepayment in whole or part of the remaining Tranches of the Series
2019-1 Class A-2 Notes. The Co-Issuers may prepay any such Tranche in full at any time regardless of the number of prior
optional prepayments or any minimum payment requirement. An Optional Prepayment in part of any Tranche on any Optional Prepayment Date that is not a Quarterly Payment Date shall be made in an amount equal to at least $5,000,000 (or such lesser
amount (i) if effected on the same day as any partial mandatory prepayment or repayment or (ii) that is the remaining Outstanding Principal Amount of such Tranche). 

(g)    Notices of Prepayments. 

(i)    The Co-Issuers shall give prior written
notice (each, a “Prepayment Notice”) at least fifteen (15) Business Days but not more than twenty (20) Business Days 

  
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prior to any Series 2019-1 Prepayment with respect to the Series 2019-1
Class A-2 Notes pursuant to Section 3.6(f) to each Series 2019-1 Noteholder affected by such Series
2019-1 Prepayment, each of the Rating Agencies, the Trustee and the Servicer; provided that at the request of the Co-Issuers, such notice to the affected Series 2019-1 Noteholders shall be given by the Trustee in the name and at the expense of the Co-Issuers. 

(ii)    With respect to each such Series 2019-1
Prepayment, the related Prepayment Notice shall, in each case, specify (A) the Series 2019-1 Prepayment Date on which such prepayment will be made, which in all cases shall be a Business Day, (B) the
Series 2019-1 Prepayment Amount, (C) if such Series 2019-1 Prepayment is subject to Series 2019-1 Class A-2 Make-Whole Prepayment Consideration, the Series 2019-1 Class A-2 Make-Whole Prepayment Consideration Calculation
Date selected by the Co-Issuers and (D) if such Series 2019-1 Prepayment is subject to a Series 2019-1 Class A-2-II Call Redemption Premium, the amount of such Series 2019-1 Class A-2-II Call Redemption Premium. 

(iii)    Any such optional prepayment and Prepayment Notice may, in the Co-Issuers’ discretion, be subject to the satisfaction of one or more conditions precedent, including but not limited to the occurrence of a Change of Control. The
Co-Issuers shall have the option to provide in any Prepayment Notice that the payment of the amounts set forth in Section 3.6(f) and the performance of the Co-Issuers’ obligations with respect to such optional prepayment may be performed by another Person. 

(iv)    The Co-Issuers shall have the option, by
written notice to the Trustee, the Control Party, the Rating Agencies and the affected Noteholders, to revoke, or amend the Series 2019-1 Prepayment Date set forth in, any Prepayment Notice relating to an
optional prepayment at any time up to the second Business Day before the Series 2019-1 Prepayment Date set forth in such Prepayment Notice; provided that at the request of the Co-Issuers, such notice to the affected Series 2019-1 Noteholders shall be given by the Trustee in the name and at the expense of the
Co-Issuers. 
 (v)    For the avoidance of
doubt, a Voluntary Decrease or a Subfacility Decrease in respect of the Series 2019-1 Class A-1 Notes is governed by Section 2.2 and not
by this Section 3.6. 
 (h)    Series
2019-1 Prepayments. Subject to Section 3.6(g), on each Series 2019-1 Prepayment Date with respect to any Series 2019-1 Prepayment, the Series 2019-1 Prepayment Amount, the Series 2019-1 Class A-2
Make-Whole Prepayment Consideration or the Series 2019-1 Class A-2-II Call Redemption Premium, if any, and any associated
Breakage Amounts applicable to such Series 2019-1 Prepayment shall be due and payable (without duplication of any components of such the Series 2019-1 Prepayment Amount
due and payable on such Series 2019-1 Prepayment Date, including Series 2019-1 Class A-1 Quarterly Interest Amount if such
Series 2019-1 Prepayment Date coincides with a Quarterly Payment Date). 

(i)    Distributions of Optional Prepayments of Series 2019-1
Class A-2 Notes. 

  
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 (i)    No later than five
(5) Business Days prior to the Series 2019-1 Prepayment Date for each Series 2019-1 Prepayment to be made pursuant to Section 3.6(f) in
respect of the Series 2019-1 Class A-2 Notes, the Co-Issuers shall provide the Trustee with a written report instructing the
Trustee to deposit the amounts set forth in such report (which shall include such amounts set forth in Section 3.6(f)(i)(C) or Section 3.6(f)(ii)(A) (after giving effect to the deposit set forth in
Section 3.6(i)(iii)), as applicable), and in each case due and payable to the applicable Series 2019-1 Class A-2 Noteholders on such
Series 2019-1 Prepayment Date, to the Series 2019-1 Class A-2 Distribution Account and thereafter apply the amounts on
deposit therein in accordance with this Section 3.6(i). Such written report may be consolidated with additional payment instructions as necessary to effect other distributions occurring on, or substantially concurrently
with, such Series 2019-1 Prepayment Date. 

(ii)    On the Series 2019-1 Prepayment Date for
each Series 2019-1 Prepayment to be made pursuant to Section 3.6(f) in respect of any one or more Tranches of the Series 2019-1 Class A-2 Notes, the Trustee shall, in accordance with Section 6.1 of the Base Indenture (except that, notwithstanding anything to the contrary therein, references to the distributions
being made on a Quarterly Payment Date shall be deemed to be references to distributions made on such Series 2019-1 Prepayment Date and references to the Record Date shall be deemed to be references to the
Prepayment Record Date), distribute to the Noteholders of the applicable Tranche of record on the preceding Prepayment Record Date on a pro rata basis, based on their respective portion of the Outstanding Principal Amount of such
Tranche, the amount on deposit in the Series 2019-1 Class A-2 Distribution Account in order to pay (without duplication) (A) the applicable portion of the
Outstanding Principal Amount of such Tranche and any applicable Series 2019-1 Class A-2 Make-Whole Prepayment Consideration with respect thereto, (B) in the
case of an optional prepayment on a Series 2019-1 Prepayment Date that is not a Quarterly Payment Date, interest on such portion of the Outstanding Principal Amount of such Tranche being prepaid, and
(C) in the case of an optional prepayment in whole, the outstanding monetary Obligations described in Section 3.6(f)(ii)(A), in each case due and payable on such Series 2019-1
Prepayment Date. 
 (iii)    If a Tranche is paid in whole on a Series 2019-1 Prepayment Date that is not a Weekly Allocation Date, the Co-Issuers shall have the option to instruct the Trustee to withdraw amounts on deposit in the Collection
Account on such Series 2019-1 Prepayment Date and deposit such amounts in the Series 2019-1 Class A-2 Distribution Account,
so long as the Residual Amount on the Weekly Allocation Date immediately following such Series 2019-1 Prepayment Date shall be greater than zero. 

(j)    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 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 deposited in the applicable Series 2019-1 Distribution Accounts and used to
prepay first, if a Series 2019-1 Class A-1 Notes Amortization Period is continuing or if a Rapid Amortization Event has occurred and is continuing, the Series 2019-1 Class A-1 Notes (in accordance with the order of distribution of principal 

  
 14 

 
payments set forth in Section 4.02 of the Series 2019-1 Class A-1 Note Purchase
Agreement) and, second, the Series 2019-1 Class A-2 Notes (based on their respective portion of the Series 2019-1 Class A-2 Outstanding Principal Amount), 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(j), the Co-Issuers shall not be obligated to pay any Series 2019-1 Class A-2 Make-Whole Prepayment Consideration. The Co-Issuers shall, however, be obligated to pay any applicable Series 2019-1 Class A-2 Make-Whole Prepayment Consideration required to be paid pursuant to Section 3.6(e) in connection with any prepayment made with Asset Disposition Proceeds pursuant to this
Section 3.6(j); provided, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2019-1
Class A-2 Make-Whole Prepayment Consideration is not paid because insufficient funds are available to pay such Series 2019-1
Class A-2 Make-Whole Prepayment Consideration, in accordance with the Priority of Payments. 

(k)    Series 2019-1 Notices of Final Payment. The Co-Issuers shall notify the Trustee, the Servicer and each of the Rating Agencies of the Series 2019-1 Final Payment Date of a Tranche on or before the Prepayment Record Date
preceding such Series 2019-1 Prepayment Date; provided, however, that with respect to any Series 2019-1 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
2019-1 Final Payment beyond the notice required to be given in connection with such prepayment pursuant to Section 3.6(g). The Trustee shall provide any written notice required under
this Section 3.6(k) to each Person in whose name such Tranche of Series 2019-1 Notes is registered at the close of business on such Prepayment Record Date of the Series 2019-1 Prepayment Date that will be the Series 2019-1 Final Payment Date for such Tranche. Such written notice to be sent to the Series
2019-1 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 2019-1 Final Payment will be made and shall specify that such Series 2019-1 Final Payment will be
payable only upon presentation and surrender of the related Tranche of Series 2019-1 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 related Tranche of Series 2019-1 Notes may be presented and surrendered for such Series 2019-1 Final Payment. 
 Section 3.7    Series 2019-1 Class A-1 Distribution Account. 

(a)    Establishment of Series 2019-1 Class A-1 Distribution Account. The Trustee has established and shall maintain in the name of the Trustee for the benefit of the Series 2019-1 Class A-1 Noteholders an account (the “Series 2019-1 Class A-1 Distribution Account”), bearing
a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2019-1 Class A-1 Noteholders. The Series 2019-1 Class A-1 Distribution Account shall be an Eligible Account. Initially, the Series 2019-1
Class A-1 Distribution Account will be established with the Trustee. 

(b)    Series 2019-1 Class A-1 Distribution Account Constitutes Additional Collateral for Series 2019-1 Class A-1 Notes. In order to
secure and provide for the repayment and payment of the Obligations with respect to the Series 2019-1 Class A-1 Notes, the
Co-Issuers 

  
 15 

 
hereby grant a security interest in and assign, pledge, grant, transfer and set over to the Trustee, for the benefit of the Series 2019-1 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 2019-1 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 2019-1 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 2019-1 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 2019-1
Class A-1 Distribution Account Collateral”). 

(c)    Termination of Series 2019-1 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 2019-1 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 2019-1 Class A-1 Note Purchase Agreement (after giving effect to the provisions of Section 4.04 of the Series 2019-1
Class A-1 Note Purchase Agreement), (3) all fees and expenses and other amounts then due and payable under the Series 2019-1
Class A-1 Note Purchase Agreement have been paid and (4) all 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 2019-1 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 2019-1 Class A-1 Noteholders under the Base Indenture with respect to Series 2019-1
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 2019-1 Class A-1 Noteholders’
security interest in the Series 2019-1 Class A-1 Distribution Account Collateral. 

Section 3.8    Series 2019-1 Class A-2 Distribution Account. 
 (a)    Establishment of
Series 2019-1 Class A-2 Distribution Account. The Trustee has established and shall maintain in the name of the Trustee for the benefit of the
Series 2019-1 Class A-2 Noteholders an account (the “Series 2019-1
Class A-2 Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series
2019-1 Class A-2 Noteholders. The Series 2019-1 Class A-2 Distribution Account
shall be an Eligible Account. Initially, the Series 2019-1 Class A-2 Distribution Account will be established with the Trustee. 

(b)    Series 2019-1 Class A-2 Distribution Account Constitutes Additional Collateral for Series 2019-1 Class A-2 Notes. In order to
secure and provide for the repayment and payment of the Obligations with respect to the Series 2019-1 Class A-2 Notes, the
Co-Issuers hereby grant a security interest in and assign, pledge, grant, transfer and set over to the Trustee, 

  
 16 

 
for the benefit of the Series 2019-1 Class A-2 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 2019-1 Class A-2 Distribution Account, including any security entitlement with respect thereto; (ii) all funds and other property (including, without limitation, Financial Assets) on deposit therein from time to
time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2019-1 Class A-2 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
2019-1 Class A-2 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 2019-1
Class A-2 Distribution Account Collateral”). 

(c)    Termination of Series 2019-1 Class A-2 Distribution Account. On or after the date on which all accrued and unpaid interest on and principal of all Outstanding Series 2019-1 Class A-2 Notes have been paid, the Trustee, acting in accordance with the written instructions of the Co-Issuers (or the Manager on their behalf), shall withdraw from
the Series 2019-1 Class A-2 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 2019-1 Class A-2 Noteholders
under the Base Indenture with respect to Series 2019-1 Class A-2 Distribution Account shall be automatically released, and the Trustee, upon written request of the Co-Issuers, at the written direction of the Control Party, shall execute and deliver to the Co-Issuers any and all documentation reasonably requested and prepared by the Co-Issuers at the Co-Issuers’ expense to effect or evidence the release by the Trustee of the Series 2019-1 Class A-2 Noteholders’ security interest in the Series 2019-1 Class A-2 Distribution Account Collateral. 

Section 3.9    Trustee as Securities Intermediary. 

(a)    The Trustee or other Person holding the Series 2019-1
Distribution Accounts shall be the “Series 2019-1 Securities Intermediary.” If the Series 2019-1 Securities Intermediary in respect of any Series 2019-1 Distribution Account is not the Trustee, the Co-Issuers shall obtain the express agreement of such other Person to the obligations of the Series 2019-1 Securities Intermediary set forth in this Section 3.9. 

(b)    The Series 2019-1 Securities Intermediary agrees that:

 (i)    The Series 2019-1 Distribution
Accounts are accounts to which Financial Assets will or may be credited; 
 (ii)    The
Series 2019-1 Distribution Accounts are “securities accounts” within the meaning of Section 8-501 of the New York UCC and the Series 2019-1 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 any Series 2019-1 Distribution Account shall be registered in 

  
 17 

 
the name of the Series 2019-1 Securities Intermediary, indorsed to the Series 2019-1 Securities Intermediary or in
blank or credited to another securities account maintained in the name of the Series 2019-1 Securities Intermediary, and in no case will any Financial Asset credited to any Series 2019-1 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 2019-1 Securities Intermediary pursuant to the Series 2019-1 Supplement will be promptly credited to the appropriate Series 2019-1 Distribution Account; 
 (v)    Each item of
property (whether investment property, security, instrument or cash) credited to any Series 2019-1 Distribution Account shall be treated as a Financial Asset; 

(vi)    If at any time the Series 2019-1
Securities Intermediary shall receive any entitlement order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Series 2019-1 Distribution Accounts, the
Series 2019-1 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 2019-1
Distribution Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of all applicable UCCs, the State of New York shall be deemed to the Series
2019-1 Securities Intermediary’s jurisdiction and the Series 2019-1 Distribution Accounts (as well as the “security entitlements” (as defined in Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York; 

(viii)    The Series 2019-1 Securities
Intermediary has not entered into, and until termination of the Series 2019-1 Supplement will not enter into, any agreement with any other Person relating to the Series
2019-1 Distribution Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the New York UCC) of such other Person, and the Series 2019-1 Securities Intermediary has not entered into, and until the termination of the Series 2019-1 Supplement will not enter into, any agreement with the Co-Issuers purporting to limit or condition the obligation of the Series
2019-1 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 2019-1 Distribution Accounts, neither the Series 2019-1 Securities Intermediary nor, in the case of the Trustee, any Trust Officer
knows of any claim to, or interest in, any Series 2019-1 Distribution Account or any Financial Asset credited thereto. If the Series 2019-1 Securities Intermediary or,
in the case of the Trustee, a Trust Officer has Actual Knowledge of the assertion by any other person of any Lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against
any Series 2019-1 Distribution Account or any Financial Asset carried therein, the Series 2019-1 Securities Intermediary

  
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shall deliver prompt written notice to the Series 2019-1 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 2019-1
Distribution Accounts and in all proceeds thereof, and shall (acting at the direction of the Control Party (at the direction of the Controlling Class Representative)) be the only Person authorized to originate entitlement orders in respect of
the Series 2019-1 Distribution Accounts; provided, however, that at all other times the Co-Issuers shall be authorized to instruct the Trustee to originate
entitlement orders in respect of the Series 2019-1 Distribution Accounts. 

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 2019-1 Noteholders by their acceptance of the Series 2019-1 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 2019-1 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, either of the Series 2019-1 Class A-1 Distribution Account or the Series 2019-1 Class A-2 Distribution
Account shall cease to be an Eligible Account (each, a “Series 2019-1 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 Eligible Account
in substitution for such Series 2019-1 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 2019-1 Ineligible Account into such new Eligible Account and (C) pledge, or cause to be pledged, such new Eligible
Account to the Trustee for the benefit of the Secured Parties and, if such new Eligible Account is not established with the Trustee, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably
acceptable to the Control Party and the Trustee. 
 ARTICLE IV 

FORM OF SERIES 2019-1 NOTES 

Section 4.1    Issuance of Series 2019-1
Class A-1 Notes. 
 (a)    The Series 2019-1 Class A-1 Advance 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 2019-1 Class A-1 Noteholders
(other than the Series 2019-1 Class A-1 Subfacility Noteholders) pursuant to and in accordance with the Series 2019-1 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 the Series 2019-1 Supplement and the Series 2019-1 Class A-1 Note Purchase Agreement, the Series 2019-1 Class A-1 Advance Notes will not be permitted to be

  
 19 

 
transferred, assigned, exchanged or otherwise pledged or conveyed by such Series 2019-1 Class A-1 Noteholders.
The Series 2019-1 Class A-1 Advance Notes shall bear a face amount equal in the aggregate to up to the Series 2019-1 Class A-1 Notes Maximum Principal Amount as of the Series 2019-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the
Series 2019-1 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 2019-1 Class A-1 Outstanding Principal Amount such that, subject to Section 4.1(d), the principal amount of the
Series 2019-1 Class A-1 Advance Notes that are Outstanding accurately reflects all such Increases and Decreases. 

(b)    The Series 2019-1
Class A-1 Swingline 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 the Series 2019-1 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 the Series 2019-1 Supplement and the Series 2019-1 Class A-1 Note Purchase Agreement, the Series 2019-1 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 2019-1 Class A-1 Swingline Note shall bear a face amount equal in the
aggregate to up to the Swingline Commitment as of the Series 2019-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series
2019-1 Class A-1 Initial Swingline Principal Amount pursuant to Section 2.1(b)(i). The Series
2019-1 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 2019-1 Class A-1 Swingline Notes that is Outstanding accurately reflects all
such Subfacility Increases and Subfacility Decreases. 
 (c)    The Series 2019-1 Class A-1 L/C 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 the Series 2019-1 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 the Series 2019-1 Supplement and the Series 2019-1 Class A-1 Note Purchase Agreement, the Series 2019-1 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 2019-1 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 2019-1 Closing Date, and shall be initially issued in an aggregate amount equal to the Series 2019-1
Class A-1 Initial Aggregate Undrawn L/C Face Amount pursuant to Section 2.1(b)(ii). The Series 2019-1
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 2019-1 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 2019-1 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. 

  
 20 

 (d)    For the avoidance of doubt, notwithstanding that
the aggregate face amount of the Series 2019-1 Class A-1 Notes will exceed the Series 2019-1
Class A-1 Notes Maximum Principal Amount, at no time will the principal amount actually outstanding of the Series 2019-1
Class A-1 Advance Notes, the Series 2019-1 Class A-1 Swingline Notes and the Series
2019-1 Class A-1 L/C Notes in the aggregate exceed the Series 2019-1 Class A-1
Notes Maximum Principal Amount. 
 (e)    The Series 2019-1 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 2019-1 Class A-1 Notes, as evidenced by their execution of the Series 2019-1 Class A-1 Notes. The Series 2019-1 Class A-1 Notes may be produced in any
manner, all as determined by the Authorized Officers executing such Series 2019-1 Class A-1 Notes, as evidenced by their execution of such Series 2019-1 Class A-1 Notes. The initial sale of the Series 2019-1 Class A-1 Notes is
limited to Persons who have executed the Series 2019-1 Class A-1 Note Purchase Agreement. The Series 2019-1 Class A-1 Notes may be resold only to the Co-Issuers, their Affiliates, and Persons who are not Competitors (except that Series
2019-1 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 2019-1 Class A-1 Note Purchase Agreement. 

Section 4.2    Issuance of Series 2019-1
Class A-2 Notes. 
 (a)    The Series 2019-1 Class A-2-I Notes and the Series 2019-1 Class A-2-II Notes may be offered and sold in the applicable Series 2019-1 Class A-2 Initial Principal Amount on the
Series 2019-1 Closing Date by the Co-Issuers pursuant to the Series 2019-1 Class A-2
Note Purchase Agreement. The Series 2019-1 Class A-2 Notes will be resold initially only to the Co-Issuers or their
Affiliates or (A) in the United States, to Persons who are not Competitors and who are QIBs purchasing for their own account or the account of one or more other Persons, each of which is a QIB, in reliance on Rule 144A and (B) outside the
United States, to Persons who are not Competitors and who are not a U.S. person (as defined in Regulation S) (a “U.S. Person”) in reliance on Regulation S, purchasing for their own account or the account of one or more other
Persons, each of which is a non-U.S. Person. The Series 2019-1 Class A-2 Notes may thereafter be transferred in reliance on
Rule 144A and/or Regulation S and in accordance with the procedure described herein. The Series 2019-1 Class A-2 Notes will be Book-Entry Notes and DTC will be the
Depository for the Series 2019-1 Class A-2 Notes. The Applicable Procedures shall be applicable to transfers of beneficial interests in the Series 2019-1 Class A-2 Notes. The Series 2019-1 Class A-2 Notes shall be issued in minimum
denominations of $50,000 and integral multiples of $1,000 in excess thereof. 
 (b)    Global
Notes. 
 (i)    Rule 144A Global Notes. The Series 2019-1 Class A-2 Notes offered and sold in their initial distribution in reliance upon Rule 144A will be issued in the form of one or more global notes in fully
registered form, without coupons, substantially in the form set forth in Exhibit A-2-1 hereto, registered in the name of Cede & Co.
(“Cede”), as nominee of DTC, and deposited with the Trustee, as custodian for DTC 

  
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(collectively, for purposes of this Section 4.2 and Section 4.4, the “Rule 144A Global Notes”). The aggregate initial
principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate initial
principal amount of the corresponding class of Temporary Regulation S Global Notes or Permanent Regulation S Global Notes, as hereinafter provided. 

(ii)    Temporary Regulation S Global Notes and Permanent Regulation S Global
Notes. Any Series 2019-1 Class A-2 Notes offered and sold on the Series 2019-1 Closing Date in reliance upon Regulation
S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth in Exhibit A-2-2 hereto,
registered in the name of Cede, as nominee of DTC, and deposited with the Trustee, as custodian for DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear or Clearstream. Until such time as the
Restricted Period shall have terminated with respect to any Series 2019-1 Class A-2 Note, such Series 2019-1 Class A-2 Notes shall be referred to herein collectively, for purposes of this Section 4.2 and Section 4.4, as the “Temporary Regulation S Global
Notes.” After such time as the Restricted Period shall have terminated, the Temporary Regulation S Global Notes shall be exchangeable, in whole or in part, for interests in one or more permanent global notes in registered form without
interest coupons, substantially in the form set forth in Exhibit A-2-3 hereto, as hereinafter provided (collectively, for purposes of this
Section 4.2 and Section 4.4, the “Permanent Regulation S Global Notes”). The aggregate principal amount of the Temporary Regulation S Global Notes or the Permanent Regulation S
Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding Rule
144A Global Notes, as hereinafter provided. 
 (c)    Definitive Notes. The Series 2019-1 Global Notes shall be exchangeable in their entirety for one or more definitive notes in registered form, without interest coupons (collectively, for purposes of this Section 4.2 and
Section 4.4, the “Definitive Notes”) pursuant to Section 2.13 of the Base Indenture and this Section 4.2(c) in accordance with their terms and, upon
complete exchange thereof, such Series 2019-1 Global Notes shall be surrendered for cancellation at the applicable Corporate Trust Office. 

Section 4.3    Transfer Restrictions of Series 2019-1
Class A-1 Notes. 
 (a)    Subject to
the terms of the Indenture and the Series 2019-1 Class A-1 Note Purchase Agreement, the holder of any Series 2019-1 Class A-1 Advance Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination, by surrendering such Series 2019-1 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 

  
 22 

 
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 2019-1 Class A-1 Advance Note transfers, in whole or in part, its interest in any Series 2019-1 Class A-1 Advance Note pursuant to (i) an Assignment and Assumption Agreement substantially in the form of Exhibit B to the Series 2019-1 Class A-1 Note Purchase Agreement or (ii) an Investor Group Supplement substantially in the form of Exhibit C to the Series 2019-1 Class A-1 Note Purchase Agreement, then such Series 2019-1 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 2019-1 Class A-1 Advance Note.
In exchange for any Series 2019-1 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 2019-1 Class A-1 Advance Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series 2019-1 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 2019-1 Class A-1 Notes for the aggregate principal amount that was not transferred. No transfer of any Series 2019-1 Class A-1
Advance Note shall be made unless the request for such transfer is made by the Series 2019-1 Class A-1 Noteholder at such office. 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 2019-1 Class A-1 Advance Notes, the Trustee shall recognize the holders of such Series 2019-1 Class A-1 Advance Note as Series 2019-1 Class A-1 Noteholders. 

(b)    Subject to the terms of the Indenture and the Series
2019-1 Class A-1 Note Purchase Agreement, the Swingline Lender may transfer the Series 2019-1
Class A-1 Swingline Notes in whole but not in part by surrendering such Series 2019-1 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 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(d) of the Series 2019-1 Class A-1 Note Purchase Agreement. In exchange for any Series
2019-1 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 2019-1 Class A-1 Swingline Note for the same aggregate principal amount as was transferred. No transfer of any Series 2019-1 Class A-1 Swingline Note shall be made unless the request for such transfer is made by the Swingline Lender at such office. 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 2019-1 Class A-1 Swingline Note, the Trustee shall recognize the holder of such Series 2019-1 Class A-1 Swingline Note as a Series 2019-1 Class A-1 Noteholder. 

  
 23 

 (c)    Subject to the terms of the Indenture and the
Series 2019-1 Class A-1 Note Purchase Agreement, an L/C Provider may transfer any Series 2019-1 Class A-1 L/C Note in whole or in part, in an amount equivalent to an authorized denomination, by surrendering such Series 2019-1
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 Class A-1 Note Purchase Agreement. In exchange for any Series
2019-1 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 2019-1 Class A-1 L/C Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series
2019-1 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 2019-1
Class A-1 L/C Notes for the aggregate principal amount that was not transferred. No transfer of any Series 2019-1
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. 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 2019-1 Class A-1 L/C Note, the Trustee shall recognize the holder of such Series 2019-1 Class A-1 L/C Note as a Series 2019-1 Class A-1 Noteholder. 

(d)    Each Series 2019-1
Class A-1 Note shall bear the following legend: 
 THE ISSUANCE AND SALE OF
THIS SERIES 2019-1 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 2019-1 CLASS A-1 NOTE PURCHASE AGREEMENT, DATED AS OF JUNE 5, 2019 (AS AMENDED, SUPPLEMENTED OR MODIFIED, THE “SERIES 2019-1 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 BARCLAYS
BANK PLC, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

  
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 The required legend set forth above shall not be removed from the Series 2019-1 Class A-1 Notes except as provided herein. 

Section 4.4    Transfer Restrictions of Series 2019-1
Class A-2 Notes. 
 (a)    A Series 2019-1 Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any
such other Person may be registered; provided, however, that this Section 4.4(a) shall not prohibit any transfer of a Series 2019-1
Class A-2 Note that is issued in exchange for a Series 2019-1 Global Note in accordance with Section 2.8 of the Base Indenture and shall
not prohibit any transfer of a beneficial interest in a Series 2019-1 Global Note effected in accordance with the other provisions of this Section 4.4. 

(b)    The transfer by a Series 2019-1 Note Owner holding a
beneficial interest in a Class A-2 Note in the form of a Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note shall be
made upon the deemed representation of the transferee that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB and not a Competitor, and is aware
that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Co-Issuers as such transferee has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

(c)    If a Series 2019-1 Note Owner holding a beneficial
interest in a Class A-2 Note in the form of a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the Temporary Regulation S Global Note, or
to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Temporary Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in
accordance with the provisions of this Section 4.4(c). Upon receipt by the Note Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a
Clearing Agency Participant directing the Note Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest in the Temporary Regulation S Global Note, in a principal amount equal to that
of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant
(and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in
Exhibit B-2 hereto given by the Series 2019-1 Class A-2 Note Owner holding such beneficial interest in such Rule 144A
Global Note, the Note Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of the Rule 144A Global Note, and to increase the principal amount of the Temporary Regulation S Global Note, by the principal amount of
the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear
or Clearstream or both, as the case may be) a beneficial interest in the Temporary Regulation S Global Note having a principal amount 

  
 25 

 
equal to the amount by which the principal amount of such Rule 144A Global Note was reduced upon such exchange or transfer. 

(d)    If a Series 2019-1
Class A-2 Note Owner holding a beneficial interest in a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the Permanent Regulation S Global
Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Permanent Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only
in accordance with the provisions of this Section 4.4(d). Upon receipt by the Note Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance with the Applicable Procedures
from a Clearing Agency Participant directing the Note Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest in the Permanent Regulation S Global Note in a principal amount equal
to that of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency
Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form of
Exhibit B-3 hereto given by the Series 2019-1 Class A-2 Note Owner holding such beneficial interest in such Rule 144A
Global Note, the Note Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Rule 144A Global Note, and to increase the principal amount of the Permanent Regulation S Global Note, by the principal amount of
the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear
or Clearstream or both, as the case may be) a beneficial interest in the Permanent Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such Rule 144A Global Note was reduced upon such exchange or
transfer. 
 (e)    If a Series 2019-1 Class A-2 Note Owner holding a beneficial interest in a Temporary Regulation S Global Note or a Permanent Regulation S Global Note wishes at any time to exchange its interest in such Temporary Regulation S
Global Note or such Permanent Regulation S Global Note for an interest in the Rule 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note, such
exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.4(e). Upon receipt by the Note Registrar, at the applicable Corporate Trust Office, of
(i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Note Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial
interest in the Rule 144A Global Note in a principal amount equal to that of the beneficial interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, to be so exchanged or transferred,
(ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the
account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) with respect to a transfer of a beneficial interest in such Temporary Regulation S Global Note (but not such Permanent Regulation S Global Note), a
certificate in substantially the form set forth in Exhibit B-4 hereto given by such Series 2019-1 Class A-2 Note
Owner holding such beneficial 

  
 26 

 
interest in such Temporary Regulation S Global Note, the Note Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Temporary Regulation S Global Note
or such Permanent Regulation S Global Note, as the case may be, and to increase the principal amount of the Rule 144A Global Note, by the principal amount of the beneficial interest in such Temporary Regulation S Global Note or such Permanent
Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in the Rule
144A Global Note having a principal amount equal to the amount by which the principal amount of such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, was reduced upon such exchange or transfer. 

(f)    In the event that a Series 2019-1 Global Note or any
portion thereof is exchanged for Series 2019-1 Class A-2 Notes other than Series 2019-1 Global Notes, such other Series 2019-1 Class A-2 Notes may in turn be exchanged (upon transfer or otherwise) for Series 2019-1
Class A-2 Notes that are not Series 2019-1 Global Notes or for a beneficial interest in a Series 2019-1 Global Note (if any
is then outstanding) only in accordance with such procedures as may be adopted from time to time by the Co-Issuers and the Note Registrar, which shall be substantially consistent with the provisions of
Section 4.4(a) through Section 4.4(e) and Section 4.4(g) (including the certification requirement intended to ensure that transfers and exchanges of beneficial interests
in a Series 2019-1 Global Note comply with Rule 144A or Regulation S under the 1933 Act, as the case may be) and any Applicable Procedures. 

(g)    Until the termination of the Restricted Period with respect to any Series 2019-1 Class A-2 Note, interests in the Temporary Regulation S Global Notes representing such Series 2019-1 Class A-2 Note may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and Clearstream; provided that this Section 4.4(g) shall not prohibit
any transfer in accordance with Section 4.4(d). After the expiration of the applicable Restricted Period, interests in the Permanent Regulation S Global Notes may be transferred without requiring any certifications other
than those set forth in this Section 4.4. 
 (h)    The Series 2019-1 Class A-2 Notes Rule 144A Global Notes, the Series 2019-1 Class A-2 Notes
Temporary Regulation S Global Notes and the Series 2019-1 Class A-2 Notes Permanent Regulation S Global Notes shall bear the following legend: 

THE ISSUANCE AND SALE OF THIS SERIES 2019-1 CLASS
A-2 NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER
RELEVANT JURISDICTION, AND APPLEBEE’S FUNDING LLC AND IHOP FUNDING LLC (EACH A “CO-ISSUER” AND COLLECTIVELY, THE “CO-ISSUERS”)
HAVE NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CO-ISSUERS OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (“RULE
144A”), ACTING FOR ITS OWN ACCOUNT OR ONE OR 

  
 27 

 
MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS NOT A “U.S.
PERSON” AS DEFINED IN REGULATION S UNDER THE 1933 ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION, NONE OF WHICH ARE A U.S. PERSON,
IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES
AND ANY OTHER RELEVANT JURISDICTION. 
 BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (IF NOT THE CO-ISSUERS OR AN AFFILIATE OF THE CO-ISSUERS) REPRESENTS THAT (A) IT IS NOT A COMPETITOR AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A OR (Y) NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT IS NOT A COMPETITOR AND IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PERSON WHICH IS EITHER (X) A QUALIFIED
INSTITUTIONAL BUYER OR (Y) NOT A U.S. PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION, (C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION OF
NOTES, (D) IT UNDERSTANDS THAT THE CO-ISSUERS MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR MORE BOOK-ENTRY DEPOSITORIES AND (E) IT WILL PROVIDE NOTICE OF THE TRANSFER
RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES. 
 EACH PERSON (IF NOT THE CO-ISSUERS OR
AN AFFILIATE OF THE CO-ISSUERS) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH PERSON
TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A [TEMPORARY REGULATION S GLOBAL NOTE] [RULE 144A GLOBAL NOTE] OR [PERMANENT REGULATION S GLOBAL NOTE] WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE
FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. 

ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT
OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY; PROVIDED, HOWEVER, THAT THE PRECEDING
PORTION OF THIS SENTENCE SHALL NOT 

  
 28 

 
OPERATE TO INVALIDATE ANY OTHERWISE BONA FIDE TRANSFER TO AN ELIGIBLE TRANSFEREE WHERE A PREVIOUS ERRONEOUSLY REGISTERED TRANSFEROR IN THE CHAIN OF TITLE OF SUCH TRANSFEREE WOULD HAVE BEEN
INELIGIBLE SOLELY ON ACCOUNT OF BEING A COMPETITOR. 
 IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS
DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER
WHO IS NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR.

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

BY ACCEPTING THIS NOTE, EACH PURCHASER COVENANTS THAT IT WILL NOT AT ANY TIME PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND
ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE LATEST MATURING NOTE, INSTITUTE AGAINST, OR JOIN WITH ANY OTHER PERSON IN INSTITUTING AGAINST, ANY SECURITIZATION ENTITY ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION
PROCEEDINGS, OR OTHER PROCEEDINGS, UNDER ANY FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW. 
 (i)    The
Series 2019-1 Class A-2 Notes Temporary Regulation S Global Notes shall also bear the following legend: 

UNTIL FORTY (40) DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION
WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE,
ACKNOWLEDGES THAT SUCH HOLDER IS EITHER NOT A “U.S. PERSON” OR THE CO-ISSUERS OR AN AFFILIATE OF THE CO-ISSUERS, AND THAT THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE 1933 ACT, AND AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A HOLDER THAT IS NOT A “U.S. PERSON” OR TO THE CO-ISSUERS OR AN AFFILIATE OF THE CO-ISSUERS AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE LAWS OF THE 

  
 29 

 
STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE 1933 ACT. 

(j)    The Series 2019-1 Global Notes issued in connection with
the Series 2019-1 Class A-2 Notes shall bear the following legend: 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10041, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE CO-ISSUERS OR THE NOTE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO.,
HAS AN INTEREST HEREIN. 
 (k)    The required legends set forth above shall not be removed from the
applicable Series 2019-1 Class A-2 Notes except as provided herein. The legend required for a Series 2019-1 Class A-2 Notes Rule 144A Global Note may be removed from such Series 2019-1 Class A-2 Notes Rule 144A Global Note if there
is delivered to the Co-Issuers and the Note Registrar such satisfactory evidence, which may include an Opinion of Counsel, as may be reasonably required by the
Co-Issuers that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Series 2019-1 Class A-2 Notes Rule 144A Global Note will not violate the registration requirements of the 1933 Act. Upon provision of such satisfactory evidence, the Trustee at the direction of the Co-Issuers (or the Manager, on their behalf), shall authenticate and deliver in exchange for such Series 2019-1 Class A-2 Notes
Rule 144A Global Note a Series 2019-1 Class A-2 Note or Series 2019-1 Class A-2
Notes having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Series 2019-1 Class A-2 Notes Rule 144A Global Note
has been removed from a Series 2019-1 Class A-2 Note as provided above, no other Series 2019-1 Class A-2 Note issued in exchange for all or any part of such Series 2019-1 Class A-2 Note shall bear such legend, unless the
Co-Issuers have reasonable cause to believe that such other Series 2019-1 Class A-2 Note is a “restricted
security” within the meaning of Rule 144 under the 1933 Act and instructs the Trustee to cause a legend to appear thereon. 

  
 30 

 Section 4.5    Note Owner Representations and
Warranties. Each Person who becomes a Note Owner of a beneficial interest in a Series 2019-1 Note pursuant to the Offering Memorandum will be deemed to represent, warrant and agree on the date such Person
acquires any interest in any Series 2019-1 Note as follows: 

(a)    With respect to any sale of Series 2019-1 Notes pursuant
to Rule 144A, it is a QIB pursuant to Rule 144A, and is aware that any sale of Series 2019-1 Notes to it will be made in reliance on Rule 144A. Its acquisition of Series
2019-1 Notes in any such sale will be for its own account or for the account of another QIB. 

(b)    With respect to any sale of Series 2019-1 Notes pursuant
to Regulation S, at the time the buy order for such Series 2019-1 Notes was originated, it was outside the United States and the offer was made to a Person who is not a U.S. Person, and was not purchasing for
the account or benefit of a U.S. Person. 
 (c)    It will, and each account for which it is purchasing
will, hold and transfer at least the minimum denomination of Series 2019-1 Notes. 

(d)    It understands that the Co-Issuers, the Manager and the
Servicer may receive a list of participants holding positions in the Series 2019-1 Notes from one or more book-entry depositories. 

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

(f)    It will provide to each person to whom it transfers Series
2019-1 Notes notices of any restrictions on transfer of such Series 2019-1 Notes. 

(g)    It understands that (i) the Series 2019-1 Notes are
being offered in a transaction not involving any public offering in the United States within the meaning of the 1933 Act, (ii) the Series 2019-1 Notes have not been registered under the 1933 Act,
(iii) such Series 2019-1 Notes may be offered, resold, pledged or otherwise transferred only to (a) in the United States, Persons who are not Competitors and who are QIBs, purchasing for their own
account or the account of one or more other Persons, each of which is a QIB, (b) outside the United States, Persons who are not Competitors and who are not “U.S. Persons” in offshore transactions in reliance on Regulation S under the
1933 Act, purchasing for their own account or the account of one or more other Persons, each of which is a non-U.S. Person, or (c) the Co-Issuers or an Affiliate of
the Co-Issuers, in each case, in accordance with any applicable securities laws of any state of the United States and any other relevant jurisdiction, and (iv) it will, and each subsequent holder of a
Series 2019-1 Note is required to, notify any subsequent purchaser of a Series 2019-1 Note of the resale restrictions set forth in clause (iii) above. 

(h)    It understands that the certificates evidencing the Rule 144A Global Notes will bear legends
substantially similar to those set forth in Sections 4.4(h) and Section 4.4(j). 

  
 31 

 (i)    It understands that the certificates evidencing
the Temporary Regulation S Global Notes will bear legends substantially similar to those set forth in Sections 4.4(h) and Section 4.4(j), as applicable. 

(j)    It understands that the certificates evidencing the Permanent Regulation S Global Notes will bear
legends substantially similar to those set forth in Sections 4.4(h) and Section 4.4(j), as applicable. 

(k)    Either (i) it is not acquiring or holding the Series
2019-1 Notes (or any interest therein) for or on behalf of, or with the assets of, Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar
Law or (ii) its acquisition, holding and disposition of the Series 2019-1 Notes (or any interest therein) will not constitute or result in a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or, in the case of a governmental, church, non-U.S. or other plan, a non-exempt violation
under any Similar Law. 
 (l)    It understands that any subsequent transfer of the Series 2019-1 Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and it agrees to be bound by, and not to resell, pledge or otherwise transfer the Series 2019-1 Notes or any interest therein except in compliance with, such restrictions and conditions and the 1933 Act. 

(m)    It is not a Competitor. 

Section 4.6    Limitation on Liability. None of the
Co-Issuers, the Manager, the Trustee or any Paying Agent or any of their respective Affiliates shall have any responsibility or liability with respect to (i) any aspects of the records maintained by DTC
or its nominee or any of the Agent Members relating to or for payments made thereby on account of beneficial interests in a Rule l44A Global Note or a Regulation S Global Note or (ii) any records maintained by the Noteholder with respect to the
beneficial holders thereof or payments made thereby on account of beneficial interests held therein. 
 ARTICLE V 

GENERAL 

Section 5.1    Information. On or before each Quarterly Payment Date, the Co-Issuers shall furnish, or cause to be furnished, a Quarterly Noteholders’ Report with respect to the Series 2019-1 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 2019-1 Noteholders on such Quarterly Payment Date; 

(ii)    the amount of such distribution allocable to the payment of interest on each
Class and Tranche of the Series 2019-1 Notes; 

(iii)    the amount of such distribution allocable to the payment of principal of each
Class and Tranche of the Series 2019-1 Notes; 

  
 32 

 (iv)    the amount of such distribution
allocable to the payment of any Series 2019-1 Class A-2 Make-Whole Prepayment Consideration or Series 2019-1 Class A-2-II Call Redemption Premium, if any, on the Series 2019-1 Class A-2 Notes;

 (v)    the amount of such distribution allocable to the payment of any fees or other
amounts due to the Series 2019-1 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, 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) as of the close of business on the last Business Day of the preceding Quarterly Collection Period. 

Any Series 2019-1 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 the Series 2019-1 Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by the Series 2019-1 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. 

Section 5.5    Counterparts. The Series 2019-1
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. 

  
 33 

 Section 5.6    Governing Law. THE SERIES
2019-1 SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

Section 5.7    Amendments. The Series 2019-1
Supplement may not be modified or amended except in accordance with the terms of the Base Indenture. 

Section 5.8    Termination of Series Supplement; Tranche Defeasance. 

(a)    The Series 2019-1 Supplement shall cease to be of further
effect when (i) all Outstanding Series 2019-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2019-1
Notes that have been replaced or paid) to the Trustee for cancellation and all Letters of Credit have expired, have been cash collateralized in full pursuant to the terms of the Series 2019-1 Class A-1 Note Purchase Agreement or are deemed to no longer be outstanding in accordance with Section 4.04 of the Series 2019-1 Class A-1 Note Purchase Agreement, (ii) all fees and expenses and other amounts under the Series 2019-1 Class A-1 Note
Purchase Agreement have been paid in full and all Commitments have been terminated and (iii) the Co-Issuers have paid all sums payable hereunder; provided that any provisions of the Series 2019-1 Supplement required for the Series 2019-1 Final Payment to be made shall survive until the Series 2019-1 Final Payment is paid
to the Series 2019-1 Noteholders. In accordance with Section 6.1(a) of the Base Indenture, the final principal payment due on each Series
2019-1 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. 

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

Section 5.9    Entire Agreement. The Series 2019-1
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. 

[Signature Pages Follow] 

  
 34 

 IN WITNESS WHEREOF, each of the
Co-Issuers, the Trustee and the Series 2019-1 Securities Intermediary have caused the Series 2019-1 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/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer
	
	IHOP FUNDING LLC, as Co-Issuer
		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer

  
 Dine Brands – Series
2019-1 Supplement to the Base Indenture 

  

			
	 CITIBANK, N.A., in its capacity as Trustee and as Series 2019-1 Securities Intermediary

		
	 By:
	 	 /s/ Jacqueline Suarez

		 	 Name: Jacqueline Suarez

		 	 Title: Senior Trust Officer

  
 Dine Brands – Series
2019-1 Supplement to the Base Indenture 

 CONSENT OF CONTROL PARTY AND SERVICER: 

Midland Loan Services, a division of PNC Bank, National Association, as Control Party and as Servicer, hereby consents to the execution and
delivery of this Series Supplement by the parties hereto, and as Control Party hereby directs the Trustee to execute and deliver this Series Supplement. 

MIDLAND LOAN SERVICES, 
 a
division of PNC Bank, National Association 
  

			
	 By:
	 	 /s/ David A. Eckels

		 	 Name: David A. Eckels

		 	 Title: Senior Vice President

  
 Dine Brands – Series
2019-1 Supplement to the Base Indenture 

 ANNEX A 

SERIES 2019-1 

SUPPLEMENTAL DEFINITIONS LIST 

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

“Acquiring Committed Note Purchaser” has the meaning set forth in Section 9.17(a)
of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Acquiring Investor Group” has the meaning set forth in Section 9.17(c) of the
Series 2019-1 Class A-1 Note Purchase Agreement. 

“Administrative Agent Fees” has the meaning set forth in the Series
2019-1 Class A-1 VFN Fee Letter. 

“Advance Request” has the meaning set forth in Section 7.03(d) of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Affected Person” has the meaning set forth in Section 3.05 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

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

“Aggregate Unpaids” has the meaning set forth in Section 5.01 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Application” has the meaning set forth in Section 2.07(c) of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Assignment and Assumption Agreement” has the meaning set forth in Section 9.17(a)
of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Base Rate” means, for purposes of the Series 2019-1 Class A-1 Notes, on any day, a rate per annum equal to the sum of (a) 1.15% plus (b) the greater of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Rate in effect on such day
plus 0.50% and (iii) the Eurodollar Funding Rate (Reserve Adjusted) for a Eurodollar Interest Accrual Period with a maturity of one month as in effect on such day plus 1.00%; provided that any change in the Base Rate due to a change in
the Prime Rate or the Federal Funds Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Rate, respectively; provided, further, that changes in any rate of
interest calculated by reference to the Base Rate shall take effect simultaneously with each change in the Base Rate. 

“Base Rate Advance” means a Series 2019-1 Class A-1 Advance that bears interest at the Base Rate during such time as it bears interest at such rate, as provided in the Series 2019-1
Class A-1 Note Purchase Agreement. 

  

 “Breakage Amount” has the meaning set forth in
Section 3.06 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Cede” has the meaning set forth in Section 4.2(b) of the Series 2019-1 Supplement. 
 “Change of Control” has the meaning ascribed to
such term in the Management 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 2019-1 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 2019-1 Closing Date. 
 “Class A-1 Amendment Expenses” means the amounts payable pursuant to Section 9.05(a)(ii) of the Series 2019-1
Class A-1 Note Purchase Agreement. 
 “Class A-1 Extension Fees” means the fees payable pursuant to the Series 2019-1 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 2019-1 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 2019-1 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 2019-1 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 2019-1 Class A-1 Note Purchase Agreement or (ii) increased or reduced by any Assignment and Assumption
Agreement or Investor Group Supplement entered into by such Committed Note Purchaser in accordance with the terms of the Series 2019-1 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 

  
 39 

 
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 2019-1
Class A-1 Notes Maximum Principal Amount on such date. 
 “Commitment
Term” means the period from and including the 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 2019-1 Class A-1 Note Purchase Agreement. 

“Commitment Termination Date” means the Series 2019-1 Class A-1 Notes Renewal Date (as such date may be extended pursuant to Section 3.6(b) of the Series 2019-1 Supplement). 

“Commitments” means the obligation of each Committed Note Purchaser included in each Investor Group to fund
Series 2019-1 Class A-1 Advances pursuant to Section 2.02(a) of the Series 2019-1 Class A-1 Note Purchase Agreement and to participate in Swingline Loans and Letters of Credit pursuant to Sections 2.06 and 2.08, respectively, of the Series
2019-1 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 2019-1 Class A-1 Note Purchase Agreement. 

“Committed Note Purchaser Percentage” means, on any date of determination, with respect to any Committed
Note Purchaser in any Investor Group, the ratio, expressed as a percentage, which the Commitment Amount of such Committed Note Purchaser bears to such Investor Group’s Maximum Investor Group Principal Amount on such date. 

“Conduit Assignee” means, with respect to any Conduit Investor, any commercial paper conduit, whose
Commercial Paper is rated by the Specified Rating Agency and is rated at least “A-2” from S&P and/or the equivalent rating of another “nationally-recognized statistical rating
organization” registered with the SEC, that is administered by the Funding Agent (or for which the related Program Support Provider provides liquidity support) with respect to such Conduit Investor or any Affiliate of such Funding Agent, in
each case, designated by such Funding Agent to accept an assignment from such Conduit Investor of the Investor Group Principal Amount or a portion thereof with respect to such Conduit Investor pursuant to Section 9.17(b) of
the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Conduit Investors” has the meaning set forth in the preamble to the Series
2019-1 Class A-1 Note Purchase Agreement. 

“CP Advance” means a Series 2019-1
Class A-1 Advance that bears interest at the CP Rate during such time as it bears interest at such rate, as provided in the Series 2019-1 Class A-1 Note Purchase Agreement. 

  
 40 

 “CP Funding Rate” means, with respect to each Conduit
Investor, for any day during any Interest Accrual Period, for any portion of the Series 2019-1 Class A-1 Advances funded or maintained through the issuance of
Commercial Paper by such Conduit Investor, the per annum rate equivalent to the weighted average cost (as determined by the related Funding Agent, and which shall include (without duplication) the fees and commissions of placement agents and
dealers, incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by such Conduit Investor, other borrowings by such Conduit Investor and any other costs
associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper that are allocated, in whole or in part, by such Conduit Investor or its related Funding Agent to fund or maintain such Series 2019-1 Class A-1 Advances for such Interest Accrual Period (and which may also be allocated in part to the funding of other assets of the Conduit Investor);
provided, however, that if any component of any such rate is a discount rate, in calculating the “CP Funding Rate” for such Series 2019-1
Class A-1 Advances for such Interest Accrual Period, the related Funding Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per
annum. 
 “CP Rate” means, on any day during any Interest Accrual Period, an interest rate per annum equal
to the sum of (i) the CP Funding Rate for such Interest Accrual Period plus (ii) 2.15%. 
 “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 Eurodollar Advance outstanding on such day, the result of (i) the product
of (x) the Eurodollar Rate in effect for such Interest Accrual Period and (y) the principal amount of such Series 2019-1 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 2019-1
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 2019-1 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 

  
 41 

 (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 2019-1 Class A-1 Notes Renewal Date,
the sum of (a) the result of (i) the product of (x) the Series 2019-1 Class A-1 Post-Renewal Date Additional Interest Rate and (y) the Series 2019-1 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 2019-1 Class A-1 Post-Renewal Date Additional Interest Rate and
(y) any Base Rate Advances included in the Series 2019-1 Class A-1 Outstanding Principal Amount as of the close of business on such day divided by (ii) 365 or
366, as applicable. 
 “Decrease” means a Mandatory Decrease or a Voluntary Decrease, as applicable. 

“Defaulting Administrative Agent Event” has the meaning set forth in
Section 5.07(b) of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Defaulting Investor” means any Investor that has (a) failed to make a payment required to be made by
it under the terms of the Series 2019-1 Class A-1 Note Purchase Agreement within one Business Day of the day such payment is required to be made by such Investor
thereunder, (b) notified the Series 2019-1 Class A-1 Administrative Agent in writing that it does not intend to make any payment required to be made by it
under the terms of the Series 2019-1 Class A-1 Note Purchase Agreement within one Business Day of the day such payment is required to be made by such Investor
thereunder, (c) become the subject of an Event of Bankruptcy or (d) become the subject of a Bail-In Action (as such term is defined in Section 9.22 of the Series 2019-1 Class A-1 Note Purchase Agreement). 

“Defeased Tranche” has the meaning set forth in Section 5.8(b) of the Series 2019-1 Supplement. 
 “Definitive Notes” has the meaning set forth in
Section 4.2(c) of the Series 2019-1 Supplement. 

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

“Eligible Conduit Investor” means, at any time, any Conduit Investor whose Commercial Paper at such time is
rated by at least one of the Specified Rating Agencies and is rated at least “A-2” from S&P and/or the equivalent rating of another “nationally-recognized statistical rating
organization” registered with the SEC. 
 “Estimated Daily Commitment Fees Amount” means (a) for
any day during the first Quarterly Fiscal Period, $0 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, $0
and (b) for any day during any other Quarterly Fiscal Period, the 

  
 42 

 
average of the Daily Interest Amounts for each day during the immediately preceding Quarterly Fiscal Period. 

“Eurodollar Advance” means a Series 2019-1 Class A-1 Advance that bears interest at a rate of interest determined by reference to the Eurodollar Rate during such time as it bears interest at such rate, as provided in the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Eurodollar Business Day” means any Business Day on which dealings are also carried on in the London
interbank market and banks are open for business in London. 
 “Eurodollar Funding Rate” means, for any
Eurodollar Interest Accrual Period, the rate per annum determined by the Series 2019-1 Class A-1 Administrative Agent at approximately 11:00 a.m. (London time) on
the date that is two (2) Eurodollar Business Days prior to the beginning of such Eurodollar Interest Accrual Period on the page of the Reuters screen which displays the London interbank offered rate administered by ICE Benchmark Administration
Limited or any other Person that takes over the administration of such rate for Dollars (such page currently being the LIBOR01 page) for deposits (for delivery on the first day of such Eurodollar Interest Accrual Period) with a term for a period
equal to such Eurodollar Interest Accrual Period; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the “Eurodollar Funding Rate” shall be the rate
(rounded upward, if necessary, to the nearest one hundred-thousandth of a percentage point), determined by the Series 2019-1 Class A-1 Administrative Agent to be
the offered rate on such other page or other service which displays the rate per annum for deposits in Dollars (for delivery on the first day of such Eurodollar Interest Accrual Period) with a term equivalent to such Eurodollar Interest Accrual
Period offered by participants in the London interbank market, determined as of approximately 11:00 a.m. (London, England time) two (2) Eurodollar Business Days prior to the commencement of such Eurodollar Interest Accrual Period (unless the
Series 2019-1 Class A-1 Administrative Agent is unable to obtain such rates from such banks, in which case it will be deemed that a Eurodollar Funding Rate cannot
be ascertained for purposes of Section 3.04(a) of the Series 2019-1 Class A-1 Note Purchase Agreement). In respect of any Eurodollar
Interest Accrual Period that is less than one month in duration and if no Eurodollar Funding Rate is otherwise determinable with respect thereto in accordance with the preceding sentence of this definition, the Eurodollar Funding Rate shall be
determined through the use of straight-line interpolation by reference to two rates calculated in accordance with the preceding sentence, one of which shall be determined as if the maturity of the Dollar deposits referred to therein were the period
of time for which rates are available next shorter than the Eurodollar Interest Accrual Period and the other of which shall be determined as if such maturity were the period of time for which rates are available next longer than the Eurodollar
Interest Accrual Period. If any such rate determined pursuant to this definition of “Eurodollar Funding Rate” is below zero, the Eurodollar Funding Rate will be deemed to be zero. 

“Eurodollar Funding Rate (Reserve Adjusted)” means, for any Eurodollar Interest Accrual Period, an interest
rate per annum (rounded upward to the nearest 1/100th of 1%) determined pursuant to the following formula: 
  

											
		 	 Eurodollar Funding Rate
	  	 	=	 	 	Eurodollar Funding Rate	  	
		 	 (Reserve Adjusted)
	  				 	1.00 - Eurodollar Reserve Percentage	  	

  
 43 

 The Eurodollar Funding Rate (Reserve Adjusted) for any Eurodollar Interest
Accrual Period will be determined by the Series 2019-1 Class A-1 Administrative Agent on the basis of the Eurodollar Reserve Percentage in effect two Eurodollar
Business Days before the first day of such Eurodollar Interest Accrual Period. 
 “Eurodollar Interest Accrual
Period” means, with respect to any Eurodollar Advance, the period commencing on and including the Eurodollar Business Day such Series 2019-1 Class A-1
Advance first becomes a Eurodollar Advance in accordance with Section 3.01(b) of the Series 2019-1 Class A-1 Note Purchase Agreement and
ending on but excluding, at the election of the Co-Issuers pursuant to such Section 3.01(b), a date (i) one (1) month subsequent to such date, (ii) two (2) months subsequent
to such date, (iii) three (3) months subsequent to such date or (iv) six (6) months subsequent to such date; provided, however, that no Eurodollar Interest Accrual Period may end subsequent to the second Business Day before
the Quarterly Calculation Date occurring immediately prior to the then-current Series 2019-1 Class A-1 Notes Renewal Date and upon the occurrence and during the
continuation of any Rapid Amortization Period or any Event of Default, any Eurodollar Interest Accrual Period with respect to the Eurodollar Advances of all Investor Groups may be terminated at the end of the then-current Eurodollar Interest Accrual
Period (or, if the Class A-1 Notes have been accelerated in accordance with Section 9.2 of the Base Indenture, immediately), at the election of the Series 2019-1 Class A-1 Administrative Agent or Investor Groups holding in the aggregate more than 50% of the Eurodollar Tranche, by notice to the
Co-Issuers, the Manager, the Control Party and the Funding Agents, and upon such election the Eurodollar Advances in respect of which interest was calculated by reference to such terminated Eurodollar Interest
Accrual Period shall be converted to Base Rate Advances. 
 “Eurodollar Rate” means, on any day during any
Eurodollar Interest Accrual Period, an interest rate per annum equal to the sum of (i) the Eurodollar Funding Rate (Reserve Adjusted) for such Eurodollar Interest Accrual Period plus (ii) 2.15%. 

“Eurodollar Reserve Percentage” means, for any Eurodollar Interest Accrual Period, the reserve percentage
(expressed as a decimal) equal to the maximum aggregate reserve requirements (including all basic, emergency, supplemental, marginal and other reserves and taking into account any transitional adjustments or other scheduled changes in reserve
requirements) specified under regulations issued from time to time by the F.R.S. Board and then applicable to liabilities or assets constituting “Eurocurrency Liabilities,” as currently defined in Regulation D of the F.R.S. Board, having a
term approximately equal or comparable to such Eurodollar Interest Accrual Period. 
 “Eurodollar Tranche”
means any portion of the Series 2019-1 Class A-1 Outstanding Principal Amount funded or maintained with Eurodollar Advances. 

“Federal Funds Rate” means, for any specified period, a fluctuating interest rate per annum equal for each
day during such period to the weighted average of the overnight federal funds rates as published in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Series
2019-1 Class A-1 Administrative Agent (or, if such day is not a Business Day, for the next preceding Business Day), or if, for any reason, such rate is not
available on any day, the rate determined, in the reasonable opinion of the Series 2019-1 Class 

  
 44 

 
A-1 Administrative Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. (New York
City time). 
 “F.R.S. Board” means the Board of Governors of the Federal Reserve System. 

“Funding Agent” has the meaning set forth in the preamble to the Series
2019-1 Class A-1 Note Purchase Agreement. 

“Increase” has the meaning set forth in Section 2.1(a) of the Series 2019-1 Supplement. 
 “Increased Capital Costs” has the meaning set
forth in Section 3.07 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Increased Costs” has the meaning set forth in Section 3.05 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Increased Tax Costs” has the meaning set forth in Section 3.08 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Initial Purchasers” means Barclays Capital Inc. and Credit Suisse Securities (USA) LLC. 

“Initial Quarterly Payment Date” means September 5, 2019. 

“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 Investor on Schedule I to the Series 2019-1 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 2019-1 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
2019-1 Class A-1 Noteholder for such Investor Group). 

  
 45 

 “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 2019-1 Closing Date, an amount equal to (i) such Investor Group’s Commitment Percentage of the Series 2019-1
Class A-1 Initial Advance Principal Amount plus (ii) such Investor Group’s Commitment Percentage of the Series 2019-1
Class A-1 Outstanding Subfacility Amount outstanding on the Series 2019-1 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 2019-1 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 2019-1 Class A-1 Advance Notes on such date plus (iv) such Investor Group’s Commitment Percentage of the Series 2019-1 Class A-1 Outstanding Subfacility Amount outstanding on such date. 

“Investor Group Supplement” has the meaning set forth in Section 9.17(c) of the
Series 2019-1 Class A-1 Note Purchase Agreement. 

“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 2019-1 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 2019-1 Class A-1 L/C Notes held by such L/C Provider. As of
the 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 2019-1 Class A-1 Note Purchase Agreement or reduced pursuant to Section 2.05(b) of the Series 2019-1
Class A-1 Note Purchase Agreement. 
 “L/C Issuing Bank” has
the meaning set forth in Section 2.07(h) of the Series 2019-1 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. 
 “L/C Other
Reimbursement Costs” has the meaning set forth in Section 2.08(a)(ii) of the Series 2019-1 Class A-1 Note Purchase Agreement.

 “L/C Provider” means each Person in whose name a Series 2019-1 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
2019-1 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. 

  
 46 

 “L/C Quarterly Fees” has the meaning set forth in
Section 2.07(d) of the Series 2019-1 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 2019-1 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 2019-1 Class A-1 Note Purchase Agreement. 

“Make-Whole Series 2019-1
Class A-2 Prepayment” has the meaning set forth in Section 3.6(e) of the Series 2019-1 Supplement. 

“Mandatory Decrease” has the meaning set forth in Section 2.2(a) of the Series 2019-1 Supplement. 
 “Maximum Investor Group Principal Amount” means,
as to each Investor Group existing on the Series 2019-1 Closing Date, the amount set forth on Schedule I to the Series 2019-1
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 2019-1 Class A-1 Note Purchase Agreement, in each case, as such amount may be (i) reduced pursuant to Section 2.05 of the Series 2019-1 Class A-1 Note Purchase Agreement or (ii) increased or reduced 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 2019-1 Class A-1 Note Purchase Agreement. 

“Offering Memorandum” means the Offering Memorandum for the offering of the Series 2019-1 Class A-2 Notes, dated May 28, 2019, prepared by the Co-Issuers. 

“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 2019-1 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. 

“Permanent Regulation S Global Notes” has the meaning set forth in Sections 4.2(b) of the Series 2019-1 Supplement. 

  
 47 

 “Prepayment Consideration End Date” has the meaning set
forth in the definition of Series 2019-1 Class A-2 Make-Whole Prepayment Consideration. 

“Prepayment Notice” has the meaning set forth in Section 3.6(g) of the Series 2019-1 Supplement. 
 “Prepayment Record Date” means, with respect to
the date of any Series 2019-1 Prepayment, the last day of the calendar month immediately preceding the date of such Series 2019-1 Prepayment unless such last day is less
than ten (10) Business Days prior to the date of such Series 2019-1 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 2019-1 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 2019-1
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 2019-1 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 2019-1 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. 
 “Qualified Institutional Buyer” or “QIB” means a
Person who is a “qualified institutional buyer” as defined in Rule 144A. 
 “Rating Agency”
means S&P, and any successor or successors thereto. In the event that at any time the rating agencies rating the Series 2019-1 Notes do not include S&P, references to rating categories of such former
Rating Agency in the Series 2019-1 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 2019-1 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.

 “Reference Payment Date” has the meaning set forth in the definition of “Series 2019-1 Class A-2 Non-Amortization Test.” 

  
 48 

 “Regulation S” means Regulation S promulgated under the
1933 Act. 
 “Regulation S Global Notes” means, collectively, the Temporary Regulation S Global Notes and
the Permanent Regulation S Global Notes. 
 “Reimbursement Obligation” means the obligation of the Co-Issuers to reimburse the L/C Provider pursuant to Section 2.08 of the Series 2019-1 Class A-1 Note
Purchase Agreement for amounts drawn under Letters of Credit. 
 “Restricted Period” means, with respect
to any Series 2019-1 Class A-2 Notes sold pursuant to Regulation S, the period commencing on such Series 2019-1 Closing Date
and ending on the 40th day after the Series 2019-1 Closing Date. 
 “Rule
144A” means Rule 144A promulgated under the 1933 Act. 
 “Rule 144A Global Notes” has the meaning
set forth in Section 4.2(b) of the Series 2019-1 Supplement. 

“Sale Notice” has the meaning set forth in Section 9.18(b) of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Series 2019-1 Anticipated Repayment Date” has the meaning set forth
in Section 3.6(b) of the Series 2019-1 Supplement. For purposes of the Base Indenture, the “Series 2019-1 Anticipated Repayment Date”
shall be deemed to be a “Series Anticipated Repayment Date”. 
 “Series
2019-1 Class A-1 Administrative Agent” has the meaning set forth in the preamble to the Series 2019-1
Class A-1 Note Purchase Agreement. For purposes of the Base Indenture, the “Series 2019-1 Class A-1 Administrative
Agent” shall be deemed to be a “Class A-1 Administrative Agent.” 

“Series 2019-1
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 2019-1 Class A-1 Notes Renewal Date, the amount of any Class A-1 Extension Fees due and payable on such Quarterly Payment Date. For purposes of the Base Indenture, the
“Series 2019-1 Class A-1 Administrative Expenses” shall be deemed to be “Class A-1 Notes Administrative
Expenses.” 
 “Series 2019-1 Class A-1 Advance” has the meaning set forth in the recitals to the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Series 2019-1
Class A-1 Advance Notes” has the meaning set forth in the “Designation” in the Series 2019-1 Supplement. 

“Series 2019-1
Class A-1 Advance Request” has the meaning set forth under “Advance Request” in this Annex A. 

  
 49 

 “Series 2019-1
Class A-1 Allocated Payment Reduction Amount” has the meaning set forth in Section 2.05(b)(iv) of the Series 2019-1
Class A-1 Note Purchase Agreement. 
 “Series 2019-1 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
2019-1 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 2019-1 Class A-1 Commitment Fees Amount” shall be deed to be a “Class A-1 Commitment Fees Amount.” 
 “Series 2019-1 Class A-1 Distribution Account” means account no. 12285400 entitled “Citibank, N.A. f/b/o IHOP Funding LLC, Series 2019-1 - Series 2019-1 Distribution Account” maintained by the Trustee pursuant to Section 3.7(a) of the Series
2019-1 Supplement or any successor securities account maintained pursuant to Section 3.7(a) of the Series 2019-1 Supplement. 

“Series 2019-1
Class A-1 Distribution Account Collateral” has the meaning set forth in Section 3.7(b) of the Series 2019-1
Supplement. 
 “Series 2019-1 Class A-1 Excess Principal Event” shall be deemed to have occurred if, on any date, the Series 2019-1 Class A-1
Outstanding Principal Amount exceeds the Series 2019-1 Class A-1 Notes Maximum Principal Amount. 

“Series 2019-1
Class A-1 Initial Advance” has the meaning set forth in Section 2.1(a) of the Series 2019-1 Supplement. 

“Series 2019-1
Class A-1 Initial Advance Principal Amount” means the aggregate initial outstanding principal amount of the Series 2019-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2019-1 Class A-1 Initial Advances made on the
Series 2019-1 Closing Date pursuant to Section 2.1(a) of the Series 2019-1 Supplement, which is $0. 

“Series 2019-1
Class A-1 Initial Aggregate Undrawn L/C Face Amount” means the aggregate initial outstanding principal amount of the Series 2019-1 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 2019-1 Closing Date pursuant
to Section 2.07 of the Series 2019-1 Class A-1 Note Purchase Agreement, which is $2,170,935.80. 

“Series 2019-1
Class A-1 Initial Swingline Loan” has the meaning set forth in Section 2.1(b) of the Series 2019-1 Supplement. 

“Series 2019-1
Class A-1 Initial Swingline Principal Amount” means the aggregate initial outstanding principal amount of the Series 2019-1 Class A-1 Swingline Notes corresponding 

  
 50 

 
to the aggregate amount of the Swingline Loans made on the Series 2019-1 Closing Date pursuant to Section 2.06 of the Series 2019-1 Class A-1 Note Purchase Agreement, which is $0. 

“Series 2019-1
Class A-1 Investor” has the meaning set forth under “Investor” in the Series 2019-1 Supplement. 

“Series 2019-1
Class A-1 L/C Notes” has the meaning set forth in the “Designation” in the Series 2019-1 Supplement. 

“Series 2019-1
Class A-1 Note Rate” means, for any day, (a) with respect to that portion of the Series 2019-1
Class A-1 Outstanding Principal Amount resulting from Series 2019-1 Class A-1 Advances that bear interest on such day
at the CP Rate in accordance with Section 3.01 of the Series 2019-1 Class A-1 Note Purchase Agreement, the CP Rate in effect for such day;
(b) with respect to that portion of the Series 2019-1 Class A-1 Outstanding Principal Amount resulting from Series
2019-1 Class A-1 Advances that bear interest on such day at the Eurodollar Rate in accordance with Section 3.01 of the Series 2019-1 Class A-1 Note Purchase Agreement, the Eurodollar Rate in effect for the Eurodollar Interest Accrual Period that includes such day; (c) with respect to that
portion of the Series 2019-1 Class A-1 Outstanding Principal Amount resulting from Series 2019-1 Class A-1 Advances that bear interest on such day at the Base Rate in accordance with Section 3.01 of the Series 2019-1 Class A-1 Note Purchase Agreement, the Base Rate in effect for such day; (d) with respect to that portion of the Series 2019-1
Class A-1 Outstanding Principal Amount consisting of Swingline Loans or Unreimbursed L/C Drawings outstanding on such day, the Base Rate in effect for such day; and (e) with respect to any other
amounts that any Transaction Document provides is to bear interest by reference to the Series 2019-1 Class A-1 Note Rate, the Base Rate in effect for such day; in
each case, computed in accordance with Section 3.01(f) of the Series 2019-1 Class A-1 Note Purchase Agreement; provided,
however, that the Series 2019-1 Class A-1 Note Rate will in no event be higher than the maximum rate permitted by applicable law. 

“Series 2019-1
Class A-1 Noteholder” means the Person in whose name a Series 2019-1 Class A-1 Note is
registered in the Note Register. 
 “Series 2019-1 Class A-1 Note Purchase Agreement” means the Class A-1 Note Purchase Agreement, dated as of June 5, 2019, by and among the
Co-Issuers, the Guarantors, the Manager, Investors with respect to the Series 2019-1 Class A-1 Notes, the Series 2019-1 Class A-1 Noteholders and Barclays Bank PLC, as L/C Provider, Swingline Lender and administrative agent thereunder, pursuant to which the Series 2019-1 Class A-1 Noteholders have agreed to purchase the Series 2019-1 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 2019-1
Class A-1 Notes” has the meaning set forth in the “Designation” in the Series 2019-1 Supplement. 

“Series 2019-1
Class A-1 Notes Amortization Event” means the event in which the Outstanding Principal Amount of the Series 2019-1 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 2019-1 Class A-1 Notes Renewal Date (as may be extended pursuant to Section 3.6(b)). 

  
 51 

 
For purposes of the Base Indenture, a “Series 2019-1 Class A-1 Notes Amortization Event” shall be
deemed to be a “Class A-1 Notes Amortization Event.” 

“Series 2019-1
Class A-1 Notes Amortization Period” means the period commencing on the date on which a Series 2019-1
Class A-1 Notes Amortization Event occurs and ending on the date on which there are no Series 2019-1 Class A-1 Notes
Outstanding. For purposes of the Base Indenture, a “Series 2019-1 Class A-1 Notes Amortization Period” shall be deemed to be a “Class A-1 Notes Amortization Period.” 
 “Series 2019-1 Class A-1 Notes Maximum Principal Amount” means $225,000,000, as such amount may be reduced pursuant to
Section 2.05 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Series 2019-1
Class A-1 Notes Quarterly Commitment Fees Amount” means, for any Interest Accrual Period, with respect to all Outstanding Series 2019-1 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
2019-1 Class A-1 Notes Quarterly Commitment Fees Amount” shall be deemed to be a “Class A-1 Notes Quarterly
Commitment Fees Amount.” 
 “Series 2019-1 Class A-1 Notes Renewal Date” means the Quarterly Payment Date in June 2024, 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 2025, 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 2025 until the Quarterly Payment Date in June 2026, in each case pursuant to Section 3.6(b) of the Series 2019-1 Supplement and without the consent of
the Trustee, the Control Party, the Controlling Class Representative, the Series 2019-1 Class A-1, the Series 2019-1 Class A-1 Noteholders or any other Secured Party. For purposes of the Base Indenture, the “Series 2019-1 Class A-1 Notes
Renewal Date” shall be deemed to be a “Class A-1 Notes Renewal Date.” 

“Series 2019-1
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 2019-1 Class A-1 Other Amounts” shall be deemed to be “Class A-1 Notes Other
Amounts.” 
 “Series 2019-1 Class A-1 Outstanding Principal Amount” means, when used with respect to any date, an amount equal to (a) the Series 2019-1
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 2019-1 Class A-1 Advance Notes on or prior to such date plus (c) any Increases in the Series 2019-1 Class A-1 Outstanding Principal Amount pursuant to Section 2.1 of the Series 2019-1 Supplement resulting from Series 2019-1 Class A-1 Advances made on or prior to such date and after the Series 2019-1 Closing Date plus (d) any Series 2019-1 Class A-1 Outstanding Subfacility Amount on such date; provided that, at no time may the Series 2019-1 Class A-1 Outstanding Principal Amount exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount. For purposes of the
Base Indenture, the “Series 

  
 52 

 
2019-1 Class A-1 Outstanding Principal Amount” shall be deemed to be an “Outstanding Principal
Amount.” 
 “Series 2019-1 Class A-1 Outstanding Subfacility Amount” means, when used with respect to any date, the aggregate principal amount of any Series 2019-1 Class A-1 Swingline Notes and Series 2019-1 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 2019-1 Class A-1 Note Purchase Agreement or the Series 2019-1 Supplement). 
 “Series 2019-1
Class A-1 Post-Renewal Date Additional Interest” means, for any Interest Accrual Period commencing on or after the Series 2019-1 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 2019-1 Class A-1 Post-Renewal Date Additional Interest” shall be deemed to be “Senior Notes Quarterly Post-ARD Additional Interest.” 
 “Series
2019-1 Class A-1 Post-Renewal Date Additional Interest Rate” has the meaning set forth in Section 3.4(c) of the
Series 2019-1 Supplement. 
 “Series
2019-1 Class A-1 Prepayment” means any prepayment in respect of the Series 2019-1 Class A-1 Notes under Section 3.6(d)(i) or Section 3.6(j). 

“Series 2019-1
Class A-1 Quarterly Interest Amount” means, for any Interest Accrual Period, with respect to all Outstanding Series 2019-1 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 2019-1 Class A-1 Quarterly Interest Amount” shall be deemed to be a “Senior Notes Quarterly Interest Amount”. 

“Series 2019-1
Class A-1 Subfacility Noteholder” means the Person in whose name a Series 2019-1 Class A-1
Swingline Note or Series 2019-1 Class A-1 L/C Note is registered in the Note Register. 

“Series 2019-1
Class A-1 Swingline Notes” has the meaning set forth in the “Designation” of the Series 2019-1 Supplement. 

“Series 2019-1
Class A-1 VFN Fee Letter” means the Fee Letter, dated as of the Series 2019-1 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
2019-1 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 2019-1
Class A-2 Distribution Account” means account no. 12285500 entitled “Citibank, N.A. f/b/o IHOP Funding LLC, Series 2019-1 - Series 2019-1 Distribution Account” maintained by the Trustee pursuant to Section 3.8(a) of the Series 2019-1 Supplement or any successor securities
account maintained pursuant to Section 3.8(a) of the Series 2019-1 Supplement. 

  
 53 

 “Series 2019-1
Class A-2 Distribution Account Collateral” has the meaning set forth in Section 3.8(b) of the Series 2019-1
Supplement. 
 “Series 2019-1 Class A-2 Initial Principal Amount” means, with respect to each Tranche, the aggregate initial outstanding principal amount of such Tranche as of the Closing Date, which is (i) $700,000,000 with respect to
the Series 2019-1 Class A-2-I Notes and (ii) $600,000,000 with respect to the Series
2019-1 Class A-2-II Notes. 

“Series 2019-1
Class A-2 Make-Whole Prepayment Consideration” means, with respect to a Tranche of the Series 2019-1
Class A-2 Notes, the amount (not less than zero) calculated by the Manager on behalf of the Co-Issuers equal to (i) the discounted present value as of a date
not earlier than the fifth (5th) Business Day prior to the date of any relevant prepayment (each, a “Series 2019-1 Class A-2 Make-Whole Prepayment Consideration Calculation Date”) of such Tranche of the Series 2019-1 Class A-2 Notes (or
such portion thereof to be prepaid) of all future installments of interest (excluding any interest required to be paid on the applicable prepayment date) on and principal of such Tranche of the Series 2019-1 Class A-2 Notes that the Co-Issuers would otherwise be required to pay on such Tranche of the Series 2019-1 Class A-2 Notes (or such portion thereof to be prepaid) from the date of such prepayment to and including the Quarterly Payment Date in the applicable Target Month for such Tranche prior to the applicable
Series 2019-1 Anticipated Repayment Date (the “Prepayment Consideration End Date”), assuming principal payments are made pursuant to the then-applicable schedule of payments (assuming for this
purpose that the Series 2019-1 Class A-2 Non-Amortization Test on each Quarterly Payment Date on and after the date of such
prepayment will not be satisfied and giving effect to any ratable reductions in such Tranche of Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amounts
due to optional and mandatory prepayments, including prepayments in connection with a Rapid Amortization Event or a Cash Flow Sweeping Event, and cancellations of repurchased Notes prior to the date of such prepayment and assuming no future
prepayments are to be made) and the entire remaining unpaid principal amount of such Tranche of the Series 2019-1 Class A-2 Notes or portion thereof is paid on the
Prepayment Consideration End Date for such Tranche minus (ii) the Outstanding Principal Amount of such Tranche of the Series 2019-1 Class A-2 Notes (or
portion thereof) being prepaid. 
 For purposes of the calculation of the discounted present value in clause
(i) above, such present value will be determined by the Manager using a discount rate equal to the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series
2019-1 Class A-2 Make-Whole Prepayment Consideration Calculation Date, of the United States Treasury Security having a maturity closest to the related Prepayment
Consideration End Date plus (y) 0.50%. For purposes of the Base Indenture, “Series 2019-1 Class A-2 Make-Whole Prepayment Consideration” shall be deemed
to be a “Prepayment Premium”. 
 “Series 2019-1
Class A-2 Make-Whole Prepayment Consideration Calculation Date” has the meaning set forth in the definition of “Series 2019-1 Class A-2 Make-Whole Prepayment Consideration”. 
 “Series 2019-1 Class A-2 Non-Amortization Test” means a test that will be satisfied on any Quarterly Payment Date
(the “Reference Payment Date”) until and including the applicable Series 2019-1 Anticipated Repayment Date for each Tranche only if (x) the Dine Brands Leverage

  
 54 

 
Ratio is less than or equal to 5.25:1.00 as calculated on the immediately preceding Quarterly Calculation Date and (y) no Rapid Amortization Event has occurred and is continuing. In the
event the Series 2019-1 Class A-2 Non-Amortization Test is not satisfied for any Quarterly Payment Date, the Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amount payable as a result thereof shall be due and payable on the Quarterly Payment Date immediately following such
Quarterly Payment Date. The Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amount will be zero except on any Quarterly Payment Date immediately following
a Non-Amortization Test Date (i.e., the prior Quarterly Payment Date) on which the Series 2019-1 Class A-2 Non-Amortization Test was not satisfied. For purposes of the Base Indenture, the “Series 2019-1 Class A-2 Non-Amortization Test” shall be deemed to be a “Series Non-Amortization Test”. 

“Series 2019-1
Class A-2 Note Purchase Agreement” means the Purchase Agreement, dated May 28, 2019, by and among Barclays Capital Inc and Credit Suisse Securities (USA) LLC, as the Initial
Purchasers, the Co-Issuers, the Guarantors, the Manager, International House of Pancakes, LLC and Applebee’s International, Inc., as amended, supplemented or otherwise modified from time to time. 

“Series 2019-1
Class A-2 Note Rate” means (a) with respect to the Series 2019-1
Class A-2-I Notes, 4.194% per annum and (b) with respect to the Series 2019-1 Class A-2-II Notes, 4.723% per annum. 
 “Series 2019-1 Class A-2 Noteholder” means the Person in whose name a Series 2019-1
Class A-2 Note is registered in the Note Register. 
 “Series 2019-1 Class A-2 Notes” has the meaning specified in the “Designation” of the Series 2019-1
Supplement. 
 “Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amount” means, (I) with respect to the Series 2019-1
Class A-2-I Notes and each Quarterly Payment Date prior to the Series 2019-1 Anticipated Repayment Date in respect thereof,
$1,750,000 and (II) with respect to the Series 2019-1 Class A-2-II Notes and each Quarterly Payment Date prior to the
Series 2019-1 Anticipated Repayment Date in respect thereof, $1,500,000; provided that, following (i) the allocation of mandatory prepayment amounts pursuant to priority (i)(E) of the Priority of
Payments, (ii) any optional prepayments pursuant to Section 3.6(f) hereof and (iii) any repurchases or cancellations of any Tranche of Series 2019-1 Class A-2 Notes pursuant to Section 2.14 of the Base Indenture, all remaining Series 2019-1
Class A-2 Notes Scheduled Principal Payment Amounts with respect to the applicable Tranche for each remaining Quarterly Payment Date prior to the applicable Series
2019-1 Anticipated Repayment Date will be reduced by an amount equal to the percentage of each such Series 2019-1 Class A-2
Notes Scheduled Principal Payment Amounts representing the ratio between (A) the principal amount of such prepayment, repurchase or cancellation and (B) the Outstanding Principal Amount of the applicable Tranche immediately prior to such
prepayment, repurchase or cancellation; provided, further, that in respect of each Weekly Allocation Date during a Quarterly Collection Period for which the Series 2019-1 Class A-2 Non-Amortization Test was satisfied as of the related Non-Amortization Test Date, the
Co-Issuers may elect to deem (as set forth in the applicable Weekly Manager’s Certificate) the Series 2019-1 Class A-2
Notes Scheduled Principal Payment Amounts with respect to any Tranche to 

  
 55 

 
equal zero. For purposes of the Base Indenture, the “Series 2019-1 Class A-2 Notes Scheduled Principal
Payment Amounts” shall be deemed to be “Scheduled Principal Payments”. 
 “Series 2019-1 Class A-2 Notes Scheduled Principal Payment Deficiency Amount” means, with respect to any Quarterly Payment Date, if on any Quarterly
Calculation Date, (a) the sum of (i) the amount of funds on deposit in the Senior Notes Principal Payment Account with respect to the Series 2019-1
Class A-2 Notes and (ii) any other funds on deposit in the Indenture Trust Accounts that are available to pay the Series 2019-1
Class A-2 Notes Scheduled Principal Payments with respect to the Series 2019-1 Class A-2 Notes on such Quarterly
Payment Date is less than (b) the sum of (i) the Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amount due and payable, if any, on such
Quarterly Payment Date plus any Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amounts due but unpaid from any previous Quarterly Payment Dates
and (ii) the amount of funds on deposit in the Senior Notes Principal Payment Account with respect to such amounts set forth in clause (b)(i) and allocated to the Series 2019-1 Class A-2 Notes, the amount of such deficiency. 
 “Series 2019-1 Class A-2 Optional Scheduled Principal Payment” means any payment of principal made, with respect to any Tranche, in the event the Series 2019-1 Class A-2 Non-Amortization Test is satisfied for any applicable Non-Amortization
Test Date, in an amount not to exceed the applicable Series 2019-1 Class A-2 Notes Scheduled Principal Payment Amounts that would otherwise be due on such Quarterly
Payment Date with respect to such Tranche if the Series 2019-1 Class A-2 Non-Amortization Test was not satisfied as of such
applicable Non-Amortization Test Date. For purposes of the Base Indenture, each “Series 2019-1 Class A-2 Optional
Scheduled Principal Payment” shall be deemed to be an “Optional Scheduled Principal Payment”. 

“Series 2019-1
Class A-2 Outstanding Principal Amount” means, with respect to a Tranche on any date, an amount equal to (a) the Series 2019-1 Class A-2 Initial Principal Amount, minus (b) the aggregate amount of principal payments (whether pursuant to the payment of Series 2019-1 Senior Notes
Scheduled Principal Payments Amounts, a prepayment, a purchase and cancellation, a redemption or otherwise) made to Series 2019-1 Class A-2 Noteholders with respect
to such Tranche on or prior to such date. For purposes of the Base Indenture, the “Series 2019-1 Class A-2 Outstanding Principal Amount” shall be deemed
to be an “Outstanding Principal Amount.” 
 “Series 2019-1
Class A-2 Prepayment” has the meaning set forth in Section 3.6(e) of the Series 2019-1 Supplement. 

“Series 2019-1
Class A-2 Quarterly Interest Amount” means, with respect to each Tranche for each Interest Accrual Period, an amount equal to the accrued interest at the applicable Series 2019-1 Class A-2 Note Rate on the Outstanding Principal Amount of such Tranche (as of the first day of such Interest Accrual Period after giving effect to all payments of
principal (if any) made to such Series 2019-1 Class A-2 Noteholders as of such day and also giving effect to prepayments, repurchases and cancellations of Series 2019-1 Class A-2 Notes during such Interest Accrual Period). For purposes of the Base Indenture, “Series 2019-1 Class A-2 Quarterly Interest Amount” shall be deemed to be a “Senior Notes Quarterly Interest Amount.” 

  
 56 

 “Series 2019-1
Class A-2 Quarterly Post-ARD Additional Interest” has the meaning set forth in Section 3.5(b)(i) of the Series 2019-1 Supplement. For purposes of the Base Indenture, Series 2019-1 Class A-2 Quarterly
Post-ARD Additional Interest shall be deemed to be “Senior Notes Quarterly Post-ARD Additional Interest.” 

“Series 2019-1
Class A-2 Quarterly Post-ARD Additional Interest Rate” has the meaning set forth in Section 3.5(b)(i) of the Series
2019-1 Supplement. 
 “Series
2019-1 Class A-2-II Call Redemption Premium” means, with respect to the Series 2019-1 Class A-2-II Notes, an amount equal to the lower of (A) the product of (x)(i) the Outstanding Principal Amount of the
Series 2019-1 Class A-2-II Notes at the time of the redemption or refinancing of the Series
2019-1 Notes in full and (ii) 101% minus (y) the Outstanding Principal Amount of the Series 2019-1 Class A-2-II Notes being prepaid and (B) the applicable Series 2019-1 Class A-2 Make-Whole Prepayment
Consideration otherwise payable with respect to such Outstanding Principal Amount of such Series 2019-1 Class A-2-II Notes.
For purposes of the Base Indenture, “Series 2019-1 Class A-2-II Call Redemption Premium” shall be deemed to be a
“Prepayment Premium”. 
 “Series 2019-1 Class A-2-I Notes” has the meaning specified in the “Designation” of the Series 2019-1 Supplement. 

“Series 2019-1 Class A-2-II Notes” has the meaning specified in the “Designation” of the Series 2019-1 Supplement. 

“Series 2019-1 Closing Date” means June 5, 2019. 

“Series 2019-1 Distribution Accounts” means, collectively, the
Series 2019-1 Class A-1 Distribution Account and the Series 2019-1 Class A-2
Distribution Account. 
 “Series 2019-1 Extension Elections”
means, collectively, the Series 2019-1 First Extension Election and the Series 2019-1 Second Extension Election. 

“Series 2019-1 Final Payment” means the payment of all accrued and
unpaid interest on and principal of all Outstanding Series 2019-1 Notes, the expiration or cash collateralization in accordance with the terms of the Series 2019-1 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 2019-1 Class A-1 Note Purchase Agreement), the payment of all fees and expenses and other amounts then due and payable under the Series 2019-1
Class A-1 Note Purchase Agreement and the termination in full of all Commitments. 

“Series 2019-1 Final Payment Date” means the date on which the
Series 2019-1 Final Payment with respect to any Tranche of Series 2019-1 Notes is made. 

“Series 2019-1 First Extension Election” has the meaning set forth
in Section 3.6(b)(i) of the Series 2019-1 Supplement. 

“Series 2019-1 Global Notes” means, collectively, the Regulation S
Global Notes and the Rule 144A Global Notes. 

  
 57 

 “Series 2019-1 Ineligible
Account” has the meaning set forth in Section 3.11 of the Series 2019-1 Supplement. 

“Series 2019-1 Interest Reserve Release Event” means with respect to
the Series 2019-1 Notes, an event allowing funds to be released from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, identified as an
Interest Reserve Release Event with respect to the Series 2019-1 Notes pursuant to the Series 2019-1 Supplement. For purposes of the Base Indenture, the “Series 2019-1 Interest Reserve Release Event” shall be deemed to be an “Interest Reserve Release Event.” 

“Series 2019-1 Legal Final Maturity Date” means the Quarterly
Payment Date occurring in June 2049. For purposes of the Base Indenture, the “Series 2019-1 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity Date.” 

“Series 2019-1 Noteholders” means, collectively, the Series 2019-1 Class A-1 Noteholders and the Series 2019-1 Class A-2 Noteholders. 

“Series 2019-1 Note Owner” means, with respect to a Series 2019-1 Note that is a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency that holds such Book-Entry Note, or on the books of a Person
maintaining an account with such Clearing Agency (directly or as an indirect participant, in accordance with the rules of such Clearing Agency). 

“Series 2019-1 Notes” means, collectively, the Series 2019-1 Class A-1 Notes and the Series 2019-1 Class A-2 Notes. 

“Series 2019-1 Outstanding Principal Amount” means, with respect to
any date, the sum of the Series 2019-1 Class A-1 Outstanding Principal Amount, plus the Series 2019-1 Class A-2 Outstanding Principal Amount. 
 “Series 2019-1 Prepayment” means a Series 2019-1 Class A-1 Prepayment or a Series 2019-1 Class A-2 Prepayment, as applicable. 
 “Series 2019-1 Prepayment Amount” means the aggregate principal amount of the applicable Class of Notes to be prepaid on any Series 2019-1 Prepayment Date, together with
all accrued and unpaid interest thereon to such date. 
 “Series 2019-1
Prepayment Date” means the date on which any prepayment on the Series 2019-1 Class A-1 Notes or the Series 2019-1 Class A-2 Notes is made pursuant to Section 3.6(d)(i), Section 3.6(d)(ii), Section 3.6(f) or
Section 3.6(j) of the Series 2019-1 Supplement, which shall be, with respect to any Series 2019-1 Prepayment pursuant to
Section 3.6(f), the date specified as such in the applicable Prepayment Notice and, with respect to any Series 2019-1 Prepayment pursuant to Section 3.6(d)
or Section 3.6(j), the immediately succeeding Quarterly Payment Date. 
 “Series 2019-1 Second Extension Election” has the meaning set forth in Section 3.6(b)(ii) of the Series 2019-1 Supplement. 

  
 58 

 “Series 2019-1 Securities
Intermediary” has the meaning set forth in Section 3.9(a) of the Series 2019-1 Supplement. 

“Series 2019-1 Senior Notes” means, collectively, the Series 2019-1 Class A-1 Notes and the Series 2019-1 Class A-2 Notes. 

“Series 2019-1 Supplement” means the Series 2019-1 Supplement, dated as of the Series 2019-1 Closing Date by and among the Co-Issuers, the Trustee and the Series 2019-1 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. 

“Specified Rating Agency” means S&P Global Ratings. 

“STAMP” has the meaning set forth in Section 4.3(a) of the Series 2019-1 Supplement. 
 “Subfacility Decrease” has the meaning set forth
in Section 2.2(d) of the Series 2019-1 Supplement. 

“Subfacility Increase” has the meaning set forth in Section 2.1(b) of the Series 2019-1 Supplement. 
 “Swingline Commitment” means the obligation of the
Swingline Lender to make Swingline Loans pursuant to Section 2.06 of the Series 2019-1 Class A-1 Note Purchase Agreement in an aggregate
principal amount at any one time outstanding not to exceed $15,000,000, as such amount may be reduced or increased pursuant to Section 2.06(h) of the Series 2019-1 Class A-1 Note Purchase Agreement or reduced pursuant to Section 2.05(b) of the Series 2019-1
Class A-1 Note Purchase Agreement. 
 “Swingline Lender”
means Barclays Bank PLC, in its capacity as maker of Swingline Loans, and its permitted successors and assigns in such capacity. 

“Swingline Loan Request” has the meaning set forth in Section 2.06(b) of the
Series 2019-1 Class A-1 Note Purchase Agreement. 

“Swingline Loans” has the meaning set forth in Section 2.06(a) of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Swingline Participation Amount” has the meaning set forth in Section 2.06(e) of
the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Target Month” means, (i) in respect of the Series 2019-1 Class A-2-I Notes, June 2022 and (ii) in respect of the Series 2019-1 Class A-2-II Notes, June 2024. 
 “Temporary Regulation S Global
Notes” has the meaning set forth in Section 4.2(b) of the Series 2019-1 Supplement. 

  
 59 

 “Tranche” means each of the Series 2019-1 Class A-2-I Notes and the Series 2019-1 Class A-2-II Notes. 
 “Undrawn Commitment Fees” has the
meaning set forth in Section 3.02(b) of the Series 2019-1 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 2019-1
Class A-1 Note Purchase Agreement. 
 “U.S. Person” has the
meaning set forth in Section 4.2(a) of the Series 2019-1 Supplement. 

“Voluntary Decrease” has the meaning set forth in Section 2.2(b) of the Series 2019-1 Supplement. 

  
 60 

 Exhibits to Series 2019-1 Supplement 

 
 EXHIBIT
A-1-1 
 FORM OF SERIES
2019-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS:
SERIES 2019-1 CLASS A-1 ADVANCE NOTE 
 THE ISSUANCE AND
SALE OF THIS SERIES 2019-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 (THIS “NOTE”), WHICH IS A SERIES 2019-1 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
JUNE 5, 2019 (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 BARCLAYS BANK PLC, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

  

 Exhibits to Series 2019-1 Supplement 

 

 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 2019-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS: SERIES 2019-1 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 2019-1 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,
however, that the entire unpaid principal amount of this Note shall be due on June 5, 2049 (the “Series 2019-1 Legal Final Maturity Date”). Pursuant to the Class A-1 Note Purchase Agreement and the Series 2019-1 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 2019-1 Class A-1 Notes may be paid earlier than the Series
2019-1 Legal Final Maturity Date as described in the Indenture. The Co-Issuers will pay interest on this Series 2019-1 Class A-1 Advance Note (this “Note”) at the Series 2019-1 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, 2019 (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 

  
 A-1-1-2 

 Exhibits to Series 2019-1 Supplement 

 

 
and including June 5, 2019 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 2019-1 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. 

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 2019-1 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 2019-1 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. 

  
 A-1-1-3 

 Exhibits to Series 2019-1 Supplement 

 

 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-1-1-4 

 Exhibits to Series 2019-1 Supplement 

 

 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-1-1-5 

 Exhibits to Series 2019-1 Supplement 

 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1 Class A-1 Advance Notes
issued under the within-mentioned Indenture. 
 CITIBANK, N.A., as Trustee 

By:
                                         
                        

       Authorized Signatory 

  
 A-1-1-6 

 Exhibits to Series 2019-1 Supplement 

 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1
Class A-1 Notes of the Co-Issuers designated as their Series 2019-1 Variable Funding Senior Notes, Class A-1 (herein called the “Series 2019-1 Class A-1 Notes”), and is one of the Subclass
thereof designated as the Series 2019-1 Class A-1 Advance Notes (herein called the “Series 2019-1
Class A-1 Advance Notes”), all issued under (i) the Base Indenture, dated as of September 30, 2014, as amended and restated as of June 5, 2019 (such Base Indenture,
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 2019-1 Supplement to the Base Indenture, dated as of June 5, 2019 (the
“Series 2019-1 Supplement”), among the Co-Issuers, the Trustee, and Citibank, N.A., as Series 2019-1 securities
intermediary. The Base Indenture and the Series 2019-1 Supplement are referred to herein as the “Indenture”. The Series 2019-1 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 2019-1 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 2019-1
Class A-1 Advance Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2019-1
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 2019-1 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 2019-1 Class A-1 Advance Notes will be made pro rata to the holders of Series 2019-1
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 2019-1 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 2019-1 Class A-1 Advance Notes on each Quarterly Payment Date will be
calculated as set forth in the Indenture. 

  
 A-1-1-7 

 Exhibits to Series 2019-1 Supplement 

 

 Payments of amounts due on this Note are subordinated to the payment of certain other
amounts in accordance with the Priority of Payments. 
 If an Event of Default shall occur and be continuing, this Note may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 Unless otherwise specified in the Series 2019-1 Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the Series 2019-1 Class A-1 Noteholders of record
on the preceding Record Date the amounts payable thereto (i) by wire transfer in immediately available funds released by the Paying Agent from the Series 2019-1
Class A-1 Distribution Account no later than 1:00 p.m. (New York City time) if a Series 2019-1 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 or (ii) by check mailed first-class postage prepaid to such Series 2019-1 Class A-1 Noteholder at the address for such Series 2019-1 Class A-1
Noteholder appearing in the Note Register if such Series 2019-1 Class A-1 Noteholder has not provided wire instructions pursuant to clause (i) above;
provided, however, that the final principal payment due on a Series 2019-1 Class A-1 Note shall only be paid upon due presentment and surrender of
such Series 2019-1 Class A-1 Note for cancellation in accordance with the provisions of the Series 2019-1 Class A-1 Note at the applicable Corporate Trust Office, which such surrender by the Series 2019-1 Class A-1 Noteholders
shall also constitute a general release by the Series 2019-1 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 2019-1 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 2019-1 Supplement, and thereupon one or more new Series 2019-1 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. 

  
 A-1-1-8 

 Exhibits to Series 2019-1 Supplement 

 

 Each Series 2019-1
Class A-1 Noteholder, by acceptance of a Series 2019-1 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 2019-1
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, however, 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 2019-1 Class A-1 Noteholder that, for federal, state, local income and franchise tax purposes only, the
Series 2019-1 Class A-1 Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2019-1 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 2019-1 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 2019-1 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 2019-1 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 2019-1 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 2019-1 Class A-1 Noteholder and upon all future Series 2019-1
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 

  
 A-1-1-9 

 Exhibits to Series 2019-1 Supplement 

 

 
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 2019-1 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-1-1-10 

 Exhibits to Series 2019-1 Supplement 

 

 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-1-1-11 

 Exhibits to Series 2019-1 Supplement 

 

 INCREASES AND DECREASES 

 

															
	 	 	 	 	 	 	 	 
	Date	 	Unpaid
Principal
Amount	 	Increase	 	Decrease	 	Total	 	 Series
2019-1
Class A-1
Note
 Rate
	 	Interest
Accrual
Period (if
applicable)	 	Notation
Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  
 A-1-1-12 

 Exhibits to Series 2019-1 Supplement 

 

															
	 	 	 	 	 	 	 	 
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  
 A-1-1-13 

 Exhibits to Series 2019-1 Supplement 

 

 EXHIBIT A-1-2

 FORM OF SERIES 2019-1 VARIABLE FUNDING SENIOR NOTE, CLASS
A-1 
 SUBCLASS: SERIES 2019-1 CLASS A-1 SWINGLINE NOTE 
 THE ISSUANCE AND SALE OF THIS SERIES 2019-1
VARIABLE FUNDING SENIOR NOTE, CLASS A-1 (THIS “NOTE”), WHICH IS A SERIES 2019-1 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 JUNE 5, 2019 (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 BARCLAYS BANK PLC, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

  
 A-1-2-1 

 Exhibits to Series 2019-1 Supplement 

 

 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 $[            

             ] 

SEE REVERSE FOR CERTAIN CONDITIONS 

APPLEBEE’S FUNDING LLC and 

IHOP FUNDING LLC 
 SERIES 2019-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS: SERIES 2019-1 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 2019-1 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,
however, that the entire unpaid principal amount of this Note shall be due on June 5, 2049 (the “Series 2019-1 Legal Final Maturity Date”). Pursuant to the Class A-1 Note Purchase Agreement and the Series 2019-1 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 2019-1 Class A-1 Notes may be paid earlier than the Series 2019-1 Legal Final Maturity Date as described in the Indenture. The Co-Issuers will pay interest on this Series 2019-1 Class A-1 Swingline Note (this “Note”) at the Series 2019-1 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, 2019 (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 June 5, 2019 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)

  
 A-1-2-2 

 Exhibits to Series 2019-1 Supplement 

 

 
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 2019-1 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.

 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 2019-1
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 2019-1
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. 

  
 A-1-2-3 

 Exhibits to Series 2019-1 Supplement 

 

 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-1-2-4 

 Exhibits to Series 2019-1 Supplement 

 

 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-1-2-5 

 Exhibits to Series 2019-1 Supplement 

 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1 Class A-1 Swingline
Notes issued under the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A., as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

  
 A-1-2-6 

 Exhibits to Series 2019-1 Supplement 

 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1
Class A-1 Notes of the Co-Issuers designated as their Series 2019-1 Variable Funding Senior Notes, Class A-1 (herein called the “Series 2019-1 Class A-1 Notes”), and is one of the Subclass
thereof designated as the Series 2019-1 Class A-1 Swingline Notes (herein called the “Series 2019-1
Class A-1 Swingline Notes”), all issued under (i) the Base Indenture, dated as of September 30, 2014, as amended and restated as of June 5, 2019 (such Base Indenture,
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 2019-1 Supplement to the Base Indenture, dated as of June 5, 2019 (the
“Series 2019-1 Supplement”), among the Co-Issuers, the Trustee and Citibank, N.A., as series 2019-1 securities
intermediary. The Base Indenture and the Series 2019-1 Supplement are referred to herein as the “Indenture”. The Series 2019-1 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 2019-1 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 2019-1
Class A-1 Swingline Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series
2019-1 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 2019-1 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 2019-1 Class A-1 Swingline Notes will be made pro rata to the holders of Series
2019-1 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 2019-1 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 2019-1 Class A-1 Swingline Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

  
 A-1-2-7 

 Exhibits to Series 2019-1 Supplement 

 

 Payments of amounts due on this Note are subordinated to the payment of certain other
amounts in accordance with the Priority of Payments. 
 If an Event of Default shall occur and be continuing, this Note may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 Unless otherwise specified in the Series 2019-1 Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the Series 2019-1 Class A-1 Noteholders of record
on the preceding Record Date the amounts payable thereto (i) by wire transfer in immediately available funds released by the Paying Agent from the Series 2019-1
Class A-1 Distribution Account no later than 1:00 p.m. (New York City time) if a Series 2019-1 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 or (ii) by check mailed first-class postage prepaid to such Series 2019-1 Class A-1 Noteholder at the address for such Series 2019-1 Class A-1
Noteholder appearing in the Note Register if such Series 2019-1 Class A-1 Noteholder has not provided wire instructions pursuant to clause (i) above;
provided, however, that the final principal payment due on a Series 2019-1 Class A-1 Note shall only be paid upon due presentment and surrender of
such Series 2019-1 Class A-1 Note for cancellation in accordance with the provisions of the Series 2019-1 Class A-1 Note at the applicable Corporate Trust Office, which such surrender by the Series 2019-1 Class A-1 Noteholders
shall also constitute a general release by the Series 2019-1 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 2019-1 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 2019-1 Supplement, and thereupon one or more new Series 2019-1 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. 

  
 A-1-2-8 

 Exhibits to Series 2019-1 Supplement 

 

 Each Series 2019-1
Class A-1 Noteholder, by acceptance of a Series 2019-1 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 2019-1
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, however, 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 2019-1 Class A-1 Noteholder that, for federal, state, local income and franchise tax purposes only, the
Series 2019-1 Class A-1 Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2019-1 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 2019-1 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 2019-1 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 2019-1 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 2019-1 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 2019-1 Class A-1 Noteholder and upon all future Series 2019-1
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 

  
 A-1-2-9 

 Exhibits to Series 2019-1 Supplement 

 

 
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 2019-1 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. 

[Remainder of page intentionally left blank] 

  
 A-1-2-10 

 Exhibits to Series 2019-1 Supplement 

 

 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-1-2-11 

 Exhibits to Series 2019-1 Supplement 

 

 SUBFACILITY INCREASES AND SUBFACILITY DECREASES 

 

															
	 	 	 	 	 	 	 	 
	Date	 	Unpaid
Principal
Amount	 	Subfacility
Increase	 	Subfacility
Decrease	 	Total	 	 Series
2019-1

 Class
A-1 Note
Rate
	 	Interest
Accrual
Period
(if
applicable)	 	Notation
Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  
 A-1-2-12 

 Exhibits to Series 2019-1 Supplement 

 

															
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  
 A-1-2-13 

 Exhibits to Series 2019-1 Supplement 

 

 EXHIBIT A-1-3

 FORM OF SERIES 2019-1 VARIABLE FUNDING SENIOR NOTE, CLASS
A-1 
 SUBCLASS: SERIES 2019-1 CLASS A-1 L/C NOTE 
 THE ISSUANCE AND SALE OF THIS SERIES 2019-1
VARIABLE FUNDING SENIOR NOTE, CLASS A-1 (THIS “NOTE”), WHICH IS A SERIES 2019-1 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 JUNE 5, 2019 (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 BARCLAYS BANK PLC, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

  
 A-1-3-1 

 Exhibits to Series 2019-1 Supplement 

 

 
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 $[                    
			
	             ]
	  		  	

 SEE REVERSE FOR CERTAIN CONDITIONS 

APPLEBEE’S FUNDING LLC and 

IHOP FUNDING LLC 
 SERIES 2019-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS: SERIES 2019-1 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 2019-1 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, however, that the entire unpaid principal amount of this Note shall be due on June 5, 2049 (the “Series 2019-1 Legal Final Maturity Date”). The initial outstanding principal amount of this Note shall equal the Series 2019-1
Class A-1 Initial Aggregate Undrawn L/C Face Amount. Pursuant to the Class A-1 Note Purchase Agreement and the Series
2019-1 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 2019-1 Class A-1 Notes may be paid earlier than 

  
 A-1-3-2 

 Exhibits to Series 2019-1 Supplement 

 

 
the Series 2019-1 Legal Final Maturity Date as described in the Indenture. The Co-Issuers will pay
(i) interest on this Series 2019-1 Class A-1 L/C Note (this “Note”) at the Series 2019-1 Class A-1 Note Rate and (ii) the Series 2019-1 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, 2019 (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 June 5, 2019 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 2019-1 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. 

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 2019-1
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 2019-1
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. 

  
 A-1-3-3 

 Exhibits to Series 2019-1 Supplement 

 

 
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-1-3-4 

 Exhibits to Series 2019-1 Supplement 

 

 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-1-3-5 

 Exhibits to Series 2019-1 Supplement 

 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1 Class A-1 L/C Notes
issued under the within-mentioned Indenture. 
  

	
	 CITIBANK, N.A., as Trustee

	
	
By:                      
                                         
   

	         Authorized Signatory

  
 A-1-3-6 

 Exhibits to Series 2019-1 Supplement 

 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1
Class A-1 Notes of the Co-Issuers designated as their Series 2019-1 Variable Funding Senior Notes, Class A-1 (herein called the “Series 2019-1 Class A-1 Notes”), and is one of the Subclass
thereof designated as the Series 2019-1 Class A-1 L/C Notes (herein called the “Series 2019-1 Class A-1 L/C Notes”), all issued under (i) the Base Indenture, dated as of September 30, 2014, as amended and restated as of June 5, 2019 (such Base Indenture, 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 2019-1 Supplement to the Base Indenture, dated as of June 5, 2019 (the “Series 2019-1 Supplement”), among the Co-Issuers, the Trustee and Citibank, N.A., as series 2019-1 securities intermediary. The Base
Indenture and the Series 2019-1 Supplement are referred to herein as the “Indenture”. The Series 2019-1
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 2019-1 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 2019-1 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 2019-1 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 2019-1 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 2019-1
Class A-1 L/C Notes will be made pro rata to the holders of Series 2019-1 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. 

  
 A-1-3-7 

 Exhibits to Series 2019-1 Supplement 

 

 Interest and fees and additional interest, if any, will each accrue on the Series 2019-1 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 2019-1 Class A-1 L/C Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of amounts due on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments.

 If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the
effect provided in the Indenture. 
 Unless otherwise specified in the Series 2019-1 Supplement, on
each Quarterly Payment Date, the Paying Agent shall pay to the Series 2019-1 Class A-1 Noteholders of record on the preceding Record Date the amounts payable
thereto (i) by wire transfer in immediately available funds released by the Paying Agent from the Series 2019-1 Class A-1 Distribution Account no later than
1:00 p.m. (New York City time) if a Series 2019-1 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 or (ii) by check mailed first-class postage prepaid to such Series 2019-1 Class A-1
Noteholder at the address for such Series 2019-1 Class A-1 Noteholder appearing in the Note Register if such Series 2019-1 Class A-1 Noteholder has not provided wire instructions pursuant to clause (i) above; provided, however, that the final principal payment due on a Series
2019-1 Class A-1 Note shall only be paid upon due presentment and surrender of such Series 2019-1 Class A-1 Note for cancellation in accordance with the provisions of the Series 2019-1 Class A-1 Note at the applicable
Corporate Trust Office, which such surrender by the Series 2019-1 Class A-1 Noteholders shall also constitute a general release by the Series 2019-1 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 2019-1 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 2019-1 Supplement, and thereupon one
or more new Series 2019-1 Class A-1 L/C Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or
transferees. 

  
 A-1-3-8 

 Exhibits to Series 2019-1 Supplement 

 

 
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
2019-1 Class A-1 Noteholder, by acceptance of a Series 2019-1 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
2019-1 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, however, 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 2019-1 Class A-1 Noteholder that, for federal, state, local income and franchise tax purposes only, the Series 2019-1 Class A-1
Notes will evidence indebtedness of the Co-Issuers secured by the Collateral. Each Series 2019-1 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 2019-1 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 2019-1 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 2019-1 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 2019-1 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 2019-1 Class A-1 Noteholder and upon all future Series 2019-1 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, 

  
 A-1-3-9 

 Exhibits to Series 2019-1 Supplement 

 

 
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 2019-1 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. 

[Remainder of page intentionally left blank] 

  
 A-1-3-10 

 Exhibits to Series 2019-1 Supplement 

 

 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-1-3-11 

 Exhibits to Series 2019-1 Supplement 

 

 SUBFACILITY INCREASES AND SUBFACILITY DECREASES 

 

															
	 	 	 	 	 	 	 	 
	Date	 	Unpaid
Principal
Amount	 	Subfacility
Increase	 	Subfacility
Decrease	 	Total	 	 Series
2019-1
 Class
A-1 Note
Rate
	 	Interest
Accrual
Period
(if
applicable)	 	Notation
Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  
 A-1-3-12 

 Exhibits to Series 2019-1 Supplement 

 

															
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 

  
 A-1-3-13 

 Exhibits to Series 2019-1 Supplement 

 

 EXHIBIT A-2-1

 THE ISSUANCE AND SALE OF THIS RULE 144A GLOBAL SERIES 2019-1 CLASS [A-2-I] [A-2-II] NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND APPLEBEE’S FUNDING LLC AND IHOP FUNDING LLC (EACH A
“CO-ISSUER” AND COLLECTIVELY, THE “CO-ISSUERS”) HAVE NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940
ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CO-ISSUERS OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO A PERSON WHO IS
NOT A COMPETITOR AND IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (“RULE 144A”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT
DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE 1933 ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS
WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION, NONE OF WHICH ARE A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED
IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION. 

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

  
 A-2-1-1 

 Exhibits to Series 2019-1 Supplement 

 

 
WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH PERSON TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN
INTEREST IN A TEMPORARY REGULATION S GLOBAL NOTE OR PERMANENT REGULATION S GLOBAL NOTE WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND
AGREEMENTS REFERRED TO IN THE INDENTURE. 
 ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL
BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY;
PROVIDED, HOWEVER, THAT THE PRECEDING PORTION OF THIS SENTENCE SHALL NOT OPERATE TO INVALIDATE ANY OTHERWISE BONA FIDE TRANSFER TO AN ELIGIBLE TRANSFEREE WHERE A PREVIOUS ERRONEOUSLY-REGISTERED TRANSFEROR IN THE CHAIN OF TITLE OF SUCH TRANSFEREE
WOULD HAVE BEEN INELIGIBLE SOLELY ON ACCOUNT OF BEING A COMPETITOR. 
 IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS
DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER
WHO IS NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR.

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

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

  
 A-2-1-2 

 Exhibits to Series 2019-1 Supplement 

 

 
ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS, UNDER ANY FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW. 

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

  
 A-2-1-3 

 Exhibits to Series 2019-1 Supplement 

 

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

FORM OF RULE 144A GLOBAL SERIES 2019-1 CLASS [A-2-I] [A-2-II] NOTE 
  

							
	No. R- [    ]	  	up to $[                         ]    
    

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [03789X AD0] [03789X AE8] 

ISIN Number: [US03789XAD03] [US03789XAE85] 

Common Code: [200875940] [200875966] 

APPLEBEE’S FUNDING LLC and 

IHOP FUNDING LLC 
 SERIES 2019-1 [4.194%] [4.723%] FIXED RATE SENIOR SECURED NOTES, CLASS [A-2-I]
[A-2-II] 
 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 CEDE & CO., or registered assigns, up to the principal sum of
[                                        ]
DOLLARS ($[                        ]) as provided below and in the Indenture referred to herein. Payments of principal
shall be payable in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on June 5, 2049 (the “Series 2019-1 Legal Final Maturity Date”). The Co-Issuers will pay interest on this Rule 144A Global Series 2019-1 Class [A-2-I] [A-2-II] Note (this “Note”) at the Series 2019-1 Class A-2 Note Rate applicable to this Note for each Interest Accrual Period in accordance with the terms of the Indenture. Such interest will be payable in
arrears on each Quarterly Payment Date, which will be on the 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, 2019 (each, a
“Quarterly Payment Date”). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including June 5, 2019 to but excluding the 5th day of the calendar month that
includes the then current Quarterly Payment Date and (ii) thereafter, the period from and including the 5th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 5th day of the
calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest 

  
 A-2-1-4 

 Exhibits to Series 2019-1 Supplement 

 

 
with respect to this Note (and interest on any defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of
twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay additional interest on this Note at the Series 2019-1 Class A-2 Quarterly Post-ARD Additional Interest Rate applicable to such Tranche of Series
2019-1 Class A-2 Notes, and such additional interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture. 

This Note is subject to mandatory and optional prepayment as set forth in the Indenture. 

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Temporary Regulation S Global
Note or a Permanent Regulation S Global Note; provided that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be
exchangeable or transferable in whole but not in part for duly executed and issued registered Definitive Notes; provided that such transfer or exchange complies with Sections 2.8 and 2.13 of the Base Indenture and
Section 4.2(c) of the Series 2019-1 Supplement. 
 Reference is made to
the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse
hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the
rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY
10013, Attention: Agency & Trust – 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. 

  
 A-2-1-5 

 Exhibits to Series 2019-1 Supplement 

 

 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-2-1-6 

 Exhibits to Series 2019-1 Supplement 

 

 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-2-1-7 

 Exhibits to Series 2019-1 Supplement 

 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1 Class [A-2-I] [A-2-II] Notes issued under the within-mentioned Indenture. 

 

			
	 CITIBANK, N.A., as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

  
 A-2-1-8 

 Exhibits to Series 2019-1 Supplement 

 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1 Class A-2 Notes of the Co-Issuers designated as their Series 2019-1 [4.194%] [[4.723]%] Fixed Rate Senior Secured Notes, Class [A-2-I] [A-2-II] (herein called the
“Series 2019-1 Class [A-2-I]
[A-2-II] Notes”), all issued under (i) the Base Indenture, dated as of September 30, 2014, as amended and restated as of June 5, 2019
(such Base Indenture, 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 2019-1 Supplement to the Base Indenture, dated as of
June 5, 2019 (the “Series 2019-1 Supplement”), among the Co-Issuers, the Trustee and Citibank, N.A., as series
2019-1 securities intermediary. The Base Indenture and the Series 2019-1 Supplement are referred to herein as the “Indenture”. The Series 2019-1 Class [A-2-I] [A-2-II] Notes are subject to all
terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended. 

The Series 2019-1 Class
[A-2-I] [A-2-II] Notes are and will be secured by the Collateral pledged as security
therefor as provided in the Indenture. 
 The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in
excess thereof. 
 As provided for in the Indenture, the Series 2019-1 Class [A-2-I] [A-2-II] Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2019-1 Class [A-2-I] [A-2-II] Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Co-Issuers will be obligated to pay the Series 2019-1 Class A-2 Make-Whole Prepayment Consideration [or the Series 2019-1 Class A-2-II Call Redemption Premium, as applicable,] in connection with a mandatory or optional prepayment of the Series 2019-1 Class [A-2-I] [A-2-II] Notes as described in the Indenture. As described above, the entire unpaid
principal amount of this Note shall be due and payable on the Series 2019-1 Legal Final Maturity Date. All payments of principal of the Series 2019-1 Class [A-2-I] [A-2-II] Notes will be made pro rata to the Series
2019-1 Class A-2 Noteholders entitled thereto. 

Principal of and interest on this Note which is payable on a Quarterly Payment Date or on any date on which payments are permitted to be made
as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be. 

Interest and additional interest, if any, will each accrue on the Series 2019-1 Class [A-2-I] [A-2-II] Notes at the rates set forth in the Indenture. The interest and additional
interest, 

  
 A-2-1-9 

 Exhibits to Series 2019-1 Supplement 

 

 
if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2019-1 Class
[A-2-I] [A-2-II] Notes on each Quarterly Payment Date will be calculated as set forth in
the Indenture. 
 Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance
with the Priority of Payments. 
 If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable
in the manner and with the effect provided in the Indenture. 
 Amounts payable in respect of this Note shall be made by wire transfer of
immediately available funds to the account designated by DTC or its nominee. 
 As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Co-Issuers and the Note Registrar duly executed by, the Series 2019-1 Class A-2 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 2019-1 Supplement, and thereupon one or more new Series 2019-1
Class [A-2-I] [A-2-II] Notes of authorized denominations in the same aggregate
principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 Each Series 2019-1 Class A-2 Noteholder, by acceptance of a Series 2019-1 Class [A-2-I] [A-2-II] 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 2019-1 Class A-2 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, however, 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. 

  
 A-2-1-10 

 Exhibits to Series 2019-1 Supplement 

 

 It is the intent of the Co-Issuers and each Series 2019-1 Class A-2 Noteholder that, for federal, state, local income and franchise tax purposes only, the Series 2019-1 Class [A-2-I] [A-2-II] Notes will evidence indebtedness of the
Co-Issuers secured by the Collateral. Each Series 2019-1 Class A-2 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 2019-1 Class A-2
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 2019-1 Class A-2 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 2019-1 Class A-2 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 2019-1 Class A-2 Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2019-1 Class A-2 Noteholder and upon all future Series 2019-1 Class A-2 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 2019-1 Class [A-2-I] [A-2-II] Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations set forth therein. 

  
 A-2-1-11 

 Exhibits to Series 2019-1 Supplement 

 

 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 principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

  
 A-2-1-12 

 Exhibits to Series 2019-1 Supplement 

 

 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-2-1-13 

 Exhibits to Series 2019-1 Supplement 

 

 SCHEDULE OF EXCHANGES IN RULE 144A GLOBAL SERIES
2019-1 
 CLASS
[A-2-I] [A-2-II] NOTE 

The initial principal balance of this Rule 144A Global Series 2019-1 Class [A-2-I] [A-2-II] Note is
$[                        ]. The following exchanges of an interest in this Rule 144A Global Series 2019-1 Class [A-2-I] [A-2-II] Note for an interest in a
corresponding Temporary Regulation S Global Series 2019-1 Class [A-2-I] [A-2-II] Note or a Permanent Regulation S Global Series 2019-1 Class [A-2-I] [A-2-II] Note have been made: 
  

							
	 Date
	  	 Amount of Increase (or
Decrease) in the Principal
Amount of
this Rule 144A
Global Note
	  	 Remaining Principal

Amount of this Rule 144A
 Global
Note following the
 Increase or Decrease
	  	 Signature of Authorized
Officer of Trustee or
Note
Registrar

	     
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

  
 A-2-1-14 

 Exhibits to Series 2019-1 Supplement 

 

 EXHIBIT A-2-2

 THE ISSUANCE AND SALE OF THIS TEMPORARY REGULATION S GLOBAL SERIES 2019-1 CLASS [A-2-I] [A-2-II] NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND APPLEBEE’S FUNDING LLC AND IHOP FUNDING LLC (EACH A
“CO-ISSUER” AND COLLECTIVELY, THE “CO-ISSUERS”) HAVE NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940
ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CO-ISSUERS OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO A PERSON WHO IS
NOT A COMPETITOR AND IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (“RULE 144A”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT
DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE 1933 ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS
WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION, NONE OF WHICH ARE A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED
IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION. 

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

  
 A-2-2-1 

 Exhibits to Series 2019-1 Supplement 

 

 EACH PERSON (IF NOT THE CO-ISSUERS OR AN AFFILIATE
OF THE CO-ISSUERS) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH PERSON TAKING DELIVERY
OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE OR A PERMANENT REGULATION S GLOBAL NOTE WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO
MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. 
 ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING
WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS,
THE TRUSTEE OR ANY INTERMEDIARY; PROVIDED, HOWEVER, THAT THE PRECEDING PORTION OF THIS SENTENCE SHALL NOT OPERATE TO INVALIDATE ANY OTHERWISE BONA FIDE TRANSFER TO AN ELIGIBLE TRANSFEREE WHERE A PREVIOUS ERRONEOUSLY-REGISTERED TRANSFEROR IN THE
CHAIN OF TITLE OF SUCH TRANSFEREE WOULD HAVE BEEN INELIGIBLE SOLELY ON ACCOUNT OF BEING A COMPETITOR. 
 IF THIS NOTE WAS ACQUIRED IN THE
UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER
TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED
INSTITUTIONAL BUYER OR WHO IS A COMPETITOR. 
 IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A
COMPETITOR OR TO HAVE BEEN A “U.S. PERSON” AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND
IS NOT A “U.S. PERSON.” THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS A “U.S. PERSON” OR WHO IS A COMPETITOR. 

BY ACCEPTING THIS NOTE, EACH HOLDER COVENANTS THAT IT WILL NOT AT ANY TIME PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY
AFTER THE PAYMENT IN FULL OF THE LATEST MATURING NOTE, INSTITUTE AGAINST, OR JOIN WITH ANY OTHER PERSON IN INSTITUTING AGAINST, ANY 

  
 A-2-2-2 

 Exhibits to Series 2019-1 Supplement 

 

 
SECURITIZATION ENTITY ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS, UNDER ANY FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW. 

UNTIL FORTY (40) DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION WITH THE OFFERING OF
THE NOTES IN THE UNITED STATES FROM OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH
HOLDER IS EITHER NOT A “U.S. PERSON” OR THE CO-ISSUERS OR AN AFFILIATE OF THE CO-ISSUERS, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 1933 ACT, AND
AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A HOLDER THAT IS NOT A “U.S. PERSON” OR TO THE CO-ISSUERS OR AN AFFILIATE OF THE CO-ISSUERS AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES
GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A
UNDER THE 1933 ACT. 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10041, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE CO-ISSUERS OR THE NOTE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE &
CO., HAS AN INTEREST HEREIN. 

  
 A-2-2-3 

 Exhibits to Series 2019-1 Supplement 

 

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

FORM OF TEMPORARY REGULATION S GLOBAL SERIES 2019-1 CLASS [A-2-I] [A-2-II] NOTE 
  

							
	No. S- [    ]	  	up to $[                         ]    
    
		  	

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [U00553 AD6] [U00553 AE4] 

ISIN Number: [USU00553AD66] [USU00553AE40] 

Common Code: [200876431] [200876458] 

APPLEBEE’S FUNDING LLC and 

IHOP FUNDING LLC 
 SERIES 2019-1 [4.194%] [4.723%] FIXED RATE SENIOR SECURED NOTES, CLASS [A-2-I]
[A-2-II] 
 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 CEDE & CO., or registered assigns, up to the principal sum of
[                                        ]
DOLLARS ($[                        ]) as provided below and in the Indenture referred to herein. Payments of principal
shall be payable in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on June 5, 2049 (the “Series 2019-1 Legal Final Maturity Date”). The Co-Issuers will pay interest on this Temporary Regulation S Global Series 2019-1 Class
[A-2-I] [A-2-II] Note (this “Note”) at the Series 2019-1 Class A-2 Note Rate applicable to this Note for each Interest Accrual Period in accordance with the terms of the Indenture. Such interest will be payable in
arrears on each Quarterly Payment Date, which will be on the 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, 2019 (each, a
“Quarterly Payment Date”). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including June 5, 2019 to but excluding the 5th day of the calendar month that
includes the then current Quarterly Payment Date and (ii) thereafter, the period from and including the 5th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 5th day of the
calendar month that 

  
 A-2-2-4 

 Exhibits to Series 2019-1 Supplement 

 

 
includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to this Note (and interest on any defaulted payments of interest or
principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay additional interest on this Note at the Series 2019-1 Class A-2 Quarterly
Post-ARD Additional Interest Rate applicable to this Note, and such additional interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture. 

This Note is subject to mandatory and optional prepayment as set forth in the Indenture. 

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Rule 144A Global Note or a Permanent
Regulation S Global Note; provided that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or
transferable in whole but not in part for duly executed and issued registered Definitive Notes; provided that such transfer or exchange complies with Sections 2.8 and 2.13 of the Base Indenture and
Section 4.2(c) of the Series 2019-1 Supplement. 
 Reference is made to
the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse
hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the
rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY
10013, Attention: Agency & Trust – 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. 

  
 A-2-2-5 

 Exhibits to Series 2019-1 Supplement 

 

 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-2-2-6 

 Exhibits to Series 2019-1 Supplement 

 

 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-2-2-7 

 Exhibits to Series 2019-1 Supplement 

 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1 Class [A-2-I] [A-2-II] Notes issued under the within-mentioned Indenture. 

 

			
	 CITIBANK, N.A., as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

  
 A-2-2-8 

 Exhibits to Series 2019-1 Supplement 

 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1
Class A-2 Notes of the Co-Issuers designated as their Series 2019-1 [4.194%] [4.723%] Fixed Rate Senior Secured Notes, Class
[A-2-I] [A-2-II] (herein called the
“Series 2019-1 Class [A-2-I]
[A-2-II] Notes”), all issued under (i) the Base Indenture, dated as of September 30, 2014, as amended and restated as of June 5, 2019
(such Base Indenture, 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 2019-1 Supplement to the Base Indenture, dated as of
June 5, 2019 (the “Series 2019-1 Supplement”), among the Co-Issuers, the Trustee and Citibank, N.A., as series
2019-1 securities intermediary. The Base Indenture and the Series 2019-1 Supplement are referred to herein as the “Indenture”. The Series 2019-1 Class [A-2-I] [A-2-II] Notes are subject to all
terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended. 

The Series 2019-1 Class
[A-2-I] [A-2-II] Notes are and will be secured by the Collateral pledged as security
therefor as provided in the Indenture. 
 The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in
excess thereof. 
 As provided for in the Indenture, the Series 2019-1 Class [A-2-I] [A-2-II] Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2019-1 Class [A-2-I] [A-2-II] Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Co-Issuers will be obligated to pay the Series 2019-1 Class A-2 Make-Whole Prepayment Consideration [or the Series 2019-1 Class A-2-II Call Redemption Premium, as applicable,] in connection with a mandatory or optional prepayment of the Series 2019-1 Class [A-2-I] [A-2-II] Notes as described in the Indenture. As described above, the entire unpaid
principal amount of this Note shall be due and payable on the Series 2019-1 Legal Final Maturity Date. All payments of principal of the Series 2019-1 Class [A-2-I] [A-2-II] Notes will be made pro rata to the Series
2019-1 Class A-2 Noteholders entitled thereto. 

Principal of and interest on this Note which is payable on a Quarterly Payment Date or on any date on which payments are permitted to be made
as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be. 

Interest and additional interest, if any, will each accrue on the Series 2019-1 Class [A-2-I] [A-2-II] Notes at the rates set forth in the Indenture. The interest and additional
interest, 

  
 A-2-2-9 

 Exhibits to Series 2019-1 Supplement 

 

 
if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2019-1 Class
[A-2-I] [A-2-II] Notes on each Quarterly Payment Date will be calculated as set forth in
the Indenture. 
 Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance
with the Priority of Payments. 
 If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable
in the manner and with the effect provided in the Indenture. 
 Amounts payable in respect of this Note shall be made by wire transfer of
immediately available funds to the account designated by DTC or its nominee. 
 As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Co-Issuers and the Note Registrar duly executed by, the Series 2019-1 Class A-2 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 2019-1 Supplement, and thereupon one or more new Series 2019-1 Class [A-2-I] [A-2-II] Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged
for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 Each Series 2019-1 Class A-2 Noteholder, by
acceptance of a Series 2019-1 Class [A-2-I]
[A-2-II] 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 2019-1 Class A-2 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, however, 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. 

  
 A-2-2-10 

 Exhibits to Series 2019-1 Supplement 

 

 It is the intent of the Co-Issuers and each Series 2019-1 Class A-2 Noteholder that, for federal, state, local income and franchise tax purposes only, the Series 2019-1 Class [A-2-I] [A-2-II] Notes will evidence indebtedness of the
Co-Issuers secured by the Collateral. Each Series 2019-1 Class A-2 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 2019-1 Class A-2
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 2019-1 Class A-2 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 2019-1 Class A-2 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 2019-1 Class A-2 Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2019-1 Class A-2 Noteholder and upon all future Series 2019-1 Class A-2 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 2019-1 Class [A-2-I] [A-2-II] Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations set forth therein. 

  
 A-2-2-11 

 Exhibits to Series 2019-1 Supplement 

 

 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 principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

  
 A-2-2-12 

 Exhibits to Series 2019-1 Supplement 

 

 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-2-2-13 

 Exhibits to Series 2019-1 Supplement 

 

 SCHEDULE OF EXCHANGES IN TEMPORARY REGULATION S 

GLOBAL SERIES 2019-1 CLASS
[A-2-I] [A-2-II] NOTE 

The initial principal balance of this Temporary Regulation S Global Series 2019-1 Class [A-2-I] [A-2-II] Note is
$[                            ]. The following exchanges of an interest in this Temporary Regulation S
Global Series 2019-1 Class [A-2-I] [A-2-II] Note
for an interest in a corresponding Rule 144A Global Series 2019-1 Class [A-2-I] [A-2-II] Note or a Permanent Regulation S Global Series 2019-1 Class [A-2-I] [A-2-II] Note have been made: 
  

							
	 Date
	  	 Amount of Increase (or
Decrease) in the Principal
Amount of
this Temporary
Regulation S Global Note
	  	 Remaining Principal

Amount of this Temporary
Regulation S Global Note
following the Increase or
Decrease
	  	 Signature of Authorized
Officer of Trustee or
Note
Registrar

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

  
 A-2-2-14 

 Exhibits to Series 2019-1 Supplement 

 

 EXHIBIT A-2-3

 THE ISSUANCE AND SALE OF THIS PERMANENT REGULATION S GLOBAL SERIES 2019-1 CLASS [A-2-I] [A-2-II] NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND APPLEBEE’S FUNDING LLC AND IHOP FUNDING LLC (EACH A
“CO-ISSUER” AND COLLECTIVELY, THE “CO-ISSUERS”) HAVE NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940
ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CO-ISSUERS OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO A PERSON WHO IS
NOT A COMPETITOR AND IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (“RULE 144A”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT
DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE 1933 ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS
WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION, NONE OF WHICH ARE A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED
IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION. 

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

  
 A-2-3-1 

 Exhibits to Series 2019-1 Supplement 

 

 EACH PERSON (IF NOT THE CO-ISSUERS OR AN AFFILIATE
OF THE CO-ISSUERS) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH PERSON TAKING DELIVERY
OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND
AGREEMENTS REFERRED TO IN THE INDENTURE. 
 ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL
BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY;
PROVIDED, HOWEVER, THAT THE PRECEDING PORTION OF THIS SENTENCE SHALL NOT OPERATE TO INVALIDATE ANY OTHERWISE BONA FIDE TRANSFER TO AN ELIGIBLE TRANSFEREE WHERE A PREVIOUS ERRONEOUSLY-REGISTERED TRANSFEROR IN THE CHAIN OF TITLE OF SUCH TRANSFEREE
WOULD HAVE BEEN INELIGIBLE SOLELY ON ACCOUNT OF BEING A COMPETITOR. 
 IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS
DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER
WHO IS NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL BUYER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR.

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

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

  
 A-2-3-2 

 Exhibits to Series 2019-1 Supplement 

 

 
ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS, UNDER ANY FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW. 

UNTIL FORTY (40) DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION WITH THE OFFERING OF
THE NOTES IN THE UNITED STATES FROM OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH
HOLDER IS EITHER NOT A “U.S. PERSON” OR THE CO-ISSUERS OR AN AFFILIATE OF THE CO-ISSUERS, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 1933 ACT, AND
AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A HOLDER THAT IS NOT A “U.S. PERSON” OR TO THE CO-ISSUERS OR AN AFFILIATE OF THE CO-ISSUERS AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES
GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A
UNDER THE 1933 ACT. 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10041, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE CO-ISSUERS OR THE NOTE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO.,
HAS AN INTEREST HEREIN. 

  
 A-2-3-3 

 Exhibits to Series 2019-1 Supplement 

 

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

FORM OF PERMANENT REGULATION S GLOBAL SERIES 2019-1 CLASS [A-2-I] [A-2-II] NOTE 
  

							
	No. U-[    ]	  	up to $[                         ]    
    

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [U00553 AD6] [U00553 AE4] 

ISIN Number: [USU00553AD66] [USU00553AE40] 

Common Code: [200876431] [200876458] 

APPLEBEE’S FUNDING LLC and 

IHOP FUNDING LLC 
 SERIES 2019-1 [4.194%] [4.723%] FIXED RATE SENIOR SECURED NOTES, CLASS [A-2-I]
[A-2-II] 
 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 CEDE & CO., or registered assigns, up to the principal sum of
[                                        ]
DOLLARS ($[                            ]) as provided below and in the Indenture referred to herein.
Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on June 5, 2049 (the
“Series 2019-1 Legal Final Maturity Date”). The Co-Issuers will pay interest on this Permanent Regulation S Global Series
2019-1 Class [A-2-I] [A-2-II] Note (this
“Note”) at the Series 2019-1 Class A-2 Note Rate applicable to this Note for each Interest Accrual Period in accordance with the terms of the
Indenture. Such interest will be payable in arrears on each Quarterly Payment Date, which will be on the 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, 2019 (each, a “Quarterly Payment Date”). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including June 5, 2019 to but excluding the 5th day of
the calendar month that includes the then current Quarterly Payment Date and (ii) thereafter, the period from and including the 5th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding
the 5th day of the calendar month that 

  
 A-2-3-4 

 Exhibits to Series 2019-1 Supplement 

 

 
includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to this Note (and interest on any defaulted payments of interest or
principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the Co-Issuers shall also pay additional interest on this Note at the Series 2019-1 Class A-2 Quarterly
Post-ARD Additional Interest Rate applicable to this Note, and such additional interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Co-Issuers with respect to this Note shall be applied as provided in the Indenture. 

This Note is subject to mandatory and optional prepayment as set forth in the Indenture. 

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Rule 144A Global Note or a Temporary
Regulation S Global Note; provided that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or
transferable in whole but not in part for duly executed and issued registered Definitive Notes; provided that such transfer or exchange complies with Sections 2.8 and 2.13 of the Base Indenture and
Section 4.2(c) of the Series 2019-1 Supplement. 
 Reference is made to
the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse
hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the
rights, duties and obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY
10013, Attention: Agency & Trust – 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. 

  
 A-2-3-5 

 Exhibits to Series 2019-1 Supplement 

 

 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-2-3-6 

 Exhibits to Series 2019-1 Supplement 

 

 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-2-3-7 

 Exhibits to Series 2019-1 Supplement 

 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1 Class [A-2-I] [A-2-II] Notes issued under the within-mentioned Indenture. 

 

			
	 CITIBANK, N.A., as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

  
 A-2-3-8 

 Exhibits to Series 2019-1 Supplement 

 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1
Class A-2 Notes of the Co-Issuers designated as their Series 2019-1 [4.194%] [4.723%] Fixed Rate Senior Secured Notes, Class
[A-2-I] [A-2-II] (herein called the “Series
2019-1 Class [A-2-I] [A-2-II]
Notes”), all issued under (i) the Base Indenture, dated as of September 30, 2014, as amended and restated as of June 5, 2019 (such Base Indenture, 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 2019-1 Supplement to the Base Indenture, dated as of June 5, 2019 (the “Series 2019-1
Supplement”), among the Co-Issuers, the Trustee and Citibank, N.A., as series 2019-1 securities intermediary. The Base Indenture and the Series 2019-1 Supplement are referred to herein as the “Indenture”. The Series 2019-1 Class
[A-2-I] [A-2-II] Notes are subject to all terms of the Indenture. All terms used in this
Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or amended. 

The Series 2019-1 Class
[A-2-I] [A-2-II] Notes are and will be secured by the Collateral pledged as security
therefor as provided in the Indenture. 
 The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in
excess thereof. 
 As provided for in the Indenture, the Series 2019-1 Class [A-2-I] [A-2-II] Notes may be prepaid, in whole or in part, at the option of the Co-Issuers. In addition, the Series 2019-1 Class [A-2-I] [A-2-II] Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Co-Issuers will be obligated to pay the Series 2019-1 Class A-2 Make-Whole Prepayment Consideration [or the Series 2019-1 Class A-2-II Call Redemption Premium, as applicable,] in connection with a mandatory or optional prepayment of the Series 2019-1 Class [A-2-I] [A-2-II] Notes as described in the Indenture. As described above, the entire unpaid
principal amount of this Note shall be due and payable on the Series 2019-1 Legal Final Maturity Date. All payments of principal of the Series 2019-1 Class [A-2-I] [A-2-II] Notes will be made pro rata to the Series
2019-1 Class A-2 Noteholders entitled thereto. 

Principal of and interest on this Note which is payable on a Quarterly Payment Date or on any date on which payments are permitted to be made
as provided for in the Indenture shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be. 

Interest and additional interest, if any, will each accrue on the Series 2019-1 Class [A-2-I] [A-2-II] Notes at the rates set forth in the Indenture. The interest and additional
interest, 

  
 A-2-3-9 

 Exhibits to Series 2019-1 Supplement 

 

 
if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2019-1 Class
[A-2-I] [A-2-II] Notes on each Quarterly Payment Date will be calculated as set forth in
the Indenture. 
 Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance
with the Priority of Payments. 
 If an Event of Default shall occur and be continuing, this Note may become or be declared due and payable
in the manner and with the effect provided in the Indenture. 
 Amounts payable in respect of this Note shall be made by wire transfer of
immediately available funds to the account designated by DTC or its nominee. 
 As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Co-Issuers
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Co-Issuers and the Note Registrar duly executed by, the Series 2019-1 Class A-2 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 2019-1 Supplement, and thereupon one or more new Series 2019-1 Class [A-2-I] [A-2-II] Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged
for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 Each Series 2019-1 Class A-2 Noteholder, by
acceptance of a Series 2019-1 Class [A-2-I]
[A-2-II] 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 2019-1 Class A-2 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, however, 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. 

  
 A-2-3-10 

 Exhibits to Series 2019-1 Supplement 

 

 It is the intent of the Co-Issuers and each Series 2019-1 Class A-2 Noteholder that, for federal, state, local income and franchise tax purposes only, the Series 2019-1 Class [A-2-I] [A-2-II] Notes will evidence indebtedness of the
Co-Issuers secured by the Collateral. Each Series 2019-1 Class A-2 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 2019-1 Class A-2
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 2019-1 Class A-2 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 2019-1 Class A-2 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 2019-1 Class A-2 Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2019-1 Class A-2 Noteholder and upon all future Series 2019-1 Class A-2 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 2019-1 Class [A-2-I] [A-2-II] Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations set forth therein. 

  
 A-2-3-11 

 Exhibits to Series 2019-1 Supplement 

 

 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 principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

  
 A-2-3-12 

 Exhibits to Series 2019-1 Supplement 

 

 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-2-3-13 

 Exhibits to Series 2019-1 Supplement 

 

 SCHEDULE OF EXCHANGES IN PERMANENT REGULATION S 

GLOBAL SERIES 2019-1 CLASS
[A-2-I] [A-2-II] NOTE 

The initial principal balance of this Permanent Regulation S Global Series 2019-1 Class [A-2-I] [A-2-II] Note is
$[                        ]. The following exchanges of an interest in this Permanent Regulation S Global Series 2019-1 Class [A-2-I] [A-2-II] Note for an interest in a
corresponding Rule 144A Global Series 2019-1 Class [A-2-I]
[A-2-II] Note or a Temporary Regulation S Global Series 2019-1 Class [A-2-I] [A-2-II] Note have been made: 
  

													
	Date	 	 	  	Amount of Increase (or
Decrease) in the Principal
Amount of this Permanent
Regulation S Global Note	 	 	  	 Remaining Principal

Amount of this Permanent
 Regulation
S Global Note
following the Increase or
Decrease
	 	 	  	Signature of Authorized
Officer of Trustee or Note
Registrar
	     
	 		  	 	 		  	 	 		  	 
	     
	 		  	 	 		  	 	 		  	 
	     
	 		  	 	 		  	 	 		  	 
	     
	 		  	 	 		  	 	 		  	 
	     
	 		  	 	 		  	 	 		  	 
	     
	 		  	 	 		  	 	 		  	 
	     
	 		  	 	 		  	 	 		  	 
	     
	 		  	 	 		  	 	 		  	 
	     
	 		  	 	 		  	 	 		  	 
	     
	 		  	 	 		  	 	 		  	 
	     
	 		  	 	 		  	 	 		  	 

  
 A-2-3-14 

 Exhibits to Series 2019-1 Supplement 

 

 EXHIBIT B-1 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS 

OF SERIES 2019-1 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 2019-1 Variable
Funding Senior Notes, Class A-1 Subclass: Series 2019-1 Class A-1 [Advance] [Swingline] [L/C] Notes (the
“Notes”) 

 Reference is hereby made to (i) the Base Indenture, dated as of September 30,
2014, as amended and restated as of June 5, 2019 (such Base Indenture, 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 2019-1 Supplement to the Base Indenture, dated as of June 5, 2019 (the “Supplement” and, together with the Base Indenture, the “Indenture”), among
the Co-Issuers, the Trustee and Citibank, N.A., as series 2019-1 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. 

  
 B-1-1 

 Exhibits to Series 2019-1 Supplement 

 

 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 2019-1 Class A-1 Notes; 

3.    it is purchasing the Series 2019-1
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 2019-1 Class A-1 Notes; 
 4.    it
understands that (i) the Series 2019-1 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 2019-1 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 2019-1 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 2019-1 Class A-1 Notes; 

6.    it understands that the Series 2019-1
Class A-1 Notes will bear the legend set out in the applicable form of Series 2019-1 Class A-1 Notes attached to the
Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend; 

  
 B-1-2 

 Exhibits to Series 2019-1 Supplement 

 

 7.    it will obtain for the benefit of the Co-Issuers from any purchaser of the Series 2019-1 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 

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] 

  
 B-1-3 

 Exhibits to Series 2019-1 Supplement 

 

									
		  		 	 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-1-4 

 Exhibits to Series 2019-1 Supplement 

 

 EXHIBIT B-2 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS 

 OF INTERESTS IN RULE 144A GLOBAL NOTES TO 

INTERESTS IN TEMPORARY REGULATION S GLOBAL 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 2019-1 [4.194%] [4.723%] Fixed Rate Senior Secured Notes, Class [A-2-I] [A-2-II] (the “Notes”) 

Reference is hereby made to (i) the Base Indenture, dated as of September 30, 2014, as amended and restated as of June 5, 2019
(such Base Indenture, 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 2019-1
Supplement to the Base Indenture, dated as of June 5, 2019 (the “Supplement” and, together with the Base Indenture, the “Indenture”), among the Co-Issuers, the Trustee
and Citibank, N.A., as series 2019-1 securities intermediary. Capitalized terms used but not defined herein shall have the meanings assigned to them pursuant to the Indenture. 

This certificate relates to U.S.
$[                        ] aggregate principal amount of Notes which are held in the form of an interest in a Rule 144A
Global Note with DTC (CUSIP (CINS) No. [                        ]) in the name of
[                        ] [name of transferor] (the “Transferor”), who wishes to effect the transfer of
such Notes in exchange for an equivalent beneficial interest in a Temporary Regulation S Global Note 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) the Transferee 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
Offering Memorandum dated May 28, 2019, relating to the Notes, (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. 

  
 B-2-1 

 Exhibits to Series 2019-1 Supplement 

 

 In addition, the Transferee hereby represents, warrants and covenants for the benefit of the
Co-Issuers, the Note Registrar and the Trustee that either the Transferee is a Co-Issuer or an Affiliate of a Co-Issuer, or: 

1.    the offer of the Notes was not made to a Person in the United States; 

2.    at the time the buy order was originated, the Transferee was outside the United States; 

3.    no directed selling efforts have been made in contravention of the requirements of Rule 903(a) or 904(a) of
Regulation S, as applicable; 
 4.    the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act, and the Transferee is aware that the sale to it is being made in reliance on an exemption from the registration requirements of the 1933 Act provided by Regulation S; 

5.    the Transferee is not a U.S. Person (as defined in Regulation S); 

6.    if the sale is made during a restricted period and the provisions of Rule 903(b)(2) or (3) or Rule 904(b)(1)
of Regulation S are applicable thereto, the Transferee confirms that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2) or (3) or Rule 904(b)(1), as the case may be; 

7.    the Transferee is not purchasing such Notes with a view to the resale, distribution or other disposition thereof in
the United States or to a U.S. Person; 
 8.    the Transferee will, and each account for which it is purchasing will,
hold and transfer at least the minimum denomination of Notes; 
 9.    the Transferee understands that the Manager, the
Co-Issuers and the Servicer may receive a list of participants holding positions in the Notes from one or more book-entry depositories; 

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

  
 B-2-2 

 Exhibits to Series 2019-1 Supplement 

 

 11.    the Transferee will provide to each person to whom it transfers
Notes notices of any restrictions on transfer of such Notes; 
 12.    it is not a Competitor; 

13.    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; and 
 14.    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 representations made pursuant to clause 7 above shall be deemed to be made on each day from the date the Transferee acquires any interest
in any Note through and including the date on which such Transferee disposes of its interest in the applicable Note. The Transferee agrees to provide prompt written notice to each of the Co-Issuers, the Note
Registrar and the Trustee of any change of the status of the Transferee that would cause it to breach the representations made in clause 7 above. The Transferee further agrees to indemnify and hold harmless the
Co-Issuers, the Trustee, the Note Registrar and the Initial Purchaser and its affiliates from any cost, damage or loss incurred by them as a result of the inaccuracy or breach of the foregoing representations,
warranties and agreements in this clause and clause 7 above. Any purported transfer of the Notes (or interest therein) that does not comply with the requirements of this clause and clause 7 above shall be null and void ab initio. 

The Transferee understands that the Co-Issuers, the Trustee, the Note Registrar and their respective
counsel will rely upon the accuracy and truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy hereof to any 

  
 B-2-3 

 Exhibits to Series 2019-1 Supplement 

 

 
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-2-4 

 Exhibits to Series 2019-1 Supplement 

 

 EXHIBIT B-3 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS 

 OF INTERESTS IN RULE 144A GLOBAL NOTES TO 

INTERESTS IN PERMANENT REGULATION S GLOBAL 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 2019-1 [4.194%] [4.723%] Fixed Rate Senior Secured Notes, Class [A-2-I] [A-2-II] (the “Notes”) 

Reference is hereby made to (i) the Base Indenture, dated as of September 30, 2014, as amended and restated as of June 5, 2019
(such Base Indenture, 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 2019-1
Supplement to the Base Indenture, dated as of June 5, 2019 (the “Supplement” and, together with the Base Indenture, the “Indenture”), among the Co-Issuers, the Trustee
and Citibank, N.A., as series 2019-1 securities intermediary. Capitalized terms used but not defined herein shall have the meanings assigned to them pursuant to the Indenture. 

This certificate relates to U.S.
$[                    ] aggregate principal amount of Notes which are held in the form of an interest in a Rule 144A Global Note with DTC
(CUSIP (CINS) No. [                    ]) in the name of
[                    ] [name of transferor] (the “Transferor”), who wishes to effect the transfer of such Notes in exchange
for an equivalent beneficial interest in a Permanent Regulation S Global Note 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) the Transferee 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 Offering Memorandum dated May 28, 2019, relating to the Notes, (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. 

  
 B-3-1 

 Exhibits to Series 2019-1 Supplement 

 

 In addition, the Transferee hereby represents, warrants and covenants for the benefit of the
Co-Issuers, the Note Registrar and the Trustee that either the Transferee is a Co-Issuer or an Affiliate of a Co-Issuer, or: 

1.    the offer of the Notes was not made to a Person in the United States; 

2.    at the time the buy order was originated, the Transferee was outside the United States; 

3.    no directed selling efforts have been made in contravention of the requirements of Rule 903(a) or 904(a) of
Regulation S, as applicable; 
 4.    the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act, and the Transferee is aware that the sale to it is being made in reliance on an exemption from the registration requirements of the 1933 Act provided by Regulation S; 

5.    the Transferee is not a U.S. Person (as defined in Regulation S); 

6.    the Transferee is not purchasing such Notes with a view to the resale, distribution or other disposition thereof in
the United States or to a U.S. Person; 
 7.    the Transferee will, and each account for which it is purchasing will,
hold and transfer at least the minimum denomination of Notes; 
 8.    the Transferee understands that the Manager, the
Co-Issuers and the Servicer may receive a list of participants holding positions in the Notes from one or more book-entry depositories; 

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

10.    the Transferee will provide to each person to whom it transfers Notes notices of any restrictions on transfer of
such Notes; 
 11.    it is not a Competitor; 

  
 B-3-2 

 Exhibits to Series 2019-1 Supplement 

 

 12.    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; and 
 13.    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, the Note Registrar and their respective
counsel will rely upon the accuracy and truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy hereof to any interested party in any administrative or legal 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.:
                                        

  
 B-3-3 

 Exhibits to Series 2019-1 Supplement 

 

							
		 	 Attention:
                                   
	 		  	

  

			
	 Registered Name (if Nominee):

		
	 cc:
	 	 Applebee’s Funding LLC

		 	 IHOP Funding LLC

		 	 450 North Brand Blvd., 7th Floor

		 	 Glendale, CA 91203-4415

  
 B-3-4 

 Exhibits to Series 2019-1 Supplement 

 

 EXHIBIT B-4 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS 

 OF INTERESTS IN TEMPORARY REGULATION S GLOBAL NOTES OR 

PERMANENT REGULATION S GLOBAL NOTES TO PERSONS TAKING DELIVERY IN 

THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE 
  

	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 2019-1 [4.194%] [4.723%] Fixed Rate Senior Secured Notes, Class [A-2-I] [A-2-II] (the “Notes”) 

Reference is hereby made to (i) the Base Indenture, dated as of September 30, 2014, as amended and restated as of June 5, 2019
(such Base Indenture, 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 2019-1
Supplement to the Base Indenture, dated as of June 5, 2019 (the “Supplement” and, together with the Base Indenture, the “Indenture”), among the Co-Issuers, the Trustee
and Citibank, N.A., as series 2019-1 securities intermediary. Capitalized terms used but not defined herein shall have the meanings assigned to them pursuant to the Indenture. 

This certificate relates to U.S.
$[                    ] aggregate principal amount of Notes which are held in the form of [an interest in a Temporary Regulation S Global Note
with DTC] [an interest in a Permanent Regulation S Global Note with DTC] (CUSIP (CINS) No. [                    ]) in the name of
[                    ] [name of transferor] (the “Transferor”), who wishes to effect the transfer of such Notes in exchange
for an equivalent beneficial interest in a Rule 144A Global Note 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) the Transferee is a Co-Issuer or an Affiliate of a Co-Issuer or (B) such Notes are being transferred in accordance with (i) the applicable
transfer restrictions set forth in the Indenture and in the Offering Memorandum dated May 28, 2019, relating to the Notes and (ii) Rule 144A under the Securities Act of 1933, as amended, (the “Securities Act”) and any
applicable securities laws of any state of the United States or any other jurisdiction, and that the Transferee is purchasing the Notes for its own account or one or more accounts with respect to which the Transferee exercises sole investment
discretion, and the Transferee and any 

  
 B-4-1 

 Exhibits to Series 2019-1 Supplement 

 

 
such account represent, warrant and agree that either it is a Co-Issuer or an Affiliate of a Co-Issuer or as
follows: 
 1.    it is (a) a Qualified Institutional Buyer, (b) aware that the sale to it is being made in
reliance on Rule 144A and (c) acquiring such Notes for its own account or for the account of another person who is a Qualified Institutional Buyer with respect to which it exercise sole investment discretion. 

2.    it is not formed for the purpose of investing in the Notes, except where each beneficial owner is a Qualified
Institutional Buyer; 
 3.    it will, and each account for which it is purchasing will, hold and transfer at least the
minimum denomination of Notes; 
 4.    it understands that the Manager, the
Co-Issuers and the Servicer may receive a list of participants holding positions in the Notes from one or more book-entry depositories; 

5.    it understands that the Manager, the Co-Issuers and the Servicer may
receive (i) a list of Note Owners that have requested access to the Trustee’s password-protected website or that have voluntarily registered as a Note Owner with the Trustee and (ii) copies of Noteholder confirmations of
representations and warranties executed to obtain access to the Trustee’s password-protected website; 
 6.    it
will provide to each person to whom it transfers Notes notices of any restrictions on transfer of such Notes; 

7.    it is not a Competitor; 

8.    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; and 
 9.    it is: 

  
 B-4-2 

 Exhibits to Series 2019-1 Supplement 

 

          (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, the Note Registrar and their respective
counsel will rely upon the accuracy and truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with
respect to any matter covered hereby, and the Transferee hereby consents and agrees to such reliance and authorization. 

  
 B-4-3 

 Exhibits to Series 2019-1 Supplement 

 

									
		  		 	[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-4-4 

 Exhibits to Series 2019-1 Supplement 

 

  
 [FORM OF QUARTERLY
NOTEHOLDERS’ REPORT]

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