Document:

Exhibit 10.1

 

REVENUE INTEREST PURCHASE AGREEMENT

 

dated as of June 26, 2019

 

among

 

ESPERION THERAPEUTICS, INC.,

 

the Purchasers from time to time party hereto

 

and

 

Eiger III SA LLC, as Purchaser Agent

 

 

TABLE OF CONTENTS

 

	
ARTICLE I DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    
	
Section 1.01
    	
Definitions
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE II PURCHASE OF REVENUE INTERESTS;   PAYMENTS
    	
22
    
	
 
    	
 
    	
 
    
	
Section 2.01
    	
Purchase of Revenue Interests
    	
22
    
	
Section 2.02
    	
Payments by the Company
    	
23
    
	
Section 2.03
    	
Purchaser Payments; Conditions   Precedent
    	
24
    
	
Section 2.04
    	
No Assumed Obligations
    	
26
    
	
 
    	
 
    	
 
    
	
ARTICLE III REPRESENTATIONS AND WARRANTIES   OF THE COMPANY
    	
26
    
	
 
    	
 
    	
 
    
	
Section 3.01
    	
Organization
    	
26
    
	
Section 3.02
    	
Authorization
    	
26
    
	
Section 3.03
    	
Governmental Authorization
    	
27
    
	
Section 3.04
    	
Ownership
    	
27
    
	
Section 3.05
    	
Financial Statements
    	
27
    
	
Section 3.06
    	
No Undisclosed Liabilities
    	
27
    
	
Section 3.07
    	
Solvency
    	
28
    
	
Section 3.08
    	
Litigation
    	
28
    
	
Section 3.09
    	
Compliance with Laws
    	
28
    
	
Section 3.10
    	
Conflicts
    	
28
    
	
Section 3.11
    	
Intellectual Property
    	
29
    
	
Section 3.12
    	
Regulatory Approvals
    	
30
    
	
Section 3.13
    	
Material Contracts
    	
31
    
	
Section 3.14
    	
Place of Business
    	
31
    
	
Section 3.15
    	
Subordination
    	
32
    
	
Section 3.16
    	
Insurance
    	
32
    
	
Section 3.17
    	
Tax
    	
32
    
	
Section 3.18
    	
Disclosure
    	
32
    
	
Section 3.19
    	
Investment Company Act
    	
32
    
	
Section 3.20
    	
OFAC; Anti-Terrorism Laws
    	
32
    
	
Section 3.21
    	
Broker’s Fees
    	
33
    
	
 
    	
 
    	
 
    
	
ARTICLE IV REPRESENTATIONS AND WARRANTIES   OF THE PURCHASERS
    	
33
    
	
 
    	
 
    	
 
    
	
Section 4.01
    	
Organization
    	
33
    
	
Section 4.02
    	
Authorization
    	
33
    
	
Section 4.03
    	
Broker’s Fees
    	
33
    
	
Section 4.04
    	
Conflicts
    	
33
    
	
Section 4.05
    	
Compliance with Laws
    	
34
    
	
Section 4.06
    	
Financing
    	
34
    
	
 
    	
 
    	
 
    
	
ARTICLE V COVENANTS
    	
34
    
	
 
    	
 
    	
 
    
	
Section 5.01
    	
Notices; Access; Information
    	
34
    
	
Section 5.02
    	
Reports
    	
35
    
	
Section 5.03
    	
Compliance with Law; Existence   and Maintenance of Properties; Material Contracts
    	
36
    
	
Section 5.04
    	
Confidentiality; Public   Announcement
    	
37
    
	
Section 5.05
    	
Security Agreement
    	
38
    

 

 

	
Section 5.06
    	
Further Assurances;   Creation/Acquisition of Subsidiaries; Additional Collateral
    	
38
    
	
Section 5.07
    	
Put Option; Call Option
    	
39
    
	
Section 5.08
    	
Intellectual Property;   Regulatory Approvals
    	
41
    
	
Section 5.09
    	
Use of Proceeds; Initial   Product Development and Commercialization
    	
42
    
	
Section 5.10
    	
Protective Covenants
    	
42
    
	
Section 5.11
    	
Insurance and Landlord Waiver
    	
42
    
	
Section 5.12
    	
Taxes
    	
43
    
	
 
    	
 
    	
 
    
	
ARTICLE VI TERMINATION
    	
43
    
	
 
    	
 
    	
 
    
	
Section 6.01
    	
Termination Date
    	
43
    
	
Section 6.02
    	
Effect of Termination
    	
43
    
	
 
    	
 
    	
 
    
	
ARTICLE VII PURCHASER AGENT
    	
44
    
	
 
    	
 
    	
 
    
	
Section 7.01
    	
Appointment and Authority
    	
44
    
	
Section 7.02
    	
Rights as a Purchaser
    	
44
    
	
Section 7.03
    	
Exculpatory Provisions
    	
44
    
	
Section 7.04
    	
Reliance by Purchaser Agent
    	
45
    
	
Section 7.05
    	
Delegation of Duties
    	
45
    
	
Section 7.06
    	
Resignation of Purchaser Agent
    	
46
    
	
Section 7.07
    	
Non-Reliance on Purchaser Agent   and Other Purchasers
    	
46
    
	
Section 7.08
    	
Collateral and Guaranty Matters
    	
46
    
	
Section 7.09
    	
Reimbursement by Purchasers
    	
47
    
	
 
    	
 
    	
 
    
	
ARTICLE VIII MISCELLANEOUS
    	
47
    
	
 
    	
 
    	
 
    
	
Section 8.01
    	
Limitations on Damages
    	
47
    
	
Section 8.02
    	
Notices
    	
48
    
	
Section 8.03
    	
Successors and Assigns
    	
49
    
	
Section 8.04
    	
Indemnification
    	
49
    
	
Section 8.05
    	
No Implied Representations and   Warranties; Survival of Representations and Warranties
    	
49
    
	
Section 8.06
    	
Independent Nature of   Relationship
    	
50
    
	
Section 8.07
    	
Entire Agreement
    	
50
    
	
Section 8.08
    	
Amendments; No Waivers
    	
50
    
	
Section 8.09
    	
Interpretation
    	
51
    
	
Section 8.10
    	
Headings and Captions
    	
51
    
	
Section 8.11
    	
Counterparts; Effectiveness
    	
51
    
	
Section 8.12
    	
Severability
    	
51
    
	
Section 8.13
    	
Expenses
    	
51
    
	
Section 8.14
    	
Governing Law; Jurisdiction
    	
51
    
	
Section 8.15
    	
Waiver of Jury Trial
    	
52
    

 

	
SCHEDULES
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Schedule 1.01(a)
    	
–
    	
Knowledge   Persons
    
	
Schedule 1.01(b)
    	
–
    	
Purchaser   Commitments
    
	
Schedule 3.04(a)
    	
–
    	
Ownership
    
	
Schedule 3.04(b)
    	
–
    	
Ownership
    
	
Schedule 3.08
    	
–
    	
Litigation
    

 

ii

 

	
Schedule 3.10
    	
–
    	
Conflicts
    
	
Schedule 3.11(a)
    	
–
    	
Intellectual   Property
    
	
Schedule 3.14
    	
–
    	
Place   of Business
    
	
Schedule 5.10(a)(i)
    	
–
    	
Permitted   Indebtedness
    
	
Schedule 5.10(a)(ii)
    	
–
    	
Permitted   Liens
    
	
Schedule 5.10(a)(iii)
    	
–
    	
Permitted   Investments
    
	
 
    	
 
    	
 
    
	
EXHIBITS
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Exhibit A
    	
–
    	
Form of   Security Agreement
    
	
Exhibit B
    	
–
    	
Form of   Guaranty
    
	
Exhibit C
    	
–
    	
Subordination   Terms
    

 

iii

 

 

REVENUE INTEREST PURCHASE AGREEMENT

 

This REVENUE INTEREST PURCHASE AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”) is made and entered into as of June 26, 2019, by and among Esperion Therapeutics, Inc., a Delaware corporation (the “Company”), the Purchasers from time to time party hereto (each, a “Purchaser” and collectively, the “Purchasers”) and Eiger III SA LLC, as collateral agent and administrative agent for the Purchasers (the “Purchaser Agent”).

 

WHEREAS, the Company wishes to obtain financing in respect of the commercialization and further development of the Included Products (as hereinafter defined) and other working capital needs;

 

WHEREAS, the Purchasers wish to purchase the Revenue Interests (as hereinafter defined) from the Company, and the Company wishes to sell, assign and transfer the Revenue Interests to the Purchasers in consideration for its payment of the Purchaser Payments (as hereinafter defined) all upon and subject to the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the mutual covenants, agreements representations and warranties set forth herein, the parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01         Definitions.

 

The following terms, as used herein, shall have the following meanings:

 

“Affiliate” means any Person that Controls, is Controlled by, or is under common Control with another Person.

 

“Agreement” has the meaning set forth in the first paragraph hereof.

 

“ANDA” means an abbreviated new drug application pursuant to 21 U.S.C. § 355(j), any corresponding or equivalent applications or submissions filed with the relevant Regulatory Agency to obtain regulatory approval of a pharmaceutical product in any other country or region outside of the United States, and all amendments and supplements thereof.

 

“Annual Net Sales” means, as of any date of determination, the amount of Net Sales of all Included Products for the applicable calendar year within the Covered Territory.

 

“Applicable Percentage” means the percentage based on the applicable portion of Annual Net Sales for any calendar year as set forth in the chart below:

 

	
Tier
    	
 
    	
Annual Net Sales
    	
 
    	
Applicable Percentage
    	
 
    	
Third Payment
   Applicable Percentage
    	
 
    
	
1
    	
 
    	
Portion of Annual Net Sales for such calendar year   less than or equal to $250,000,000
    	
 
    	
7.5
    	
%
    	
10
    	
%
    
	
2
    	
 
    	
Portion of Annual Net Sales for such calendar year   exceeding $250,000,000
    	
 
    	
2.5
    	
%
    	
3.33
    	
%
    

 

1

 

provided that:

 

(A)          subject to clauses (B) and (C) below, commencing with Net Sales for the calendar quarter in which the Third Payment is received by the Company, the Applicable Percentage shall be equal to the “Third Payment Applicable Percentage”;

 

(B)          (i) if Annual Net Sales for the calendar year ending December 31, 2021 are equal to or greater than $350,000,000, the Applicable Percentage for Tier 1 shall decrease to 2.5% (or 3.33% if the Third Payment has been made) for all subsequent calendar years beginning on January 1, 2022 and (ii) if Annual Net Sales for the calendar year ending December 31, 2021 are less than $350,000,000, the Applicable Percentages shall remain the same (subject to clause (A) above) and the definition of Covered Territory shall, for purposes of the definition of Annual Net Sales, include the whole world for all subsequent calendar years beginning on January 1, 2022; and

 

(C)          (i) if (x) Annual Net Sales for the calendar year ending December 31, 2021 are equal to or greater than $350,000,000 and (y) the Purchasers have received Revenue Interest Payments under this Agreement (excluding any payments under Section 2.05) in an amount equal to or greater than the Cumulative Purchaser Payments on or prior to December 31, 2024, the Applicable Percentages for Tier 1 and Tier 2 shall decrease to 0.4% (or 0.53% if the Third Payment has been made) for all subsequent calendar years beginning on January 1, 2025, or (ii) if (x) Annual Net Sales for the calendar year ending December 31, 2021 are less than $350,000,000 and (y) if the Purchasers have received Revenue Interest Payments under this Agreement (excluding any payments under Section 2.05) in an amount equal to or greater than the Cumulative Purchaser Payments on or prior to December 31, 2024, the Applicable Percentages for Tier 1 shall decrease to 2.5% (or 3.33% if the Third Payment has been made) for all subsequent calendar years beginning on January 1, 2025, and (iii) if the Purchasers have not received Revenue Interest Payments under this Agreement (excluding any payments under Section 2.05) in an amount equal to or greater than the Cumulative Purchaser Payments on or prior to December 31, 2024, the Applicable Percentages for Tier 1 and Tier 2 shall be increased for all subsequent calendar years beginning on January 1, 2025 to a single defined rate (with no separate Tiers) that would have provided the Purchasers with an amount equal to the Cumulative Purchaser Payments based on Annual Net Sales from the Effective Date through December 31, 2024 had such rate applied to Tier 1 from and after the Effective Date through December 31, 2024.

 

“Audit Costs” means, with respect to any audit of the books and records of the Company and its Affiliates and Licensees with respect to amounts payable or paid under this Agreement, the reasonable and documented out-of-pocket cost of such audit, including all reasonable and documented fees, costs and expenses incurred in connection therewith.

 

“BA Products” means (a) any Initial Product and (b) any product containing or comprising the Compound, in all forms, presentations, doses and formulations, whether used as a single agent or in combination with other therapeutically active agents.

 

“Bankruptcy Event” means the occurrence of any of the following:

 

(a)           the Company or any Subsidiary shall commence any case, proceeding or other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, relief of debtors or the like, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-

 

2

 

up, liquidation or dissolution (other than a solvent winding-up, dissolution or liquidation of a Subsidiary into the Company or a Subsidiary Guarantor), composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any portion of its assets, or the Company or any Subsidiary shall make a general assignment for the benefit of its creditors or enter into a composition, compromise, assignment or arrangement with any of its creditors (whether by way of a voluntary arrangement, scheme of arrangement, deed of compromise or otherwise);

 

(b)           there shall be commenced against the Company or any Subsidiary any case, proceeding or other action of a nature referred to in clause (a) above which remains undismissed, undischarged or unbonded for a period of sixty (60) days or an order is made for the winding-up, administration, liquidation or dissolution of the Company;

 

(c)           the Company or any Subsidiary is unable or admits in writing its inability to make payments in respect of any Indebtedness as they fall due or declares a moratorium in respect of any Indebtedness;

 

(d)           an administrator, liquidator (other than a liquidator appointed in a solvent winding up, dissolution or liquidation of a Subsidiary into the Company or a Subsidiary Guarantor), provisional liquidator, receiver, administrative receiver, insolvency practitioner, receiver and manager, voluntary arrangement supervisor, compulsory manager or other similar officer is appointed, either voluntarily or involuntarily, to or in respect of the Company or any Subsidiary or the whole or any part of the property, assets or undertaking of the Company or any Subsidiary;

 

(e)           there shall be commenced against the Company or any Subsidiary any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against (i) all or a substantial portion of its assets and/or (ii) any Initial Product or any Collateral, which results in the entry of an order for any such relief which shall not have been vacated, discharged, stayed, satisfied or bonded pending appeal within sixty (60) days from the entry thereof;

 

(f)            the Company or any Subsidiary, shall be insolvent as defined in any statute of the United States Bankruptcy Code or in the fraudulent conveyance or fraudulent transfer statutes of the State of Delaware or other applicable jurisdiction of organization; or

 

(g)           an affirmative vote by the applicable Board to commence any case, proceeding or other action described in clause (a) above or any other action by the Company or any Subsidiary to otherwise cause, consent to, approve or acquiesce in any of the acts described in clauses (a) through (f) inclusive above.

 

“Board” means the Board of Directors of the Company or board of directors or similar governing body of any Subsidiary, as applicable.

 

“Business Day” means any day other than a Saturday, a Sunday, any day which is a legal holiday under the laws of the State of New York, or any day on which banking institutions located in the State of New York are required by law or other governmental action to close.

 

“Call Closing Date” has the meaning set forth in Section 5.07(b).

 

“Call Option” has the meaning set forth in Section 5.07(b).

 

3

 

“Cash Receipts” means, for any calendar quarter, the actual cash receipts of the Company and its Subsidiaries during such calendar quarter arising from the sale and distribution of the Included Products within the Covered Territory.

 

“Change in Law” means the occurrence, after the date of this Agreement, of:  (a) the adoption or taking effect of any law, rule, regulation or treaty or (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by the U.S. Internal Revenue Service that is of general application to all taxpayers.

 

“Change of Control” means, at any time, the occurrence of any of the following events or circumstances:

 

(a)           the acquisition by any “person” or “group” (within the meaning of Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) of beneficial ownership of any Equity Interests of the Company, if after such acquisition, such “person” or “group” would be the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors;

 

(b)           a merger or consolidation of the Company with any other Person, other than a merger or consolidation of the Company in which the Company is the surviving Person and which results in the Company’s voting securities outstanding immediately prior thereto continuing to represent more than fifty percent (50%) of the combined voting power of the Company’s voting securities outstanding immediately after such merger or consolidation;

 

(c)           any Transfer by any Obligor to another Person of all or substantially all of the Product Assets; or

 

(d)           any Transfer of all or substantially all of the assets of the Company on a consolidated basis to a Third Party.

 

“CLEAR Outcome Study” means CLEAR (“Cholesterol Lowering via Bempedoic Acid, an ACL-inhibiting Regimen”) outcome study, NCT number: NCT02993406.

 

“Clinical Trial” means any clinical trial or investigation of the Included Products conducted by or on behalf of the Company or any Subsidiary.

 

“Clinical Update Summary” means a summary of all material information and developments with respect to each Clinical Trial, including any decision to terminate a Clinical Trial before completion and the rationale for any such early termination, which summary may be comprised of materials provided by the Company to the Board and senior management.

 

“Code” means the Internal Revenue Code of 1986, as amended.

 

“Collateral” means the property included in the definition of “Collateral” in the Security Agreement; provided, however, that from and after the occurrence of the Milestone, “Collateral” shall not include the Follow-On/Cannibalizing Product Assets.

 

“Commercialization” means any and all activities, other than manufacturing, directed to the preparation for sale of, offering for sale of, or sale of a drug product, including activities related to marketing, promoting, distributing, and importing a drug product, and interacting with Regulatory Agencies

 

4

 

regarding any of the foregoing.  When used as a verb, “to Commercialize” and “Commercializing” means to engage in Commercialization, and “Commercialized” has a corresponding meaning.

 

“Commercial Update Summary” means a summary of all material information and developments with respect to the Company’s Commercialization and Manufacturing plans for the Included Products, which summary may be comprised of materials provided by the Company to the Board and senior management and shall include quarterly and year-to-date comparisons of actual performance to budgeted performance for the Included Products and updated budgets and forecasts (as submitted to the Board) for the Included Products.

 

“Company” has the meaning set forth in the first paragraph hereof.

 

“Compound” means bempedoic acid.

 

“Confidential Information” means all confidential business information, financial data and other like information and other proprietary information or material, together with such other information that either party identifies to the other as confidential or the nature of which or the circumstances of the disclosure of which would reasonably indicate that such information is confidential.

 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise; provided that with respect to any Intellectual Property, “control” means that the applicable Persons owns or has a license to such item or right and has the ability to grant to a party a license, sublicense, or rights of access and use under such item or right without violating the terms or conditions of any agreement or other arrangement between such Person and any Third Party in existence as of the time such party would be required hereunder to grant such license, sublicense, or rights of access and use.  “Controlling” and “Controlled” have meanings correlative thereto.

 

“Covered Territory” means the United States; provided that, if Annual Net Sales for the calendar year ending December 31, 2021 are less than $350,000,000, the definition of Covered Territory, solely for purposes of the definition of Annual Net Sales, shall be expanded to include the whole world for all subsequent calendar years beginning on January 1, 2022.

 

“Cumulative Purchaser Payments” means (a) if the Purchasers have made the First Payment, $125,000,000, (b) if the Purchasers have made the First Payment and the Second Payment, $150,000,000 and (c) if the Purchasers have made the First Payment, the Second Payment and the Third Payment, $200,000,000.

 

“Development” means all activities related to research, development, creation and prosecution of Intellectual Property, pre-clinical and other non-clinical testing, test method development and stability testing, toxicology, formulation, process development, manufacturing scale-up, qualification and validation, quality assurance/quality control, clinical studies, including Manufacturing in support thereof, statistical analysis and report writing, the preparation and submission of Drug Approval Applications, regulatory affairs with respect to the foregoing and all other activities necessary or reasonably useful or otherwise requested or required by a Regulatory Agency as a condition or in support of obtaining or maintaining a Regulatory Approval.  When used as a verb, “Develop” means to engage in Development.

 

“Dispute” has the meaning set forth in Section 3.11(d).

 

“Disqualified Equity Interests” means Equity Interests of a Person subject to repurchase or redemption rights or obligations (excluding repurchases or redemptions at the sole option of such Person

 

5

 

or net share settlement features); provided that if such Equity Interests are issued pursuant to a plan for the benefit of the Company or any Subsidiary or their directors, officers, employees and/or consultants or by any such plan to directors, officers, employees or consultants of the Company or any Subsidiary, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be repurchased by the Company or any Subsidiary in order to satisfy applicable contractual, statutory or regulatory obligations or as a result of such director, officer, employee or consultant’s termination, death or disability.

 

“Domestic Subsidiary” means any direct or indirect Subsidiary that is organized under the laws of the United States, any state or commonwealth thereof, or the District of Columbia

 

“Drug Approval Application” means a New Drug Application as defined in the FFDCA, or any corresponding foreign application.

 

“DSE Agreement” means that certain License and Collaboration Agreement by and between Daiichi Sankyo Europe GmbH and the Company, dated as of January 2, 2019.

 

“Effective Date” means June 26, 2019.

 

“Eligible Assignee” is (i) a Purchaser, (ii) an Affiliate of a Purchaser or any fund or investment vehicle managed by the Purchaser or an Affiliate of a Purchaser or under common management with a Purchaser and (iii) any Person that, to the knowledge of the Purchaser Agent, is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended) or an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7)) with assets under management (together with its Affiliates) of at least $150,000,000, as determined by the Purchaser Agent in its good faith discretion; provided that, notwithstanding the foregoing, “Eligible Assignee” shall not include, unless a Put Option Event, or any event that with the giving of notice or passage of time would constitute a Put Option Event, has occurred and is continuing, (x) any operating company primarily engaged in the Development or Commercialization of pharmaceutical products, (y) any entity identified in the Letter Agreement by and between the Company and the Purchaser Agent and any Affiliate thereof that is identifiable as such by name (or otherwise known to the Purchaser Agent to be an Affiliate) or (z) any stockholder activist hedge fund, in each case of clause (x), (y) and (z) as reasonably determined by the Purchaser Agent in its good faith discretion (any such person, a “Disqualified Person”).

 

“Equity Interests” means any and all shares, interests, participations or other equivalents (however designated) of equity interests of a corporation, any and all equivalent ownership interests in a Person other than a corporation (including, without limitation, partnership interests, membership interests and similar ownership interests), any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing, and all other ownership or profit interests in a Person (including partnership, member or trusts interests in such Person), in each case whether voting or non-voting and whether or not outstanding on any date of determination.

 

“Excluded Liabilities” has the meaning set forth in Section 2.04.

 

“FDA” means the United States Food and Drug Administration or any successor federal agency thereto.

 

“FDA Approval Date” means the date on which the first Initial Product receives Regulatory Approval from the FDA for labeled indications reasonably consistent with the labels included in the applicable NDA submitted to the FDA prior to the Effective Date and with no BLACK BOX warnings.

 

6

 

“FFDCA” means the United States Food, Drug, and Cosmetic Act, as amended from time to time, together with any rules, regulations and requirements promulgated thereunder (including all additions, supplements, extensions, and modifications thereto).

 

“Financial Condition and Results of Operations Summary” means a summary of all material information and developments with respect to the Company’s financial condition and results of operations, which summary shall be comprised of materials provided by the Company to the Board and senior management and shall include management projections (as submitted to the Board) of revenue and cash flow for the next twelve months.

 

“Financial Statements” means (a) the audited balance sheets of the Company as of December 31, 2018, and 2017, and the related audited statements of operations, cash flows and stockholders’ equity for the calendar years then ended, (b) the unaudited balance sheet of the Company and the unaudited balance sheet of the Company as of March 31, 2019, and the related unaudited consolidated statements of operations and cash flows for the three (3) month period then ended, and (c) each financial statement delivered pursuant to Section 5.02(a).

 

“First Commercial Sale” means the first sale to a Third Party of an Initial Product in the United States by the Company or any of its Affiliates or Licensees after the granting of Regulatory Approval by the FDA.

 

“First Payment” means $125,000,000, which shall be paid by the Purchasers on the First Purchaser Payment Date in accordance with Section 2.03(a)(i).

 

“First Purchaser Payment Date” means the date that is fifteen (15) Business Days following the Effective Date (or such earlier date as agreed among the parties).

 

“Follow-On Product Lien Release” has the meaning set forth in Section 2.02(d).

 

“Follow-On/Cannibalizing Product” means any product that the Company or any of its Affiliates has any rights to that is being Developed or Commercialized to lower LDL cholesterol in a population in excess of 200,000 people in the United States, in all forms, presentations, doses and formulations, whether used as a single agent or in combination with other therapeutically active agents.

 

“Follow-On/Cannibalizing Product Assets” means each of the following but solely to the extent not (1) related primarily to, (2) used in or (3) reasonable necessary for the Development, Commercialization or Manufacture of any BA Product: (a) all Intellectual Property assets necessary or useful for the Development, Manufacture or Commercialization of any Follow-On/Cannibalizing Product that is not a BA Product and are not necessary or useful for the Development, Manufacture or Commercialization of any BA Product, and that are owned by, licensed to, or otherwise Controlled by the Company or any Subsidiary, and (ii) any other assets other than account receivables or payment intangibles that are owned by, licensed to, or otherwise Controlled by the Company or any Subsidiary that are necessary or useful for the Development, Commercialization or Manufacture of any Follow-On/Cannibalizing Product that is not a BA Product.

 

“Foreign Subsidiary” means any direct or indirect Subsidiary of the Company that is not a Domestic Subsidiary.

 

“GAAP” means generally accepted accounting principles in the United States in effect from time to time.

 

7

 

“Generic Equivalent” means a pharmaceutical product that receives approval for Commercialization pursuant to an ANDA in the applicable portion of the Covered Territory.

 

“Governmental Authority” means any government, court, regulatory or administrative agency or commission, or other governmental authority, agency or instrumentality, whether foreign, federal, state, local or supranational (domestic or foreign), including each Patent Office, the FDA or the United States National Institutes of Health.

 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.

 

“Guaranty” means a guaranty agreement made by each Subsidiary Guarantor in favor of the Purchaser Agent and the Purchasers substantially in the form attached as Exhibit B hereto.

 

“Included Product” means (a) any BA Product and (c) any Follow-On/Cannibalizing Product.

 

“Indebtedness” means with respect to any Person: (a) any liability or obligation of such Person (i) for borrowed money, (ii) evidenced by a bond, note, debenture, or similar instrument, (iii) in respect of the deferred purchase price of property or services, including a purchase money obligation given in connection with the acquisition of any businesses, properties or assets of any kind (other than a current trade payable or a current liability arising in the ordinary course of business), (iv) under conditional sale or other title retention agreements relating to property acquired by such Person, (v) upon which interest charges are customarily paid, (vi) contingent or otherwise, in respect of bankers’ acceptances, letters of credit or similar extensions of credit, (vii) in respect of hedging agreements and other derivative contracts (for the net amount owed by such Person thereunder), or (viii) for the payment of money relating to any obligations under any capital lease of real or personal property which are required to be recorded as a capitalized lease obligation in accordance with GAAP; (b) all Disqualified Equity Interests of such Person; (c) any Guarantee by such Person of Indebtedness or obligations of others; and (d) (without duplication) any amendment, supplement, modification, deferral, renewal, extension or refunding of any liability of the types referred to in clauses (a), (b) and (c) above.  Indebtedness of any Person shall include (A) all Indebtedness referred to in clauses (a) through (d) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness and (B) the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

 

“Indemnified Liabilities” means, collectively, all Excluded Liabilities and any and all liabilities, obligations, losses, damages, penalties, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable and documented fees and disbursements of counsel for Indemnified

 

8

 

Parties in connection with any investigative, administrative or judicial proceeding commenced or threatened by any Person whether or not any such Indemnified Party shall be designated as a party or a potential party thereto, and whether or not such Indemnified Party is required by applicable law to be involved therein, and any fees or expenses actually incurred by the Indemnified Parties in enforcing the indemnity provided herein), whether direct, indirect or consequential, whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations), on common law or equitable cause or on contract or otherwise, imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby (including any enforcement of any of the Transaction Documents (including any sale of, collection from, or other realization upon any of the Collateral)), subject in all cases to Section 8.01.

 

“Indemnified Party” has the meaning set forth in Section 8.04.

 

“Initial Products” means (a) bempedoic acid tablet for LDL-C lowering indications, and (b) bempedoic acid/ezetimibe combination tablet for LDL-C lowering indications.

 

“Intellectual Property” means all intellectual property and other proprietary rights of any kind or nature, whether registered or unregistered and whether registrable or not, protected, created or arising under any law, including any and all rights in: proprietary information; technical data; laboratory notebooks; clinical data; priority rights; trade secrets; know-how; confidential information; inventions (whether patentable or unpatentable and whether or not reduced to practice or claimed in a pending patent application); Patents; registered or unregistered trademarks, trade names, service marks, trade dress, logos, slogans, including all goodwill associated therewith; domain names; registered and unregistered copyrights and all applications thereof and all rights in works of authorship of any type, in all forms or media, designs rights, registered designs, database rights and rights in compilations of data.

 

“Intellectual Property Docket Report” means a list of any new Patents, trademarks or copyrights issued or patent, trademark or copyright applications filed, amended or supplemented, constituting Collateral (in form sufficient to allow Purchaser Agent to prepare appropriate filings in respect thereof to protect its Liens thereon).

 

“Intellectual Property Update Summary” means a summary of all material information and developments with respect to Product Intellectual Property, which summary shall be comprised of materials provided by the Company to the Board and senior management.

 

“Investment” means any beneficial ownership interest in any Person (including stock, partnership interest or other securities) and any loan, advance, extension of credit, capital contribution or similar payment to any Person, and any payment in respect of any purchase, license or other acquisition of any business, division, product line, or rights to any pharmaceutical or product of any Person.

 

“IRS” means United States Internal Revenue Service.

 

“Knowledge of the Company” means the actual knowledge, after reasonable inquiry, of any of the persons listed on Schedule 1.01(a) (each a “Knowledge Person”).

 

“License Agreement” means any existing or future license, commercialization, co-promotion, collaboration, distribution, marketing or partnering agreement entered into before or during the Revenue Interest Period by the Company or any of its Affiliates that grants a license to a Third Party under any Product Intellectual Property.

 

9

 

“Licensees” means, collectively, the licensees and any sublicensees under any License Agreement (other than License Agreements described in clause (d) of the definition of Permitted Licenses); each a “Licensee”.

 

“Liens” means all liens, encumbrances, security interests, mortgages, rights to preferential payments or charges of any kind, but excluding any Permitted Licenses.

 

“Manufacture” and “Manufacturing” means all activities related to the production, manufacture, processing, filling, finishing, packaging, labeling, shipping, and holding of the Included Product, or any intermediate thereof, including process development, process qualification and validation, scale-up, pre-clinical, clinical and commercial manufacture and analytic development, product characterization, stability testing, quality assurance, and quality control.

 

“Material Adverse Effect” means (a) the effect of a material adverse change in the business, operations, assets, or financial condition of the Company and its Subsidiaries, taken as a whole, (b) a material adverse effect on the validity or enforceability of any of the Transaction Documents, (c) a material adverse effect on the ability of the Company or any Obligor to perform any of its material obligations under the Transaction Documents, (d) a material adverse effect on the rights or remedies of the Purchaser Agent or any Purchaser under any of the Transaction Documents (including without limitation the ranking or enforceability of any Lien thereunder), or (e) a material adverse effect on the Initial Products (taken as a whole), the Product Intellectual Property (taken as a whole) or the ability of the Company or a Person acting on behalf of the Company to Develop, Commercialize or Manufacture any Initial Product in the Covered Territory.

 

“Material Contract” means: (a) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the Securities Act of 1933, as amended, other than those agreements and arrangements described in Item 601(b)(10)(iii)) with respect to Company or its Affiliates that involves the Development, Manufacture, or Commercialization of any Included Product; (b) any development agreement, collaboration agreement, marketing agreement, co-promotion agreement, license agreement, option agreement, partnering agreement or similar agreement with respect to Company or its Affiliates related to the Development, Manufacture, or Commercialization of any Included Product (including the DSE Agreement); or (c) any other agreement with respect to Company or its Affiliates relating to any Material Patent or Included Product, for which breach, non-performance or failure to renew by the Company or its Affiliates or the respective counterparty would reasonably be expected to have a Material Adverse Effect.  “Material Contracts” shall include, without limitation, all License Agreements.

 

“Milestone” means that the Purchasers have received Revenue Interest Payments under this Agreement (excluding any payments under Section 2.05) in an amount equal to or greater than the Cumulative Purchaser Payments on or prior to December 31, 2024.

 

“Net Sales” means, with respect to an Included Product, the aggregate gross invoiced sales prices from sales of all units of such Included Product sold by the Company, its Affiliates and any Licensee to Third Parties in accordance with GAAP after deducting, if not previously deducted, from the amount invoiced or received:

 

(a)           trade, quantity and cash discounts, credits or allowances actually given;

 

(b)           allowances for returns or rejections (due to spoilage, damage, expiration of useful life or otherwise);

 

(c)           freight and insurance, if separately identified on the invoice;

 

10

 

(d)                                 mandatory discounts or rebates imposed by any Governmental Authority against the Company, any Affiliate or any Licensee, as applicable, including any claw-backs or similar pharma taxes directly related to the Included Product and paid directly by the Company, such Affiliate or such Licensee, as applicable, or, in the case of claw-backs related to aggregate sales of the Company, such Affiliate or such Licensee, as applicable, such portion of the claw-back as shall be reasonably determined by the Company, such Affiliate or such Licensee, as applicable, based on the proportion between the share of Net Sales hereunder and aggregate sales of the Company, such Affiliate or such Licensee, as applicable;

 

(e)                                  Third Party rebates, chargebacks, hospital buying group/group purchasing organization administration fees or managed care organization rebates actually given;

 

(f)                                   rebates and similar payments made with respect to sales paid for by any Governmental Authority or Regulatory Agency such as federal or state Medicaid, Medicare or similar state program;

 

(g)                                  value-added tax, sales, use or turnover taxes, excise taxes and customs duties assessed by Governmental Authorities on the sale of the Included Product;

 

(h)                                 retroactive price reductions or billing corrections; and

 

(i)                                     other reductions or specifically identifiable amounts deducted for reasons similar to those listed above in accordance with GAAP; provided that no item shall be deducted pursuant to this clause (i) if included in any other deduction provided for under clauses (a) through (h) above.

 

In the case of any sale or other disposal for value, such as barter or counter-trade, of an Included Product, or part thereof, other than in an arm’s length transaction exclusively for cash, Net Sales shall be calculated as above on the value of the non-cash consideration received or the fair market price (if higher) of such Included Product in the country of sale or disposal, as determined in accordance with GAAP.

 

Notwithstanding the foregoing, the following will not be included in Net Sales for a Party: (1) sales between or among such Party and its Affiliates and/or Licensees (but Net Sales shall include sales to the first Third Party (other than a Licensee) by such Party or its Affiliates and/or Licensees); and (2) samples of an Included Product in amounts consistent with normal business practices of such Party or its Affiliates and/or Licensees where the Included Product is supplied without charge or at or below the actual manufacturing cost thereof (without allocation of indirect costs or any mark-up).

 

Except to the extent specified in the immediately succeeding sentence, in no event shall Net Sales for the United States for any period be less than net revenue for the Included Products for the United States as reported in the Company’s financial statements prepared in accordance with GAAP and filed publicly.

 

Solely for purposes of calculating Net Sales for any BA Product (other than the Initial Products), from and after the occurrence of the Milestone, if Company or its Affiliates or any permitted Licensee sells a BA Product in any jurisdiction within the Covered Territory (other than the DSE Territory (as defined in the DSE Agreement)) in the form of a combination product that contains the Compound and one or more other therapeutically or prophylactically active ingredients that are not the Compound and that are not Generic Equivalents (such other therapeutically or prophylactically active ingredient(s), the “Other Product”) (whether combined in a single formulation or package, as applicable, or formulated separately but packaged under a single label approved by a Regulatory Agency and sold together for a single price) (such combination product, a “Combination Product”), Net Sales of such Combination Product for the purpose of determining the payments due to the Purchasers pursuant to this Agreement will be the greater of: (x) the number of units of such Combination Product sold by the Company, its Affiliates or Licensees, multiplied by the Floor Price of the Compound in the applicable jurisdiction, and (y) an amount equal to (i)

 

11

 

the actual Net Sales of such Combination Product as determined in the first paragraph of the definition of “Net Sales”, multiplied by the fraction A/(A+B) where A is the gross selling price of such Included Product containing the Compound that does not contain such Other Product in the applicable jurisdiction, and B is the gross selling price of the Other Product in the applicable jurisdiction when sold separately, in each case, during the relevant period, or, if the gross selling price of such Included Product containing the Compound in the applicable jurisdiction when sold separately in finished form (i.e., without the Other Product) can be determined but the gross selling price of the Other Product in the applicable jurisdiction cannot be determined, (ii) the actual Net Sales of the Combination Product in applicable jurisdiction multiplied by the fraction A / C where A is the gross selling price of an Included Product containing the Compound that does not contain such Other Product in the applicable jurisdiction when sold separately during the relevant period and C is the gross selling price of the Combination Product in the applicable jurisdiction, or, if such separate sales are not made in the applicable jurisdiction, (iii) the actual Net Sales of the Combination Product in such country multiplied by a fraction fairly and reasonably reflecting the relative value contributed by the Compound (without the Other Product) to the total value of the Combination Product as determined by the parties in good faith. “Floor Price” for purposes of this definition, means, with respect to any jurisdiction within the Covered Territory, the highest initial gross selling price of any Included Product that does not include the Other Product upon the first commercial sale thereof in such jurisdiction, plus all increases to such gross selling price in such jurisdiction thereafter. For clarity, the calculations above shall be made without regard to to the  pharmaceutical dosage of the Compound in any Included Product or Combination Product and pharmaceutical dosage form vehicles, delivery devices, adjuvants and excipients shall be deemed not to be “active ingredients.”

 

Notwithstanding the foregoing, when calculating Net Sales for purposes of this Agreement, the net sales generated by a Licensee under a License Agreement will be determined in accordance with the terms (including the definition of “net sales”) provided in the relevant License Agreement; provided that such License Agreement is the product of a negotiation with a Third Party and its terms are consistent with customary practices within the pharmaceutical industry for comparable agreements.

 

“Non-U.S. Purchaser” means any Purchaser or Eligible Assignee that is not a U.S. Person.

 

“Obligations” means, without duplication, all obligations of the Company in respect of the Revenue Interests, including all obligations to make Revenue Interest Payments and to pay the Put/Call Price, and all present and future Indebtedness, taxes, liabilities, obligations, covenants, duties, and debts, Indemnified Liabilities owing by the Company to the Purchasers, arising under or pursuant to the Transaction Documents, including all Reimbursable Expenses (and including any interest, fees and other charges that would accrue but for the filing of a bankruptcy action with respect to the Company, whether or not such claim is allowed in such bankruptcy action).

 

“Obligors” means the Company and each Subsidiary Guarantor.

 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control and any successor thereto.

 

“Patent Office” means the respective patent office, including the United States Patent and Trademark Office, the European Patent Office and any comparable patent office in any other jurisdiction, for any Patents.

 

“Patents” means all issued national, regional and international patents and patent applications (and any patents that issue as a result of those patent applications or from an application claiming priority from any of those and which for the purposes of this Agreement, shall be deemed to include all certificates of invention and applications for certificates of invention) and any renewals, restorations, reissues,

 

12

 

reexaminations or other post-grant proceedings, extensions, continuations, continuations-in-part, divisions, revisions, certificates of invention, registrations, revalidations, utility models, supplemental protection certificates, patent term extensions, pediatric exclusivity periods and substitutions relating to any of the issued patents and patent applications, in any jurisdiction.

 

“PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act of 2001) and any successor statute.

 

“Payment Date” means each of March 31, June 30, September 30 and December 31, commencing on the first such date to occur following the First Commercial Sale.

 

“Permitted Acquisition” means any transaction or series of related transactions by which the Company or any of its Subsidiaries acquires all or substantially all of the assets of a Person or business, division, product line, rights to any pharmaceutical or product or acquires Equity Interests of any Person having at least a majority of combined voting power of the then outstanding Equity Interests of such Person which meets the following conditions:

 

(a)                                 immediately prior to, and after giving effect thereto, no material breach or default under the Transaction Documents and no Put Option Event shall have occurred and be continuing or would reasonably be expected to result therefrom;

 

(b)                                 all transactions in connection therewith shall be consummated, in all material respects, in accordance with applicable law;

 

(c)                                  in the case of the purchase or other acquisition of Equity Interests, all of the Equity Interests (except for any such Equity Interest in the nature of directors’ qualifying shares required pursuant to applicable law) acquired or otherwise issued by such Person or any newly formed Subsidiary in connection with such acquisition shall be wholly owned by the Company or a Subsidiary;

 

(d)                                 (i) prior to the occurrence of the Milestone, the aggregate purchase price (including all deferred or contingent consideration but excluding any royalties based on net sales or revenue) payable in cash of such transactions shall not exceed 10% of the market capitalization of the Company, measured as of the date the definitive documentation for such transaction is executed and (ii) after the occurrence of the Milestone, the aggregate purchase price (excluding contingent consideration based on the occurrence of future events or any royalties based on net sales or revenue) payable in cash of such transactions shall not exceed 25% of the market capitalization of the Company, measured as of the date the definitive documentation for such transaction is executed;

 

(e)                                  no Change of Control shall result from such transaction;

 

(f)                                   the Person whose Equity Interests or business are being acquired shall be engaged, or the asset acquired shall be used to engage, in the Development and Commercialization of products with a substantially similar call point to the Initial Products;

 

(g)                                  such transaction would not result in a going concern qualification in the Company’s next audit, without regard to any subsequent financing transactions of the Company, as reasonably determined by the Board acting in good faith after reviewing projections (taking into account the terms of such transaction and all upfront, milestone and other payments required to be made pursuant to, and costs incurred or expected to be incurred in connection with or as a result of, such transaction) prepared by the Company acting in good faith; provided that an officer of the Company shall deliver a certificate to the Purchaser Agent at least five (5) Business Days prior to the consummation of such transaction, which

 

13

 

certificate shall (i) have attached such projections, (ii) contain a certification that such projections were reviewed by the Board and (iii) contain a certification that the Board has reasonably determined that such transaction would not result in a going concern qualification in the Company’s next audit opinion, without regard to any subsequent financing transaction of the Company; and

 

(h)                                 such transaction shall be consensual and, if required, shall have been approved by the target’s board of directors.

 

“Permitted Convertible Notes” means unsecured Indebtedness of the Company in the form of senior subordinated convertible notes; provided that such convertible notes shall (a) permit physical settlement upon conversion (and the Company shall not elect cash or combination settlement upon conversion unless the Milestone shall have occurred and such payment would not result in a going concern qualification in the Company’s next audit, without regard to any subsequent financing transactions of the Company, as reasonably determined by the Board acting in good faith after reviewing projections (taking into account the terms of such transaction) prepared by the Company; provided that an officer of the Company shall deliver a certificate to the Purchaser Agent at least two (2) Business Days prior to the election to so settle conversions, which certificate shall (i) have attached such projections, (ii) contain a certification that such projections were reviewed by the Board and (iii) contain a certification that the Board has reasonably determined that such transaction would not result in a going concern qualification in the Company’s next audit opinion, without regard to any subsequent financing transaction of the Company), (b) not be guaranteed by any Subsidiary of the Company, (c) not provide for any scheduled amortization or mandatory prepayment of principal prior to the stated maturity thereof (other than customary payments upon a “change of control” or “fundamental change” (it being understood that conversion of any such Indebtedness shall not be considered a prepayment), (d) contain usual and customary subordination terms for underwritten or Rule 144A offerings of senior subordinated convertible notes and (e) specifically designate this Agreement and all Obligations as “designated senior indebtedness” or similar term so that the subordination terms referred to in clause (d) of this definition specifically refer to such notes as being subordinated to the Secured Obligations pursuant to such subordination terms.  For purposes of clause (d), language in substantially the same form and substance as set forth on Exhibit C shall be deemed “usual and customary”.

 

“Permitted Indebtedness” means:

 

(a)                                 Indebtedness owed to the Purchasers and the Purchaser Agent under this Agreement and the other Transaction Documents;

 

(b)                                 Indebtedness existing on the Effective Date and disclosed on Schedule 5.10(a)(i);

 

(c)                                  unsecured Indebtedness to trade creditors incurred in the ordinary course of business;

 

(d)                                 Indebtedness constituting Permitted Investments under clause (f) or (g) thereof;

 

(e)                                  Guarantees of the Company and its Subsidiaries in respect of Indebtedness and other obligations of the Company and any Subsidiary otherwise permitted hereunder;

 

(f)                                   Indebtedness incurred by the Company or its Subsidiaries to finance the payment of insurance premiums;

 

(g)                                  Indebtedness owed to any Person providing worker’s compensation, health, disability or other employee benefits or property, casualty or liability insurance to the Company or any Subsidiary incurred in connection with such Person providing such benefits or insurance pursuant to customary reimbursement or indemnification obligations to such Person;

 

14

 

(h)                                 Guarantees (or liabilities as a surety, endorser, accommodation endorser or otherwise) in respect of performance, surety, statutory, appeal or similar obligations incurred in the ordinary course of business but excluding guaranties with respect to any obligations for borrowed money;

 

(i)                                     Indebtedness in respect of payment processing services, business credit card programs, and netting services, overdrafts and related liabilities arising from treasury, depositary and cash management services securing maximum amounts;

 

(j)                                    Indebtedness consisting of capitalized lease obligations and purchase money Indebtedness, in each case incurred by the Company or any of its Subsidiaries to finance the acquisition, repair, improvement or construction of fixed or capital assets of such person, provided that the principal amount of such Indebtedness does not exceed the lower of the cost or fair market value of the property so acquired or built or of such repairs or improvements financed with such Indebtedness (each measured at the time of such acquisition, repair, improvement or construction is made);

 

(k)                                 Indebtedness in respect of hedging agreements entered into for bona fide hedging purposes in the ordinary course and not for speculative purposes;

 

(l)                                     Permitted Convertible Notes;

 

(m)                             Indebtedness incurred to finance a Permitted Acquisition; provided that such Indebtedness (i) is not secured by any Product Assets constituting Collateral and (ii) if secured by any assets of any Obligor, is subject to an intercreditor agreement in form and substance satisfactory to the Purchaser Agent; and

 

(n)                                 other unsecured Indebtedness not otherwise permitted under clauses (a) through (m) inclusive of this definition in an aggregate outstanding principal amount not to exceed at any time (x) prior to the occurrence of the Milestone, $2,000,000 and (y) after the occurrence of the Milestone, $20,000,000.

 

“Permitted Investments” means:

 

(a)                                 Investments existing on the Effective Date and listed on Schedule 5.10(a)(iii) and any modifications, renewals or extensions thereof so long as the net investment amount is not increased;

 

(b)                                 Investments consisting of cash and cash equivalents;

 

(c)                                  Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of Equity Interests of the Company pursuant to employee stock purchase plans or agreements approved by the Board;

 

(d)                                 Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business;

 

(e)                                  Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business;

 

(f)                                   Investments in the Company or any Subsidiary Guarantor;

 

15

 

(g)                                  Investments in a Specified Foreign Subsidiary arising out of the Transfer of Intellectual Property relating to the Commercialization of Included Products outside the United States, together with any Regulatory Approvals for jurisdictions outside the United States, to a Specified Foreign Subsidiary;

 

(h)                                 (i) Permitted Acquisitions and (ii) Investments of a Person existing at the time such Person is acquired in a Permitted Acquisition; provided that such Investments were not entered into in connection with or in anticipation of the applicable Permitted Acquisition; and

 

(i)                                     other Investments in an aggregate amount not to exceed (x) prior to the occurrence of the Milestone, $2,000,000 and (y) after the occurrence of the Milestone, $20,000,000.

 

“Permitted Licenses” means (a) the DSE Agreement; (b) any License Agreement for the Development, Manufacture or Commercialization of (i) the Initial Products exclusively outside the United States and the DSE Territory (as defined in the DSE Agreement) or (ii) any Included Products that are not Initial Products exclusively outside the United States; provided that, in each case of clauses (i) and (ii), (x) the license constitutes an arms-length transaction, the terms of which, on its face, does not provide for a sale or assignment of any Intellectual Property (but for the avoidance of doubt, the Transfer of any Regulatory Approvals for the applicable jurisdiction outside the United States and the DSE Territory is permitted pursuant to Section 5.10(a)(iv)(F)); (y) such License Agreement complies with the terms of Section 5.03(b)(ii) and (z) all upfront payments, royalties, milestone payments or other proceeds arising from the licensing agreement that are payable to any Obligor are paid to a deposit account that is subject to a control agreement in favor of Purchaser Agent; (c) any License Agreement relating to Follow-On/Cannibalizing Products acquired in a Permitted Acquisition; provided that such License Agreement was not entered into in connection with or anticipation of such Permitted Acquisition; (d) any license granted to any Third Party for the Manufacture of any Included Product or otherwise granted to a contract to a vendor or service provider in order to provide services for the benefit of the Company or its Affiliates but granting no rights to sell, offer to sell, have sold or otherwise Commercialize any Included Product; provided that any such license complies with Section 5.03(b)(ii); and (e) any sponsored research or similar agreement providing for the Development of an Included Product that does not grant the counterparty any right to sell, offer to sell, have sold or otherwise Commercialize any Included Product.

 

“Permitted Liens” means:

 

(a)                                 Liens in favor of the Purchaser Agent or the Purchasers created by or otherwise existing under or in connection with the Transaction Documents;

 

(b)                                 Liens in existence as of the date hereof and set forth on Schedule 5.10(a)(ii);

 

(c)                                  Liens imposed by mandatory provisions of law of landlords, carriers, warehousemen, bailees, mechanics and materialmen incurred in the ordinary course of business for sums that are (i) not yet more than sixty (60) days past due or (ii) being contested in good faith by appropriate proceedings;

 

(d)                                 Liens (other than those imposed by ERISA) incurred in the ordinary course of business in connection with worker’s compensation, unemployment insurance or other forms of governmental insurance or benefits, insurance, surety bonds, or other obligations of a like nature or to secure the performance of letters of credit, banker’s acceptances, bids, tenders, statutory obligations, leases and contracts (other than for borrowed money) entered into in the ordinary course of business;

 

(e)                                  Liens for Taxes that are not delinquent or remain payable without any penalty or that are being contested in good faith and with due diligence by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP;

 

16

 

(f)                                   (i) banker’s Liens for collection or rights of set off or similar rights and remedies as to deposit accounts or other funds maintained with depositary institutions; provided that such deposit accounts or funds are not established or deposited for the purpose of providing collateral for any Indebtedness and are not subject to restrictions on access by the Company or any Subsidiary in excess of those required by applicable banking regulations; and (ii) customary Liens incurred in the ordinary course of business to secure obligations in respect of payment processing services, business credit card programs, and netting services, overdrafts and related liabilities arising from treasury, depositary and cash management services securing maximum amounts not to exceed at any time outstanding (x) prior to the occurrence of the Milestone, $10,000,000 and (y) after the occurrence of the Milestone, $20,000,000;

 

(g)                                  Liens on insurance policies, premiums and proceeds thereof, or other deposits, to secure insurance premium financings with respect to unearned premiums and other liabilities to insurance carriers;

 

(h)                                 Liens securing Indebtedness permitted under clause (j) of the definition of Permitted Indebtedness; provided that (i) such Liens exist prior to the acquisition of, or attach substantially simultaneous with, or within twenty (20) days after the, acquisition, lease, repair, improvement or construction of, such property financed or leased by such Indebtedness and (ii) such Liens do not extend to any property of the Company or any Subsidiary other than the property (and proceeds thereof) acquired, leased or built, or the improvements or repairs, financed by such Indebtedness;

 

(i)                                     Liens on specific items of inventory or other goods (and the proceeds thereof) of the Company securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

 

(j)                                    Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business;

 

(k)                                 Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business;

 

(l)                                     any interest or title of a lessor or licensor under any lease, sublease, license or sublicense entered into by the Company or any Subsidiary entered into in the ordinary course of its business;

 

(m)                             Liens on cash collateral securing hedging agreements entered into for bona fide hedging purposes in the ordinary course of business and not for speculative purposes;

 

(n)                                 Liens on deposits or other amounts held in escrow to secure payments (contingent or otherwise) payable by the Company with respect to (i) the settlement, satisfaction, compromise or resolution or judgments, litigation, arbitration or other disputes and (ii) any commercial contracts for manufacturing, production and other service arrangements entered into in the ordinary course of business; and

 

(o)                                 following the Follow-On Product Lien Release, Liens on Follow-On/Cannibalizing Product Assets.

 

“Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, but not including a government or political subdivision or any agency or instrumentality of such government or political subdivision.

 

17

 

“Pro Rata Portion” means, with respect to any Purchaser, the sum of the unfunded Purchaser Commitment of such Purchaser and Purchaser Payments made by such Purchaser divided by the sum of all unfunded Purchaser Commitments and all Purchasers Payments made by the Purchasers.

 

“Product Assets” means (a) all Product Intellectual Property, (b) each Material Contract related to any Included Product, (c) all Regulatory Approvals related to any Included Product, (d) all inventory of Included Products and any raw materials and work-in-process relating thereto, (e) all accounts receivables and payment intangibles arising out of sales of any Included Product or licenses of any Product Intellectual Property, (f) all other assets primarily related to the Development, Manufacture or Commercialization of any Included Product and that are owned by, licensed to, or otherwise Controlled by the Company or any Subsidiary, (g) any other assets that are owned by, licensed to, or otherwise Controlled by the Company or any Subsidiary that are reasonably necessary for the Development, Commercialization or Manufacture of any Included Products, the absence of which would reasonably be expected to cause a Material Adverse Effect and (h) all proceeds of any of the foregoing.

 

“Product Intellectual Property” means all Intellectual Property that is necessary for, or otherwise material to, the Development, Commercialization, and/or Manufacture, or other exploitation, of any Included Product that is owned, licensed or otherwise controlled by any Obligor as of the Effective Date or acquired by an Obligor thereafter, which shall initially include, without limitation, the Patents identified in Schedule 3.11(a).

 

“Promotional Efforts” means, with respect to the performance of Development, Commercialization or Manufacturing activities for an Included Product, the carrying out of such activities in a sustained and diligent manner, and at all times using personnel (including salespeople promoting the Included Products in first position in the United States), efforts and resources available to the Company or resources that the Company is reasonably capable of generating and comparable to the personnel, efforts and resources commonly used in the pharmaceutical industry by a publicly traded pharmaceutical company for such company’s primary and top priority compound.  “Promotional Efforts” shall be determined without regard to any other product opportunities of the Company and any payments owed by the Company to the Purchasers under this Agreement.

 

“Purchaser” has the meaning set forth in the first paragraph hereof.

 

“Purchaser Agent” has the meaning set forth in the first paragraph hereof.

 

“Purchaser Commitment” means, with respect to any Purchaser, the commitment of such Purchaser to purchase the Revenue Interests and pay the Purchaser Payments in an aggregate amount up to the amount set forth opposite such Purchaser’s name on Schedule 1.01(b).

 

“Purchaser Payments” means each of the First Payment, the Second Payment and the Third Payment.

 

“Put Option” has the meaning set forth in Section 5.07(a).

 

“Put Option Closing Date” has the meaning set forth in Section 5.07(a).

 

“Put Option Event” means any one of the following events:

 

(a)                                 any Bankruptcy Event;

 

18

 

(b)                                 the Company fails to make any payment within two (2) Business Days of when due under Section 2.02; provided that, no more than five times during the term of this Agreement, such failure shall not constitute an Put Option Event if the Company makes such payment within five (5) Business Days of the applicable due date;

 

(c)                                  a Material Adverse Effect;

 

(d)                                 any representation, warranty or statement made or deemed made by or on behalf of any Obligor in or in connection with any Transaction Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Transaction Document or any amendment or modification hereof or thereof, shall: (i) prove to have been incorrect when made or deemed made to the extent that such representation, warranty or statement contains any materiality or Material Adverse Effect qualifier; or (ii) prove to have been incorrect in any material respect when made or deemed made to the extent that such representation, warranty or statement does not otherwise contain any materiality or Material Adverse Effect qualifier;

 

(e)                                  (i) the Company breaches in any material respect any term, covenant or agreement in any Transaction Document (other than a breach of Section 5.01(a)(i) or Section 5.01(a)(ii)), which such breach, if capable of cure, is not cured within ten (10) Business Days after receipt of written notice of such breach from the Purchaser Agent, and (ii) the Company fails to provide any notice when required by Section 5.01(a)(i) or Section 5.01(a)(ii);

 

(f)                                   (i) the occurrence of any “fundamental change”, “change of control” or “event of default” or similar event under the terms of any Permitted Convertible Notes giving the holders thereof the right to require the repurchase of, or to accelerate, such Permitted Convertibles Notes and (ii), unless the Applicable Percentage for Tier 1 and Tier 2 has actually decreased to 0.4% (or 0.53% if the Third Payment has been made), the date six months prior to the stated maturity date of any Permitted Convertible Notes;

 

(g)                                  any Change of Control; and

 

(h)                                 the fifteenth (15th) anniversary of the First Purchaser Payment Date.

 

“Put/Call Price” means, as of any date of determination:

 

(a)                                 in case of an exercise of the Put Option by the Required Purchasers (other than in connection with a Change of Control) on or prior to the first anniversary of the First Purchaser Payment Date, an amount equal to 120.0% of the Cumulative Purchaser Payments; and

 

(b)                                 in all other cases,

 

(i)                                     on or prior to the third anniversary of the First Purchaser Payment Date, an amount equal to 175.0% of the Cumulative Purchaser Payments; and

 

(ii)                                  after the third anniversary of the First Purchaser Payment Date, an amount equal to 195.0% of the Cumulative Purchaser Payments;

 

minus, in each case, the sum of all Revenue Interest Payments made by the Company to the Purchasers prior to such date; provided that the Put/Call Price shall not be less than zero.

 

For the avoidance of doubt, the Put/Call Price shall be calculated as of the date of the payment of the Put/Call Price.

 

19

 

“Reconciliation Report” means, with respect to the relevant calendar quarter or calendar year of the Company, (a) a report showing Net Sales for the Product for such calendar period, reconciled, in each case, to the most applicable line item in the Company’s statements of operations for the applicable calendar period and (b) a reconciliation of all payments made by the Company to the Purchasers pursuant to this Agreement during such calendar period.  The Reconciliation Report for a calendar year shall also include the foregoing information with respect to the fourth quarter of such calendar year.

 

“Regulatory Agency” means the FDA and any other Governmental Authority with responsibility for the approval of the marketing and sale of pharmaceuticals or other regulation of pharmaceuticals.

 

“Regulatory Approval” means all approvals (including, without limitation, where applicable, Drug Approval Applications, pricing and reimbursement approval, labeling approval and schedule classifications), licenses, registrations, certificates, permits or authorizations (including, without limitation, pre- and post-approval marketing authorizations (including any prerequisite Manufacturing approval or authorization related thereto)) of any Governmental Authority necessary for the manufacture, use, storage, import, export, transport, offer for sale, or sale of any Included Product, together with all amendments, supplements and updates thereto.

 

“Regulatory Filings” means all applications, filings, dossiers and the like submitted to a Regulatory Agency for the purpose of obtaining Regulatory Approval from that Regulatory Agency.  Regulatory Filings shall include, but not be limited to, all Drug Approval Applications.

 

“Reimbursable Expenses” means all costs, and expenses (including reasonable attorneys’ fees and expenses, as well as appraisal fees, consulting fees, advisory fees, fees incurred on account of lien searches, inspection fees and filing fees) for preparing, amending, negotiating, administering, defending and enforcing the Transaction Documents (including, without limitation, those incurred in connection with appeals or any Bankruptcy Event) or otherwise incurred by the Purchaser Agent and/or the Purchasers in connection with the Transaction Documents; provided that Reimbursable Expenses incurred prior to the Effective Date in connection with the preparation and negotiation of the Transaction Documents shall not exceed $350,000.

 

“Related Party” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates.

 

“Required Purchasers” means the Purchasers whose aggregate Pro Rata Portions exceed 50%.

 

“Revenue Interest Period” means the period from and including the First Purchaser Payment Date through and including the date on which the Purchasers have received Revenue Interest Payments of 195.0% of the Cumulative Purchaser Payments, unless earlier terminated upon (i) the Purchasers’ exercise, or deemed automatic exercise, of the Put Option in accordance with Section 5.07(a) or (ii) the Company’s exercise of the Call Option in accordance with Section 5.07(b), in each case upon the indefeasible payment of the Put/Call Price.

 

“Revenue Interest Payments” means, with respect to each calendar quarter during the Revenue Interest Period, payments to the Purchasers in respect of the Revenue Interests calculated by multiplying the Applicable Percentage(s) by the corresponding amount of incremental Annual Net Sales of all Included Products for such calendar quarter.

 

“Revenue Interests” means all of the Company’s right, title and interest in and to that portion of the accounts and payment intangibles arising out of sales and licenses of the Included Products and the Product

 

20

 

Assets equal to the Revenue Interest Payments for each calendar quarter (or portion thereof) during the Revenue Interest Period.

 

“Sanctioned Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/programs/, or as otherwise published from time to time.

 

“Sanctioned Person” means (i) a Person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC available at http://www.treas.gov/offices/enforcement/ofac/sdn/index.shtml, or as otherwise published from time to time, or (ii)(A) an agency of the government of a Sanctioned Country, (B) an organization controlled by a Sanctioned Country or (C) a Person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC.

 

“SEC” means the Securities and Exchange Commission.

 

“Second Payment” means $25,000,000, which shall be paid by the Purchasers on the Second Purchaser Payment Date in accordance with Section 2.03(a)(ii).

 

“Second Purchaser Payment Date” means the date specified in the applicable notice sent to the Purchaser Agent pursuant to Section 2.03(b)(v)(D) with regards to the Second Payment; provided that such date shall occur no later than thirty (30) days after the FDA Approval Date.

 

“Security Agreement” means the Security Agreement between the Company, each Subsidiary Guarantor and the Purchaser Agent providing for, among other things, the grant by the Company in favor of the Purchaser Agent, for the benefit of the Purchasers, of a valid continuing, perfected lien on and security interest in the Collateral described therein, which Security Agreement shall be substantially in the form of Exhibit A.

 

“Specified Foreign Subsidiary” means any Foreign Subsidiary of the Company that meets the following conditions: (i) the Equity Interests of such Foreign Subsidiary are directly owned by any Obligor and pledged in favor of the Purchaser Agent to the extent required pursuant to Section 5.06(b), (ii) such Foreign Subsidiary shall not voluntarily pledge, or grant any security interest in, any Product Assets (other than following the Follow-Lien Release, Follow-On Cannibalizing Product Assets) to any Person (other than any Obligor or the Purchaser Agent or the Purchasers pursuant to the Transaction Documents), (iii) such Foreign Subsidiary shall not incur any Indebtedness  (other than Indebtedness owed to an Obligor and Permitted Indebtedness set forth in clauses (a), (c), (f), (g), (h) and (i) of the definition thereof), (iv) such Foreign Subsidiary shall in all material respects conduct its business solely in its own name and comply with all organizational formalities necessary to maintain its separate existence, not comingle its assets with those of any Person, only enter into contracts in its own name as a legal entity separate from any other Person, maintain separate books and records, pay its own liabilities and expenses out of its own funds and maintain adequate capital in light of its contemplated business purpose and operations, and (v) such Foreign Subsidiary shall engage solely in the Commercialization of an Included Product in a jurisdiction outside the United States and shall not engage in the Development of any Included Product.

 

“Subsidiary” means with respect to any Person (i) any corporation of which the outstanding Equity Interests having at least a majority of votes entitled to be cast in the election of directors under ordinary circumstances is at the time owned, directly or indirectly, by such Person or (ii) any other Person of which at least a majority voting interest under ordinary circumstances is at the time, directly or indirectly, owned by such Person.  Unless the context otherwise requires, “Subsidiary” refers to a direct or indirect Subsidiary of the Company.

 

21

 

“Subsidiary Guarantor” means any Subsidiary of the Company that is a guarantor of the Obligations under the Guaranty (or under another guaranty agreement in form and substance satisfactory to the Purchaser Agent) and has granted to the Purchaser Agent, on behalf of the Purchasers, a Lien upon and security interest in its right, title and interest in, to and under the Collateral pursuant to the Security Agreement.

 

“Tax” or “Taxes” means any federal, state, local or foreign tax, levy, impost, duty, assessment, fee, deduction or withholding or other charge, including all excise, sales, use, value added, transfer, stamp, documentary, filing, recordation and other fees imposed by any taxing authority (and interest, fines, penalties and additions related thereto).

 

“Tax Return” means any report, return, form (including elections, declarations, statements, amendments, claims for refund, schedules, information returns or attachments thereto) or other information supplied or required to be supplied to a Governmental Authority with respect to Taxes.

 

“Term” has the meaning set forth in Section 6.01.

 

“Third Party” means any Person other than the Purchaser Agent, any Purchaser, the Company or any Subsidiary provided that, for purposes of the Net Sales definition, “Third Party” means any Person other than the Company, its Affiliates and any Licensee.

 

“Third Payment” means $50,000,000, which shall be paid by the Purchasers on the Third Purchaser Payment Date in accordance with Section 2.03(a)(iv).

 

“Third Purchaser Payment Date” means the date specified in the applicable notice sent to the Purchaser Agent pursuant to Section 2.03(b)(v)(D) with regards to the Third Payment.

 

“Transaction Documents” means, collectively, this Agreement, the Security Agreement, each Guaranty and any related ancillary documents or agreements.

 

“Transfer” means any sale, conveyance, assignment, disposition, license, sub-license or other transfer.

 

“UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.

 

“UCC Financing Statements” means the UCC-1 financing statements, in form and substance reasonably satisfactory to the Purchaser Agent, that shall be filed by the Purchaser Agent at or promptly following the Effective Date, as well as any additional UCC-1 financing statements or amendments thereto as reasonably requested from time to time, to perfect the Purchaser Agent’s security interest in the Assigned Interests Collateral.

 

“United States” and “U.S.” mean the United States of America.

 

“U.S. Purchaser” means any Purchaser or Eligible Assignee that is a U.S. Person.

 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

22

 

ARTICLE II

 

PURCHASE OF REVENUE INTERESTS; PAYMENTS

 

Section 2.01                            Purchase of Revenue Interests.

 

(a)                                 Upon the terms and subject to the conditions set forth in this Agreement, the Company agrees to sell, assign and transfer to each Purchaser, and each Purchaser agrees to purchase and accept from the Company, free and clear of all Liens, such Purchaser’s Pro Rata Portion of the Revenue Interests.  The Purchasers’ interest in the Revenue Interests shall vest immediately upon the Company’s receipt of payment of the First Payment pursuant to Section 2.03(b), subject to the termination provisions of Section 6.01.

 

(b)                                 The Company hereby consents to the Purchaser Agent recording and filing, at the Company’s sole cost and expense, the UCC Financing Statements and other financing statements in the appropriate filing offices under the UCC (and continuation statements with respect to such financing statements when applicable) and any other notices of security or notices of charge meeting the requirements of applicable law in such manner and in such jurisdictions as are necessary or appropriate to perfect the assignment to the Purchasers of the Revenue Interests and the Liens in the Collateral granted to the Purchaser Agent under the Security Agreement.

 

Section 2.02                            Payments by the Company.

 

(a)                                 Payments in Respect of the Revenue Interests.

 

(i)                                     In consideration of the Purchaser Payments made by the Purchasers, the Purchasers shall be entitled to receive, and the Company shall pay to the Purchasers, on a calendar quarterly basis, the Revenue Interest Payments during the Revenue Interest Period and, upon the exercise (or deemed exercise) by the respective party of the Call Option or the Put Option, as the case may be, the Put/Call Price in respect thereof.

 

(ii)                                  With respect to each calendar quarter commencing with the first Payment Date, the Company shall pay to the Purchasers, the Revenue Interest Payment for such calendar quarter on the Payment Date at the end of such calendar quarter with such payment to be calculated based on the Cash Receipts for such calendar quarter; provided that all payments in respect of any calendar quarter shall be subject to reconciliation based on (A) the final Net Sales for the applicable calendar quarter on the Payment Date for the subsequent calendar quarter and (B) the final Net Sales for the applicable calendar year in which such calendar quarter occurs based on the audited financial statements for such calendar year on the Payment Date for the first calendar quarter of the subsequent calendar year, in each case of (A) and (B), with such reconciliation to be prepared by the Company and delivered to the Purchasers and the Purchaser Agent in the form of a Reconciliation Report in accordance with Section 5.02(b)(i).  With respect to each reconciliation, any overpayments shall be credited against, and any underpayments shall be added to, the subsequent payments in respect of the Revenue Interests.  For the avoidance of doubt, the Purchasers shall not be required to refund any Revenue Interest Payments.

 

(b)                                 Reimbursable Expenses.  The Company shall pay to the Purchaser Agent all Reimbursable Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due.  It is the intention of the parties hereto that the Company shall pay Reimbursable Expenses directly; provided that, at the discretion of the Purchasers, Reimbursable Expenses may be deducted from the Purchaser Payments.  In the event the

 

23

 

Purchaser Agent or any Purchaser pays any of such expenses directly, the Company will promptly reimburse the Purchaser Agent or such Purchaser for such expenses.

 

(c)                                  Payment Procedure; Currency Conversion; Late Payments.  Any payments to be made by the Company to the Purchasers hereunder or under any other Transaction Document shall be made in United States dollars by wire transfer of immediately available funds. All Revenue Interest Payments and other payments by the Company (other than payments in respect of Reimbursable Expenses and indemnification obligations pursuant to Section 8.04) shall be made to each Purchaser in accordance with its Pro Rata Portion.  If any currency conversion shall be required in connection with the calculation of amounts payable hereunder, such conversion shall be made using the average of the buying and selling rates on the last five (5) Business Days of the calendar quarter to which such amounts pertain, as published by The Wall Street Journal, Internet Edition at www.wsj.com.

 

(d)                                 Follow-On Product Lien Release.  Following the occurrence of the Milestone, the Purchasers’ Lien in all of the Follow-On/Cannibalizing Product Assets shall be released without any further action of any party (the “Follow-On Product Lien Release”).  The Purchaser Agent shall prepare and file, at the sole cost and expense of the Company, following the occurrence of the Follow-On Product Lien Release, all documents and take all other actions reasonably requested by the Company to evidence the release of the Purchasers’ Lien on the Follow-On/Cannibalizing Product Assets.

 

Section 2.03                            Purchaser Payments; Conditions Precedent.

 

(a)                                 Purchaser Payments.  In each case subject to the applicable conditions precedent in clause (b), which may be waived by the Required Purchasers in their sole discretion:

 

(i)                                     On the First Purchaser Payment Date, each Purchaser shall pay to the Company, and the Company shall accept, such Purchaser’s Pro Rata Portion of the First Payment (less any then unpaid Reimbursable Expenses) by wire transfer of immediately available funds.

 

(ii)                                  On the Second Purchaser Payment Date, each Purchaser shall pay to the Company, and the Company shall accept, such Purchaser’s Pro Rata Portion of the Second Payment (less any then unpaid Reimbursable Expenses) by wire transfer of immediately available funds.

 

(iii)                               On the Third Purchaser Payment Date, at the Company’s option, each Purchaser shall pay to the Company, such Purchaser’s Pro Rata Portion of the Third Payment (less any then unpaid Reimbursable Expenses) by wire transfer of immediately available funds.

 

(b)                                 Conditions Precedent.

 

(i)                                     Conditions Precedent to the Effective Date.  The Company shall have delivered to the Purchaser Agent:

 

(A)                               this Agreement, duly executed by the Company; and

 

(B)                               a completed Perfection Certificate, duly executed by the Company.

 

(ii)                                  Conditions Precedent to the First Payment.  The Company shall have delivered to the Purchaser Agent:

 

(A)                               the Security Agreement, duly executed by the Company;

 

24

 

(B)                               to the extent there are changes to the information provided therein since the Effective Date, an update to the Perfection Certificate, duly executed by the Company;

 

(C)                               subject to Section 5.11, one or more duly executed account control agreements in respect of each Obligor’s bank and securities accounts;

 

(D)                               a secretary’s certificate, with certified organizational documents and resolutions,

 

(E)                                an officer’s certificate, certifying as to the conditions in Section 2.03(b)(v)(A) and (B);

 

(F)                                 a UCC-1 financing statement in proper form for filing against the Company;

 

(G)                               short-form security agreements in respect of the Product Intellectual Property; and

 

(H)                              legal opinions of counsel to the Company in the form previously agreed between the Company and the Purchaser Agent.

 

(iii)                               Conditions Precedent to the Second Payment.

 

(A)                               The FDA Approval Date shall have occurred no later than thirty (30) days prior to the Second Purchaser Payment Date;

 

(B)                               The Company shall have delivered to the Purchaser Agent written notice of the FDA Approval Date within five (5) Business Days of the occurrence thereof, together with the approval letter from the FDA, the approved label and any other information requested by the Purchaser Agent; and

 

(C)                               The Company shall have delivered to the Purchaser Agent an officer’s certificate certifying as to the conditions in Section 2.03(b)(v)(A) and (B).

 

(iv)                              Conditions Precedent to the Third Payment.

 

(A)                               The Second Payment shall have occurred;

 

(B)                               The Third Payment shall occur on a Business Day on or prior to the fifteenth Business Day following December 31, 2021;

 

(C)                               The Company shall have achieved trailing six-month worldwide Net Sales of at least $100,000,000 on or prior to December 31, 2021;

 

(D)                               The Company shall have delivered to the Purchaser Agent an officer’s certificate certifying the satisfaction of the condition set forth in clause (C) above, together with any related information requested by the Purchaser Agent, and the Purchaser Agent shall have been reasonably satisfied that such condition has been met; and

 

(E)                                The Company shall have delivered to the Purchaser Agent, an officer’s certificate certifying as to the conditions in Section 2.03(b)(v)(A) and (B).

 

25

 

(v)                                 Conditions Precedent to each Purchaser Payment.

 

(A)                               The representations and warranties in Article III hereof shall be true, accurate and complete in all material respects on the date of the applicable payment; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; provided further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date.

 

(B)                               No Put Option Event or material breach or default under any of the Transaction Documents shall have occurred and be continuing.

 

(C)                               To the extent not deducted from the applicable Purchaser Payment, payment of Reimbursable Expenses then due as specified in Section 2.02(b).

 

(D)                               With respect to the Second Payment and Third Payment, the Company shall have provided to the Purchaser Agent at least fifteen (15) Business Days’ (or such shorter period as agreed in writing by Purchaser Agent) advance written notice of the Second Purchaser Payment Date or Third Purchaser Payment Date, as applicable.

 

(E)                                The Purchaser Commitments shall not have expired.

 

Notwithstanding anything to the contrary herein, the Purchaser Commitments shall terminate to the extent funded and shall terminate in their entirety on the earliest of (i) the sixteenth Business Day following December 31, 2021, (ii) the occurrence of a Bankruptcy Event, (iii) the exercise of the Put Option by the Purchasers or the Call Option by the Company and (iv) the expiration of the Revenue Interest Period.

 

Section 2.04                            No Assumed Obligations.

 

Notwithstanding any provision in this Agreement or any other writing to the contrary, the Purchasers are acquiring only the Revenue Interests and are not assuming any liability or obligation of the Company or any of its Affiliates of whatever nature, whether presently in existence or arising or asserted hereafter, whether under any Transaction Document or otherwise.  All such liabilities and obligations shall be retained by and remain obligations and liabilities of the Company or its Affiliates (the “Excluded Liabilities”).

 

Section 2.05                            AHYDO Catch-Up Payments.

 

Notwithstanding anything to the contrary, if the Revenue Interests shall remain outstanding after the fifth (5th) anniversary of the initial purchase thereof, then the Company shall prepay to the Purchasers on the fifth (5th) anniversary of the closing of the transaction contemplated by this Agreement and on each applicable Payment Date occurring after such fifth (5th) anniversary that portion of the outstanding Revenue Interests Payments necessary to prevent the Revenue Interests from constituting “applicable high yield discount obligations” within the meaning of Section 163(i) of the Code.

 

26

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company hereby represents and warrants to the Purchaser Agent and the Purchasers, as of the Effective Date, the First Purchaser Payment Date, the Second Purchaser Payment Date and the Third Purchaser Payment Date, as applicable, the following:

 

Section 3.01                            Organization.

 

Each Obligor is a corporation duly incorporated, validly existing and in good standing under the laws of its respective jurisdiction of formation and has all corporate powers and all licenses, authorizations, consents and approvals required to carry on its respective business as now conducted and as proposed to be conducted in connection with the transactions contemplated by the Transaction Documents.  Each Obligor is duly qualified to do business as a foreign corporation and is in good standing in every jurisdiction in which the failure to do so would be reasonably expected to have a Material Adverse Effect.  As of the Effective Date, the Company has no direct or indirect Subsidiaries.

 

Section 3.02                            Authorization.

 

Each Obligor has all necessary power and authority to enter into, execute and deliver the Transaction Documents to which it is a party and to perform all of the obligations to be performed by it hereunder and thereunder and to consummate the transactions contemplated hereunder and thereunder. Each Transaction Document has been duly authorized, executed and delivered by each Obligor party thereto, and each Transaction Document constitutes the valid and binding obligation of each Obligor party thereto, enforceable against such Obligor in accordance with their respective terms, subject, as to enforcement of remedies, to bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or general equitable principles.

 

Section 3.03                            Governmental Authorization.

 

The execution and delivery by each Obligor of the Transaction Documents to which it is a party, and the performance by such Obligor of its obligations thereunder, does not require any notice to, action or consent by, or in respect of, or filing with, any Governmental Authority, except for the filing of the UCC Financing Statements and any filings with the SEC.

 

Section 3.04                            Ownership.

 

(a)                                 The Company owns or holds a valid license granting exclusive rights to, all of the Product Intellectual Property, Regulatory Filings and the Regulatory Approvals related to each Initial Product free and clear of all Liens (other than Permitted Liens), and no license or covenant not to sue under any such Product Intellectual Property, or right of reference under any such Regulatory Filings, has been granted by the Company to any Third Party, except for Permitted Licenses or as set forth on Schedule 3.04(a).

 

(b)                                 The Company, immediately prior to the assignment of the Revenue Interests, owns, and is the sole holder of, all the Revenue Interests and all Collateral, free and clear of any and all Liens (other than Permitted Liens). Except as set forth on Schedule 3.04(b) or as permitted pursuant to this Agreement, no Obligor has Transferred or granted any Lien in respect of or agreed to Transfer or grant any Lien in respect of, any portion of the Revenue Interests or the Collateral. Except for the sale of the Revenue Interests pursuant hereto and as set forth on Schedule 3.04(b), no Person other than the Company has any right to receive any payments in respect of Net Sales or revenues of any Included Product. The Company has the

 

27

 

full right to sell, transfer, convey and assign to the Purchasers all of the Company’s rights, title and interests in and to the Revenue Interests to the Purchasers pursuant to this Agreement without any requirement to obtain the consent of any Person, except such consents as are obtained at or prior to the Effective Date.  At the Effective Date, the Purchasers shall have acquired good and valid rights and interests in and to the all of the Revenue Interests, free and clear of any and all Liens, subject to the terms of this Agreement.

 

Section 3.05                            Financial Statements.

 

The Financial Statements are complete and accurate in all material respects, were prepared in conformity with GAAP and present fairly in all material respects the financial position and the financial results of the Company and its Subsidiaries as of the dates and for the periods covered thereby, subject in the case of the unaudited financial statements to the absence of footnotes, year-end adjustments and other supplementary information required by GAAP.

 

Section 3.06                            No Undisclosed Liabilities.

 

Except for those liabilities (a) identified in the Financial Statements (including the notes thereto) and/or in any current or periodic filing made by the Company with the SEC or incurred in the ordinary course of business since the date of the most recent Financial Statements; (b) Permitted Indebtedness; or (c) in connection with the Obligations under the Transaction Documents, there are no material liabilities of the Company or its Subsidiaries related to any Initial Product, of any kind whatsoever, whether accrued, contingent, absolute, determined or determinable.

 

Section 3.07                            Solvency.

 

The Company and the Subsidiaries, taken as a whole, are not insolvent as defined in any statute of the United States Bankruptcy Code or in the fraudulent conveyance or fraudulent transfer statutes of the State of Delaware.  Assuming consummation of the transactions contemplated by the Transaction Documents, (a) the present fair saleable value of the Company’s and the Subsidiaries’ assets is greater than the total amount of liabilities of the Company and the Subsidiaries as such liabilities mature, (b) the Company and the Subsidiaries, taken as a whole, do not have unreasonably small capital with which to engage in its business, and (c) the Company and the Subsidiaries, taken as a whole, have not incurred, nor do they have present plans to or intend to incur, debts or liabilities beyond their ability to pay such debts or liabilities as they become absolute and matured.

 

Section 3.08                            Litigation.

 

Other than as set forth on Schedule 3.08, there is no (a) action, suit, arbitration proceeding, claim, investigation or other proceeding (whether administrative, judicial or otherwise) pending or, to the Knowledge of the Company, threatened against the Company or any Subsidiary or (b) any governmental inquiry pending or, to the Knowledge of the Company, threatened against the Company or any Subsidiary, in each case with respect to clauses (a) and (b) above, which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule 3.08, as of the First Purchaser Payment Date, there is no action, suit, arbitration proceeding, claim, investigation, governmental inquiry or other proceeding (whether administrative, judicial or otherwise) pending or, to the Knowledge of the Company, threatened against the Company, any Subsidiary or any other Person relating to the Revenue Interests, any Included Product or any other Product Asset.

 

28

 

Section 3.09                            Compliance with Laws.

 

Neither the Company nor any Subsidiary (a) is in violation of, has violated, or to the Knowledge of the Company, is under investigation with respect to, or (b) has been threatened to be charged with or been given notice of any violation of any law, rule, ordinance or regulation of, or any judgment, order, writ, decree, permit or license entered by any Governmental Authority applicable to, the Company or any of its Subsidiaries, the Revenue Interests or any Included Product or any other Product Asset, in each case which would reasonably be expected to have a Material Adverse Effect.

 

Section 3.10                            Conflicts.

 

Except as set forth on Schedule 3.10, neither the execution and delivery of any of this Agreement or the other Transaction Documents to which any Obligor is a party nor the performance or consummation of the transactions contemplated hereby or thereby will: (a) contravene, conflict with, result in a breach or violation of, constitute a default under, or accelerate the performance provided by, in any material respects any provisions of: (i) any law, rule, ordinance or regulation of any Governmental Authority, or any judgment, order, writ, decree, permit or license of any Governmental Authority, to which the Company or any Subsidiary or any of their respective assets or properties may be subject or bound; or (ii) (A) any material contract, agreement, commitment or instrument that has been filed with the SEC to which the Company or any Subsidiary is a party or by which the Company or its Subsidiary or any of their respective assets or properties is bound or committed or (B) any other contract, agreement, commitment or instrument to which the Company or any Subsidiary is a party or by which the Company or its Subsidiary or any of their respective assets or properties is bound or committed; (b) contravene, conflict with, result in a breach or violation of, constitute a default under, or accelerate the performance provided by, any provisions of the articles or certificate of incorporation or bylaws (or other organizational or constitutional documents) of the Company or any Subsidiary; (c) except for the filing of the UCC Financing Statements and any other notices of security or notices of charge required hereunder and filings with the United States Patent and Trademark Office or filings with the SEC, require any notification to, filing with, or consent of, any Person or Governmental Authority, except such consents that are obtained at or prior to the Effective Date; (d) give rise to any right of termination, cancellation or acceleration of any right or obligation of the Company, any Subsidiary or any other Person involving the Revenue Interests; or (e) other than pursuant to, or any other Transaction Document, result in the creation or imposition of any Lien (other than a Permitted Lien) on (i) the assets or properties of the Company or any Subsidiaries or (ii) the Revenue Interests or any Collateral, except, in the case of the foregoing clauses (a)(i), (a)(ii)(B) or (c), as would not reasonably be expected to have a Material Adverse Effect.

 

Section 3.11                            Intellectual Property.

 

(a)                                 Schedule 3.11(a) sets forth, as of the Effective Date, an accurate, true and complete list of all (i) Patents and utility models, (ii) trade names, registered trademarks, registered service marks, and applications for trademark registration or service mark registration, (iii) registered copyrights and (iv) domain name registrations and websites, in each case with respect to clauses (i), (ii), (iii) and (iv) above in this clause (a) that constitute Product Intellectual Property. Except as disclosed therein, to the Knowledge of the Company, each issued Patent and trademark listed on Schedule 3.11(a) is valid, enforceable and subsisting and has not lapsed, expired, been cancelled or become abandoned, except in the ordinary course of business or where such lapse or abandonment would not reasonably be likely to result in a Material Adverse Effect.

 

(b)                                 Except for Product Intellectual Property licensed to or owned by any Obligor and set forth on Schedule 3.11(a), to the Knowledge of the Company, no other Intellectual Property is necessary to use, Develop, Manufacture, import or Commercialize the Initial Products.  To the Knowledge of the Company,

 

29

 

the use, Development, Manufacture, import or Commercialization of the Initial Products does not and will not infringe any Patents or misappropriate any other Intellectual Property that is owned or controlled by a Third Party.

 

(c)                                  To the Knowledge of the Company, there are no unpaid maintenance, annuity or renewal fees currently overdue for any of the Patents that constitute Product Intellectual Property or which cover compositions of matter, formulation, method of use, method of manufacture and/or processes which relate to the Initial Products or alternatives thereto, and that are owned by or licensed to the Company (“Material Patents”).

 

(d)                                 There is, and has been, no pending, decided or settled opposition, interference proceeding, reexamination proceeding, cancellation proceeding, injunction, claim, lawsuit, declaratory judgment, administrative post-grant review proceeding, other administrative or judicial proceeding, hearing, investigation, complaint, arbitration, mediation, International Trade Commission investigation, decree, or any other filed claim (collectively referred to hereinafter as “Disputes”) related to any of the Material Patents nor has any such Dispute been threatened in writing challenging the legality, validity, enforceability or ownership of any Material Patents. There are no Disputes by any Person or Third Party against the Company, its Affiliates or its Licensees or its licensor, and the Company has not received any written notice or claim of any such Dispute as pertaining to the Initial Products.

 

(e)                                  The Company and its Affiliates have taken commercially reasonable measures and precautions to protect and maintain (i) the confidentiality of all trade secrets with respect to any Initial Product that it owns or exclusively licenses and (ii) the value of all Intellectual Property related to any Initial Product, except where such failure to take action would not reasonably be expected to have a Material Adverse Effect.

 

(f)                                   No material trade secret of the Company or its Affiliates with respect to any Initial Product has been published or disclosed to any Person except pursuant to a written agreement requiring such Person to keep such trade secret confidential, except where such disclosure would not reasonably be expected to have a Material Adverse Effect.

 

Section 3.12                            Regulatory Approvals.

 

(a)                                 The Company and its Affiliates and Licensees have made available to the Purchaser Agent any written reports or other written communications received from a Governmental Authority that would indicate that any Regulatory Agency (A) is likely to revise or revoke any current Regulatory Approval granted by any Regulatory Agency with respect to any Initial Product or may not grant Regulatory Approval for any Initial Product or (B) is likely to pursue any material compliance actions against the Company. To the Knowledge of the Company there are no other facts or circumstances that would reasonably be expected to (i) indicate that any of the events specified in the immediately preceding clauses (A) or (B) may occur or (ii) cause the Company or any of its Subsidiaries to voluntarily revise, withdraw or not apply for any Regulatory Approval.

 

(b)                                 The Company and its Subsidiaries possess all Regulatory Approvals issued or required by the Regulatory Agencies, which Regulatory Approvals are necessary to conduct the business relating to the Initial Products, including to conduct the current clinical trials relating to the Initial Products, and neither the Company nor its Subsidiaries has received any notice of proceedings relating to, and there are no facts or circumstances to the Knowledge of the Company that would reasonably be expected to lead to, the revocation, suspension, termination or modification of any such Regulatory Approvals. As to all Regulatory Approvals for the Initial Products, all preclinical and clinical data contained in the applications for such Regulatory Approvals was truly and accurately reported to the Regulatory Agencies granting such

 

30

 

Regulatory Approvals, and, to the Knowledge of the Company, there has been no failure to disclose any material fact required to be disclosed to such Regulatory Agencies.

 

(c)                                  The Company and its Affiliates and Licensees are in compliance with, and have complied with, all applicable federal, state, local and foreign laws, rules, regulations, standards, orders and decrees governing its business, including all regulations promulgated by each Regulatory Agency, the failure of compliance with which would reasonably be expected to result in a Material Adverse Effect; the Company and its Affiliates and Licensees have not received any notice citing action or inaction by any of them that would constitute any non-compliance with any applicable federal, state, local and foreign laws, rules, regulations, or standards, which would reasonably be expected to result in a Material Adverse Effect; and to the Knowledge of the Company, no prospective change in any applicable federal, state, local or foreign laws, rules, regulations or standards has been adopted which, when made effective, would reasonably be expected to result in a Material Adverse Effect.

 

(d)                                 Non-clinical investigations and clinical trials conducted on behalf of the Company or its Affiliates or Licensees relating to each Initial Product were conducted in all material respects in compliance with applicable laws and, in all material respects, in accordance with experimental protocols, procedures and controls pursuant to, where applicable, accepted professional and scientific standards. The descriptions and the results of such trials provided to the Purchaser Agent are accurate in all material respects. Neither the Company nor its Affiliates and Licensees has received any notices or correspondence from any Regulatory Agency or comparable authority requiring the termination, suspension, or modification or clinical hold of any clinical trials conducted by or on behalf of the Company or its Affiliates and Licensees with respect to any Initial Product.

 

(e)                                  Neither the Company nor any of its Affiliates or Licensees have received any notices from, or had any written or oral communications with, (i) any Governmental Authority or (ii) any pricing and reimbursement representative of any Person, in each case exercising authority with respect to pricing and reimbursement for the Initial Products, that have resulted in, or would reasonably be expected to result in, any non-coverage decision in respect of, or material reduction in the expected pricing of, the Initial Products.

 

(f)                                   All manufacturing operations conducted by or on behalf of the Company and its Affiliates and Licensees relating to the Initial Products have been and are being conducted in compliance with current good manufacturing practices set forth in 21 C.F.R. Parts 210 and 211 and applicable FDA guidance documents.

 

(g)                                  Neither the Company, its Affiliates, its Licensees nor their respective officers, employees or agents, has been convicted of any crime or engaged in any conduct for which (i) debarment is mandated by 21 U.S.C. § 335a(a) or authorized by 21 U.S.C. § 335a(b); or (ii) exclusion is required pursuant to 42 U.S.C. § 1320a-7b and related regulations, nor is any such debarment or exclusion threatened or pending.

 

(h)                                 The Company and its Affiliates and Licensees are in material compliance with all applicable federal, state and local laws and regulations regarding the privacy and security of health information and electronic transactions, including the Health Insurance Portability and Accountability Act (HIPAA), and has implemented adequate policies, procedures and training designed to assure continued compliance and to detect non-compliance.

 

(i)                                     The Company has made available to the Purchasers all Regulatory Approvals and all material correspondence with Governmental Authorities (including the FDA) with respect to such Regulatory Approvals, with respect to the Initial Products and all requested documents related to the Initial Products in each case in the possession and control of the Company or its Subsidiaries.

 

31

 

Section 3.13                            Material Contracts.

 

The Company has made available to Purchasers correct and complete copies of all Material Contracts.  Neither the Company nor its Affiliates is in material breach of any Material Contract or in material default under any Material Contract.  There is no event or circumstance that with notice or lapse of time, or both, would reasonably be expected to (a) constitute a material breach or default by the Company and/or its Affiliates or (to the Knowledge of the Company) any other party under any Material Contract, (b) give any Person the right to receive or require a rebate, chargeback, penalty or change in delivery schedule under any Material Contract, (c) give any Person the right to accelerate the maturity or performance of any Material Contract or (d) give any Person the right to cancel, terminate or modify any Material Contract. To the Knowledge of the Company, nothing has occurred and no condition exists that would permit any other party thereto to terminate any Material Contract. Neither the Company nor its Affiliates has received any notice or, to the Knowledge of the Company, any threat of termination of any such Material Contract. To the Knowledge of the Company, no other party to a Material Contract is in material breach of or in default under such Material Contract. All Material Contracts are valid and binding on the Company and its Affiliates and, to the Knowledge of the Company, on each other party thereto, and are in full force and effect.

 

Section 3.14                            Place of Business.

 

The Company’s principal place of business and chief executive office are set forth on Schedule 3.14.

 

Section 3.15                            Subordination.

 

The claims and rights of the Purchaser Agent and the Purchasers created by any Transaction Document are not and shall not be subordinated to any creditor of any Obligor or any other Person and the Liens created pursuant to the Transaction Documents will have first ranking priority and will not be subject to any prior ranking or pari passu ranking Lien other than as permitted by this Agreement.

 

Section 3.16                            Insurance.

 

There are in full force and effect insurance policies maintained by reputable insurance companies in accordance with standards customary for companies such as the Company, with coverage of the Company and each of its Subsidiaries in amounts customary for companies of comparable size and condition similarly situated in the same industry as, including product liability insurance, directors and officers insurance and insurance against litigation liability, subject only to such exclusions and deductible items as are usual and customary in insurance policies of such type.

 

Section 3.17                            Tax.

 

Each of the Company and its Subsidiaries has paid all material Taxes when due, except for any Taxes the amount or validity of which is currently being contested in good faith by appropriate proceedings, and there are no Liens in respect of Taxes applicable to the Company or any of its Subsidiaries except Permitted Liens.

 

Section 3.18                            Disclosure.

 

All information heretofore furnished to the Purchaser Agent or any Purchaser by or on behalf of the Company for purposes of or in connection with any Transaction Document or any transaction contemplated hereby, after giving effect to all supplements thereto made prior to the Effective Date, the

 

32

 

Second Purchaser Payment Date or Third Purchaser Payment Date, as applicable, is or will be, true, complete and correct in every material respect; provided that projections and other forward looking information are based on reasonable estimates on the date as of which such information is stated or certified (it being understood that forecasts and projections are subject to contingencies and no assurance can be given that any forecast or projection will be realized).

 

Section 3.19                            Investment Company Act.

 

None of the Company or any of its Subsidiaries is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940.

 

Section 3.20                            OFAC; Anti-Terrorism Laws.

 

(a)                                 None of the Company, any Subsidiary of the Company or, to the knowledge of the Company, any Affiliate of the Company (i) is a Sanctioned Person, (ii) has more than 10% of its assets in Sanctioned Countries or (iii) derives more than 10% of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Countries.  No part of the proceeds of any Purchaser Payment hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country.

 

(b)                                 Each of the Company and its Subsidiaries is in compliance in all material respects with the PATRIOT Act.  No part of the proceeds of the Purchaser Payments hereunder will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977.

 

Section 3.21                            Broker’s Fees.

 

The Company and its Subsidiaries have not taken any action that would entitle any Person to any commission or broker’s fee in connection with this Agreement.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

 

Each Purchaser represents and warrants to the Company, as of the Effective Date, the First Purchaser Payment Date, the Second Purchaser Payment Date and the Third Purchaser Payment Date, as applicable, the following:

 

Section 4.01                            Organization.

 

Such Purchaser is a duly organized and validly existing under the laws of its jurisdiction of organization.

 

Section 4.02                            Authorization.

 

Such Purchaser has all necessary power and authority to enter into, execute and deliver the Transaction Documents and to perform all of the obligations to be performed by it hereunder and thereunder and to consummate the transactions contemplated hereunder and thereunder.  The Transaction Documents have been duly authorized, executed and delivered by such Purchaser and each Transaction Document

 

33

 

constitutes the valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with their respective terms, subject, as to enforcement of remedies, to bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or general equitable principles.

 

Section 4.03                            Broker’s Fees.

 

Such Purchaser has not taken any action that would entitle any Person to any commission or broker’s fee in connection with the transactions contemplated by the Transaction Documents.

 

Section 4.04                            Conflicts.

 

Neither the execution and delivery of this Agreement or any other Transaction Document to which such Purchaser is a party nor the performance or consummation of the transactions contemplated hereby or thereby will: (a) contravene, conflict with, result in a breach or violation of, constitute a default under, or accelerate the performance provided by, in any material respects any provisions of: (i) any law, rule or regulation of any Governmental Authority, or any judgment, order, writ, decree, permit or license of any Governmental Authority, to which such Purchaser or any of its assets or properties may be subject or bound; or (ii) any contract, agreement, commitment or instrument to which such Purchaser is a party or by which such Purchaser or any of its assets or properties is bound or committed; (b) contravene, conflict with, result in a breach or violation of, constitute a default under, or accelerate the performance provided by, any provisions of the organizational or constitutional documents of such Purchaser; or (c) require any notification to, filing with, or consent of, any Person or Governmental Authority, except, in the case of the foregoing clauses (a) or (c), as would not, individually or in the aggregate, have a material adverse effect on the ability of such Purchaser to perform any of its obligations under the Transaction Documents.

 

Section 4.05                            Compliance with Laws.

 

Such Purchaser (a) is not in violation of, has not violated, or to the Knowledge of such Purchaser, is not under investigation with respect to, or (b) has not been threatened to be charged with or been given notice of any violation of any law, rule, ordinance or regulation of, or any judgment, order, writ, decree, permit or license entered by any Governmental Authority that would reasonably be expected to have a material adverse effect on such Purchaser.

 

Section 4.06                            Financing.

 

Such Purchaser has sufficient funds or capital commitments available to make its Pro Rata Portion of the Purchaser Payments.

 

ARTICLE V

 

COVENANTS

 

From the date hereof through and including the end of the Revenue Interest Period, the following covenants shall apply:

 

Section 5.01                            Notices; Access; Information.

 

(a)                                 Notices. The Company shall provide the written notice to the Purchaser Agent and the Purchasers of the following events:

 

34

 

(i)                                     Promptly (and in any event within two (2) Business Days) upon Knowledge thereof, the occurrence of any Put Option Event or any material breach or default by the Company of any covenant, agreement or other provision of this Agreement, or any other Transaction Document;

 

(ii)                                  Promptly (and in any event within two (2) Business Days) upon Knowledge thereof, the occurrence of any Material Adverse Effect or any event which could reasonably be expected to have a Material Adverse Effect;

 

(iii)                               Promptly upon receipt of written notice thereof, or otherwise obtaining Knowledge, any default or event of default under, or any termination (other than expiration in accordance with its terms) of, any Material Contract;

 

(iv)                              Promptly (and in any event within five (5) Business Days) upon Knowledge thereof, any litigation or proceedings to which the Company or any Subsidiary is a party or which would reasonably be expected to have a Material Adverse Effect or which challenge the validity of the Transaction Documents or any of the transactions contemplated therein;

 

(v)                                 Promptly upon Knowledge thereof, the occurrence of (A) a material manufacturing disruption or (B) any circumstance, event or condition that has resulted in, or would reasonably be expected to result in, a recall of any Included Product;

 

(vi)                              Promptly upon Knowledge thereof, any infringement by any Third Party of any Product Intellectual Property which has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the level of Net Sales of the Included Products and any infringement by any Included Product of any Third Party Intellectual Property that would reasonably be expected to have a Material Adverse Effect;

 

(vii)                           Promptly (and in any event within five (5) Business Days of the occurrence thereof), the FDA Approval Date, the Company’s receipt of any other Regulatory Approval of an Included Product in the United States or the receipt of Regulatory Approval from the European Medicines Agency;

 

(viii)                        Promptly (and in any event within ten (10) Business Days) of the receipt, any material written communication from the FDA to the Company prior to the completion of the CLEAR Outcome Study and related FDA submissions; and

 

(ix)                              Not less than ten (10) calendar days prior thereto, any change in, or amendment or alteration of, any Obligor’s legal name, form of legal entity or jurisdiction of organization.

 

(b)                                 Maintenance of Books and Records. The Company shall keep and maintain, and cause its Affiliates and Licensees to keep and maintain, at all times full and accurate books of account and records adequate to correctly reflect (and in sufficient detail to permit the Purchaser Agent to confirm the accuracy of) all payments paid and/or payable with respect to the Revenue Interests.  Such records shall be kept and maintained for a minimum of seven (7) years from the end of the calendar year to which they pertain.

 

(c)                                  Inspection Rights.  The Purchaser Agent shall have the right, not more than once a year (or more frequently if a Put Option Event shall have occurred and be continuing), to designate a Third Party independent public accounting firm (the “Purchaser Agent Representative”) to visit the Company’s and its Affiliates’ and Licensees’ offices and properties where the Company and its Affiliates and Licensees keep and maintain their books and records relating or pertaining to Net Sales and the Revenue Interests for

 

35

 

purposes of conducting an audit of Net Sales during the term of this Agreement, during normal business hours, and, upon five (5) Business Days’ written notice given by the Purchaser Agent to the Company, the Company will provide such Purchaser Agent Representative reasonable access to such books and records.

 

(d)                                 Audit Costs. In the event any audit of the books and records of the Company and its Affiliates and Licensees relating to the Revenue Interests and the Collateral by the Purchaser Agent and/or the Purchaser Agent Representative reveals that the amounts paid to the Purchasers hereunder for the period of such audit have been understated by more than five percent (5%) of the amounts determined to be due for the period subject to such audit, then the Audit Costs in respect of such audit shall be borne by the Company; and in all other cases, such Audit Costs shall be borne by the Purchasers.

 

(e)                                  Data Room Access.  The Company will cause to be maintained, provide access to the Purchasers to, and ensure that all documents and other information posted thereon on or before the Effective Date remain posted on, the electronic datasite maintained by Merrill Corporation with the name “Eclipse Corporate Data Room” until such time as the Company has provided to the Purchaser Agent all such documents and other information via USB or other transferable electronic format.

 

Section 5.02                            Reports.

 

(a)                                 Periodic Reports. The Company shall deliver to the Purchaser Agent the following financial statements:

 

(i)                                     as soon as available, but no later than forty-five (45) days after the last day of each calendar quarter, (A) a company prepared balance sheet, statement of operations and cash flow statement covering the consolidated operations of the Company and the Subsidiaries for such quarter certified by the chief financial officer of the Company and (B) a statement, on a country-by-country, if applicable, and Included Product-by-Included Product basis, of the amount of gross sales and Net Sales of Included Products during the applicable calendar quarter (including details of the deductions from gross sales taken in accordance with the definition of Net Sales), the calculation of the Applicable Percentage, the calculation of the amount of Revenue Interest Payment due on such sales for such calendar quarter, and the exchange rates used, if applicable; and

 

(ii)                                  as soon as available, but no later than ninety (90) days after the last day of each calendar year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from Ernst & Young LLP or other independent public accounting firm certified by the Public Company Accounting Oversight Board.

 

Any documents required to be delivered pursuant to this Section 5.02(a) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which (A) the Company posts such documents, or provides a link thereto, on Company’s website on the internet at Company’s website address or (B) such documents are posted on Company’s behalf on the internet or an intranet website, if any, to which Purchaser Agent and the Purchasers have access.

 

(b)                                 Reconciliation Reports; Updates.

 

(i)                                     Within forty-five (45) days after the last day of each calendar quarter, the Company shall deliver to Purchaser Agent a Reconciliation Report for such quarter or year, together with a certificate of the Company, certifying that to the Knowledge of the Company (i) such Reconciliation Report is a true and complete copy and (ii) any statements and any data and

 

36

 

information therein prepared by the Company are true, correct and accurate in all material respects. Upon request by the Purchaser Agent, the Company and the Purchaser Agent shall meet in person or by teleconference to discuss each Reconciliation Report;

 

(ii)                                  Within forty-five (45) days after the last day of each calendar quarter, the Company shall deliver to Purchaser Agent (v) a Financial Condition and Results of Operations Summary, (w) if prior to the FDA Approval Date, a Clinical Update Summary, (x) a Commercial Update Summary, (y) an Intellectual Property Docket Report and (z) an Intellectual Property Update Summary; and

 

(iii)                               Within a reasonable time after the receipt by the Purchaser Agent or the Purchasers of any report or notice from the Company or upon the occurrence of any material event affecting the Company, the Company shall provide such other information about such report, notice or material event as any Purchaser or the Purchaser Agent may reasonably request.

 

Section 5.03                            Compliance with Law; Existence and Maintenance of Properties; Material Contracts.

 

(a)                                 The Company shall, and shall cause its Subsidiaries to, (i) comply with all material federal, state, local and foreign laws, regulations and orders applicable to the Company or any Subsidiary or any of their respective assets, including all environmental laws, (ii) obtain and maintain any and all material licenses, permits, franchises, governmental authorizations, Intellectual Property or other rights necessary for the ownership of its properties and the advantageous conduct of its business and as may be required from time to time by applicable law and (iii) maintain each obtained material Regulatory Approval necessary to sell the Included Products within the United States, except in the case of (i) or (ii) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

 

(b)                                 The Company shall, and shall cause its Subsidiaries to, (i) maintain and preserve in full force and effect its legal existence, its good standing under the laws of the jurisdiction of its incorporation or formation, as the case may be, and its qualification to do business in every other jurisdiction where the nature of its business or its properties makes such qualification necessary (except where the failure to be so qualified or licensed would not reasonably be expected to have a Material Adverse Effect); and (ii) maintain all material tangible properties in good working order and condition (normal wear and tear and damage by casualty excepted) and from time to time make all necessary repairs to and renewals and replacements of such properties, except to the extent that any of such properties are obsolete or are being replaced or, in the good faith judgment of the Company, are surplus or no longer useful or desirable in the conduct of the business.

 

(c)                                  Each of the Company and its Affiliates shall comply with all terms and conditions of and fulfill all of its obligations under all the Material Contracts, except for such noncompliance which would not reasonably be expected to give rise to a material breach thereof or a Material Adverse Effect. Neither the Company nor any of its Subsidiaries shall, without the prior consent of the Purchaser Agent, which shall not be unreasonably withheld, conditioned or delayed (i) amend, modify, restate, cancel, supplement, terminate or waive any provision of any Material Contract, or grant any consent thereunder, or agree to do any of the foregoing, in each case which would reasonably be expected to have an adverse effect on the Revenue Interests in any material respect or a Material Adverse Effect or (ii) except for License Agreements for the Development or Commercialization of any Included Product in any jurisdiction outside of the United States and the DSE Territory (as defined in the DSE Agreement), enter into any Material Contract (A) under which a default or of which a termination could interfere with the Purchaser Agent’s or any Purchaser’s right to sell any Collateral, (B) that cannot be collaterally assigned to secure the Obligations, or (C) that contains provisions that restrict or penalize the granting of a security interest in such Material Contract or

 

37

 

the assignment of such Material Contract upon the sale or other disposition of all or substantially all of a product or the business to which such Material Contract relates.

 

Section 5.04                            Confidentiality; Public Announcement.

 

(a)                                 All Confidential Information furnished by the Purchaser Agent or any Purchaser to the Company or by the Company to the Purchaser Agent or any Purchaser in connection with this Agreement and any other Transaction Document and the transactions contemplated hereby and thereby, as well as the terms, conditions and provisions of this Agreement and any other Transaction Document, shall be kept confidential by the Company, the Purchaser Agent and the Purchasers. Notwithstanding the foregoing, the Company, the Purchaser Agent and the Purchasers may disclose such Confidential Information to their partners, directors, employees, managers, officers, investors, bankers, advisors, trustees and representatives, provided that such Persons shall be informed of the confidential nature of such information and shall be obligated to keep such information confidential on the same terms and conditions as the terms of this Section 5.04(a); provided, further, that unless a Put Option Event, or any event that with the giving of notice or passage of time would constitute a Put Option Event, has occurred and is continuing, no such disclosure shall be made to any Disqualified Person. The Company will consult with the Purchaser Agent, and the Purchaser Agent will consult with the Company, on the form, content and timing of any such disclosures of Confidential Information, including, without limitation, any disclosures made pursuant to applicable securities laws or made to investment or other analysts.  Notwithstanding the foregoing, the foregoing restrictions shall not apply to information that (A) is already in the public domain at the time the information is disclosed (other than as a result of its improper disclosure by the Company, the Purchaser Agent, any Purchaser or their respective Affiliates and representatives), (B) thereafter becomes lawfully obtainable from other sources who are not under an obligation of confidentiality and are not otherwise prohibited from disclosing such information by a contractual, legal or fiduciary obligation, (C) is required to be disclosed (i) in any document filed with any Governmental Authority, (ii) to any regulatory authority who has jurisdiction or supervisory oversight over the Purchaser Agent or any Purchaser and/or their respective Affiliates, whether pursuant to an exam, audit, inquiry, request or general supervisory oversight,  or (iii) pursuant to a subpoena or order of a court or in connection with any judicial, administrative or legal proceeding or otherwise required by law (provided that in the case of this clause (iii), to the extent legally permissible, the party receiving such Confidential Information and subject to such disclosure requests promptly notifies the disclosing party thereof and uses reasonable efforts to cooperate at the disclosing party’s cost and expense to obtain an order or other reliable assurance that confidential treatment will be accorded to the Confidential Information so disclosed so long as such reasonable cooperation does not cause the receiving party to be in violation of the terms of any law, rule or regulation), or (D) is required to be disclosed under securities laws, rules and regulations applicable to the Company or pursuant to the rules and regulations of any securities exchange or trading system on which securities of the Company may be listed for trading. Each Purchaser acknowledges that information provided pursuant to the Transaction Documents may include material non-public information and acknowledges it responsibilities under applicable securities laws in respect thereof.

 

(b)                                 Except as required by law or the rules and regulations of any securities exchange or trading system or the FDA or any Governmental Authority with similar regulatory authority, or except with the prior written consent of the other party (which consent shall not be unreasonably withheld), no party shall issue any press release or make any other public disclosure with respect to the transactions contemplated by this Agreement or any other Transaction Document; provided, however, that the Company and the Purchaser Agent shall jointly prepare a press release for dissemination promptly following the Effective Date.  The Company and the Purchasers (and their investors) shall have the right to make subsequent public disclosures consistent therewith (including such investors’ participation in the transactions contemplated by the Transaction Documents).

 

38

 

(c)                                  The rights to review, consult with or consent, as applicable and as set forth in this Section 5.04, with respect to any disclosures shall only apply for the first time that specific information is to be disclosed, and shall not apply to the subsequent disclosure of substantially similar information that has previously been disclosed unless there have been material changes in the disclosure since the date of the previous disclosure.

 

Section 5.05                            Security Agreement.

 

During the Revenue Interest Period, and at all times until the Obligations are paid and performed in full (other than contingent indemnity obligations for which no claim has been made), each Obligor shall grant in favor of the Purchaser Agent, for the benefit of the Purchasers, a valid, continuing, first perfected lien on and security interest in the Collateral described in the Security Agreement.

 

Section 5.06                            Further Assurances; Creation/Acquisition of Subsidiaries; Additional Collateral.

 

(a)                                 The Company shall promptly execute and deliver to the Purchaser Agent and the Purchasers such further instruments and documents, and take such further action, as the Purchaser Agent or Purchaser may, at any time and from time to time, reasonably request in order to carry out the intent and purpose of this Agreement and the other Transaction Documents to which it is a party and to establish and protect the rights, interests and remedies created, or intended to be created, in favor of the Purchaser Agent and the Purchasers hereby and thereby (including any actions necessary, appropriate or desirable to protect, perfect and maintain the Lien of the Purchaser Agent or the Collateral).

 

(b)                                 In the event the Company or any of its Subsidiaries creates or acquires any Subsidiary, or any Subsidiary ceases to qualify as a Specified Foreign Subsidiary, the Company shall provide prior written notice to the Purchaser Agent of the creation or acquisition of such new Subsidiary, or such Subsidiary ceasing to qualify as a Specified Foreign Subsidiary, and, if such Subsidiary holds or will hold any Collateral (or assets that constituted Collateral prior to the transfer thereof) or any proceeds from the Purchaser Payments, promptly (and in any event no later than earliest of any Transfer of such assets to such Subsidiary, such Subsidiary ceasing to qualify as Specified Foreign Subsidiary or thirty (30) days after the creation or acquisition thereof), take all such action as may be reasonably required by the Purchaser Agent or any Purchaser to cause such Subsidiary to become a Subsidiary Guarantor hereunder, including without limitation by executing and delivering a Guaranty (or a joinder thereto), becoming a party to the Security Agreement and delivering such proof of corporate action, incumbency of officers, opinions of counsel and other documents as requested by the Purchaser Agent; provided that a Specified Foreign Subsidiary shall not be required to become a Subsidiary Guarantor or become a party to the Security Agreement if doing so would result in material adverse tax consequences to (i) the Company and its Subsidiaries, taken as a whole, or (ii) after the occurrence of the Milestone, the Company or any of its Subsidiaries (in each case as determined by the Purchaser Agent in good faith after consultation with the Company); provided further that the Obligors shall promptly (and in an case prior to the Transfer of any Collateral to such Specified Foreign Subsidiary) grant a lien and security interest in (A) if such lien and grant would result in material adverse tax consequences to (i) the Company and its Subsidiaries, taken as a whole,  or (ii) after the occurrence of the Milestone, the Company or any of its Subsidiaries (in each case as determined by the Purchaser Agent in good faith after consultation with the Company), 65% of each class of voting Equity Interests and 100% of all other Equity Interests in such Specified Foreign Subsidiary in favor of the Purchaser Agent for the benefit of the Purchasers as collateral for the Obligations and (B) in any other case, 100% of the Equity Interests of such Specified Foreign Subsidiary in favor of the Purchaser Agent for the benefit of the Purchasers as collateral for the Obligations, in each case including entering into any necessary local law security documents and delivery of certificated securities issued by such Specified Foreign Subsidiary as required by this Agreement or the Security Agreement.

 

39

 

(c)                                  With respect to any Collateral acquired after the Effective Date by any Obligor that is not already subject to the Lien created by any of the Transaction Documents or specifically excluded from the requirement to be subject to such Lien in the Transaction Documents, the Company shall promptly (and in any event within thirty (30) days after the acquisition thereof) (i) execute and deliver to the Purchaser Agent such amendments or supplements to the relevant Transaction Documents or such other documents as the Purchaser Agent shall reasonably deem necessary or advisable to grant for its benefit, a Lien on such property subject to no Liens other than Permitted Liens, and (ii) take all actions necessary to cause such Lien to be duly perfected in accordance with all applicable requirements of Law, including the filing of financing statements in such jurisdictions as may be reasonably requested by the Purchaser Agent. The Company shall, and shall cause each other Obligor to, otherwise take such actions and execute and/or deliver to the Purchaser Agent such documents as the Purchaser Agent shall reasonably require to confirm the validity, perfection and priority of the Lien of the Security Agreement on such after-acquired properties.

 

Section 5.07                            Put Option; Call Option.

 

(a)                                 Put Option.  Upon the occurrence of a Put Option Event, the Required Purchasers shall have the right, but not the obligation (the “Put Option”), to require the Company to repurchase from the Purchasers all, but not less than all, of the Revenue Interests at the Put/Call Price.  In addition, upon the occurrence of a Put Option Event, the Purchaser Agent may, and at the direction of the Required Purchasers, shall terminate the Purchaser Commitments. In the event that the Required Purchasers elect to exercise the Put Option, the Required Purchasers shall, or shall direct the Purchaser Agent to, deliver written notice to the Company specifying the closing date which date shall be ten (10) days from such notice date (the “Put Option Closing Date”). On the Put Option Closing Date, the Company shall repurchase from the Purchasers the Revenue Interests at the Put/Call Price in cash, the payment of which shall be made by wire transfer of immediately available funds to the account designated by the Purchasers. Notwithstanding anything to the contrary contained herein, immediately upon the occurrence of a Bankruptcy Event, each Purchaser shall be deemed to have automatically and simultaneously elected to terminate the Purchaser Commitment and have the Company repurchase from such Purchaser the Revenue Interests for the Put/Call Price in cash and the Purchaser Commitments shall immediately terminate and the Put/Call Price shall be immediately due and payable without any further action or notice by any party.  For the avoidance of doubt, any Purchaser’s election not to exercise the Put Option with respect to a given Put Option Event will not preclude such Purchaser from exercising the Put Option with respect to a continuing or subsequent Put Option Event; provided that (i) if such Put Option Event is triggered by a Change of Control, the failure of the Purchaser Agent or the Required Purchasers to deliver the written notice to elect to exercise the Put Option within twenty (20) days of the receipt of written notice of such Change of Control from the Company shall be deemed a waiver of the right to exercise the Put Option with respect to such Change of Control, and (ii) if such Put Option Event is triggered within the first year after the Effective Date in connection with the failure to obtain Regulatory Approval for the Initial Products within such first year, the failure of the Purchaser Agent or the Required Purchasers to deliver the written notice to elect to exercise the Put Option on or prior to the later of (A) first anniversary of the Effective Date and (B) twenty (20) days after the later of such failure to obtain Regulatory Approval and the date the Company has provided the Purchaser Agent notice thereof shall be deemed a waiver of the right to exercise the Put Option with respect to such Put Option Event (but for the avoidance of doubt, shall not be deemed any waiver of any rights in respect of any failure to obtain Regulatory Approval after the first year after the Effective Date or any other Put Option Event).

 

(b)                                 Call Option.  At any time after the First Purchaser Payment Date, the Company shall have the right, but not the obligation (the “Call Option”), exercisable upon ten (10) days’ written notice to the Purchasers, to repurchase, all, but not less than all, of the Revenue Interests from the Purchasers at a repurchase price equal to the Put/Call Price.  In order to exercise the Call Option, the Company shall deliver written notice to the Purchaser Agent and Purchasers of its election to so repurchase the Revenue Interests

 

40

 

not less than ten (10) days prior to the proposed closing date (the “Call Closing Date”). Upon delivery of such notice all Purchaser Commitments shall terminate and on the Call Closing Date, the Company shall repurchase from the Purchasers the Revenue Interests at the Put/Call Price, the payment of which shall be made by wire transfer of immediately available funds to the account designated by the Purchasers.

 

(c)                                  Purchaser Remedies. Upon the exercise of the Put Option, unless payment of the Put/Call Price has been made when due, the Purchaser Agent and the Purchasers may exercise all rights and remedies available to the Purchaser Agent and the Purchasers as a creditor hereunder and under the other Transaction Documents and applicable law (which exercise may be determined in its sole discretion and which such exercise shall not constitute an election of remedies), including enforcement of the Liens created thereby.  For the avoidance of doubt the Put/Call Price shall be due and payable (in the case of an exercise of the Put Option or Call Option, as set forth in this Section 5.07) at any time the Put Option or the Call Option is exercised or the Obligations are otherwise accelerated hereunder for any reason, whether due to acceleration pursuant to the terms of this Agreement, by operation of law or otherwise (including where bankruptcy filings or the exercise of any bankruptcy right or power, whether in any plan of reorganization or otherwise, results or would result in a payment, discharge, modification or other treatment of the Revenue Interests that would otherwise evade, avoid, or otherwise disappoint the expectations of the Purchasers in receiving the full benefit of their bargained-for Put/Call Price).  The Company and the Purchasers acknowledge and agree that none of the Put/Call Price shall constitute unmatured interest, whether under Section 502(b)(2) of the United States Bankruptcy Code or otherwise, but instead is reasonably calculated to ensure that the Purchasers receive the benefit of their bargain under the terms of this Agreement. The Company acknowledges and agrees that the Purchasers shall be entitled to recover the full amount of the Put/Call Price in each and every circumstance such amount is due pursuant to or in connection with this Agreement, including in the case of any Bankruptcy Event, so that the Purchasers shall receive the benefit of their bargain hereunder and otherwise receive full recovery as agreed under every possible circumstance, and, to the fullest extent permitted by maximum law, the Company hereby waives any defense to payment, whether such defense may be based in public policy, ambiguity, or otherwise. The Company further acknowledges and agrees, and, to the fullest extent permitted by maximum law, waives any argument to the contrary, that payment of such amounts does not constitute a penalty or an otherwise unenforceable or invalid obligation. Any damages that the Purchasers may suffer or incur resulting from or arising in connection with any breach hereof or thereof by the Company shall constitute secured obligations owing to the Purchasers.

 

(d)                                 Rights Not Exclusive. The rights provided for herein are cumulative and are not exclusive of any other rights, powers, privileges or remedies provided by applicable law.

 

(e)                                  Obligations of Purchaser Agent.  In connection with the consummation of a repurchase of the Revenue Interests pursuant to the Put Option or the Call Option, the Purchaser Agent agrees that it will, at the cost and expense of the Company, after each Purchaser has received payment in full of its Pro Rata Portion of the Put/Call Price (i) promptly but no later than five (5) Business Days after receipt of the Put/Call Price execute and deliver to the Company such UCC termination statements and other documents as may be necessary to release the Purchaser Agent’s Lien on the Revenue Interests Collateral and otherwise give effect to such repurchase and (ii) take such other actions or provide such other assistance as may be necessary to give effect to such repurchase.

 

Section 5.08                            Intellectual Property; Regulatory Approvals.

 

(a)                                 The Company shall, at its sole expense, either directly or by causing any Affiliate or Licensee to do so, use Promotional Efforts (potentially including taking legal action to specifically enforce the applicable terms of any License Agreement) to prepare, execute, deliver and file any and all agreements, documents or instruments which are reasonably necessary to diligently maintain the Material Patents. The Company shall use Promotional Efforts to ensure that all patent applications corresponding to the Material

 

41

 

Patents are diligently prosecuted with the intent to protect the Development, Manufacture and Commercialization of the Included Products. The Company shall use Promotional Efforts to diligently defend or assert all Intellectual Property owned by or licensed to the Company and relating to the Included Products against infringement or interference by any other Persons, and against any claims of invalidity or unenforceability, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. The Company shall not, and shall use its Promotional Efforts to cause any Licensee not to, disclaim or abandon, or fail to take any action necessary to prevent the disclaimer or abandonment of, the Material Patents, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

 

(b)                                 In the event that the Company becomes aware that any Included Product infringes or violates any Intellectual Property that is owned or controlled by a Third Party, the Company shall use Promotional Efforts to attempt to secure the right to use such intellectual property on behalf of itself and any affected Licensee, as applicable, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect, and shall pay all reasonable costs and amounts associated with obtaining any such license, without any reduction in the Revenue Interests.

 

(c)                                  The Company shall directly, or through an Affiliate or Licensee, use Promotional Efforts to take any and all actions and prepare, execute, deliver and file any and all agreements, documents or instruments to secure and maintain, all applicable Regulatory Approvals, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

 

(d)                                 Neither the Company nor any of its Affiliates shall enter into any License Agreement to Commercialize any Included Products in the United States.

 

Section 5.09                            Initial Product Development and Commercialization.

 

The Company shall use Promotional Efforts to Develop, Commercialize, Manufacture or have Manufactured, and obtain and maintain Regulatory Approvals for the Initial Products in the Covered Territory.

 

Section 5.10                            Protective Covenants.

 

(a)                                 Neither the Company nor any of its Subsidiaries shall, without the prior written consent of the Purchaser Agent:

 

(i)                                     create, incur, assume or suffer to exist any Indebtedness, except for Permitted Indebtedness;

 

(ii)                                  create, incur, assume or suffer to exist any Lien upon or with respect to the Collateral, or agree to do or suffer to exist any of the foregoing, except for Permitted Liens;

 

(iii)                               make or permit to exist any Investment, except for Permitted Investments;

 

(iv)                              Transfer any Collateral or Product Assets, other than (A) the use of cash and cash equivalents, disposition of inventory and the disposition of obsolete, worn-out or surplus equipment, in each case in the ordinary course of business, (B) the incurrence of Permitted Liens, (C) the entry into Permitted Licenses, (D) the use of cash and cash equivalents to make Permitted Investments, (E) Transfers of Intellectual Property relating to the Commercialization of Included Products outside of the United States (other than, for the avoidance of doubt, Intellectual Property relating to the Commercialization of Included Products within the United States), together with any

 

42

 

Regulatory Approvals for jurisdictions outside the United States, to a Specified Foreign Subsidiary, (F) Transfers of Regulatory Approvals (other than Regulatory Approvals for the United States) pursuant to the terms of the DSE Agreement and any other Permitted Licenses relating to the Development and Commercialization of Included Products outside the United States, and (G) a Transfer to another Obligor, provided that such Transfer does not impair the Liens of the Purchaser Agent in the Transferred Collateral; or

 

(v)                                 change the fiscal year end (other than, in the case of any Subsidiary, to conform to the Company’s fiscal year end).

 

(b)                                 The Company shall not take any action or engage in any transaction (or series of actions or transactions), whether by reorganization, Transfer of assets, merger, dissolution, amendment of organizational documents or otherwise, the primary purpose of which is to evade, avoid or seek to avoid the performance or observance of the covenants, agreements or obligations of the Company under the Transaction Documents.

 

Section 5.11                            Insurance and Landlord Waiver; Control Agreements.

 

The Company shall maintain the current insurance policies with its current insurance companies or comparable policies consistent with industry standards.  Within sixty (60) days following the Effective Date (as may be extended by the Purchaser Agent), the Company shall provide to the Purchaser Agent a landlord waiver and collateral access agreement with regard to each of the Company’s locations set forth in the Perfection Certificate.  In addition, to the extent duly executed account control agreements in respect of the Obligor’s bank and securities accounts have not been delivered on or prior to the First Purchaser Payment Date pursuant to Section 2.03(a)(ii)(C), the Company shall deliver duly executed account control agreements for such accounts within thirty (30) days following the Effective Date (as may be extended by the Purchaser Agent).

 

Section 5.12                            Taxes.

 

(a)                                 The Company shall timely file (taking into account all extensions of due dates) all income and all other material Tax Returns required to be filed by it and will pay all Taxes required to be paid with such returns.

 

(b)                                 The Purchasers and the Company agree that the transactions contemplated by this agreement constitute a debt instrument for U.S. federal and applicable state and local income tax purposes, and that the payments under the debt instrument are not subject to Section 871(h)(4)(A) of the Code, except as required by an applicable taxing authority.

 

(c)                                  The Company covenants that all amounts payable hereunder shall be paid without deduction or withholding for any Taxes imposed pursuant to a law in effect on the date hereof, except as required by an applicable taxing authority, provided, that, each Purchaser and Eligible Assignee provides to the Company, (i) in the case of a U.S. Purchaser, executed copies of IRS Form W-9 certifying that such U.S. Purchaser is exempt from U.S. federal backup withholding tax, (ii) in the case of a Non-U.S. Purchaser claiming the benefits of an income tax treaty to which the United States is a party, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty or (iii) in the case of a Non-U.S. Purchaser claiming the benefits for the exemption for portfolio interest under Section 881(c) of the Code, (x) a certification that such Non-U.S. Purchaser is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Company within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” related to the Company as described in Section 881(c)(3)(C) of the Code

 

43

 

and (y) executed copies of IRS Form W-8BEN or IRS Form W 8BEN-E.  Notwithstanding the foregoing, a taxing authority will be deemed to require deduction or withholding only upon the earlier of (A) the receipt of a “90-Day Letter” from the Internal Revenue Service or (B) 135 days following receipt of a “30-Day Letter” from the Internal Revenue Service, in each case asserting that such deduction or withholding is required.  If, as a result of a Change in Law, the Company is compelled to deduct or withhold Taxes, such payment will be grossed up by the Company for the amount deducted such that Purchasers and Eligible Assignees receive an amount equal to the amount they would have received had no withholding or deduction been made.

 

(d)                                 Upon request, the Company shall provide the Purchasers any reasonable assistance it may seek in obtaining an exemption or reduced rate from, or refund of, any withholding tax, if applicable. In addition, the Purchasers and the Company shall use commercially reasonable efforts to cooperate, as and to the extent reasonably requested by the other Parties, in connection with the filing of Tax Returns, any Tax audits, Tax proceedings or other Tax-related claims in connection with the matters covered by this Section 5.12.

 

ARTICLE VI

 

TERMINATION

 

Section 6.01                            Termination Date.

 

Except as provided in this Section 6.01 and in Section 6.02, this Agreement shall terminate upon expiration of the Revenue Interest Period (the “Term”).  If any payments are required to be made by one of the Parties hereunder after that date, this Agreement shall remain in full force and effect until any and all such payments have been made in full, and (except as provided in Section 6.02) solely for that purpose. In addition, this Agreement shall sooner terminate if the Purchasers shall have exercised the Put Option in accordance with Section 5.07(a) or the Company shall have exercised the Call Option in accordance with Section 5.07(b), in each case upon the payment of the Put/Call Price and any other Obligations (other than contingent indemnity obligations for which no claim has been made).

 

Section 6.02                            Effect of Termination.

 

In the event of the termination of this Agreement pursuant to Section 6.01, this Agreement shall forthwith become void and have no effect without any liability on the part of any party hereto or its Affiliates, directors, officers, stockholders, partners, managers or members other than the provisions of this Section 6.02, Section 5.04,  Article VII and Article VIII hereof, which shall survive any termination indefinitely, and Section 5.01(c) and Section 5.01(d), which shall survive for three (3) years after any termination. Nothing contained in this Section 6.02 shall relieve any party from liability for any breach of this Agreement.

 

ARTICLE VII

 

PURCHASER AGENT

 

Section 7.01                            Appointment and Authority.  Each of the Purchasers hereby irrevocably appoints Eiger III SA LLC, an Affiliate of Oberland Capital LLC (together with any successor Purchaser Agent pursuant to Section 7.06), as the Purchaser Agent hereunder and authorizes Purchaser Agent to (i) execute and deliver the Transaction Documents and accept delivery thereof on its behalf from the Company or any of its Subsidiaries, (ii) take such action on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly delegated to the Purchaser Agent under such Transaction Documents, (iii) act as

 

44

 

agent of such Purchaser for purposes of acquiring, holding, enforcing and perfecting all Liens granted by the Company on the Collateral to secure any of the Obligations and (iv) exercise such powers as are reasonably incidental thereto.  Except for the Company’s approval rights in Section 7.06 and the last paragraph of Section 7.08, the provisions of this Article VII are solely for the benefit of the Purchaser Agent and the Purchasers, and neither the Company nor any other Obligor shall have rights as a third party beneficiary of any of such provisions.  Subject to Section 7.08 and Section 8.08, any action required or permitted to be taken by the Purchaser Agent hereunder shall be taken with the prior approval of the Required Purchasers.

 

Section 7.02                            Rights as a Purchaser.  The Person serving as the Purchaser Agent hereunder shall have the same rights (including under Section 5.12) and powers, and shall be subject to the same obligations under Section 5.12, as any other Purchaser and may exercise the same as though it were not the Purchaser Agent and the term “Purchaser” or “Purchasers” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Purchaser Agent hereunder.  Such Person and its Affiliates may lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Company or any Subsidiary or other Affiliate thereof as if such Person were not the Purchaser Agent hereunder and without any duty to account therefor to the Purchasers.

 

Section 7.03                            Exculpatory Provisions.

 

(a)                                 The Purchaser Agent shall not have any duties or obligations except those expressly set forth herein and in the other Transaction Documents to which it is a party.  Without limiting the generality of the foregoing, the Purchaser Agent:

 

(i)                                     shall not be subject to any fiduciary or other implied duties, regardless of whether a Put Option Event, or any event that with, the giving of notice or passage of time, would constitute a Put Option Event, has occurred and is continuing;

 

(ii)                                  shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Transaction Documents to which it is a party that the Purchaser Agent is required to exercise as directed in writing by the Required Purchasers (or such other number or percentage of the Purchasers as shall be expressly provided for herein or in such other Transaction Documents), provided that the Purchaser Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Purchaser Agent to liability or that is contrary to any Transaction Document or applicable law; and

 

(iii)                               shall not, except as expressly set forth herein and in the other Transaction Documents to which it is a party, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Person serving as the Purchaser Agent or any of its Affiliates in any capacity.

 

(b)                                 The Purchaser Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Purchasers (or such other number or percentage of the Purchasers as shall be necessary, or as the Purchaser Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 8.08) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.  The

 

45

 

Purchaser Agent shall be deemed not to have knowledge of any Put Option Event unless and until notice describing such Put Option Event is given to the Purchaser Agent in writing by the Company or a Purchaser.

 

(c)                                  The Purchaser Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Transaction Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Put Option Event, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Transaction Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article II or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Purchaser Agent.

 

(d)                                 Notwithstanding anything to the contrary herein, the Purchaser Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under the UCC or otherwise, shall be to deal with it in the same manner as the Purchaser Agent deals with similar property for its own account, and the Purchaser Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which comparable secured parties accord comparable collateral.

 

(e)                                  In addition to and not in limitation of the provisions of this Section 7.03, under no circumstances shall the Purchaser Agent have any duty or obligation to take any actions hereunder, even if instructed to do so by the Required Purchasers, if the Purchaser Agent determines, in its sole and absolute discretion, that such actions would subject it to liability or expense for which indemnity or security satisfactory to it has not been provided hereunder or otherwise or would be contrary to the Transactions Documents or Requirements of Law.

 

Section 7.04                            Reliance by Purchaser Agent.  The Purchaser Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Purchaser Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  The Purchaser Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

Section 7.05                            Delegation of Duties.  The Purchaser Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Transaction Document by or through any one or more sub-agents appointed by the Purchaser Agent.  The Purchaser Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article VII shall apply to any such sub-agent and to the Related Parties of the Purchaser Agent and any such sub-agent.  The Purchaser Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Purchaser Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.

 

Section 7.06                            Resignation of Purchaser Agent.  The Purchaser Agent may at any time give notice of its resignation to the Purchasers and the Company upon thirty (30) days written notice.  Upon the receipt of any such notice of resignation, the Required Purchasers shall appoint a successor, which successor, so long as no Put Option Event shall have occurred and be continuing, shall be reasonably acceptable to the

 

46

 

Company.  If no successor shall have been so appointed by the Required Purchasers and shall have accepted such appointment within thirty (30) days after the retiring Purchaser Agent gives notice of its resignation, then the retiring Purchaser Agent may, on behalf of the Purchasers, appoint a successor Purchaser Agent, which successor, so long as no Put Option Event shall have occurred and be continuing, shall be reasonably acceptable to the Company; provided that, whether or not a successor has been appointed or has accepted such appointment, such resignation shall become effective upon delivery of the notice thereof.  Upon the acceptance of a successor’s appointment as Purchaser Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Purchaser Agent, and the retiring Purchaser Agent shall be discharged from all of its duties and obligations under the Transaction Documents (if not already discharged therefrom as provided above in this Section 7.06).  After the retiring Purchaser Agent’s resignation, the provisions of this Article VII and Section 8.04 shall continue in effect for the benefit of such retiring Purchaser Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Purchaser Agent was acting as Purchaser Agent.  Upon any resignation by the Purchaser Agent, all payments (if any), communications and determinations provided to be made by, to or through the Purchaser Agent shall instead be made by, to or through each Purchaser directly, until such time as a Person accepts an appointment as Purchaser Agent in accordance with this Section 7.06.

 

Section 7.07                            Non-Reliance on Purchaser Agent and Other Purchasers.  Each Purchaser acknowledges that it has, independently and without reliance upon the Purchaser Agent or any other Purchaser or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Purchaser also acknowledges that it will, independently and without reliance upon the Purchaser Agent or any other Purchaser or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Transaction Document or any related agreement or any document furnished hereunder or thereunder.

 

Section 7.08                            Collateral and Guaranty Matters.  Each Purchaser agrees that any action taken by the Purchaser Agent or the Required Purchasers in accordance with the provisions of this Agreement or of the other Transaction Documents, and the exercise by the Purchaser Agent or Required Purchasers of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Purchasers. Without limiting the generality of the foregoing, the Purchasers irrevocably authorize the Purchaser Agent, at its option and in its discretion:

 

(a)                                 to release any Lien on any property granted to or held by the Purchaser Agent under any Transaction Document (A) upon the discharge of the Obligations (other than contingent indemnity obligations for which no claim has been made), (B) that is sold, transferred, disposed or to be sold, transferred, disposed as part of or in connection with any sale, transfer or other disposition (other than any sale to an Obligor; provided, however that the Purchaser Agent may make any filings necessary to reflect the transfer of Collateral from one Obligor to another) permitted hereunder or otherwise becomes an Excluded Property (as defined in the Security Agreement), (C) subject to Section 8.08, if approved, authorized or ratified in writing by the Required Purchasers or (D) to the extent such property is owned by

 

47

 

a Subsidiary Guarantor upon the release of such Subsidiary Guarantor from its obligations under its Guaranty pursuant to clause (c) below;

 

(b)                                 to subordinate any Lien on any property granted to or held by the Purchaser Agent under any Transaction Document to the holder of any Lien on such property that is permitted by Section 5.10(a)(ii);

 

(c)                                  to release any Subsidiary Guarantor from its obligations under the Guaranty Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder; and

 

(d)                                 to enter into non-disturbance and similar agreements in connection with the licensing of Intellectual Property permitted pursuant to the terms of this Agreement in form and substance reasonably satisfactory to the Purchaser Agent and the applicable licensor.

 

Upon request by the Purchaser Agent at any time, the Required Purchasers will confirm in writing the Purchaser Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Subsidiary Guarantor from its obligations under the Guaranty pursuant to this Section 7.08.

 

In each case as specified in this Section 7.08, the Purchaser Agent will (and each Purchaser irrevocably authorizes the Purchaser Agent to), at the Company’s expense, execute and deliver to the applicable Obligor such documents as such Obligor may reasonably request (i) to evidence the release or subordination of such item of collateral from the assignment and security interest granted under the Transaction Documents, (ii) to enter into non-disturbance or similar agreements in connection with the licensing of Intellectual Property, (iii) to evidence the release of such Subsidiary Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Transaction Documents and this Section 7.08 and in form and substance reasonably acceptable to the Purchaser Agent.

 

The Purchaser Agent shall deliver to the Purchasers notice of any action taken by it under this Section 7.08 as soon as reasonably practicable after the taking thereof; provided, that delivery of or failure to deliver any such notice shall not affect the Purchaser Agent’s rights, powers, privileges and protections under this Article VII.

 

Section 7.09                            Reimbursement by Purchasers.  To the extent that the Company for any reason fails to indefeasibly pay any amount required under Section 8.04 or Section 8.13 to be paid by it to the Purchaser Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Purchaser severally agrees to pay to the Purchaser Agent (or any such sub-agent) or such Related Party, as the case may be, such Purchaser’s pro rata share (based upon the percentages as used in determining the Required Purchasers as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, damage, liability or related expense, as the case may be, was incurred by or asserted against the Purchaser Agent (or any such sub-agent) in its capacity as such or against any Related Party of any of the foregoing acting for the Purchaser Agent (or any sub-agent) in connection with such capacity.

 

ARTICLE VIII

 

MISCELLANEOUS

 

Section 8.01                            Limitations on Damages.

 

Notwithstanding anything to the contrary in this Agreement, in no event shall either party be liable for special, indirect, incidental, punitive or consequential damages of the other party, whether or not caused

 

48

 

by or resulting from the actions of such party or the breach of its covenants, agreements, representations or warranties hereunder, even if such party has been advised of the possibility of such damages; provided, that nothing contained in this Section 8.01 shall limit the Company’s indemnification obligations hereunder to the extent such special, indirect, consequential or punitive damages are included in any third party claim in connection with which such Indemnitee is entitled to indemnification hereunder.

 

Section 8.02                            Notices.

 

All notices, consents, waivers and communications hereunder given by any party to the other shall be in writing (including facsimile transmission) and delivered personally, by telegraph, telecopy, telex or facsimile, by a recognized overnight courier, or by dispatching the same by certified or registered mail, return receipt requested, with postage prepaid, in each case addressed (with a copy by email):

 

If to the Purchaser Agent to:

 

c/o Oberland Capital Management LLC

1700 Broadway, 37th Floor

New York, NY 10019

Attn: Dave Dubinsky

Fax: (212) 257-5851

Telephone: (212) 257-5800

Email: ddubinsky@oberlandcapital.com

 

If to any Purchaser to:

 

c/o Oberland Capital Management LLC

1700 Broadway, 37th Floor

New York, NY 10019

Attn: Dave Dubinsky

Fax: (212) 257-5851

Telephone: (212) 257-5800

Email: ddubinsky@oberlandcapital.com

 

If to the Company to:

 

Esperion Therapeutics, Inc.

3891 Ranchero Drive, Suite 150

Ann Arbor, Michigan 48108

Attn: Richard B. Bartram

Telephone: 734-887-3913

Email: rbartram@esperion.com

 

With a copy (which shall not constitute notice) to:

 

Goodwin Procter LLP

100 Northern Avenue

Boston, Massachusetts 02210

Attn: Mitchell S. Bloom; Arthur R. McGivern

Email: mbloom@goodwinlaw.com; amcgivern@goodwinlaw.com

 

49

 

or to such other address or addresses as the Purchaser Agent, any Purchaser or the Company may from time to time designate by notice as provided herein, except that notices of changes of address shall be effective only upon receipt. All such notices, consents, waivers and communications shall: (a) when posted by certified or registered mail, postage prepaid, return receipt requested, be effective three (3) Business Days after dispatch, unless such communication is sent trans-Atlantic, in which case they shall be deemed effective five (5) Business Days after dispatch, (b) when telegraphed, telecopied, telexed or facsimiled, be effective upon receipt by the transmitting party of confirmation of complete transmission, or (c) when delivered by a recognized overnight courier or in person, be effective upon receipt when hand delivered.

 

Section 8.03                            Successors and Assigns.

 

The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  The Company shall not be entitled to assign any of its obligations and rights under the Transaction Documents without the prior written consent of the Purchaser Agent and the Required Purchasers.  Any Purchaser may assign any of its rights under the Transaction Documents without restriction to any Eligible Assignee; provided, however, that, except to the extent such Purchaser retains its obligations to make its Pro Rata Portion of future Purchaser Payments, such Eligible Assignee shall assume in writing all such Purchaser’s obligation to make future Purchaser Payments; provided, further, that the Purchaser shall provide the Company with written notice of any assignment. The Company shall maintain a “register” for the recordation of the names and addresses of, and the Purchaser Commitments of, and amounts owing to, each Purchaser and assignee owning Revenue Interest Payments. Notwithstanding anything to the contrary contained in this Agreement, the Revenue Interest Payments are registered obligations for U.S. federal income tax purposes and the right, title and interest of the any Purchaser and its assignees in and to such Revenue Interest Payments shall be transferable only upon notation of such transfer in the register. Notwithstanding the foregoing, unless a Put Option Event, or an event that with the giving of notice or the passage of time would constitute a Put Option Event, has occurred and is continuing, the Pro Rata Portion of Oberland Capital LLC and its Affiliates shall at all times be greater than 50%.

 

Section 8.04                            Indemnification.

 

(a)                                 The Company hereby indemnifies and holds the Purchaser Agent, each Purchaser and their respective Affiliates and any of their respective partners, directors, managers, members, officers, employees and agents (each, an “Indemnified Party”) harmless from and against any and all Indemnified Liabilities, in all cases, arising, in whole or in part, out of or relating to any claim, notice, suit or proceeding commenced or threatened in writing (including, without limitation, by electronic means) by any Third Party (including any Governmental Authority); provided the Company shall not have any obligation to any Indemnified Party hereunder with respect to any such Indemnified Liabilities to the extent such Indemnified Liabilities arise from the bad faith, gross negligence or willful misconduct of such Indemnified Party or the breach by such Indemnified Party of its obligations to pay its Purchaser Payments hereunder.

 

(b)                                 In the event that any Purchaser, other than at the direction or request of any Governmental Authority, defaults in its obligation to make a Purchaser Payment, the Company shall be entitled, in addition to any other remedies it may have against such Purchaser, to recover its costs and expenses (including reasonable and documented out-of-pocket fees and expenses of counsel) incurred in pursuing remedies against such Purchaser.

 

Section 8.05                            No Implied Representations and Warranties; Survival of Representations and Warranties.

 

Each party acknowledges and agrees that, other than the representations and warranties specifically contained in any of the Transaction Documents, there are no representations or warranties of either party

 

50

 

or any other Person either expressed or implied with respect to the Revenue Interests or the transactions contemplated hereby.  Without limiting the foregoing, the Purchaser Agent and each Purchasers acknowledges and agrees that the Purchaser Agent, each Purchaser and their respective Affiliates, together with their representatives, have made their own investigation of each Included Product and are not relying on any implied warranties or upon any representation or warranty whatsoever as to the future amount or potential amount of the Revenue Interests or as to the creditworthiness of the Company.  All representations and warranties by the Parties contained in this Agreement shall survive the execution, delivery and acceptance thereof by the Parties and the closing of the transactions described in this Agreement and continue in effect until payment of all amounts due to the Purchasers under the Transaction Documents and the termination of this Agreement pursuant to its terms.

 

Section 8.06                            Independent Nature of Relationship.

 

(a)                                 The relationship between the Company and its Subsidiaries, on the one hand, and the Purchaser Agent and the Purchasers, on the other, is solely that of seller and purchaser, and for U.S. federal income tax purposes debtor and creditor, and neither the Purchaser Agent and the Purchasers, on the one hand, nor the Company and its Subsidiaries, on the other, has any fiduciary or other special relationship with the other or any of their respective Affiliates. Nothing contained herein or in any other Transaction Document shall be deemed to constitute the Company and its Subsidiaries and the Purchaser Agent and the Purchasers as a partnership, an association, a joint venture or other kind of entity or legal form for any purposes, including any Tax purposes.

 

(b)                                 No officer or employee or agent of the Purchaser Agent or any Purchaser will be located at the premises of the Company or any of its Affiliates, except in connection with an audit performed pursuant to Section 5.01 or in connection with the enforcement of remedies as contemplated by the Transaction Documents. No officer, manager or employee of the Purchaser Agent or any Purchaser shall engage in any commercial activity with the Company or any of its Affiliates other than as contemplated herein and in the other Transaction Documents.

 

Section 8.07                            Entire Agreement.

 

This Agreement, together with the Exhibits and Schedules hereto (which are incorporated herein by reference), and the other Transaction Documents constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations, both written and oral, between the parties with respect to the subject matter of this Agreement. No representation, inducement, promise, understanding, condition or warranty not set forth herein (or in the Exhibits, Schedules or other Transaction Documents) has been made or relied upon by either party hereto. None of this Agreement, nor any provision hereof, is intended to confer upon any Person other than the parties hereto any rights or remedies hereunder.

 

Section 8.08                            Amendments; No Waivers.

 

(a)                                 Subject to Section 8.08(b), this Agreement, the other Transaction Documents or any term or provision hereof or thereof may not be amended, changed or modified except with the written consent of the Company, the Purchaser Agent and the Required Lenders.  No waiver of any right hereunder shall be effective unless such waiver is signed in writing by the party against whom such waiver is sought to be enforced.

 

(b)                                 Without the prior written consent of each Purchaser that would be affected thereby, no amendment, modification, termination, or consent shall be effective if the effect thereof would:

 

51

 

(i)                                     waive, reduce or postpone any Revenue Interest Payment;

 

(ii)                                  amend, modify, terminate or waive any provision of this Section 8.08;

 

(iii)                               amend the definition of “Required Purchasers” or “Pro Rata Portion”; or

 

(iv)                              release all or substantially all of the Collateral or release any Obligor from any of its rights and obligations under any Transaction Document (except as expressly provided in the Transaction Documents).

 

(c)                                  No failure or delay by either party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 

Section 8.09                            Interpretation.

 

When a reference is made in this Agreement to Articles, Sections, Schedules or Exhibits, such reference shall be to an Article, Section, Schedule or Exhibit to this Agreement unless otherwise indicated. The words “include”, “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation”.  Neither party hereto shall be or be deemed to be the drafter of this Agreement for the purposes of construing this Agreement against one party or the other.

 

Section 8.10                            Headings and Captions.

 

The headings and captions in this Agreement are for convenience and reference purposes only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement.

 

Section 8.11                            Counterparts; Effectiveness.

 

This Agreement may be executed in two or more counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other parties hereto. Any counterpart may be executed by facsimile or pdf signature and such facsimile or pdf signature shall be deemed an original.

 

Section 8.12                            Severability.

 

If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nevertheless be given full force and effect.

 

Section 8.13                            Expenses.

 

The Company will pay all of its own fees and expenses in connection with entering into and consummating the transactions contemplated by this Agreement.

 

52

 

Section 8.14                            Governing Law; Jurisdiction.

 

(a)                                 This Agreement shall be governed by, and construed, interpreted and enforced in accordance with, the laws of the state of New York, without giving effect to the principles of conflicts of law thereof.

 

(b)                                 Any legal action or proceeding with respect to this Agreement or any other Transaction Document may be brought in any state or federal court of competent jurisdiction in the State of New York, County of New York. By execution and delivery of this Agreement, each party hereto hereby irrevocably consents to and accepts, for itself and in respect of its property, generally and unconditionally the non-exclusive jurisdiction of such courts. Each party hereto hereby further irrevocably waives any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect of any Transaction Document.

 

(c)                                  Each party hereto hereby irrevocably consents to the service of process out of any of the courts referred to in clause (b) of this Section 8.14 in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to it at its address set forth in this Agreement.  Each party hereto hereby irrevocably waives any objection to such service of process and further irrevocably waives and agrees not to plead or claim in any suit, action or proceeding commenced hereunder or under any other Transaction Document that service of process was in any way invalid or ineffective. Nothing herein shall affect the right of a party to serve process on the other party in any other manner permitted by law.

 

Section 8.15                            Waiver of Jury Trial.

 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM ARISING OUT OF OR RELATING TO ANY TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED UNDER ANY TRANSACTION DOCUMENT. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO ANY TRANSACTION DOCUMENT.

 

[SIGNATURE PAGE FOLLOWS]

 

53

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the date first above written.

 

 

	
COMPANY
    	
ESPERION   THERAPEUTICS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard B. Bartram
    
	
 
    	
 
    	
Name:
    	
Richard   B Bartram
    
	
 
    	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
PURCHASER   AGENT:
    	
EIGER   III SA LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Dubinsky
    
	
 
    	
 
    	
Name:
    	
David   Dubinsky
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    
	
 
    	
 
    
	
PURCHASERS:
    	
EIGER   PARTNERS II LP
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Dubinsky
    
	
 
    	
 
    	
Name:
    	
David   Dubinsky
    
	
 
    	
 
    	
Title:
    	
Authorized   SignatoryEX-4.1

 EXHIBIT 4.1 
  

 
 WENDY’S FUNDING, LLC, 

as Master Issuer, 
 and

 CITIBANK, N.A., 

as Trustee and Series 2019-1 Securities Intermediary 

SERIES 2019-1 SUPPLEMENT 

Dated as of June 26, 2019 

to 
 BASE INDENTURE

 Dated as of June 1, 2015 
  

 
 $150,000,000 Series 2019-1 Variable Funding Senior Notes, Class A-1 
 $400,000,000
Series 2019-1 3.783% Fixed Rate Senior Secured Notes, Class A-2-I 

$450,000,000 Series 2019-1 4.080% Fixed Rate Senior Secured Notes, Class A-2-II 
  
  

 

 TABLE OF CONTENTS 

 

			
	 	  	Page
	 PRELIMINARY STATEMENT
	  	1
		
	 DESIGNATION
	  	1
		
	 ARTICLE I DEFINITIONS
	  	1
		
	 ARTICLE II INITIAL ISSUANCE, INCREASES AND DECREASES OF SERIES 2019-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT
	  	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
		
	 ARTICLE III SERIES 2019-1 ALLOCATIONS;
 PAYMENTS
	  	5
		
	 Section 
3.1   Allocations with Respect to the Series 2019-1 Notes
	  	5
	 Section 
3.2   Weekly Allocation Date Applications; Quarterly Payment Date Applications
	  	5
	 Section 
3.3   Certain Distributions from the 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
	  	18
	 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
	  	24
	 Section 
4.5   Note Owner Representations and Warranties
	  	30
	 Section 4.6   Limitation on
Liability
	  	31
		
	 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   Certain Notices to the Rating Agencies
	  	33
	 Section 
5.5   Prior Notice by Trustee to the Controlling Class Representative and Control Party
	  	33
	 Section 5.6   Counterparts
	  	33
	 Section 5.7   Governing Law
	  	33
	 Section 5.8   Amendments
	  	33
	 Section 5.9   Termination of Series
Supplement
	  	33
	 Section 5.10   Entire Agreement
	  	34
	 Section 5.11   1934 Act
	  	34

  
 i 

			
	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-I Note
	Exhibit A-2-2:	 	Form of Rule 144A Global Series 2019-1 Class A-2-II Note
	Exhibit A-2-3:	 	Form of Temporary Regulation S Global Series 2019-1 Class A-2-I Note
	Exhibit A-2-4:	 	Form of Temporary Regulation S Global Series 2019-1 Class A-2-II Note
	Exhibit A-2-5:	 	Form of Permanent Regulation S Global Series 2019-1 Class A-2-I Note
	Exhibit A-2-6:	 	Form of Permanent Regulation S Global Series 2019-1 Class A-2-II Note
	Exhibit B-1:	 	Form of Transferee Certificate
	Exhibit B-2:	 	Form of Transferee Certificate
	Exhibit B-3:	 	Form of Transferee Certificate
	Exhibit B-4:	 	Form of Transferee Certificate
	Exhibit C:	 	Form of Quarterly Noteholders’ Report
	Exhibit D:	 	Form of Voluntary Decrease Notice

  

  
 ii 

 SERIES 2019-1 SUPPLEMENT, dated as of June 26,
2019 (this “Series Supplement”), by and between WENDY’S FUNDING, LLC, a Delaware limited liability company (the “Master 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 June 1, 2015, by and between the Master Issuer and CITIBANK, N.A., as Trustee and as
Securities Intermediary (as amended, modified or supplemented from time to time, exclusive of Series Supplements, the “Base Indenture”). 

PRELIMINARY STATEMENT 

WHEREAS, Sections 2.2 and 13.1 of the Base Indenture provide, among other things, that the Master Issuer and
the Trustee may at any time and from time to time enter into a Series Supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes (as defined in Annex A of the Base Indenture)
upon satisfaction of the conditions set forth therein; and 
 WHEREAS, all such conditions have been met for the issuance of the Series of
Notes authorized hereunder. 
 NOW, THEREFORE, the parties hereto agree as follows: 

DESIGNATION 

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series Supplement, and such Series of Notes
shall be designated as 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, the “Series 2019-1 Class A-1 Notes”) and (b) Series 2019-1 Senior Notes, Class A-2 (as referred to herein, 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 subclasses:
(i) Series 2019-1 3.783% Fixed Rate Senior Secured Notes, Class A-2-I (as referred to herein, the “Series 2019-1 Class A-2-I Notes”) and (ii) Series 2019-1 4.080% Fixed
Rate Senior Secured Notes, Class A-2-II (as referred to herein, the “Series 2019-1 Class A-2-II Notes, and collectively with the Series 2019-1 Class A-1 Notes and the
Series 2019-1 Class A-2-I Notes, the “Series 2019-1 Notes”). For
purposes of the Base Indenture, the Series 2019-1 Class A-1 Notes and the Series 2019-1
Class A-2 Notes shall be deemed to be “Senior Notes”. 

ARTICLE I 

DEFINITIONS 
 All
capitalized terms used herein (including in the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Series 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 

  
 1 

 
capitalized terms not otherwise defined therein shall have the meanings assigned thereto in the Base Indenture Definitions List attached to the Base Indenture as Annex A
thereto, as such Base Indenture Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the terms of the Base Indenture. Unless otherwise specified herein, all Article, Exhibit, Section or Subsection
references herein shall refer to Articles, Exhibits, Sections or Subsections of the Base Indenture or this Series Supplement (as indicated herein). Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise
defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2019-1 Notes and not to any other Series of Notes issued by the Master Issuer. 

ARTICLE II 

INITIAL ISSUANCE, INCREASES AND DECREASES OF 

SERIES 2019-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT

 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 Master Issuer 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 Series
2019-1 Class A-1 Commitment Term that does not occur during a Cash Trapping Period, the Master Issuer 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 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 Master Issuer 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 Master Issuer 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. 

  
 2 

 (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 Master Issuer 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 Series 2019-1
Class A-1 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 and (ii) the Series 2019-1
Class A-1 Initial Aggregate Undrawn L/C Face Amount to become outstanding by drawing, at par, the initial principal amounts of the Series 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; 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 Series 2019-1 Class A-1 Swingline Loans and issuance or incurrence of Series 2019-1 Class A-1 L/C Obligations are set forth in the Series 2019-1 Class A-1 Note
Purchase Agreement. Upon receipt of written notice from the Master Issuer or the Series 2019-1 Class A-1 Administrative Agent of the issuance of the Series 2019-1 Class A-1 Initial Swingline Principal Amount and the Series 2019-1 Class A-1
Initial Aggregate Undrawn L/C Face Amount and any Subfacility Increase, the Trustee shall indicate in its books and records the amount of each such issuance and 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, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer
obtains knowledge of such Series 2019-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series
2019-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in
accordance with the Class A-1 Order of Distribution. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) 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), or any other required payment of principal in respect of the Series 2019-1 Class A-1 Notes pursuant to
Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) any associated Series 2019-1
Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2019-1
Class A-1 Note Purchase Agreement). Such Mandatory Decrease shall be allocated among the Series 2019-1 Class A-1
Noteholders in accordance with the Class A-1 Order of Distribution. Upon obtaining knowledge of such a Series 2019-1
Class A-1 Excess Principal Event, the Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice (which may be given by
e-mail of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 2019-1
Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse 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). 

  
 3 

 (b)    Voluntary Decrease. Except as provided in
Section 2.2(d), on any Business Day, the Master Issuer 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. (Eastern time) on the date specified as the
decrease date in the prior written notice referred to below and providing a written report to the Trustee directing the Trustee to distribute in accordance with the Class A-1 Order of Distribution
(i) 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, plus (ii) any associated Series 2019-1 Class A-1 Breakage Amounts incurred as a result of such decrease
(calculated in accordance with the Series 2019-1 Class A-1 Note Purchase Agreement); provided that to the extent the deposit into the Series 2019-1 Class A-1 Distribution Account described above is made after 3:00 p.m. (Eastern time) on any Business Day, the same shall be deemed to be deposited on the
following Business Day; provided, further, that (x) in the case of Eurodollar Advances or CP Advances, the Master Issuer shall provide written notice no later than 12:00 p.m. (Eastern time) at least three (3) Business Days
prior to such Voluntary Decrease and (y) in the case of Base Rate Advances, the Master Issuer (or the Manager on its behalf) shall provide written notice no later than 12:00 p.m. (Eastern time) at least one (1) Business Day prior to such
Voluntary Decrease, in each case to each Series 2019-1 Class A-1 Investor and the Series 2019-1 Class A-1 Administrative Agent; provided, further, that the Master Issuer shall provide written notice to the Trustee substantially in the form of Exhibit D of any Voluntary Decrease no
later than 12:00 p.m. (Eastern time) at least one (1) Business Day prior to such Voluntary Decrease. Each such Voluntary Decrease shall be in a minimum principal amount as provided in the Series 2019-1 Class A-1 Note Purchase Agreement. In connection with any Voluntary Decrease, the Master Issuer shall reimburse 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). 
 (c)    The Trustee shall
indicate in its books and records any reduction in the Series 2019-1 Class A-1 Commitments. 

(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 Series 2019-1 Class A-1 Swingline Loans and Series 2019-1 Class A-1 L/C Obligations or (ii) optional prepayments of Series 2019-1 Class A-1 Swingline Loans on same day notice. Upon receipt of written notice from the Master Issuer 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. 

  
 4 

 ARTICLE III 

SERIES 2019-1 ALLOCATIONS; PAYMENTS 

With respect to the Series 2019-1 Notes only, the following shall apply: 

Section 3.1    Allocations with Respect to the Series
2019-1 Notes. On the Series 2019-1 Closing Date, net proceeds from the initial sale of the Series 2019-1 Notes will be used
by the Master Issuer, together with other available funds of the Master Issuer, to prepay all of its outstanding Indebtedness under its Series 2015-1 4.080% Fixed Rate Senior Secured Notes, Class A-2-II. 

Section 3.2    Weekly Allocation Date Applications; Quarterly Payment Date
Applications. On each Weekly Allocation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to allocate from the Collection Account all amounts relating to the Series
2019-1 Notes pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments. 

Section 3.3    Certain Distributions from the Series
2019-1 Distribution Accounts and the Collection Account. On each Quarterly Payment Date commencing on the Quarterly Payment Date in September 2019, based solely upon the most recent Quarterly
Noteholders’ Report, and in the order of priority of such amounts set forth in the Priority of Payments, the Trustee shall, in accordance with Section 6.1 of the Base Indenture, remit (i) to the Series 2019-1 Class A-1 Noteholders from the Series 2019-1 Class A-1 Distribution Account,
in accordance with the Class A-1 Order of Distribution, the amounts deposited in the Series 2019-1 Class A-1
Distribution Account in accordance with the Base Indenture for the payment of interest, fees, principal (to the extent applicable) and 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 deposited in the Series 2019-1
Class A-2 Distribution Account in accordance with the Base Indenture for the payment of interest, principal (to the extent applicable) and other amounts in respect of the Series 2019-1 Class A-2 Notes on such Quarterly Payment Date. On each Weekly Allocation Date the Trustee shall withdraw from the Collection Account amounts required to be paid
to the Series 2019-1 Class A-1 Administrative Agent pursuant to the Priority of Payments and remit such amounts to the Series
2019-1 Class A-1 Administrative Agent in accordance with the terms of the Indenture. 

Notwithstanding anything to the contrary herein or in the Base Indenture, except as (i) provided under
Section 3.6(f) or (ii) explicitly directed by the Master Issuer (or the Manager on its behalf) with respect to payments of Quarterly Scheduled Principal Amounts made under Section 3.6(c)(ii)
on Quarterly Payment Dates with respect to which the Series 2019-1 Non-Amortization Test has been satisfied, each payment in respect of the Series 2019-1 Class A-2 Notes shall be distributed between the Tranches in accordance with (A) such amounts due with respect to interest on, principal of or otherwise with
respect to such Tranches as provided hereunder; provided that, in each case, any shortfall in such payment amount shall be allocated ratably based on the Series 2019-1
Class A-2 Outstanding Principal Amount of each Tranche or (B) if not explicitly provided hereunder, ratably based on the Series 2019-1 Class A-2 Outstanding Principal Amount of each Tranche; provided that, in each of the cases set forth under clauses (A) and (B) above, all distributions to Noteholders of a Tranche
shall be ratably allocated among the Noteholders within each applicable Tranche based on their respective portion of the Series 2019-1 Class A-2 Outstanding
Principal Amount of such Tranche. 

  
 5 

 Section 3.4    Series 2019-1 Class A-1 Interest and Certain Fees. 

(a)    Series 2019-1
Class A-1 Notes Interest 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, as applicable. 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 5.12 of the Base Indenture, commencing
on the Quarterly Payment Date in September 2019; 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 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. To the extent any such amount is not paid on a Quarterly Payment Date
when due, such unpaid amount (net of all Debt Service Advances with respect thereto, a “Class A-1 Quarterly Interest Shortfall 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 5.12 of the Base Indenture, commencing on the Quarterly Payment Date in September 2019. To the extent any such amount is not paid on a Quarterly Payment Date when due (a “Series 2019-1 Class A-1 Quarterly Commitment Fees Shortfall Amount”), 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 Contingent Interest. Following a Series 2019-1 Class A-1 Notes
Amortization Event 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 5.00% per annum (the “Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate”), calculated in
accordance with Section 3.01(f) of the Series 2019-1 Class A-1 Note Purchase Agreement, in addition to the regular interest that will
continue to accrue at the Series 2019-1 Class A-1 Note Rate. Any Series 2019-1
Class A-1 Post-Renewal Date Contingent Interest Amount 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 5.12 of the Base Indenture, in the amount so made available, and failure to pay any
Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Amount 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. 

  
 6 

 (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) July 1, 2019. 

Section 3.5    Series 2019-1
Class A-2 Interest. 
 (a)    Series 2019-1 Class A-2 Notes Interest. From the Series 2019-1 Closing Date until the Series 2019-1 Class A-2 Outstanding Principal Amount with respect to a Tranche has been paid in full, the Series 2019-1 Class A-2 Outstanding Principal Amount with respect to such Tranche (after giving effect to all payments of principal made to Noteholders as of the first day of each 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) will accrue interest at the 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 5.12 of the Base Indenture, commencing
on the Quarterly Payment Date in September 2019; 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 any Tranche of such Series 2019-1 Class A-2 Notes or on any
other day on which all of the Series 2019-1 Class A-2 Outstanding Principal Amount is required to be paid in full. To the extent any interest accruing at the Series
2019-1 Class A-2 Note Rate for any Tranche is not paid when due, such unpaid interest (net of all Debt Service Advances with respect thereto, a
“Class A-2 Quarterly Interest Shortfall Amount”) will accrue interest at the Series 2019-1
Class A-2 Note Rate for such Tranche. All computations of interest at the Series 2019-1 Class A-2 Note Rate shall be
made on the basis of a year of 360 days and twelve 30-day months. 

(b)    Series 2019-1
Class A-2 Quarterly Post-ARD Contingent Interest. 

(i)    Post-ARD Contingent Interest. From and after the Series 2019-1 Anticipated Repayment Date, as applicable to each Tranche of Series 2019-1 Class A-2 Notes, until the Series 2019-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full, additional interest (“Series
2019-1 Class A-2 Quarterly Post-ARD Contingent Interest”) will accrue on such Tranche of Series 2019-1 Class A-2 Notes at a per annum rate equal to the rate determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the
amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the Series 2019-1 Anticipated Repayment Date for such Tranche of the United
States Treasury Security having a term closest to ten (10) years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2019-1 Class A-2-I Notes, 1.863% and (2) with respect to the Series 2019-1
Class A-2-II Notes, 2.051%, exceeds (b) the Series 2019-1 Class A-2
Note Rate with respect to such Tranche. The Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue
and be payable in addition to the interest accrued on the applicable Tranche at the Series 2019-1 Class A-2 Note Rate for such Tranche. All computations of Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a
360-day year of twelve 30-day months; provided that no Series 2019-1 Class A-2
Quarterly Post-ARD Contingent Interest shall accrue on any Tranche that has been defeased pursuant to Section 3.6(m). 

  
 7 

 (ii)    Payment of Series
2019-1 Class A-2 Quarterly Post-ARD Contingent Interest. Any Series
2019-1 Class A-2 Quarterly Post-ARD Contingent Interest will be due and payable on any applicable Quarterly Payment Date as
and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12
of the Base Indenture, in the amount so available. For the avoidance of doubt, Series 2019-1 Class A-2 Quarterly Post-ARD
Contingent Interest shall accrue and be payable in addition to the interest accrued on the applicable Tranche at the applicable Series 2019-1 Class A-2 Note Rate.
The failure to pay any Series 2019-1 Class A-2 Quarterly Post-ARD Contingent 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. 

(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 the Series 2019-1 Closing Date and end on (but exclude) September 15, 2019. 

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 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 this Section 3.6 and, in respect of the Series
2019-1 Class A-1 Outstanding Principal Amount, Section 2.2 of this Series Supplement. 

(b)    Series 2019-1
Class A-2 Anticipated Repayment Date; Series 2019-1 Class A-1 Renewal Date. The
“Series 2019-1 Anticipated Repayment Date” means, (i) with respect to the Series 2019-1 Class A-2-I Notes, the Quarterly Payment Date occurring in September 2026 and (ii) with respect to the Series 2019-1 Class A-2-II Notes, the Quarterly Payment Date occurring in September 2029. The initial Series 2019-1 Class A-1 Notes
Renewal Date will be the Quarterly Payment Date occurring in September 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) of this Series Supplement, the Manager shall have the option 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 September 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 September 2024 to the effect that the
conditions precedent to such Series 2019-1 First Extension Election have been satisfied. 

(ii)    Second Extension Election. Subject to the conditions set forth in
Section 3.6(b)(iii) of this Series Supplement, if the Series 2019-1 First Extension Election has been made and become effective, the Manager shall have the option 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 September 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 September 2025 to the effect that the conditions precedent to such Series 2019-1 Second Extension Election have been satisfied. 

  
 8 

 (iii)    Conditions Precedent to Extension Elections. It shall
be a condition to each applicable extension of the Series 2019-1 Class A-1 Notes Renewal Date that, in the case of Section 3.6(b)(i), on
the Quarterly Payment Date occurring in September 2024, or in the case of Section 3.6(b)(ii), on the Quarterly Payment Date occurring in September 2025 (a) either (x) the rating assigned to the Series 2019-1 Class A-2 Notes by S&P Global Ratings has not been downgraded below “BBB” or withdrawn or (y) if such rating has been downgraded below
“BBB” or withdrawn, such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any entity other than an Affiliate of TWC and (b) 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) of this Series
Supplement 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 Series 2019-1 Class A-1 Administrative Agent or any Noteholder
shall be necessary for the effectiveness of the Series 2019-1 Extension Elections. 

(c)    Payment of Class A-2 Accrued Quarterly Scheduled
Principal Amount, Quarterly Scheduled Principal Amounts and Quarterly Scheduled Principal Deficiency Amounts with respect to the Series 2019-1
Class A-2 Notes. 
 (i)    Class A-2 Accrued Quarterly Scheduled Principal Amounts will be allocated on each Weekly Allocation Date in accordance with the Priority of Payments, in the amount so available, and failure to pay any Class A-2 Accrued Quarterly Scheduled Principal Amounts in excess of available amounts in accordance with the foregoing will not be an Event of Default. 

(ii)    Quarterly Scheduled Principal Amounts will be due and payable with respect to each Tranche on each Quarterly
Payment Date prior to the applicable Series 2019-1 Anticipated Repayment Date, commencing on the Quarterly Payment Date in September 2019, in accordance with Section 5.12 of the Base
Indenture, in the amount so available, and failure to pay any Quarterly Scheduled Principal Amounts in excess of available amounts in accordance with the foregoing will not be an Event of Default; provided that Quarterly Scheduled Principal
Amounts shall only be due and payable on a Quarterly Payment Date with respect to a Tranche if the Series 2019-1 Non-Amortization Test is not satisfied with respect to
such Quarterly Payment Date; provided, further that if the Series 2019-1 Non-Amortization Test is satisfied, the Master Issuer may, at its option, prior to
the Series 2019-1 Anticipated Repayment Date for such Tranche, pay all or any part of such Quarterly Scheduled Principal Amounts with respect to such Tranche on such Quarterly Payment Date. 

(iii)    On each Weekly Allocation Date and each Quarterly Payment Date, the Quarterly Scheduled Principal Deficiency
Amount, if any, with respect to such Weekly Allocation Date or Quarterly Payment Date will be allocated or due and payable, respectively, 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 5.12 of the Base Indenture, in the amount so available, and failure to pay any Quarterly Scheduled Principal
Deficiency Amounts in excess of available amounts in accordance with the foregoing will not be an Event of Default. 

  
 9 

 (d)    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 5.12 of the Base Indenture, in the amount so available, together with any Series 2019-1 Class A-2 Make-Whole Prepayment Premium required to be paid in connection therewith pursuant to Section 3.6(e) of this Series Supplement;
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 Premium is not
paid because insufficient funds are available to pay such Series 2019-1 Class A-2 Make-Whole Prepayment Premium, in accordance with the Priority of Payments. Such
payments shall be ratably allocated among the Series 2019-1 Noteholders within each applicable Class and Tranche, as applicable, based on their respective portion of the Series 2019-1 Outstanding
Principal Amount of such Class and Tranche, as applicable (or, in the case of the Series 2019-1 Class A-1 Noteholders, in accordance with the Class A-1 Order of Distribution).
 (ii)    During any Series 2019-1 Class A-1 Notes Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the applicable Series 2019-1 Class A-1 Notes as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of
Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, in the amount so available. Such payments shall be allocated among the Series
2019-1 Class A-1 Noteholders, in accordance with the Class A-1 Order of Distribution. For the avoidance of doubt, no
Series 2019-1 Class A-2 Make-Whole Prepayment Premium will be due in connection with any principal payments on the Series
2019-1 Class A-1 Notes. 

(e)    Series 2019-1
Class A-2 Make-Whole Prepayment Premium Payments. In connection with any (i) mandatory prepayment of any Series 2019-1 Class A-2 Notes made during a Rapid Amortization Period pursuant to Section 3.6(d)(i), (ii) prepayments funded with Asset Disposition Proceeds pursuant to
Section 3.6(j) or (iii) any optional prepayment of any Series 2019-1 Class A-2 Notes or a Tranche made pursuant to
Section 3.6(f) (each, a “Series 2019-1 Class A-2 Prepayment”), in each case prior to (I) with respect
to the Series 2019-1 Class A-2-I Notes, the Quarterly Payment Date in the 30th month prior to the Series 2019-1 Anticipated Repayment Date for such Tranche and (II) with respect to the Series 2019-1
Class A-2-II Notes, the Quarterly Payment Date in the 36th month prior to the Series 2019-1 Anticipated Repayment Date for such Tranche (as applicable, the “Make-Whole End Date”), the Master Issuer shall pay, in the manner described herein, the Series
2019-1 Class A-2 Make-Whole Prepayment Premium; provided that no such Series 2019-1
Class A-2 Make-Whole Prepayment Premium shall be payable in connection with (A) any prepayment funded by Indemnification Amounts or Insurance/Condemnation Proceeds or (B) Quarterly Scheduled
Principal Amounts (including those paid, in whole or in part, at the option of the Master Issuer on a Quarterly Payment Date with respect to which the Series 2019-1
Non-Amortization Test has been satisfied), any Supplemental Amortization Payments, Quarterly Scheduled Principal Deficiency Amounts or any Supplemental Amortization Payment Deficiency Amounts. 

  
 10 

 (f)    Optional Prepayment of Series
2019-1 Class A-2 Notes. Subject to Section 3.6(e) and (g) of this Series Supplement, the Master Issuer shall
have the option to prepay the Outstanding Principal Amount of any or all of the Tranches in whole or in part on any Business Day and that is specified as the Series 2019-1 Prepayment Date in the applicable
Prepayment Notices; provided that the Master Issuer shall not make any optional prepayment in part of any Tranche pursuant to this Section 3.6(f) in a principal amount for any single prepayment of less than
$5,000,000 on any Business Day (except that any such prepayment may be in a principal amount less than such amount if effected on the same day as any partial mandatory prepayment pursuant to this Series Supplement); provided, further,
that no such optional prepayment may be made unless (i) the amount on deposit in the Series 2019-1 Class A-2 Distribution Account (including amounts to be
transferred from the Cash Trap Reserve Account) is sufficient to pay the principal amount of the Tranches to be prepaid, and the amount on deposit in the Senior Notes Principal Payment Account that is allocable to the Tranches to be prepaid is
sufficient to pay any Series 2019-1 Class A-2 Make-Whole Prepayment Premium required pursuant to Section 3.6(e), in each case, payable on
the relevant Series 2019-1 Prepayment Date; (ii) (A) the amount on deposit in the Senior Notes Interest Payment Account that is allocable to the Outstanding Principal Amount of the Tranches to be prepaid
is sufficient to pay the Class A-2 Quarterly Interest to but excluding the relevant Series 2019-1 Prepayment Date relating to the Outstanding Principal Amount
of the Tranches to be prepaid (other than any Post-ARD Contingent Interest) and (B) only if such optional prepayment is a prepayment of the Series 2019-1 Class A-2 Notes in whole, (x) the amount on deposit in the Senior Notes Post-ARD Contingent Interest Account that is allocable to the Series 2019-1 Class A-2 Notes is sufficient to pay the Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest accrued through such Series 2019-1 Prepayment Date and (y) the amounts on deposit in the Collection Account and the Securitization Operating
Expense Account are (in the Manager’s determination) reasonably expected to be sufficient to pay all Securitization Operating Expenses attributable to the Series 2019-1
Class A-2 Notes on the next Weekly Allocation Date or, in each case, such amounts have been deposited to the Series 2019-1
Class A-2 Distribution Account pursuant to Section 3.6(h); and (iii) the Master Issuer shall reimburse 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). The Master Issuer may prepay any Series 2019-1
Class A-2 Notes in full at any time regardless of the number of prior optional prepayments or any minimum payment requirement. 

(g)    Notices of Optional Prepayments. The Master Issuer shall give prior written notice (each, a
“Prepayment Notice”) at least ten (10) Business Days but not more than twenty (20) Business Days prior to any Series 2019-1 Prepayment Date with respect to a Tranche pursuant to
Section 3.6(f) to each Series 2019-1 Class A-2 Noteholder of such Tranche, each of the Rating Agencies, the Servicer, the Control Party
and the Trustee; provided that at the request of the Master Issuer, such notice to the Series 2019-1 Class A-2 Noteholders of such Tranche shall be given by
the Trustee in the name and at the expense of the Master Issuer. In connection with any such Prepayment Notice, the Master Issuer shall provide a written report to the Trustee directing the Trustee to distribute such prepayment in accordance with
the applicable provisions of Section 3.6(k) of this Series Supplement. With respect to each such Series 2019-1 Class A-2 Prepayment, the
related Prepayment Notice shall specify (A) the Series 2019-1 

  
 11 

 
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 and
(C) the date on which the applicable Series 2019-1 Class A-2 Make-Whole Prepayment Premium, if any, to be paid in connection therewith will be calculated,
which calculation date shall be no earlier than the fifth (5th) Business Day before such Series 2019-1 Prepayment Date (the “Series 2019-1 Class A-2 Make-Whole Premium Calculation Date”). The Master Issuer shall have the option, by written notice to the Trustee, the Servicer,
the Control Party, the Rating Agencies and the Series 2019-1 Class A-2 Noteholders of the applicable Tranche, to withdraw, 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 (2nd) Business Day before the Series 2019-1 Prepayment Date set forth in such Prepayment Notice. Any such optional prepayment and Prepayment Notice may, in the Master Issuer’s discretion, be subject to the satisfaction of one or more conditions
precedent. The Master Issuer 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 Master Issuer’s obligations with respect to
such optional prepayment may be performed by another Person. All Prepayment Notices shall be (i) transmitted by email to (A) each such affected Series 2019-1 Noteholder to the extent such Series 2019-1 Noteholder has provided an email address to the Trustee and (B) each of the Rating Agencies, the Servicer and the Trustee and (ii) sent by registered mail to each affected Series 2019-1 Noteholder. 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 of this Series Supplement and not by this Section 3.6. A Prepayment Notice may be revoked or amended by the
Master Issuer if the Trustee receives written notice of such revocation or amendment no later than 12:00 p.m. (Eastern time) two (2) Business Days prior to the applicable Series 2019-1 Prepayment
Date. The Master Issuer shall give written notice of such revocation or amendment to the Servicer, and at the request of the Master Issuer, the Trustee shall forward the notice of revocation or amendment to each affected Series 2019-1 Noteholder. 
 (h)    Series 2019-1
Prepayments. 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 Premium, if any, and any associated Series 2019-1 Class A-1 Breakage Amounts applicable to such Series 2019-1 Prepayment shall be due and payable. The Master Issuer shall pay the Series
2019-1 Prepayment Amount together with the applicable Series 2019-1 Class A-2 Make-Whole Prepayment Premium, if any, and any
associated Series 2019-1 Class A-1 Breakage Amounts applicable to such Series 2019-1 Prepayment by depositing such amounts
in the applicable Indenture Trust Accounts in accordance with the Priority of Payments or the applicable Series 2019-1 Distribution Account pursuant to Section 3.6(f), in each case,
on or prior to the related Series 2019-1 Prepayment Date to be distributed in accordance with Section 5.12 of the Base Indenture, Section 3.3, or
Section 3.6(k), as applicable. 
 (i)    Prepayment Premium Not Payable. For the
avoidance of doubt, there is no Series 2019-1 Class A-2 Make-Whole Prepayment Premium for any Tranche payable as a result of (i) the application of
Indemnification Amounts or Insurance/Condemnation Proceeds allocated to the Series 2019-1 Class A-2 Notes pursuant to priority (i) of the Priority of
Payments, (ii) the payment of any Quarterly Scheduled Principal Amounts (including those paid, in part or in full, at the election of the Master Issuer on a Quarterly Payment Date with respect to which the Series
2019-1 Non-Amortization Test has been satisfied), any Supplemental Amortization Payments, Quarterly Scheduled Principal Deficiency Amounts or any Supplemental
Amortization Payment Deficiency Amounts and (iii) any prepayment, whether optional or mandatory, on or after the Make-Whole End Date for such Tranche. 

  
 12 

 (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 5.11(i) of the
Base Indenture shall be withdrawn from the Senior Notes Principal Payment Account in accordance with Section 5.12(d) of the Base Indenture and any such amounts allocable to the Series
2019-1 Notes shall be 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, the Series 2019-1
Class A-1 Notes (in accordance with the Class A-1 Order of Distribution), second, the Series 2019-1 Class A-2 Notes (to be allocated between the Tranches ratably based on the Series 2019-1 Class A-2 Outstanding Principal
Amount of each Tranche) and third, provided that clause first does not apply, the Series 2019-1 Class A-1 Notes (in accordance with the Class A-1 Order of Distribution), on the Quarterly Payment Date immediately succeeding such deposit. In connection with any prepayment made with Indemnification Amounts or Insurance/Condemnation Proceeds
pursuant to this Section 3.6(j), the Master Issuer shall not be obligated to pay any prepayment premium. The Master Issuer shall, however, be obligated to pay any applicable Series
2019-1 Class A-2 Make-Whole Prepayment Premium required to be paid pursuant to Section 3.6(e) of this Series Supplement 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 Premium is not paid because insufficient funds are available to pay such Series 2019-1 Class A-2 Make-Whole Prepayment Premium, in accordance with the Priority of Payments. 

(k)    Distributions of Series 2019-1 Class A-2 Optional Prepayment. On the Series 2019-1 Prepayment Date for a Series 2019-1
Class A-2 Prepayment to be made pursuant to Section 3.6(f) for a Tranche, the Trustee shall, in accordance with Section 6.1 of the Base Indenture
(except that notwithstanding anything to the contrary therein, in the case of a prepayment to be made on a date that is not a Quarterly Payment Date, 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) and based solely on either a written
report which shall be provided by the Master Issuer to the Trustee or the applicable Quarterly Noteholders’ Report, as applicable, distribute to the Series 2019-1
Class A-2 Noteholders of record for such Tranche on the preceding Prepayment Record Date the amount deposited in the Series 2019-1
Class A-2 Distribution Account pursuant to Section 3.6(h) with respect to such Series 2019-1
Class A-2 Prepayment, in order to repay the applicable portion of the Series 2019-1 Class A-2 Outstanding Principal
Amount of such Tranche. All accrued and unpaid interest on the Series 2019-1 Class A-2 Outstanding Principal Amount prepaid and any related Series 2019-1 Class A-2 Make-Whole Prepayment Premium due to the Series 2019-1 Class A-2
Noteholders shall be payable on the immediately following Quarterly Payment Date in accordance with the Priority of Payments. 

(l)    Series 2019-1 Notices of Final Payment. The Master Issuer shall
notify the Trustee, the Servicer and each of the Rating Agencies on or before the Prepayment Record Date preceding the Series 2019-1 Prepayment Date that will be the Series
2019-1 Final Payment 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 

  
 13 

 
Master Issuer 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) of this Series Supplement. The Trustee shall provide any written notice required under this Section 3.6(l)
to each Person in whose name a Series 2019-1 Note 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. Such written notice to be sent to the Series 2019-1 Noteholders shall be made at the expense of the Master Issuer and shall be
mailed by the Trustee within five (5) Business Days of receipt of notice from the Master Issuer 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 Series 2019-1 Notes and shall specify the place where the Series 2019-1 Notes may be presented and surrendered for such Series 2019-1 Final Payment. 

(m)    Tranche Defeasance. The Master Issuer, solely in connection with an optional prepayment in full, a mandatory
prepayment in full or a redemption in full of a particular Tranche (the “Defeased Tranche”) as provided hereunder, may terminate all of its Obligations under the Indenture and all Obligations of the Guarantors under the Guarantee
and Collateral Agreement in respect of such Defeased Tranche; provided that the conditions set forth under Section 12.1(c) (other than the conditions set forth under Section 12.1(c)(ii)) of
the Base Indenture with respect to the Defeased Tranche have been satisfied; provided that no amounts in respect of the Class A-1 Notes or the other Tranche shall be required to be paid in
accordance with Section 12.1(c)(i)(1) of the Base Indenture. 
 (n)    Series 2019-1 Class A-2 Supplemental Amortization Payments. The Master Issuer may, so long as no Rapid Amortization Period is continuing, in its sole
discretion, elect to commit to supplemental amortization payments (any such payment, a “Supplemental Amortization Payment”) to reduce ratably the Outstanding Principal Amount of each Tranche of the Series 2019-1 Class A-2 Notes on any Quarterly Payment Date (such date, a “Supplemental Amortization Payment Date”) in an amount not to exceed 4.0% per annum on
a rolling 4 (four) Quarterly Payment Date basis of the initial Outstanding Principal Amount of each such Tranche. The Master Issuer will be required to specify (i) the amount of any such Supplemental Amortization Payment and (ii) the
corresponding Supplemental Amortization Payment Date in the Quarterly Noteholders’ Report delivered in connection with the Quarterly Payment Date preceding the Quarterly Payment Date on which the specified Supplemental Amortization Payment Date
shall occur. If the Master Issuer does not make such Supplemental Amortization Payment in full on the specified Supplemental Amortization Payment Date (the amount of such deficiency, a “Supplemental Amortization Payment Deficiency
Amount”), the Supplemental Amortization Payment will be required to be paid on subsequent Quarterly Payment Dates. If the Master Issuer elects to make any Supplemental Amortization Payments, solely in accordance with each related Quarterly
Noteholders’ Report, on the applicable Quarterly Payment Date(s), prior to the payment of the Residual Amount for any other purpose at the direction of the Master Issuer, funds available pursuant to priority (xxix) of the Priority of
Payments will be deposited into the Series 2019-1 Class A-2 Distribution Account until the amount deposited therein on such date and allocable to the Series 2019-1 Class A-2 Notes is at least equal to the specified Supplemental Amortization Payment for such Quarterly Payment Date (if any) and any Supplemental Amortization

  
 14 

 
Payment Deficiency Amount payable with respect to the Series 2019-1 Class A-2 Notes on such Quarterly Payment
Date (if any). Failure to pay any Supplemental Amortization Payments or any Supplemental Amortization Payment Deficiency Amounts shall not be a Rapid Amortization Event or an Event of Default. The Trustee shall be entitled to rely on each applicable
Quarterly Noteholders’ Report and shall not be responsible for calculating any amounts payable pursuant to this Section 3.6(n) or for monitoring or determining whether or not any conditions in this Section 3.6(n) have been satisfied
or met. 
 Section 3.7    Series 2019-1
Class A-1 Distribution Account. 

(a)    Establishment of Series 2019-1 Class A-1 Distribution Account. The Master Issuer has established with the Trustee the Series 2019-1 Class A-1 Distribution
Account in the name of the Trustee for the benefit of the Series 2019-1 Class A-1 Noteholders, 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 Master Issuer hereby grants a security
interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2019-1 Class A-1 Noteholders, all of the Master
Issuer’s rights, title and interests 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 Series 2019-1
Class A-1 Commitments have been terminated in full, the Trustee, acting in accordance with the written instructions of the Master Issuer (or the Manager on its behalf), shall withdraw from the Series 2019-1 Class A-1 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments and all Liens with respect to Series 2019-1 Class A-1 Distribution Account created in favor of the Trustee for the benefit of the Series 2019-1 Class A-1 Noteholders under this Series Supplement shall be automatically released, and the Trustee, 

  
 15 

 
upon written request of the Master Issuer, at the written direction of the Control Party, shall execute and deliver to the Master Issuer any and all documentation reasonably requested and
prepared by the Master Issuer at the Master Issuer’s 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 Master Issuer has established with the Trustee the Series 2019-1 Class A-2 Distribution
Account in the name of the Trustee for the benefit of the Series 2019-1 Class A-2 Noteholders, 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 Master Issuer 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-2 Noteholders, all of the Master
Issuer’s right, title and interest 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 Master Issuer (or the Manager on its behalf), shall withdraw from the Series
2019-1 Class A-2 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments and all Liens with respect to Series 2019-1 Class A-2 Distribution Account created in favor of the Trustee for the benefit of the Series 2019-1 Class A-2 Noteholders under this Series Supplement shall be automatically released, and the Trustee, upon written request of the Master Issuer, at the written direction of the Control Party, shall execute and
deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at the Master Issuer’s 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. 

  
 16 

 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 Master Issuer 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 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 the Master Issuer, payable to the order of the Master Issuer or specially indorsed to the Master Issuer; 

(iv)    All property delivered to the Series 2019-1 Securities Intermediary
pursuant to this Series 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 the Master Issuer, any other
Securitization Entity or any other Person; 
 (vii)    The Series 2019-1
Distribution Accounts and all issues specified in Article 2(l) of the Hague Securities Convention 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. The Securities Intermediary represents
that it has an office in the United States which is engaged in a business or other regular activity of maintaining securities accounts; 

  
 17 

 (viii)    The Series 2019-1
Securities Intermediary has not entered into, and until termination of this Series 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 this Series Supplement will not enter into, any agreement with the Master Issuer 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) of this Series Supplement; 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 will promptly notify the Trustee, the Manager, the Servicer and
the Master Issuer 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 Master Issuer 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 Master Issuer. 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 Master Issuer. 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. 

  
 18 

 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 Master Issuer shall
(i) within five (5) Business Days of obtaining knowledge thereof, notify the Control Party thereof and (ii) within sixty (60) days of obtaining 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 Master Issuer and
authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. Other than in accordance with this Series 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 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) of this Series Supplement. 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) of this Series Supplement, the principal amount of the Series
2019-1 Class A-1 Advance Notes that are Outstanding accurately reflects all such Increases and Decreases. 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 Master Issuer and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. Other than in accordance with this Series 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) of this Series Supplement. The Trustee shall record any Subfacility Increases or Subfacility Decreases with respect to the Swingline Loans such that, subject to Section 4.1(d) of
this Series Supplement, 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. 
 (b)    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 Master Issuer and authenticated by the Trustee in the manner set forth in 

  
 19 

 
Section 2.4 of the Base Indenture. Other than in accordance with this Series 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) of this Series Supplement. The Trustee 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) of this Series Supplement, 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 Note for all purposes of the Indenture and the other Related Documents other than for
purposes of accrual of interest. 
 (c)    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. 

(d)    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 Master Issuer, its 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 Master Issuer) in compliance with the terms of the Series 2019-1 Class A-1 Note Purchase Agreement. 

  
 20 

 Section 4.2    Issuance of Series 2019-1 Class A-2 Notes. The Series 2019-1 Class A-2 Notes in the
aggregate may be offered and sold in the Series 2019-1 Class A-2 Initial Principal Amount on the Series 2019-1 Closing Date
by the Master Issuer 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 Master Issuer or its Affiliates or (A) in each case, to Persons who are not Competitors, (B) in the United States, to Persons who are QIBs in
reliance on Rule 144A and (C) outside the United States, to Persons who are not a U.S. person (as defined in Regulation S, a “U.S. Person”) in reliance on Regulation S. 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 apply 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. 

(a)    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 and Exhibit A-2-2, as applicable,
hereto, registered in the name of Cede & Co. (“Cede”), as nominee of DTC, and deposited with the Trustee, as custodian for DTC (collectively, for purposes of this Section 4.2 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. 
 (b)    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-2-3 and Exhibit A-2-4, as applicable, 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-2-5 and Exhibit A-2-6, as applicable,
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 of this Series
Supplement, 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. 

  
 21 

 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 Trustee, the Master Issuer and the Registrar by, the holder thereof or his attorney duly
authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by 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 Master
Issuer 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 Master Issuer 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 Master Issuer 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 Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an
“eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the STAMP or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to 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 Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or 

  
 22 

 
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 Master Issuer 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. 

(c)    Subject to the terms of the Indenture and the Series 2019-1 Class A-1 Note Purchase Agreement, the 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 Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the STAMP or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to Section 9.17(e) of the Series 2019-1 Class A-1 Note Purchase Agreement. In exchange for any Series 2019-1 Class A-1 L/C Note properly presented for transfer, the
Master Issuer 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 Master Issuer 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 the L/C Provider at such office. Neither the Master Issuer 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. 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 MASTER ISSUER GIVES
WRITTEN CONSENT TO SUCH OFFER, 

  
 23 

 
SALE, PLEDGE OR OTHER TRANSFER, AND IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-1 NOTE PURCHASE AGREEMENT, DATED AS OF JUNE 26, 2019 BY AND AMONG
THE MASTER ISSUER, WENDY’S INTERNATIONAL, LLC, AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS AND COÖPERATIEVE RABOBANK, U.A., NEW YORK BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND
ADMINISTRATIVE AGENT. 
 The required legend set forth above shall not be removed from the Series 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 Series 2019-1 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 Master Issuer as such transferee has requested pursuant to Rule 144A or
has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

(c)    If a Series 2019-1 Note Owner holding a beneficial interest in a Series 2019-1 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 Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in
accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest in the 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 

  
 24 

 
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 Note Owner holding such beneficial interest in such Rule 144A Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of the
Rule 144A Global Note, and to increase the principal amount of the Temporary Regulation S Global Note, by the principal amount of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, and to credit
or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the Temporary Regulation S
Global Note having a principal amount equal to the amount by which the principal amount of such Rule 144A Global Note was reduced upon such exchange or transfer. 

(d)    If a Series 2019-1 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 Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the
Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest in the 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 Note Owner holding such beneficial interest in such Rule 144A Global Note, the 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 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 Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance with the Applicable
Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest in the Rule 144A Global Note in a principal amount equal to
that of the beneficial interest in such Temporary 

  
 25 

 
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 or 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 Note Owner holding such beneficial interest in such Temporary Regulation S Global Note or such
Permanent Regulation S Global Note, the 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 Master Issuer and the Registrar, which shall be substantially consistent with the provisions of Section 4.4(a) through
Section 4.4(e) and Section 4.4(g) of this Series Supplement (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) of this Series Supplement. 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
Rule 144A Global Notes, the Temporary Regulation S Global Notes and the 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 SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND WENDY’S FUNDING, LLC (THE “MASTER
ISSUER”) HAS NOT BEEN REGISTERED 

  
 26 

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

  
 27 

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

BY ACCEPTING THIS NOTE, EACH 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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 1933 ACT AND AGREES FOR THE BENEFIT OF THE MASTER ISSUER THAT THIS
NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED
STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE
144A UNDER THE 1933 ACT. 

  
 28 

 (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 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE
REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN. 

(a)    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 Rule 144A Global Note may be removed from such Rule 144A Global Note if there
is delivered to the Master Issuer and the Registrar such satisfactory evidence, which may include an Opinion of Counsel, as may be reasonably required by the Master Issuer that neither such legend nor the restrictions on transfer set forth therein
are required to ensure that transfers of such 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 Master Issuer (or the Manager
on its behalf), shall authenticate and deliver in exchange for such 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 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 Master Issuer has 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. 

  
 29 

 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 Master Issuer, 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 Master Issuer 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 (A) to the Master Issuer or an Affiliate of the Master Issuer, (B) in the United States to a Person who the seller reasonably
believes is a QIB in a transaction meeting the requirements of Rule 144A and who is not a Competitor, (C) outside the United States to a Person who is not a U.S. Person in a transaction meeting the requirements of Regulation S
and who is not a Competitor or (D) to a Person that is not a Competitor in a transaction exempt from the registration requirements of the 1933 Act and the applicable securities laws of any state of the United States and any other jurisdiction,
in each such case in accordance with the Indenture and any applicable securities laws of any state of the United States and (iv) it 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 Section 4.4(h) of this Series Supplement. 

  
 30 

 (i)    It understands that the certificates evidencing the Temporary
Regulation S Global Notes will bear legends substantially similar to those set forth in Section 4.4(i) of this Series Supplement. 

(j)    It understands that the certificates evidencing the Permanent Regulation S Global Notes will bear legends
substantially similar to those set forth in Section 4.4(j) of this Series Supplement. 

(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, a 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. 
 (n)    If such Note Owner is a Plan, or a fiduciary purchasing the Series
2019-1 Note on behalf of a Plan, (a “Plan Fiduciary”), such Note Owner or Plan Fiduciary, as applicable, represents that none of the Manager, the Master Issuer, the Securitization Entities,
the Initial Purchasers, the Trustee, or any of their respective Affiliates (the “Transaction Parties”) has provided or will provide advice with respect to the acquisition of such Series 2019-1
Notes by the Plan. 
 Section 4.6    Limitation on Liability. None of the
Master Issuer, Wendy’s, the Trustee, the Servicer, the Initial Purchasers, any Paying Agent, or any of their respective Affiliates shall have any responsibility or liability for 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. None of the Master Issuer, Wendy’s, the Trustee, the Servicer, the Initial
Purchasers, any Paying Agent or their respective Affiliates shall have any responsibility or liability with respect to any records maintained by the Noteholder with respect to the beneficial holders thereof or payments made thereby on account of
beneficial interests held therein. 

  
 31 

 ARTICLE V 

GENERAL 
 
Section 5.1    Information. On or before each Quarterly Payment Date, the Master Issuer 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 and payment instructions with respect thereto; 
 (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; 
 (iv)    the amount of such distribution allocable to
the payment of any Series 2019-1 Class A-2 Make-Whole Prepayment Premium, if any, on each Tranche; 

(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 Master Issuer, any Potential Rapid Amortization Event, Rapid Amortization
Event, Default, Event of Default, Potential Manager Termination Event, Manager Termination Event or Servicer Termination Event has occurred as of the related Quarterly Calculation Date or any Cash Trapping 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 Franchised Restaurants and Company
Restaurants that are open for business as of the last day of the preceding Quarterly Collection Period; 
 (ix)    the
amount of Wendy’s Systemwide Sales as of the related Quarterly Calculation Date; and 
 (x)    the amount on
deposit in the Senior Notes Interest Reserve Account (and the availability under any Interest Reserve Letter of Credit relating to the Senior Notes) and the amount on deposit in the Cash Trap Reserve Account, if any, in each case as of the close of
business on the last Business Day of the preceding Quarterly Collection Period. 
 Any Series 2019-1
Noteholder may obtain copies of each Quarterly Noteholders’ Report in accordance with the procedures set forth in Section 4.3 of the Base Indenture. 

  
 32 

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

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

Section 5.4    Certain Notices to the Rating Agencies. The Master Issuer shall
provide to each Rating Agency a copy of each Opinion of Counsel and Officer’s Certificate delivered to the Trustee pursuant to this Series Supplement or any other Related Document. 

Section 5.5    Prior Notice by Trustee to the Controlling
Class Representative and Control Party. Subject to Section 10.1 of the Base Indenture, the Trustee agrees that it shall not exercise any rights or remedies available to it as a result of the
occurrence of a Rapid Amortization Event or an Event of Default until after the Trustee has given prior written notice thereof to the Controlling Class Representative and the Control Party and obtained the direction of the Control Party
(subject to Section 11.4(e) of the Base Indenture, at the direction of the Controlling Class Representative). 

Section 5.6    Counterparts. This Series Supplement may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

Section 5.7    Governing Law. THIS SERIES 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 5.8    Amendments. This Series Supplement may not be modified or amended except in accordance with the terms of the Base Indenture. 

Section 5.9    Termination of Series Supplement. This Series 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 Series 2019-1 Class A-1 Commitments have been terminated,
(iii) the Master Issuer has paid all sums payable hereunder and, without duplication (iv) the conditions set forth in Section 12.1(c) of the Base Indenture have been satisfied with respect to the Series 2019-1 Notes; provided that any provisions of this Series 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. 

  
 33 

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

Section 5.11    1934 Act. The Master Issuer hereby represents and warrants, for
the benefit of the Trustee and the Noteholders, that payments on the Notes will not depend primarily on cash flow from self-liquidating financial assets within the meaning of Section 3(a)(79) of the 1934 Act. 

[Signature Pages Follow] 

  
 34 

 IN WITNESS WHEREOF, each of the Master Issuer, the Trustee and the Series 2019-1 Securities Intermediary has caused this Series Supplement to be duly executed by its respective duly authorized officer as of the day and year first written above. 

 

					
	WENDY’S FUNDING, LLC, as Master Issuer
		
	By:	 	/s/ Gavin P. Waugh
		 	Name:	 	Gavin P. Waugh
		 	Title:	 	Vice President and Treasurer

 Signature Page to Series 2019-1 Supplement 

 
					
	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

 Signature Page to Series 2019-1 Supplement 

 ANNEX A 

SERIES 2019-1 

SUPPLEMENTAL DEFINITIONS LIST 

“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. 

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

“Application” means an application, in such form as the applicable L/C Issuing Bank may specify from time to time, requesting
such L/C Issuing Bank to issue a Letter of Credit. 
 “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” has the meaning set forth in Section 1.02 of the Series
2019-1 Class A-1 Note Purchase Agreement. 

“Base Rate Advance” has the meaning set forth in Section 1.02 of 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(a) of the Series
2019-1 Supplement. 
 “Class A-1
Accrued Quarterly Commitment Fee Shortfall” 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 aggregate amount allocated to the Class A-1 Notes Commitment Fees Account with respect to the Series
2019-1 Class A-1 Notes on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the aggregate Class A-1 Notes Accrued Quarterly Commitment Fee Amounts for all such preceding Weekly Allocation Dates. 

“Class A-1 Amendment Expenses” means “Amendment
Expenses” as defined in, and payable pursuant to, Section 9.05(a)(ii) of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Class A-1 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) 360; 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 Series 2019-1
Class A-1 Swingline Loans and Unreimbursed L/C Drawings outstanding as of the close of business on such day divided by (ii) 360; plus 

(e)    with respect to any Undrawn L/C Face Amounts outstanding on such day, the L/C Quarterly Fees that
accrue thereon for such day. 
 “Class A-1 Estimated Quarterly Commitment
Fee” means, with respect to any Interest Accrual Period, an amount equal to the sum of (a) the product of (i) the Estimated Daily Commitment Fees Amount for such Interest Accrual Period and (ii) the number of days in
such Interest Accrual Period, and (b) the amount of any Series 2019-1 Class A-1 Quarterly Commitment Fees Shortfall Amount for the immediately preceding
Interest Accrual Period together with additional interest thereon as set forth in Section 3.4(b). 

“Class A-1 Estimated Quarterly Interest” means, with respect to
each Interest Accrual Period, an amount equal to the sum of (a) the product of (i) the Estimated Class A-1 Daily Interest Amount for such Interest Accrual Period and (ii) the number
of days in such Interest Accrual Period, and (b) the amount of any Class A-1 Quarterly Interest Shortfall Amount for the immediately preceding Interest Accrual Period, together with additional
interest thereon as set forth in Section 3.4(a). 

“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 Final Interest Adjustment Amount” means,
for any Interest Accrual Period, the result (whether a positive or negative number) of (a) the aggregate of the Class A-1 Daily Interest Amounts for each day in such Interest Accrual Period
minus (b) the aggregate amount allocated pursuant to clauses (i) – (iii) of the defined term “Senior Notes Accrued Quarterly Interest Amount (Class A-1)” in
respect of such Interest Accrual Period. For purposes of the Base Indenture, the “Class A-1 Final Interest Adjustment Amount” for any Interest Accrual Period shall be deemed to be a “Class A-1 Interest Adjustment Amount” for such Interest Accrual Period. 

 “Class A-1 Interim
Interest Adjustment Amount” means, with respect to any Interest Accrual Period, as of any date of determination prior to the ending of such Interest Accrual Period, the result (if positive) of (a) the expected aggregate of the Class A-1 Daily Interest Amounts for each day in such Interest Accrual Period as of such date of determination, as determined by the Manager in accordance with the Managing Standard minus (b) the
aggregate amount allocated pursuant to clauses (i) – (iii) of the defined term “Senior Notes Accrued Quarterly Interest Amount (Class A-1)” in respect of such Interest Accrual
Period. 
 “Class A-1 Notes Accrued Quarterly Commitment Fee
Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest Accrual Period beginning during such Quarterly Collection Period (or to the extent necessary to cover any Commitment Fee Final
Adjustment Amount with respect to the Interest Accrual Period ending in such Quarterly Collection Period, as provided for in clause (iii) below) an amount equal to the sum of: 

(i) the sum of (A) the product of (1) the Weekly Accrual Percentage and (2) the
Class A-1 Estimated Quarterly Commitment Fee for such Interest Accrual Period and (B) the Class A-1 Accrued Quarterly Commitment Fee Shortfall for such
Weekly Allocation Date, until such Class A-1 Estimated Quarterly Commitment Fee, net of any allocated but unpaid negative Commitment Fee Final Adjustment Amount with respect to a prior Interest Accrual
Period, shall have been allocated in full; 
 (ii) if such Weekly Allocation Date is the twelfth, thirteenth or fourteenth Weekly Allocation
Date in such Quarterly Collection Period, the Commitment Fee Interim Adjustment Amount, if positive, with respect to such Interest Accrual Period (without duplication of clause (i)); and 

(iii) if such Weekly Allocation Date is the last Weekly Allocation Date in the Interest Accrual Period ending in such Quarterly
Collection Period, the Commitment Fee Final Adjustment Amount, if positive, with respect to such Interest Accrual Period. 
 For purposes of
the Base Indenture, the “Class A-1 Notes Accrued Quarterly Commitment Fee Amount” shall be deemed to be the “Class A-1 Notes Accrued Quarterly
Commitment Fee Amount”. 
 “Class A-1 Order of
Distribution” shall mean the priorities of distribution set forth in in Section 4.02(a) and (b) of the Series 2019-1
Class A-1 Note Purchase Agreement. 
 “Class A-1 Quarterly Commitment Fee Amount” means, for any Interest Accrual Period, with respect to all Outstanding Series 2019-1
Class A-1 Notes, the Undrawn Commitment Fees due and payable on all such Outstanding Series 2019-1 Class A-1 Notes with
respect to such Interest Accrual Period. For purposes of the Base Indenture, the “Class A-1 Quarterly Commitment Fee Amount” shall be deemed to be a
“Class A-1 Quarterly Commitment Fee Amount”. 

 “Class A-2 Accrued
Quarterly Scheduled Principal Amount” means, for each Weekly Allocation Date during any Quarterly Collection Period, an amount equal to the sum of (i) the product of (1) the Weekly Accrual Percentage and (2) the Quarterly
Scheduled Principal Amount for the Quarterly Payment Date in the next succeeding Quarterly Collection Period and (ii) the Class A-2 Accrued Quarterly Scheduled Principal Shortfall Amount for such
Weekly Allocation Date, until such Quarterly Scheduled Principal Amount shall have been allocated (or prefunded with respect to the first Quarterly Collection Period) in full. For purposes of the Base Indenture, the
Class A-2 Accrued Quarterly Scheduled Principal Amount shall be deemed to be a “Senior Notes Accrued Quarterly Scheduled Principal Amount”. 

“Class A-2 Accrued Quarterly Scheduled Principal Shortfall 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 Class A-2 Accrued Quarterly Scheduled Principal Amounts on the immediately preceding Weekly Allocation Date with respect to
such Quarterly Collection Period was less than (ii) the Class A-2 Accrued Quarterly Scheduled Principal Amount for such immediately preceding Weekly Allocation Date. 

“Class A-2 Quarterly Interest” means, with respect to any Interest
Accrual Period, an amount equal to the sum of (i) the accrued interest at the Series 2019-1 Class A-2 Note Rate on the Series
2019-1 Class A-2 Outstanding Principal Amount (excluding, for the avoidance of doubt, Senior Notes Accrued Quarterly
Post-ARD Contingent Interest), calculated based on a 360-day year of twelve 30-day months and (ii) the amount of any Class A-2 Quarterly Interest Shortfall Amount for the immediately preceding Interest Accrual Period together with additional interest thereon as set forth in Section 3.5(a). 

“Commitments” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Commitment Fee Final Adjustment Amount” means, for any Interest Accrual Period, the result (whether a positive
or negative number) of (a) the aggregate of the Daily Commitment Fees Amounts for each day in such Interest Accrual Period minus (b) the aggregate amount allocated pursuant to clauses (i) – (iii) of the defined
term “Class A-1 Notes Accrued Quarterly Commitment Fee Amount” in respect of such Interest Accrual Period. For purposes of the Base Indenture, the “Commitment Fee Final Adjustment
Amount” shall be deemed to be the “Class A-1 Commitment Fee Adjustment Amount”. 

“Commitment Fee Interim Adjustment Amount” means, with respect to any Interest Accrual Period, as of any date of
determination prior to the ending of such Interest Accrual Period, the result (if positive) of (a) the expected aggregate of the Daily Commitment Fees Amounts for each day in such Interest Accrual Period as of such date of determination, as
determined by the Manager in accordance with the Managing Standard minus (b) the aggregate amount allocated pursuant to clauses (i) – (iii) of the defined term
“Class A-1 Notes Accrued Quarterly Commitment Fee Amount” in respect of such Interest Accrual Period. 

“Commitment Termination Date” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

 “Committed Note Purchaser” has the meaning set forth in the preamble to 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” has the meaning set forth in
Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“CP Rate” has the meaning set forth in Section 1.02 of the Series
2019-1 Class A-1 Note Purchase Agreement. 

“Daily Commitment Fees Amount” means, for any day during any Interest Accrual Period, the Undrawn Commitment Fees that accrue
for such day. 
 “Daily Post-Renewal Date Contingent 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 Contingent 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 Contingent 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. 

“Definitive Notes” has the meaning set forth in Section 4.2(c) of the Series 2019-1 Supplement. 
 “Depository” means the depository or the custodian specified herein
to whom the Notes of a Class of a Series, upon original issuance, may be issued and delivered. 
 “DTC” means The
Depository Trust Company and any successor thereto. 
 “Estimated
Class A-1 Daily Interest Amount” means (a) for the first Interest Accrual Period, the Class A-1 Daily Interest Amount as of the
Series 2019-1 Closing Date and (b) for any other Interest Accrual Period, the Class A-1 Daily Interest Amount for the first day of the Quarterly Collection
Period during which such Interest Accrual Period commenced. 
 “Estimated Daily Commitment Fees Amount” means (a) for
the first Interest Accrual Period, the Daily Commitment Fees Amount as of the Series 2019-1 Closing Date and (b) for any other Interest Accrual Period, the Daily Commitment Fees Amount for the first day
of the Quarterly Collection Period during which such Interest Accrual Period commenced. 
 “Eurodollar Advance” has the
meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

 “Eurodollar Rate” has the meaning set forth in
Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Fitch” means Fitch, Inc., doing business as Fitch Ratings, or any successor thereto. 

“Funding Agent” has the meaning set forth in the preamble to the Series 2019-1 Class A-1 Note Purchase Agreement. 
 “Hague Securities Convention” means the Hague
Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary, concluded 5 July 2006. 

“Increase” has the meaning set forth in Section 2.1(a) of the Series
2019-1 Supplement. 
 “Initial Purchaser” means, collectively, Citigroup Global
Markets Inc., Guggenheim Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc., Wells Fargo Securities, LLC and Rabo Securities USA, Inc. 

“Investor” has the meaning set forth in Section 1.02 of the Series
2019-1 Class A-1 Note Purchase Agreement. 

“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” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“L/C Issuing Bank” has the meaning set forth in Section 2.07(g) of the Series 2019-1 Class A-1 Note Purchase Agreement. 
 “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. 

“L/C Obligations” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 
 “L/C
Provider” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“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 End Date” 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. 
 “Offering
Memorandum” means the Offering Memorandum for the offering of the Series 2019-1 Class A-2 Notes, dated June 13, 2019, prepared by the Master Issuer.

 “Outstanding Series 2019-1
Class A-1 Notes” means, with respect to the Series 2019-1 Class A-1 Notes, all Series 2019-1 Class A-1 Notes theretofore authenticated and delivered under the Base Indenture, except: 

(i)    Series 2019-1
Class A-1 Notes theretofore canceled by the Registrar or delivered to the Registrar for cancellation; 

(ii)    Series 2019-1
Class A-1 Notes, or portions thereof, for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited in the Series 2019-1
Class A-1 Distribution Account and are available for payment of such Series 2019-1 Class A-1 Notes and the Commitments
with respect to which have terminated; provided that if such Series 2019-1 Class A-1 Notes or portions thereof are to be redeemed, notice of such redemption
has been duly given pursuant to the Indenture or provision therefore reasonably satisfactory to the Trustee has been made; 

(iii)    Series 2019-1
Class A-1 Notes that have been defeased in accordance with Section 12.1 of the Base Indenture; 

(iv)    Series 2019-1
Class A-1 Notes in exchange for, or in lieu of which other Series 2019-1 Class A-1 Notes have been authenticated and
delivered pursuant to the Indenture, unless proof reasonably satisfactory to the Trustee is presented that any such Series 2019-1 Class A-1 Notes are held by a
holder in due course or protected purchaser; and 
 (v)    Series
2019-1 Class A-1 Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Series 2019-1 Class A-1 Notes have been issued as provided in the Indenture. 
 “Outstanding Series 2019-1 Class A-2 Notes” means, with respect to the Series 2019-1
Class A-2 Notes, all Series 2019-1 Class A-2 Notes theretofore authenticated and delivered under the Base Indenture,
except: 
 (i)    Series 2019-1 Class A-2 Notes theretofore canceled by the Registrar or delivered to the Registrar for cancellation; 

(ii)    Series 2019-1
Class A-2 Notes, or portions thereof, for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited in the Series 2019-1
Class A-2 Distribution Account and are available for payment of such Series 2019-1 Class A-2 Notes; provided
that if such Series 2019-1 Class A-2 Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or
provision therefore reasonably satisfactory to the Trustee has been made; 
 (iii)    Series 2019-1 Class A-2 Notes that have been defeased in accordance with Section 12.1 of the Base Indenture; 

 (iv)    Series
2019-1 Class A-2 Notes in exchange for, or in lieu of which other Series 2019-1
Class A-2 Notes have been authenticated and delivered pursuant to the Indenture, unless proof reasonably satisfactory to the Trustee is presented that any such Series
2019-1 Class A-2 Notes are held by a holder in due course or protected purchaser; and 

(v)    Series 2019-1
Class A-2 Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Series 2019-1 Class A-2
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 Series 2019-1
Class A-2 Notes shall be disregarded and deemed not to be Outstanding: (x) Series 2019-1 Class A-2 Notes owned by
the Securitization Entities or any other obligor upon the Series 2019-1 Class A-2 Notes or any Affiliate of any of them and (y) Series 2019-1 Class A-2 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 Series 2019-1 Class A-2 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) Series 2019-1 Class A-2 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 Series 2019-1 Class A-2 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 Series 2019-1 Notes” means, collectively, all Outstanding Series 2019-1 Class A-1 Notes and all Outstanding Series 2019-1 Class A-2 Notes. 

“Permanent Regulation S Global Notes” has the meaning set forth in
Section 4.2(b) of the Series 2019-1 Supplement. 
 “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 last day of the second calendar month immediately preceding the date of such Series 2019-1
Prepayment. 
 “Quarterly Scheduled Principal Amount” means, with respect to any Quarterly Payment Date commencing on the
Quarterly Payment Date in September 2019, (i) with respect to the Series 2019-1 Class A-2-I Notes, $1,000,000 and
(ii) with respect to the Series 2019-1 Class A-2-II Notes, $1,125,000; provided that amounts paid to the Series 2019-1 Class A-2 Noteholders in respect of the Series 2019-1 Class A-2 Outstanding
Principal Amount (x) in respect of amounts allocated pursuant to priority (i)(D) of the Priority of Payments shall reduce the respective Quarterly Scheduled 

 
Principal Amounts ratably and (y) as optional prepayments pursuant to Section 3.6(f) shall reduce all remaining Quarterly Scheduled Principal Amounts with respect
to the applicable Tranche ratably. Series 2019-1 Class A-2 Notes that are cancelled pursuant to Section 2.14 of the Base Indenture shall
reduce the applicable Quarterly Scheduled Principal Amounts prior to the applicable Series 2019-1 Anticipated Repayment Date ratably based on the Outstanding Principal Amount of such Series 2019-1 Class A-2 Notes. For purposes of the Base Indenture, Quarterly Scheduled Principal Amounts shall be deemed to be “Scheduled Principal Payments”. 

“Quarterly Scheduled Principal Deficiency Amount” means, as of any date of determination, the amount, if any, of due and
unpaid Quarterly Scheduled Principal Amount with respect to each Quarterly Payment Date prior to such date of determination. For purposes of the Base Indenture, the “Quarterly Scheduled Principal Deficiency Amount” shall be deemed to be a
“Senior Notes Quarterly Scheduled Principal Deficiency Amount”. 
 “QIB” means a “Qualified Institutional
Buyer” as defined in Rule 144A. 
 “Rabobank” means Coöperatieve Rabobank, U.A., New York Branch. 

“Rating Agencies” means S&P and any successor or successors thereto. Solely with respect to the Series 2019-1 Class A-2 Notes, in the event that at any time the rating agencies rating the Series 2019-1
Class A-2 Notes do not include S&P, references to rating categories of S&P in this Series Supplement shall be deemed instead to be references to the equivalent categories of such other rating
agency as then is rating the Notes as of the most recent date on which such other rating agency and S&P published ratings for the type of security in respect of which such alternative rating agency is used. 

“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. 
 “Restricted Period” means, with respect to any Series 2019-1 Class A-2 Notes sold pursuant to Regulation S, the period commencing on the Series 2019-1 Closing Date and ending on the 40th day after the Series 2019-1 Closing Date. 

“Rule 144A Global Notes” has the meaning set forth in Section 4.2(a) of the
Series 2019-1 Supplement. 
 “Rule 144A” means Rule 144A
promulgated under the 1933 Act. 
 “Senior Notes Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest Accrual Period beginning during such Quarterly Collection Period (or to the extent necessary to
cover any Class A-1 Final Interest Adjustment Amount with respect to the Interest Accrual Period ending in such Quarterly Collection Period, as provided for in clause (iii) of “Senior
Notes Accrued Quarterly Interest Amount (Class A-1)”), an amount equal to the sum of Senior Notes Accrued Quarterly Interest Amount (Class A-1) and Senior Notes
Accrued Quarterly Interest Amount (Class A-2) for such Weekly Allocation Date. For purposes of the Base Indenture, the “Senior Notes Accrued Quarterly Interest Amount” shall be deemed to be a
“Senior Notes Accrued Quarterly Interest Amount”. 

 “Senior Notes Accrued Quarterly Interest Amount (Class A-1)” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest Accrual Period beginning during such
Quarterly Collection Period (or to the extent necessary to cover any Class A-1 Final Interest Adjustment Amount with respect to the Interest Accrual Period ending in such Quarterly Collection Period, as
provided for in clause (iii) below), an amount equal to the sum of: 
 (i) the sum of (A) the product of (1) the
Weekly Accrual Percentage and (2) the Class A-1 Estimated Quarterly Interest for such Interest Accrual Period and (B) the Senior Notes Accrued Quarterly Interest Shortfall (Class A-1) for such Weekly Allocation Date, until such Class A-1 Estimated Quarterly Interest, net of any allocated but unpaid negative
Class A-1 Final Interest Adjustment Amount with respect to a prior Interest Accrual Period, shall have been allocated in full; 

(ii) if such Weekly Allocation Date is the twelfth, thirteenth or fourteenth Weekly Allocation Date in such Quarterly Collection Period, the Class A-1 Interim Interest Adjustment Amount, if positive, with respect to such Interest Accrual Period (without duplication of clause (i)); and 

(iii) if such Weekly Allocation Date is the last Weekly Allocation Date in the Interest Accrual Period ending in such Quarterly Collection
Period, the Class A-1 Final Interest Adjustment Amount, if positive, with respect to such Interest Accrual Period. 

“Senior Notes Accrued Quarterly Interest Amount (Class A-2)” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest Accrual Period beginning during such Quarterly Collection Period, an amount equal to the sum of:
(i) the product of (1) the Weekly Accrual Percentage and (2) the expected Class A-2 Quarterly Interest for such Interest Accrual Period and (ii) the Senior Notes Accrued Quarterly
Interest Shortfall (Class A-2) for such Weekly Allocation Date, until such expected Class A-2 Quarterly Interest shall have been allocated in full. 

“Senior Notes Accrued Quarterly Interest Shortfall (Class A-1)” 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 aggregate amount
allocated to the Senior Notes Interest Payment Account with respect to Senior Notes Accrued Quarterly Interest Amount (Class A-1) on each preceding Weekly Allocation Date with respect to such Quarterly
Collection Period was less than (ii) the aggregate Senior Notes Accrued Quarterly Interest Amount (Class A-1) for all such preceding Weekly Allocation Dates. 

“Senior Notes Accrued Quarterly Interest Shortfall (Class A-2)” 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 aggregate amount
allocated to the Senior Notes Interest Payment Account with respect to the Senior Notes Accrued Quarterly Interest Amount (Class A-2) on each preceding Weekly Allocation Date with respect to such Quarterly
Collection Period was less than (ii) the aggregate Senior Notes Accrued Quarterly Interest Amount (Class A-2) for all such preceding Weekly Allocation Dates. 

 “Senior Notes Accrued Quarterly Post-ARD
Contingent Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period an amount equal to the sum of (i) the product of (1) the Weekly Accrual Percentage and (2) the aggregate of each
interest amount designated hereunder as a “Senior Notes Quarterly Post-ARD Contingent Interest Amount” for purposes of the Base Indenture (collectively, the “Designated SNAQPCIA”)
due on the Quarterly Payment Date in the next succeeding Quarterly Collection Period and (ii) the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Shortfall for such Weekly Allocation Date,
until such Designated SNAQPCIA shall have been allocated in full. For purposes of the Base Indenture, the “Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount” shall be deemed to be a
“Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount”. 
 “Senior
Notes Accrued Quarterly Post-ARD Contingent Interest Shortfall” 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 aggregate amount allocated to the Senior Notes Post-ARD Contingent Interest Account with
respect to the Series 2019-1 Notes on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount for all such preceding Weekly Allocation Dates. 
 “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 an “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 “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. 
 “Series 2019-1 Class A-1 Breakage Amount” has the meaning set forth under “Breakage Amount” in this Annex A. 

 “Series 2019-1 Class A-1 Commitments” has the meaning set forth under “Commitments” in this Annex A. 

“Series 2019-1 Class A-1 Commitment
Term” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Series 2019-1 Class A-1
Distribution Account” means account no. 12306900 entitled “Citibank, N.A. f/b/o Wendy’s 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 Note 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 $24,736,019. 

“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 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 this Annex A. 

“Series 2019-1 Class A-1 L/C
Notes” has the meaning set forth in “Designation” in the Series 2019-1 Supplement. 

“Series 2019-1 Class A-1 L/C
Obligations” has the meaning set forth under “L/C Obligations” in this Annex A. 

 “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 26, 2019, by and among the Master Issuer, the Guarantors, the Manager, the Series 2019-1 Class A-1 Investors, the Series 2019-1 Class A-1 Noteholders and Rabobank, as
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 Master Issuer, subject to the terms and conditions set forth therein, as amended, supplemented or otherwise modified from time to
time. For purposes of the Base Indenture, the “Series 2019-1 Class A-1 Note Purchase Agreement” shall be deemed to be a “Variable Funding Note
Purchase Agreement”. 
 “Series 2019-1 Class A-1 Note Rate” means, for any day, (a) with respect to any portion of the Series 2019-1 Class A-1 Outstanding
Principal Amount as of such day, the CP Rate, the Eurodollar Rate or the Base Rate, as applicable thereto pursuant to the Series 2019-1 Class A-1 Note Purchase
Agreement for such day, and (b) with respect to any other amounts that any Related 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. 
 “Series 2019-1 Class A-1 Notes” has the meaning set forth in “Designation” in the Series 2019-1
Supplement. 
 “Series 2019-1
Class A-1 Notes Amortization Event” means the circumstance 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. 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 $150,000,000, 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 Renewal Date” means (i) the Quarterly Payment Date in September 2024, (ii) if the date in clause (i) is
extended at such time to the Quarterly Payment Date in September 2025, the Quarterly Payment Date in September 2025 and (iii) if the date in clause (ii) is extended at such time to the Quarterly Payment Date in September 2026, the
Quarterly Payment Date in September 2026, in each case pursuant to Section 3.6(b) of this Series Supplement. 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 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 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 Contingent Interest Amount” 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 Contingent 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 Contingent Interest Amount shall be deemed to be a “Senior Notes Quarterly Post-ARD Contingent Interest Amount”. 

“Series 2019-1 Class A-1
Post-Renewal Date Contingent Interest Rate” has the meaning set forth in Section 3.4(c) of the Series 2019-1 Supplement. 

“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 Loan” has the meaning set forth under “Swingline Loans” in this Annex A. 

“Series 2019-1 Class A-1 Swingline
Notes” has the meaning set forth in “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 Master Issuer, the Guarantors, the Manager, the Conduit Investors, the Committed Note Purchasers, the Funding
Agents, the L/C Provider, the Swingline Lender, and the 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. 12307000 entitled “Citibank, N.A. f/b/o Wendy’s 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. 

 “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 the aggregate initial outstanding principal amount of the Series 2019-1 Class A-2 Notes, which is $850,000,000. 

“Series 2019-1 Class A-2 Make-Whole
Prepayment Premium” means, with respect to a Series 2019-1 Class A-2 Prepayment, an amount (not less than zero) calculated by the Manager on behalf of the
Master Issuer equal to (A) if such Series 2019-1 Class A-2 Prepayment occurs prior to the relevant Make-Whole End Date with respect to the applicable Tranche
(i) the discounted present value as of the relevant Series 2019-1 Class A-2 Make-Whole Premium Calculation Date of all future installments of interest
(excluding any interest required to be paid on the applicable Series 2019-1 Prepayment Date) on and principal of such Tranche (or portion thereof) being prepaid that the Master Issuer would otherwise be
required to pay on such Tranche (or such portion thereof to be prepaid) from the applicable Series 2019-1 Prepayment Date to and including the Make-Whole End Date with respect to such Tranche, assuming that
(x) payments of Quarterly Scheduled Principal Amounts are made pursuant to the then-applicable schedule of payments (giving effect to any ratable reductions in the Quarterly Scheduled Principal Amounts due to optional and mandatory prepayments,
including prepayments in connection with a Rapid Amortization Event, additional amortization payments and cancellations of repurchased Notes prior to the date of such repayment), (y) Quarterly Scheduled Principal Amounts (or ratable amounts thereof
based on the principal of such Tranche (or portion thereof) being prepaid) are to be made with respect to such Tranche (or portion thereof to be prepaid) on each Quarterly Payment Date prior to such Make-Whole End Date and (z) the entire
remaining unpaid principal amount of such Tranche (or portion thereof) is paid on such Make-Whole End Date minus (ii) the Outstanding Principal Amount of such Tranche (or portion thereof) being prepaid or (B) if such Series 2019-1 Class A-2 Prepayment occurs on or after the Make-Whole End Date with respect to the applicable Tranche, zero. For the purposes of the calculation of the discounted
present value in clause (A)(i) above, such present value shall be determined by the Manager, on behalf of the Master Issuer, using a discount rate equal to the sum of: (x) the yield to maturity (adjusted to a quarterly bond-equivalent
basis), on the Series 2019-1 Class A-2 Make-Whole Premium Calculation Date, of the United States Treasury Security having a maturity closest to the relevant
Make-Whole End Date plus (y) 0.50%. For purposes of the Base Indenture, “Series 2019-1 Class A-2 Make-Whole Prepayment Premium” shall be
deemed to be “unpaid premiums and make-whole prepayment premiums” for purposes of the Priority of Payments. 
 “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 Note Purchase Agreement” means the Purchase Agreement, dated as of June 13, 2019, by and among Citigroup Global Markets Inc.
and Guggenheim Securities, LLC, each on behalf of itself and as representative of the Initial Purchasers, the Master Issuer, the Guarantors and the Manager, as amended, supplemented or otherwise modified from time to time. 

 “Series 2019-1 Class A-2 Note Rate” means (i) with respect to the Series 2019-1 Class A-2-I
Notes, the Series 2019-1 Class A-2-I Note Rate and (ii) with respect to the Series
2019-1 Class A-2-II, the Series 2019-1 Class A-2-II Note Rate. 
 “Series 2019-1
Class A-2-I Note Rate” means 3.783% per annum. 

“Series 2019-1 Class A-2-II Note Rate” means 4.080% per annum. 
 “Series 2019-1 Class A-2 Notes” has the meaning specified in “Designation” of the Series 2019-1
Supplement. 
 “Series 2019-1
Class A-2 Outstanding Principal Amount” means, when used with respect to 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 a Quarterly Scheduled Principal Amount, a prepayment, a purchase and cancellation, a redemption or
otherwise) made to Series 2019-1 Class A-2 Noteholders with respect to Series 2019-1
Class A-2 Notes 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 Post-ARD Contingent Interest” has the meaning set forth in Section 3.5(b)(i). For purposes of
the Base Indenture, Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be deemed to be a “Senior
Notes Quarterly Post-ARD Contingent Interest Amount”. 
 “Series 2019-1 Closing Date” means June 26, 2019. For purposes of the Base Indenture, the Series 2019-1 Closing Date shall be deemed the “Series Closing Date”
with respect to the Series 2019-1 Notes. 
 “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. For purposes of the Base Indenture, the Series 2019-1 Distribution Accounts shall be deemed
to be “Series Distribution Accounts”. 
 “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 Series 2019-1 Class A-1 Commitments. 

 “Series 2019-1 Final Payment Date”
means the date on which the Series 2019-1 Final Payment 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. 
 “Series 2019-1 Ineligible Account” has the
meaning set forth in Section 3.11 of the Series 2019-1 Supplement. 

“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 Class A-2 Make-Whole
Premium Calculation Date” has the meaning set forth in Section 3.6(g) of the Series 2019-1 Supplement. 

“Series 2019-1 Non-Amortization Test” means a
test that will be satisfied on any Quarterly Payment Date only if both (i) the Holdco Leverage Ratio is less than or equal to 5.00x as calculated on the Quarterly Calculation Date immediately preceding such Quarterly Payment Date and
(ii) no Rapid Amortization Event has occurred and is continuing. For purposes of the Base Indenture, the “Series 2019-1 Non-Amortization Test” shall be
deemed to be a “Series Non-Amortization Test”. 
 “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” has the meaning set forth in “Designation” in the
Series 2019-1 Supplement. 
 “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-2 Prepayment or any other prepayment in respect of the Series 2019-1 Notes pursuant to
Section 3.6(d) and (j). 
 “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 this Series Supplement, which shall be, with respect to any Series 2019-1 Prepayment pursuant to Section 3.6(f) of this Series Supplement,
the date specified as such in the applicable Prepayment Notice and, with respect to any Series 2019-1 Prepayment in connection with a Rapid Amortization Period or Asset Disposition Proceeds, 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. 

“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 Senior Notes Quarterly Interest Amount” means, with respect to each Quarterly Payment Date, the aggregate amount of Senior Notes Accrued Quarterly Interest Amounts with respect to the related
Quarterly Collection Period (assuming that each of the Senior Notes Accrued Quarterly Interest Shortfall (Class A-1), the Class A-1 Interim Interest Adjustment
Amount and the Senior Notes Accrued Quarterly Interest Shortfall (Class A-2) for each applicable Weekly Allocation Date were equal to zero) net of any allocated but unpaid negative Class A-1 Final Interest Adjustment Amount with respect to the related Interest Accrual Period. For purposes of the Base Indenture, the “Series 2019-1 Senior Notes
Quarterly Interest Amount” shall be deemed to be a “Senior Notes Quarterly Interest Amount”. 
 “Series 2019-1 Supplement” means the Series 2019-1 Supplement, dated as of the Series 2019-1 Closing Date by and among the Master
Issuer, the Trustee and the Series 2019-1 Securities Intermediary, as amended, supplemented or otherwise modified from time to time. 

“Series 2019-1 Supplemental Definitions List” has the meaning set forth in
Article I of the Series 2019-1 Supplement. 
 “Similar Law” means any federal,
state, local, or non-U.S. law that is substantially similar to the provisions of Section 406 of ERISA or Section 4975 of the Code. 

“STAMP” has the meaning set forth in Section 4.3(a) of the Series
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” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

 “Swingline Lender” has the meaning set forth in
Section 1.02 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. 

“Temporary Regulation S Global Notes” has the meaning set forth in
Section 4.2(b) of the Series 2019-1 Supplement. 

“Tranche” means (i) the Series 2019-1 Class A-2-I Notes and (ii) the Series 2019-1 Class A-2-II Notes, each of
which is hereby designated as a “Tranche” of the Series 2019-1 Class A-2 Notes for purposes of the Base Indenture. 

“Undrawn Commitment Fees” has the meaning set forth in Section 3.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 
 “Undrawn
L/C Face Amounts” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 

“Unreimbursed L/C Drawings” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. 
 “U.S.
Person” has the meaning set forth in Section 4.2 of the Series 2019-1 Supplement. 

“Voluntary Decrease” has the meaning set forth in Section 2.2(b) of the Series 2019-1 Supplement. 
 “Weekly Accrual Percentage” means 10.0%. 

 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
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. 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 MASTER
ISSUER GIVES 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 26, 2019 BY AND AMONG THE
MASTER ISSUER, WENDY’S INTERNATIONAL, LLC, AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS AND COÖPERATIEVE RABOBANK, U.A., NEW YORK BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND
ADMINISTRATIVE AGENT. 

  
 A-1-1-1 

 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 

WENDY’S FUNDING, LLC 
 SERIES
2019-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS:
SERIES 2019-1 CLASS A-1 ADVANCE NOTE 
 WENDY’S
FUNDING, LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the “Master Issuer”), for value received, hereby promises 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 Series 2019-1 Class A-1 Note Purchase Agreement. Payments of principal
shall be payable in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date occurring in June 2049
(the “Series 2019-1 Legal Final Maturity Date”). Pursuant to the Series 2019-1 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 Series 2019-1 Class A-1 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 Master Issuer 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 15th day (or, if such
date is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing on September 16, 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 the Closing Date to but excluding the first day of the first Quarterly Fiscal Period and (ii) thereafter, the 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 (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 Master Issuer shall also pay contingent interest on this Note at the
Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the
times set forth in the Indenture. In addition to and not in limitation of the foregoing and the provisions of the Indenture and the Series 2019-1 Class A-1 Note
Purchase Agreement, the Master Issuer further agrees to pay to the holder of this Note such holder’s portion of the other fees, costs and expense reimbursements, indemnification amounts and other amounts, if any, due and payable in accordance
with the Indenture and the Series 2019-1 Class A-1 Note Purchase Agreement. 

The holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof, which
shall be attached hereto and made a part hereof, the date and amount of each Increase and Decrease with respect thereto and the Series 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
Master Issuer in respect of the Series 2019-1 Class A-1 Outstanding Principal Amount. 

  
 A-1-1-2 

 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 Master Issuer 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 Master Issuer 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: Citibank Agency & Trust – Wendy’s Funding, LLC. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern. 

Subject to the next following paragraph, the Master Issuer hereby certifies and declares 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 Master Issuer enforceable in accordance with its terms, have been done and performed and have happened in due compliance
with all applicable laws and in accordance with the terms of the Indenture. 
 Unless the certificate of authentication hereon has been
executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-1-1-3 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                         
  

			
	 WENDY’S FUNDING, LLC, as Master

	 Issuer

		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-1-4 

 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-1-1-5 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1
Class A-1 Notes of the Master Issuer designated as its 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 June 1, 2015 (such Base Indenture, as amended, supplemented or modified, is herein called
the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (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 26, 2019 (the “Series 2019-1 Supplement”), among the Master Issuer, 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 Master Issuer. 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 Series 2019-1
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 contingent 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 contingent 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. 

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
12:30 p.m. (Eastern 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. 

  
 A-1-1-6 

 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 Master Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the Series 2019-1 Class A-1 Noteholder hereof or
his or her attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act
of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 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. 
 Each Series 2019-1
Class A-1 Noteholder, by acceptance of a Series 2019-1 Class A-1 Note, covenants and agrees that by accepting the
benefits of the Indenture that prior to the date that is one (1) year and one (1) 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 Related Document. 
 It is the intent of the Master Issuer that the Series 2019-1 Class A-1 Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. 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 United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a
division of another entity for federal income tax purposes, 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 Master Issuer and the rights of the Series 2019-1 Class A-1 Noteholders under the Indenture at any time by the Master Issuer 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 Master Issuer 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. 

  
 A-1-1-7 

 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to
represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, a 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 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 Similar
Law. 
 The term “Master Issuer” as used in this Note includes any successor and assign to the Master Issuer under the
Indenture. 
 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 Master
Issuer, which is absolute and unconditional, to pay the amounts due on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

[Remainder of page intentionally left blank] 

  
 A-1-1-8 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 Dated:
                             

 

					
	 By:
	 	
            
	 	 1
 
	 	 	 
		 	 Signature Guaranteed:
	 	
			
	       
	 	         
	 	

  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-1-1-9 

 INCREASES AND DECREASES 

 

															
	Date	  	 Unpaid
Principal
Amount
	  	 Increase
	  	 Decrease
	  	 Total
	  	 Series 2019-1

Class A- 1 Note
Rate
	  	 Interest
Accrual Period
(if applicable)
	  	 Notation

Made By

  
 A-1-1-10 

 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
CLASS A-1 NOTE (THIS “NOTE”), WHICH IS A SERIES 2019-1 CLASS A-1 SWINGLINE 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. 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 MASTER ISSUER GIVES 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 26, 2019 BY AND AMONG THE MASTER ISSUER, WENDY’S INTERNATIONAL, LLC, AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE
FUNDING AGENTS AND COÖPERATIEVE RABOBANK, U.A., NEW YORK BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

  
 A-1-2-1 

 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 

WENDY’S FUNDING, LLC 
 SERIES
2019-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS:
SERIES 2019-1 CLASS A-1 SWINGLINE NOTE 
 WENDY’S
FUNDING, LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the “Master Issuer”), for value received, hereby promises 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 Series 2019-1 Class A-1 Note Purchase Agreement. Payments of principal
shall be payable in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date occurring in June 2049
(the “Series 2019-1 Legal Final Maturity Date”). Pursuant to the Series 2019-1 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 Series 2019-1 Class A-1 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 Master Issuer 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 15th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing on September 16, 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 the Closing Date to but excluding the first day of the first Quarterly Fiscal Period and (ii) thereafter, the 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 (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 Master Issuer shall also pay
contingent interest on this Note at the Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate, and such contingent interest shall be computed and shall
be payable in the amounts and at the times set forth in the Indenture. In addition to and not in limitation of the foregoing and the provisions of the Indenture and the Series 2019-1 Class A-1 Note Purchase Agreement, the Master Issuer further agrees to pay to the holder of this Note such holder’s portion of the other fees, costs and expense reimbursements, indemnification amounts and
other amounts, if any, due and payable in accordance with the Indenture and the Series 2019-1 Class A-1 Note Purchase Agreement. 

The holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof, which
shall be attached hereto and made a part hereof, the date and amount of each Subfacility Increase and Subfacility Decrease with respect thereto and the Series 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 Master
Issuer in respect of the Series 2019-1 Class A-1 Outstanding Principal Amount. 

  
 A-1-2-2 

 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 Master Issuer 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 Master Issuer 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: Citibank Agency & Trust – Wendy’s Funding, LLC. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern. 

Subject to the next following paragraph, the Master Issuer hereby certifies and declares 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 Master Issuer enforceable in accordance with its terms, have been done and performed and have happened in due compliance
with all applicable laws and in accordance with the terms of the Indenture. 
 Unless the certificate of authentication hereon has been
executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-1-2-3 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                         
  

			
	WENDY’S FUNDING, LLC, as Master
	Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-2-4 

 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-1-2-5 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1
Class A-1 Notes of the Master Issuer designated as its 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 June 1, 2015 (such Base Indenture, as amended, supplemented or modified, is herein called
the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (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 26, 2019 (the “Series 2019-1 Supplement”), among the Master Issuer, 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 Master Issuer. 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 Series 2019-1 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 contingent 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 contingent 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. 

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
12:30 p.m. (Eastern 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. 
  

  
 A-1-2-6 

 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 Master Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the Series 2019-1 Class A-1 Noteholder hereof or
his or her attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act
of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 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. 
 Each Series 2019-1
Class A-1 Noteholder, by acceptance of a Series 2019-1 Class A-1 Note, covenants and agrees that by accepting the
benefits of the Indenture that prior to the date that is one (1) year and one (1) 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 Related Document. 
 It is the intent of the Master Issuer that the Series 2019-1 Class A-1 Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. 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 United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a
division of another entity for federal income tax purposes, 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 Master Issuer and the rights of the Series 2019-1 Class A-1 Noteholders under the Indenture at any time by the Master Issuer 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 Master Issuer 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. 

  
 A-1-2-7 

 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to
represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, a 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 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 Similar
Law. 
 The term “Master Issuer” as used in this Note includes any successor and assign to the Master Issuer under the
Indenture. 
 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 Master
Issuer, 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-1-2-8 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                     
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
  
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints                     , attorney, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises. 

Dated:                         
    
  

					
	By:	 	  
	 	 1
 
	 	 	 
		 	Signature Guaranteed:	 	
			
		 	  
	 	

  
  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-1-2-9 

 INCREASES AND 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-1-2-10 

 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 CLASS A-1 NOTE (THIS “NOTE”), WHICH IS A SERIES 2019-1 CLASS A-1 L/C 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. 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 MASTER ISSUER GIVES 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 26, 2019 BY AND AMONG THE MASTER ISSUER, WENDY’S INTERNATIONAL, LLC, AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE
FUNDING AGENTS AND COÖPERATIEVE RABOBANK, U.A., NEW YORK BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

  
 A-1-3-1 

 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN AND SUBJECT TO SUBFACILITY INCREASES AND
SUBFACILITY DECREASES AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ALL L/C OBLIGATIONS RELATING TO LETTERS OF CREDIT ISSUED BY THE HOLDER OF THIS
NOTE (WHETHER IN RESPECT OF UNDRAWN L/C FACE AMOUNTS OR UNREIMBURSED L/C DRAWINGS) SHALL BE DEEMED TO BE PRINCIPAL OUTSTANDING UNDER THIS NOTE FOR ALL PURPOSES OF THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE AGREEMENT, THE INDENTURE AND THE OTHER RELATED DOCUMENTS OTHER THAN, IN THE CASE OF UNDRAWN L/C FACE AMOUNTS, FOR PURPOSES OF ACCRUAL OF INTEREST. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS
CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE. 
 REGISTERED 
  

					
	No. R-L-	  		  	up to
$[                    ]              

 SEE REVERSE FOR CERTAIN CONDITIONS 

WENDY’S FUNDING, LLC 
 SERIES
2019-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 
 SUBCLASS:
SERIES 2019-1 CLASS A-1 L/C NOTE 
 WENDY’S FUNDING,
LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the “Master Issuer”), for value received, hereby promises 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 Series 2019-1 Class A-1 Note Purchase Agreement. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein;
provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date occurring in June 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 Series 2019-1 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 Series 2019-1 Class A-1 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 Master Issuer 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 L/C Quarterly 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 15th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing on
September 16, 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 the Closing Date to but
excluding the first day of the first Quarterly Fiscal Period and (ii) thereafter, the 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 (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 Master Issuer shall also pay contingent interest and fees on this Note at the Series 2019-1 Class A-1
Post-Renewal Date Contingent Interest Rate, and such contingent interest and fees shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. In addition to and not in limitation of the foregoing and the
provisions of the Indenture 

  
 A-1-3-2 

 
and the Series 2019-1 Class A-1 Note Purchase Agreement, the Master Issuer further agrees to pay to the holder
of this Note such holder’s portion of the other fees, costs and expense reimbursements, indemnification amounts and other amounts, if any, due and payable in accordance with the Indenture and the Series
2019-1 Class A-1 Note Purchase Agreement. 
 The holder
of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof, which shall be attached hereto and made a part hereof the date and amount of each Subfacility Increase and Subfacility
Decrease with respect thereto and the Series 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 Master Issuer 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 Master Issuer 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 Master Issuer 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: Citibank Agency & Trust – Wendy’s Funding, LLC. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern. 

Subject to the next following paragraph, the Master Issuer hereby certifies and declares 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 Master Issuer enforceable in accordance with its terms, have been done and performed and have happened in due compliance
with all applicable laws and in accordance with the terms of the Indenture. 
 Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-1-3-3 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:                     

 

			
	WENDY’S FUNDING, LLC, as Master Issuer
		
	By:	 	              

		 	Name:
		 	Title:

  
 A-1-3-4 

 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-1-3-5 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1
Class A-1 Notes of the Master Issuer designated as its 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 June 1, 2015 (such Base Indenture, as amended, supplemented or modified, is herein called the
“Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (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 26, 2019 (the “Series 2019-1 Supplement”), among the Master Issuer, 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 Series 2019-1
Class A- 1 Note Purchase Agreement, the Indenture and the other Related Documents other than, in the case of Undrawn L/C Face Amounts, for purposes of accrual of interest. As provided for in the
Indenture, the Series 2019-1 Class A-1 L/C Notes may be prepaid, in whole or in part, at the option of the Master Issuer. 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 Series 2019-1
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. 

Interest, fees and contingent 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, fees and contingent 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
12:30 p.m. (Eastern 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 

  
 A-1-3-6 

 
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. 
 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 Master Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the Series 2019-1 Class A-1 Noteholder hereof or his or her attorney duly
authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and
accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 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. 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 that by accepting the
benefits of the Indenture that prior to the date that is one (1) year and one (1) 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 Related Document. 
 It is the intent of the Master Issuer that the Series 2019-1 Class A-1 Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. 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 United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a
division of another entity for federal income tax purposes, 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 Master Issuer and the rights of the Series 2019-1 Class A-1 Noteholders under the Indenture at any time by the Master Issuer 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 Master Issuer 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 

  
 A-1-3-7 

 
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 not
acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, a 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 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 Similar Law. 

The term “Master Issuer” as used in this Note includes any successor and assign to the Master Issuer under the Indenture.

 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 Master Issuer, 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-1-3-8 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of
assignee:                     
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
  
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints                     , attorney, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises. 

Dated:                     

 

					
	By:	 	              
	 	 1
 
		 	Signature Guaranteed:	 	
			
		 	  
	 	

  
  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-1-3-9 

 INCREASES AND 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-1-3-10 

 EXHIBIT A-2-1

 THE ISSUANCE AND SALE OF THIS RULE 144A GLOBAL SERIES 2019-1 CLASS
A-2-I NOTE (THIS “NOTE”) HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR
WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND WENDY’S FUNDING, LLC (THE “MASTER ISSUER”) HAS 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 MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) REPRESENTS THAT
(A) IT IS NOT A COMPETITOR AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A OR (Y) NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT IS NOT A COMPETITOR
AND IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PERSON WHICH IS EITHER (X) A QUALIFIED INSTITUTIONAL BUYER OR (Y) NOT A U.S. PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION,
(C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION OF NOTES, (D) IT UNDERSTANDS THAT THE MASTER ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR
MORE BOOK-ENTRY DEPOSITORIES AND (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES. 
 EACH PERSON
(IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH 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 MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

  
 A-2-1-1 

 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 MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL
BUYER. THE MASTER ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR. 

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

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE
REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-2-1-2 

 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 NOTE 
  

					
	No. R-	  		 	up to $[                        ]

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [            ] 

ISIN Number: [            ] 

Common Code: [            ] 

WENDY’S FUNDING, LLC 
 SERIES
2019-1 3.783% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-I 

WENDY’S FUNDING, LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the
“Master Issuer”), for value received, hereby promises 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 the Quarterly Payment Date occurring in June 2049 (the “Series 2019-1 Legal Final Maturity
Date”). The Master Issuer will pay interest on this Rule 144A Global Series 2019-1 Class A-2-I Note (this
“Note”) at the Series 2019-1 Class A-2-I Note Rate 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 15th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December,
commencing on September 16, 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 the Closing Date to but excluding
the 15th day of the calendar month that includes the then current Quarterly Payment Date and (ii) thereafter, the period from and including the 15th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to
but excluding the 15th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any defaulted payments of interest or
principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the
Master Issuer shall also pay contingent interest on this Note at the Series 2019-1 Class A-2 Quarterly Post-ARD Contingent
Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Master Issuer 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. 

  
 A-2-1-3 

 
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 Master Issuer 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: Citibank Agency & Trust – Wendy’s Funding, LLC. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern. 

Subject to the next following paragraph, the Master Issuer hereby certifies and declares 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 Master Issuer 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-2-1-4 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:                     

 

			
	WENDY’S FUNDING, LLC, as Master
	Issuer	 	

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-1-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1
Class A-2-I Notes issued under the within- mentioned Indenture. 
  

			
	 CITIBANK, N.A., as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

  
 A-2-1-6 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1 Class A-2-I Notes of the Master Issuer designated as its Series 2019-1 3.783% Fixed Rate Senior Secured Notes, Class A-2-I (herein called the “Series 2019-1
Class A-2-I Notes”), all issued under (i) the Base Indenture, dated as of June 1, 2015 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (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 26, 2019 (the “Series 2019-1
Supplement”), among the Master Issuer, 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 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 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 Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2019-1 Class A-2-I Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2019-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2019-1 Class A-2-I Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2019-1 Legal Final Maturity Date. All payments of principal of the Series 2019-1
Class A-2-I Notes will be made pro rata to the holders of Series 2019-1 Class A-2-I Notes entitled thereto. 
 Principal of and interest on this Note, which are
payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of
business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and contingent interest, if any, will each
accrue on the Series 2019-1 Class A-2-I Notes at the rates set forth in the Indenture. The interest and contingent interest,
if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2019-1
Class A-2-I Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 
 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 Master Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2019-1 Class A-2-I Notes hereof or his or her attorney 

  
 A-2-1-7 

 
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2019-1 Supplement, and thereupon
one or more new Series 2019-1 Class A-2-I Notes of authorized denominations in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any Tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each holder of Series 2019-1 Class A-2-I Notes, by acceptance of a Series 2019-1
Class A-2-I Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2019-1 Class A-2-I Notes
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 Related
Document. 
 It is the intent of the Master Issuer that the Series 2019-1 Class A-2-I Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. Each holder of Series 2019-1 Class A-2-I Notes, by the acceptance of this
Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer
or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, 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 holder of Series 2019-1 Class A-2-I Notes, 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 Master Issuer and the rights of the holders of Series 2019-1 Class A- 2-I Notes under the
Indenture at any time by the Master Issuer with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series 2019-1 Class A-2-I Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive
compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2019-1 Class A-2-I Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series 2019-1 Class A- 2-I Notes and upon all future holders of Series 2019-1 Class A-2-I Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent
and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, a 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 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 Similar
Law. 

  
 A-2-1-8 

 The term “Master Issuer” as used in this Note includes any successor and
assign to the Master Issuer under the Indenture. 
 The Series 2019-1
Class A-2-I Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York 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 Master Issuer, 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. 
 [Remainder of page intentionally left blank] 

  
 A-2-1-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                     
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
  
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints                     , attorney, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises. 
 Dated:  

 

					
	 By:
	 	 	 	 1
 
	 	 	 
		 	 Signature Guaranteed:
	 	
			
		 	 	 	

  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-2-1-10 

 SCHEDULE OF EXCHANGES IN RULE 144A GLOBAL SERIES
2019-1 
 CLASS A-2-I
NOTE 
 The initial principal balance of this Rule 144A Global Series 2019-1 Class A-2-I Note is $[            ]. The following exchanges of an interest in this Rule 144A Global Series 2019-1 Class A-2-I Note for an interest in a corresponding Temporary Regulation S Global Series
2019-1 Class A-2-I Note or a Permanent Regulation S Global Series 2019-1 Class A-2-I 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

Registrar

  
 A-2-1-11 

 EXHIBIT A-2-2

 THE ISSUANCE AND SALE OF THIS RULE 144A GLOBAL SERIES 2019-1 CLASS
A-2-II NOTE (THIS “NOTE”) HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR
WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND WENDY’S FUNDING, LLC (THE “MASTER ISSUER”) HAS 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 MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) REPRESENTS THAT
(A) IT IS NOT A COMPETITOR AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A OR (Y) NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT IS NOT A COMPETITOR
AND IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PERSON WHICH IS EITHER (X) A QUALIFIED INSTITUTIONAL BUYER OR (Y) NOT A U.S. PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION,
(C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION OF NOTES, (D) IT UNDERSTANDS THAT THE MASTER ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR
MORE BOOK-ENTRY DEPOSITORIES AND (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES. 
 EACH PERSON
(IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH 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 MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

  
 A-2-2-1 

 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 MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL
BUYER. THE MASTER ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR. 

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

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE
REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-2-2-2 

 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-II NOTE 
  

					
	No. R-	  		 	up to $[                        ]

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [            ] 

ISIN Number: [            ] 

Common Code: [            ] 

WENDY’S FUNDING, LLC 
 SERIES
2019-1 4.080% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-II 

WENDY’S FUNDING, LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the
“Master Issuer”), for value received, hereby promises 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 the Quarterly Payment Date occurring in June 2049 (the “Series 2019-1 Legal Final Maturity
Date”). The Master Issuer will pay interest on this Rule 144A Global Series 2019-1 Class A-2-II Note (this
“Note”) at the Series 2019-1 Class A-2-II Note Rate 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 15th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December,
commencing on September 16, 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 the Closing Date to but excluding
the 15th day of the calendar month that includes the then current Quarterly Payment Date and (ii) thereafter, the period from and including the 15th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to
but excluding the 15th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any defaulted payments of interest or
principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the
Master Issuer shall also pay contingent interest on this Note at the Series 2019-1 Class A-2 Quarterly Post-ARD Contingent
Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Master Issuer 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. 

  
 A-2-2-3 

 
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 Master Issuer 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: Citibank Agency & Trust – Wendy’s Funding, LLC. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern. 

Subject to the next following paragraph, the Master Issuer hereby certifies and declares 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 Master Issuer 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-2-2-4 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:                     

 

			
	 WENDY’S FUNDING, LLC, as Master

	 Issuer
	 	

 
			
		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 A-2-2-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1
Class A-2-II Notes issued under the within- mentioned Indenture. 
  

			
	 CITIBANK, N.A., as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

  
 A-2-2-6 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1 Class A-2-II Notes of the Master Issuer designated as its Series 2019-1 4.080% Fixed Rate Senior Secured Notes, Class A-2-II (herein called the “Series 2019-1
Class A-2-II Notes”), all issued under (i) the Base Indenture, dated as of June 1, 2015 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (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 26, 2019 (the “Series 2019-1
Supplement”), among the Master Issuer, 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-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-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-II Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2019-1 Class A-2-II Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2019-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2019-1 Class A-2-II Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2019-1 Legal Final Maturity Date. All payments of principal of the Series 2019-1
Class A-2-II Notes will be made pro rata to the holders of Series 2019-1 Class A-2-II Notes entitled thereto. 
 Principal of and interest on this Note, which are
payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of
business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and contingent interest, if any, will each
accrue on the Series 2019-1 Class A-2-II Notes at the rates set forth in the Indenture. The interest and contingent
interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2019-1
Class A-2-II Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 
 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 Master Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2019-1 Class A-2-II Notes hereof or his or her attorney 

  
 A-2-2-7 

 
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2019-1 Supplement, and thereupon
one or more new Series 2019-1 Class A-2-II Notes of authorized denominations in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any Tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each holder of Series 2019-1 Class A-2-II Notes, by acceptance of a Series 2019- 1
Class A-2-II Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2019-1 Class A-2-II Notes
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 Related
Document. 
 It is the intent of the Master Issuer that the Series 2019-1 Class A-2-II Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. Each holder of Series 2019-1 Class A-2-II Notes, by the acceptance of this
Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer
or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, 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 holder of Series 2019-1 Class A-2-II Notes, 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 Master Issuer and the rights of the holders of Series 2019-1 Class A-2-II Notes under the Indenture at any
time by the Master Issuer with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series 2019-1 Class A-2-II Notes. The
Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences without the consent of any holders of Series 2019-1 Class A-2-II Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series
2019-1 Class A-2-II Notes and upon all future holders of Series 2019-1 Class A-2-II Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest
herein) shall be deemed to represent and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, a 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 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 Similar Law. 

  
 A-2-2-8 

 The term “Master Issuer” as used in this Note includes any successor and
assign to the Master Issuer under the Indenture. 
 The Series 2019-1
Class A-2-II Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York 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 Master Issuer, 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. 
 [Remainder of page intentionally left blank] 

  
 A-2-2-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                     
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
  
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints                     , attorney, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises. 
 Dated:
                         
  

					
	 By:
	 	 	 	 1
 
	 	 	 
		 	 Signature Guaranteed:
	 	
			
		 	 	 	

  
  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-2-2-10 

 SCHEDULE OF EXCHANGES IN RULE 144A GLOBAL SERIES
2019-1 
 CLASS A-2-II
NOTE 
 The initial principal balance of this Rule 144A Global Series 2019-1 Class A-2-II Note is $[            ]. The following exchanges of an interest in this Rule 144A Global Series 2019-1 Class A-2-II Note for an interest in a corresponding Temporary Regulation S Global Series
2019-1 Class A-2-II Note or a Permanent Regulation S Global Series 2019-1 Class 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

Registrar

  
 A-2-2-11 

 EXHIBIT A-2-3

 THE ISSUANCE AND SALE OF THIS TEMPORARY REGULATION S GLOBAL SERIES 2019-1 CLASS A-2-I NOTE (THIS “NOTE”) HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY
SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND WENDY’S FUNDING, LLC (THE “MASTER ISSUER”) HAS 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 MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) REPRESENTS THAT
(A) IT IS NOT A COMPETITOR AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A OR (Y) NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT IS NOT A COMPETITOR
AND IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PERSON WHICH IS EITHER (X) A QUALIFIED INSTITUTIONAL BUYER OR (Y) NOT A U.S. PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION,
(C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION OF NOTES, (D) IT UNDERSTANDS THAT THE MASTER ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR
MORE BOOK-ENTRY DEPOSITORIES AND (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES. 
 EACH PERSON
(IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH 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 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 MASTER ISSUER, THE TRUSTEE OR ANY
INTERMEDIARY. 

  
 A-2-3-1 

 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 MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL
BUYER. THE MASTER ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR. 

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

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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 1933 ACT AND AGREES FOR THE BENEFIT OF THE MASTER ISSUER THAT THIS
NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED
STATES GOVERNING 
 THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE 1933 ACT. 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE
REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS 

  
 A-2-3-2 

 
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 

 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 NOTE 
  

					
	No. S-	  		  	up to $[                ]            

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [            ] 

ISIN Number: [            ] 

WENDY’S FUNDING, LLC 
 SERIES
2019-1 3.783% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-I 

WENDY’S FUNDING, LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the
“Master Issuer”), for value received, hereby promises 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 the Quarterly Payment Date occurring in June 2049 (the “Series 2019-1 Legal Final Maturity
Date”). The Master Issuer will pay interest on this Temporary Regulation S Global Series 2019-1 Class A-2-I Note
(this “Note”) at the Series 2019-1 Class A-2-I Note Rate 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 15th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and
December, commencing on September 16, 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 the Closing Date to but
excluding the 15th day of the calendar month that includes the then current Quarterly Payment Date and (ii) thereafter, the period from and including the 15th day of the calendar month in which the immediately preceding Quarterly Payment Date
occurred to but excluding the 15th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any defaulted payments of
interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the
Indenture, the Master Issuer shall also pay contingent interest on this Note at the Series 2019-1 Class A-2 Quarterly
Post-ARD Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Master Issuer 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. 

  
 A-2-3-4 

 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 Master Issuer 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: Citibank Agency & Trust – Wendy’s Funding, LLC. To the extent
not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern. 

Subject to the next following paragraph, the Master Issuer hereby certifies and declares 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 Master Issuer 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-2-3-5 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:  
  

			
	WENDY’S FUNDING, LLC, as Master
	    Issuer

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-3-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1
Class A-2-I Notes issued under the within- mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee

 
			
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-3-7 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1 Class A-2-I Notes of the Master Issuer designated as its Series 2019-1 3.783% Fixed Rate Senior Secured Notes, Class A-2-I (herein called the “Series 2019-1
Class A-2-I Notes”), all issued under (i) the Base Indenture, dated as of June 1, 2015 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (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 26, 2019 (the “Series 2019-1
Supplement”), among the Master Issuer, 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 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 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 Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2019-1 Class A-2-I Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2019-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2019-1 Class A-2-I Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2019-1 Legal Final Maturity Date. All payments of principal of the Series 2019-1
Class A-2-I Notes will be made pro rata to the holders of Series 2019-1 Class A-2-I Notes entitled thereto. 
 Principal of and interest on this Note, which are
payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of
business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and contingent interest, if any, will each
accrue on the Series 2019-1 Class A-2-I Notes at the rates set forth in the Indenture. The interest and contingent interest,
if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2019-1
Class A-2-I Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 
 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 Master Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2019-1 Class A-2-I Notes hereof or his or her attorney 

  
 A-2-3-8 

 
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2019-1 Supplement, and thereupon
one or more new Series 2019-1 Class A-2-I Notes of authorized denominations in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any Tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each holder of Series 2019-1 Class A-2-I Notes, by acceptance of a Series 2019-1
Class A-2-I Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2019-1 Class A-2-I Notes
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 Related
Document. 
 It is the intent of the Master Issuer that the Series 2019-1 Class A-2-I Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. Each holder of Series 2019-1 Class A-2-I Notes, by the acceptance of this
Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer
or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, 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 holder of Series 2019-1 Class A-2-I Notes, 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 Master Issuer and the rights of the holders of Series 2019-1 Class A- 2-I Notes under the
Indenture at any time by the Master Issuer with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series 2019-1 Class A-2-I Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive
compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2019-1 Class A-2-I Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series 2019-1 Class A- 2-I Notes and upon all future holders of Series 2019-1 Class A-2-I Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent
and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, a 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 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 Similar
Law. 

  
 A-2-3-9 

 The term “Master Issuer” as used in this Note includes any successor and
assign to the Master Issuer under the Indenture. 
 The Series 2019-1
Class A-2-I Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York 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 Master Issuer, 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. 
 [Remainder of page intentionally left blank] 

  
 A-2-3-10 

 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-2-3-11 

 SCHEDULE OF EXCHANGES IN TEMPORARY REGULATION S 

GLOBAL SERIES 2019-1 CLASS
A-2-I NOTE 
 The initial principal balance of this Temporary Regulation S
Global Series 2019-1 Class A-2-I Note is $[            ]. The
following exchanges of an interest in this Temporary Regulation S Global Series 2019-1 Class A-2-I Note for an interest in a
corresponding Rule 144A Global Series 2019-1 Class A-2-I Note or a Permanent Regulation S Global Series 2019-1 Class A-2-I Note have been made: 
  

							
	 Date
	  	 Amount of Increase (or

Decrease) in the Principal
 Amount of
this Regulation S
 Global Note
	  	 Remaining Principal

Amount of this Temporary
 Regulation S
Global Note
 following the Increase or

Increase or Decrease
	  	 Signature of Authorized

Officer of Trustee or

Registrar

  
 A-2-3-12 

 EXHIBIT A-2-4

 THE ISSUANCE AND SALE OF THIS TEMPORARY REGULATION S GLOBAL SERIES 2019-1 CLASS A-2-II NOTE (THIS “NOTE”) HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY
SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND WENDY’S FUNDING, LLC (THE “MASTER ISSUER”) HAS 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 MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) REPRESENTS THAT
(A) IT IS NOT A COMPETITOR AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A OR (Y) NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT IS NOT A COMPETITOR
AND IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PERSON WHICH IS EITHER (X) A QUALIFIED INSTITUTIONAL BUYER OR (Y) NOT A U.S. PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION,
(C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION OF NOTES, (D) IT UNDERSTANDS THAT THE MASTER ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR
MORE BOOK-ENTRY DEPOSITORIES AND (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES. 
 EACH PERSON
(IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH 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 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 MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

  
 A-2-4-1 

 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 MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL
BUYER. THE MASTER ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR. 

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

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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 1933 ACT AND AGREES FOR THE BENEFIT OF THE MASTER ISSUER THAT THIS
NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED
STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE
144A UNDER THE 1933 ACT. 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED

  
 A-2-4-2 

 
REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-2-4-3 

 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-II NOTE 
  

					
	No. S-	  		  	up to $[                ]            

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [            ] 

ISIN Number: [            ] 

WENDY’S FUNDING, LLC 
 SERIES
2019-1 4.080% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-II 

WENDY’S FUNDING, LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the
“Master Issuer”), for value received, hereby promises 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 the Quarterly Payment Date occurring in June 2049 (the “Series 2019-1 Legal Final Maturity
Date”). The Master Issuer will pay interest on this Temporary Regulation S Global Series 2019-1 Class A-2-II Note
(this “Note”) at the Series 2019-1 Class A-2-II Note Rate 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 15th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and
December, commencing on September 16, 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 the Closing Date to but
excluding the 15th day of the calendar month that includes the then current Quarterly Payment Date and (ii) thereafter, the period from and including the 15th day of the calendar month in which the immediately preceding Quarterly Payment Date
occurred to but excluding the 15th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any defaulted payments of
interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the
Indenture, the Master Issuer shall also pay contingent interest on this Note at the Series 2019-1 Class A-2 Quarterly
Post-ARD Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and 
 private debts. All payments made by the Master Issuer 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 Section 2.8 and 2.13 of the Base Indenture and Section 4.2(c) of the Series 2019-1 Supplement. 

  
 A-2-4-4 

 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 Master Issuer 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: Citibank Agency & Trust – Wendy’s Funding, LLC. To the extent
not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern. 

Subject to the next following paragraph, the Master Issuer hereby certifies and declares 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 Master Issuer 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-2-4-5 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date: 
  

			
	WENDY’S FUNDING, LLC, as Master
	    Issuer

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-4-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1
Class A-2-II Notes issued under the within- mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee

 
			
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-4-7 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1 Class A-2-II Notes of the Master Issuer designated as its Series 2019-1 4.080% Fixed Rate Senior Secured Notes, Class A-2-II (herein called the “Series 2019-1
Class A-2-II Notes”), all issued under (i) the Base Indenture, dated as of June 1, 2015 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (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 26, 2019 (the “Series 2019-1
Supplement”), among the Master Issuer, 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-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-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-II Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2019-1 Class A-2-II Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2019-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2019-1 Class A-2-II Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2019-1 Legal Final Maturity Date. All payments of principal of the Series 2019-1
Class A-2-II Notes will be made pro rata to the holders of Series 2019-1 Class A-2-II Notes entitled thereto. 
 Principal of and interest on this Note, which are
payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of
business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and contingent interest, if any, will each
accrue on the Series 2019-1 Class A-2-II Notes at the rates set forth in the Indenture. The interest and contingent
interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2019-1
Class A-2-II Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 
 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 Master Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2019-1 Class A-2-II Notes hereof or his or her attorney 

  
 A-2-4-8 

 
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2019-1 Supplement, and thereupon
one or more new Series 2019-1 Class A-2-II Notes of authorized denominations in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any Tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each holder of Series 2019-1 Class A-2-II Notes, by acceptance of a Series 2019- 1
Class A-2-II Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2019-1 Class A-2-II Notes
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 Related
Document. 
 It is the intent of the Master Issuer that the Series 2019-1 Class A-2-II Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. Each holder of Series 2019-1 Class A-2-II Notes, by the acceptance of this
Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer
or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, 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 holder of Series 2019-1 Class A-2-II Notes, 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 Master Issuer and the rights of the holders of Series 2019-1 Class A-2-II Notes under the
Indenture at any time by the Master Issuer with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series 2019-1 Class A-2-II Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive
compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2019-1 Class A-2-II Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series 2019-1 Class A-2-II Notes and upon all future holders of Series 2019-1 Class A-2-II Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent
and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, a 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 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 Similar
Law. 

  
 A-2-4-9 

 The term “Master Issuer” as used in this Note includes any successor and
assign to the Master Issuer under the Indenture. 
 The Series 2019-1
Class A-2-II Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York 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 Master Issuer, 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. 
 [Remainder of page intentionally left blank] 

  
 A-2-4-10 

 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-2-4-11 

 SCHEDULE OF EXCHANGES IN TEMPORARY REGULATION S 

GLOBAL SERIES 2019-1 CLASS
A-2-II NOTE 
 The initial principal balance of this Temporary Regulation S
Global Series 2019-1 Class A-2-II Note is $[            ]. The
following exchanges of an interest in this Temporary Regulation S Global Series 2019-1 Class A-2-II Note for an interest in
a corresponding Rule 144A Global Series 2019-1 Class A-2-II Note or a Permanent Regulation S Global Series 2019-1 Class 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
Registrar

  
 A-2-4-12 

 EXHIBIT A-2-5

 THE ISSUANCE AND SALE OF THIS PERMANENT REGULATION S GLOBAL SERIES 2019-1 CLASS A-2-I NOTE (THIS “NOTE”) HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY
SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND WENDY’S FUNDING, LLC (THE “MASTER ISSUER”) HAS 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 MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) REPRESENTS THAT
(A) IT IS NOT A COMPETITOR AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A OR (Y) NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT IS NOT A COMPETITOR
AND IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PERSON WHICH IS EITHER (X) A QUALIFIED INSTITUTIONAL BUYER OR (Y) NOT A U.S. PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION,
(C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION OF NOTES, (D) IT UNDERSTANDS THAT THE MASTER ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR
MORE BOOK-ENTRY DEPOSITORIES AND (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES. 
 EACH PERSON
(IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH 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 MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

  
 A-2-5-1 

 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 MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL
BUYER. THE MASTER ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR. 

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

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE
REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-2-5-2 

 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 NOTE 
  

			
	No. U-	  	up to $[                    ]            

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [            ] 

ISIN Number: [            ] 

Common Code: [            ] 

WENDY’S FUNDING, LLC 
 SERIES
2019-1 3.783% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-I 

WENDY’S FUNDING, LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the
“Master Issuer”), for value received, hereby promises 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 the Quarterly Payment Date occurring in June 2049 (the “Series 2019-1 Legal Final Maturity
Date”). The Master Issuer will pay interest on this Permanent Regulation S Global Series 2019-1 Class A-2-I Note
(this “Note”) at the Series 2019-1 Class A-2-I Note Rate 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 15th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and
December, commencing on September 16, 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 the Closing Date to but
excluding the 15th day of the calendar month that includes the then current Quarterly Payment Date and (ii) thereafter, the period from and including the 15th day of the calendar month in which the immediately preceding Quarterly Payment Date
occurred to but excluding the 15th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any defaulted payments of
interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the
Indenture, the Master Issuer shall also pay contingent interest on this Note at the Series 2019-1 Class A-2 Quarterly
Post-ARD Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Master Issuer 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; 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. 

  
 A-2-5-3 

 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 Master Issuer 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: Citibank Agency & Trust – Wendy’s Funding, LLC. To the extent
not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern. 

Subject to the next following paragraph, the Master Issuer hereby certifies and declares 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 Master Issuer 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-2-5-4 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                         
  

			
	WENDY’S FUNDING, LLC, as Master
	Issuer	 	

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-5-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1
Class A-2-I Notes issued under the within- mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-5-6 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1 Class A-2-I Notes of the Master Issuer designated as its Series 2019-1 3.783% Fixed Rate Senior Secured Notes, Class A-2-I (herein called the “Series 2019-1
Class A-2-I Notes”), all issued under (i) the Base Indenture, dated as of June 1, 2015 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (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 26, 2019 (the “Series 2019-1 Supplement”),
among the Master Issuer, 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 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 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 Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2019-1 Class A-2-I Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2019-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2019-1 Class A-2-I Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2019-1 Legal Final Maturity Date. All payments of principal of the Series 2019-1
Class A-2-I Notes will be made pro rata to the holders of Series 2019-1 Class A-2-I Notes entitled thereto. 
 Principal of and interest on this Note, which are
payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of
business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and contingent interest, if any, will each
accrue on the Series 2019-1 Class A-2-I Notes at the rates set forth in the Indenture. The interest and contingent interest,
if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2019-1
Class A-2-I Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 
 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 Master Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2019-1 Class A-2-I Notes hereof or his or her attorney 

  
 A-2-5-7 

 
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2019-1 Supplement, and thereupon
one or more new Series 2019-1 Class A-2-I Notes of authorized denominations in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any Tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each holder of Series 2019-1 Class A-2-I Notes, by acceptance of a Series 2019-1
Class A-2-I Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2019-1 Class A-2-I Notes
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 Related
Document. 
 It is the intent of the Master Issuer that the Series 2019-1 Class A-2-I Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. Each holder of Series 2019-1 Class A-2-I Notes, by the acceptance of this
Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer
or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, 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 holder of Series 2019-1 Class A-2-I Notes, 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 Master Issuer and the rights of the holders of Series 2019-1 Class A- 2-I Notes under the
Indenture at any time by the Master Issuer with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series 2019-1 Class A-2-I Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive
compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2019-1 Class A-2-I Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series 2019-1 Class A- 2-I Notes and upon all future holders of Series 2019-1 Class A-2-I Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent
and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, a 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 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 Similar
Law. 

  
 A-2-5-8 

 The term “Master Issuer” as used in this Note includes any successor and
assign to the Master Issuer under the Indenture. 
 The Series 2019-1
Class A-2-I Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York 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 Master Issuer, 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. 
 [Remainder of page intentionally left blank] 

  
 A-2-5-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                     
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
  
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints                    , attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises. 
 Dated:
                     
  

					
	By:	 	  
	 	 1
 
		 	Signature Guaranteed:	 	
			
		 	  
	 	

  
  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-2-5-10 

 SCHEDULE OF EXCHANGES IN PERMANENT REGULATION S 

GLOBAL SERIES 2019-1 CLASS
A-2-I NOTE 
 The initial principal balance of this
Permanent Regulation S Global Series 2019-1 Class A-2-I Note is
$[            ]. The following exchanges of an interest in this Permanent Regulation S Global Series 2019-1 Class A-2-I Note for an interest in a corresponding Rule 144A Global Series 2019-1
Class A-2-I 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 Registrar

  
 A-2-5-11 

 EXHIBIT A-2-6

 THE ISSUANCE AND SALE OF THIS PERMANENT REGULATION S GLOBAL SERIES 2019-1 CLASS A-2-II NOTE (THIS “NOTE”) HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY
SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND WENDY’S FUNDING, LLC (THE “MASTER ISSUER”) HAS 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 MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) REPRESENTS THAT
(A) IT IS NOT A COMPETITOR AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A OR (Y) NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT IS NOT A COMPETITOR
AND IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PERSON WHICH IS EITHER (X) A QUALIFIED INSTITUTIONAL BUYER OR (Y) NOT A U.S. PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION,
(C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION OF NOTES, (D) IT UNDERSTANDS THAT THE MASTER ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR
MORE BOOK-ENTRY DEPOSITORIES AND (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES. 
 EACH PERSON
(IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH 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 MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

  
 A-2-6-1 

 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 MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL
BUYER. THE MASTER ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR. 

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

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE
REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-2-6-2 

 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-II NOTE 
  

					
	No. U-	  		  	up to $[                    ]            

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [            ] 

ISIN Number: [            ] 

Common Code: [            ] 

WENDY’S FUNDING, LLC 
 SERIES
2019-1 4.080% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-II 

WENDY’S FUNDING, LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the
“Master Issuer”), for value received, hereby promises 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 the Quarterly Payment Date occurring in June 2049 (the “Series 2019-1 Legal Final Maturity
Date”). The Master Issuer will pay interest on this Permanent Regulation S Global Series 2019-1 Class A-2-II Note
(this “Note”) at the Series 2019-1 Class A-2-II Note Rate 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 15th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and
December, commencing on September 16, 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 the Closing Date to but
excluding the 15th day of the calendar month that includes the then current Quarterly Payment Date and (ii) thereafter, the period from and including the 15th day of the calendar month in which the immediately preceding Quarterly Payment Date
occurred to but excluding the 15th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any defaulted payments of
interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the
Indenture, the Master Issuer shall also pay contingent interest on this Note at the Series 2019-1 Class A-2 Quarterly
Post-ARD Contingent Interest Rate, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Master Issuer 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; 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. 

  
 A-2-6-3 

 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 Master Issuer 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: Citibank Agency & Trust – Wendy’s Funding, LLC. To the extent
not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. In the event of any inconsistency between the provisions of this Note and the Indenture, the provisions of the Indenture shall govern. 

Subject to the next following paragraph, the Master Issuer hereby certifies and declares 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 Master Issuer 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-2-6-4 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:                     

  

			
	 WENDY’S FUNDING, LLC, as Master

Issuer

		
	By:	 	              

		 	Name:
		 	Title:

  
 A-2-6-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2019-1
Class A-2-II Notes issued under the within- mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	              

		 	Authorized Signatory

  
 A-2-6-6 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2019-1 Class A-2-II Notes of the Master Issuer designated as its Series 2019-1 4.080% Fixed Rate Senior Secured Notes, Class A-2-II (herein called the “Series 2019-1
Class A-2-II Notes”), all issued under (i) the Base Indenture, dated as of June 1, 2015 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (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 26, 2019 (the “Series 2019-1 Supplement”),
among the Master Issuer, 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-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-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-II Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2019-1 Class A-2-II Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2019-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2019-1 Class A-2-II Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2019-1 Legal Final Maturity Date. All payments of principal of the Series 2019-1
Class A-2-II Notes will be made pro rata to the holders of Series 2019-1 Class A-2-II Notes entitled thereto. 
 Principal of and interest on this Note, which are
payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of
business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and contingent interest, if any, will each
accrue on the Series 2019-1 Class A-2-II Notes at the rates set forth in the Indenture. The interest and contingent
interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2019-1
Class A-2-II Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 
 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 Master Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2019-1 Class A-2-II Notes hereof or his or her attorney 

  
 A-2-6-7 

 
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2019-1 Supplement, and thereupon
one or more new Series 2019-1 Class A-2-II Notes of authorized denominations in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any Tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each holder of Series 2019-1 Class A-2-II Notes, by acceptance of a Series 2019- 1
Class A-2-II Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2019-1 Class A-2-II Notes
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 Related
Document. 
 It is the intent of the Master Issuer that the Series 2019-1 Class A-2-II Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. Each holder of Series 2019-1 Class A-2-II Notes, by the acceptance of this
Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer
or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, 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 holder of Series 2019-1 Class A-2-II Notes, 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 Master Issuer and the rights of the holders of Series 2019-1 Class A-2-II Notes under the
Indenture at any time by the Master Issuer with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series 2019-1 Class A-2-II Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to waive
compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2019-1 Class A-2-II Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series 2019-1 Class A-2-II Notes and upon all future holders of Series 2019-1 Class A-2-II Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent
and warrant that either (i) it is not acquiring or holding this Note (or any interest herein) for or on behalf of, or with the assets of, a 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 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 Similar
Law. 

  
 A-2-6-8 

 The term “Master Issuer” as used in this Note includes any successor and
assign to the Master Issuer under the Indenture. 
 The Series 2019-1
Class A-2-II Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York 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 Master Issuer, 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. 
 [Remainder of page intentionally left blank] 

  
 A-2-6-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                     
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
  
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints                     , attorney, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises. 

Dated:                     

 

					
	By:	 	              
	 	 1
 
		 	Signature Guaranteed:	 	
			
		 	  
	 	

  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-2-6-10 

 SCHEDULE OF EXCHANGES IN PERMANENT REGULATION S 

GLOBAL SERIES 2019-1 CLASS
A-2-II NOTE 
 The initial principal balance of this Permanent Regulation S
Global Series 2019-1 Class A-2-II Note is $[            ]. The
following exchanges of an interest in this Permanent Regulation S Global Series 2019-1 Class A-2-II Note for an interest in
a corresponding Rule 144A Global Series 2019-1 Class 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 Registrar

  
 A-2-6-11 

 EXHIBIT B-1 

FORM OF TRANSFER 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 –
Wendy’s Funding LLC 
  

	Re:	 Wendy’s 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 June 1, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Base Indenture”), between Wendy’s Funding, LLC, as master issuer (the “Master Issuer”), and Citibank, N.A., as trustee (the “Trustee”) and as
securities intermediary, and (ii) the Series 2019-1 Supplement to the Base Indenture, dated as of June 26, 2019 (the “Series 2019-1
Supplement” and, together with the Base Indenture, the “Indenture”), among the Master Issuer, 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 Series 2019-1 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 the Master Issuer
or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and the Series 2019-1 Class A-1 Note Purchase Agreement, (ii) pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “1933 Act”), and the applicable securities laws of any
state of the United States and any other jurisdiction and in accordance with the Indenture and any applicable securities laws of any state of the United States or any other jurisdiction and (iii) to a Person who is not a Competitor. 

In addition, the Transferee hereby represents, warrants and covenants for the benefit of the Master Issuer, the Registrar and the Trustee that
either it is the Master Issuer or an Affiliate of the Master Issuer, or: 
 1. the Transferee has had an opportunity to discuss the Master
Issuer’s and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Master Issuer and the Manager and their respective representatives; 

2. the Transferee is a “qualified institutional buyer” within the meaning of Rule 144A under the 1933 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. the Transferee is
purchasing the Series 2019-1 Class A-1 Notes for its own account, or for the account of one or more “qualified institutional buyers” within the meaning of
Rule 144A under the 1933 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 in violation of the 1933 Act,
subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning
of the 1933 Act, or the rules and regulations promulgated thereunder, with respect to the Series 2019-1 Class A-1 Notes; 

  
 B-1-1 

 4. the Transferee understands that (i) the Series
2019-1 Class A-1 Notes have not been and will not be registered or qualified under the 1933 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 1933 Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from
registration or qualification is available and an opinion of counsel on the foregoing shall have been delivered in advance to the Master Issuer, (ii) the Master Issuer is not required to register the Series
2019-1 Class A-1 Notes under the 1933 Act or any applicable state securities laws or the securities laws of any state of the United States or any other
jurisdiction, (iii) any transferee must meet the criteria described in paragraph (2) above and (iv) any transfer must comply with the provisions of Section 2.8 of the Base Indenture,
Section 4.3 of the Series 2019-1 Supplement and Section 9.03 or 9.17, as applicable, of the Series 2019-1 Class A-1 Note Purchase Agreement; 
 5. the Transferee 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. the Transferee 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; 

7. the Transferee will obtain for the benefit of the Master Issuer from any purchaser of the Series
2019-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; 

8. the Transferee is not a Competitor; 

9. either (i) the Transferee is not acquiring or holding the Series 2019-1 Notes (or any interest
therein) for or on behalf of, or with the assets of, a Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law or (ii) the Transferee’s 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; 

10. If such Transferee is a Plan, or a fiduciary purchasing the Notes on behalf of a Plan, (a “Plan Fiduciary”), such
Transferee or Plan Fiduciary, as applicable, represents that none of the Manager, the Master Issuer, the Securitization Entities, the Initial Purchasers, the Trustee, or any of their respective Affiliates (the “Transaction Parties”)
has provided or will provide advice with respect to the acquisition of such Notes by the Plan; and 
 11. the Transferee is: 

☐ (check if applicable) a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code
of 1986, as amended (the “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. 

  
 B-1-2 

 The representations made pursuant to the preceding paragraphs shall be deemed to be made on
each day from the date the Transferee acquires any interest in any Note through and including the date on which such Transferee disposes of its interest in the applicable Note. The Transferee agrees to provide prompt written notice to the Master
Issuer, the Registrar and the Trustee of any change of the status of the Transferee that would cause it to breach the representations made in the preceding paragraphs. The Transferee further agrees to indemnify and hold harmless the Master Issuer,
the Registrar, the Trustee and the initial purchasers and their respective affiliates from any cost, damage or loss incurred by them as a result of the inaccuracy or breach of the foregoing representations, warranties and agreements. Any purported
transfer of the applicable Notes (or interests therein) that does not comply with the requirements of this paragraph and the preceding paragraphs shall be null and void ab initio. 

The Transferee understands that the Master Issuer, the Trustee, the Registrar and their respective counsel will rely upon the accuracy and
truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby,
and the Transferee hereby consents and agrees to such reliance and authorization. 

  
 B-1-3 

 
			
	[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:	 Wendy’s Funding, LLC 

[Address] 
 Attention: [insert]

 Facsimile: [insert] 

  
 B-1-4 

 EXHIBIT B-2 

FORM OF TRANSFER 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 –
Wendy’s Funding LLC 
  

	Re:	 Wendy’s Funding, LLC $[            ] Series 2019-1 [            ]% Fixed Rate Senior Secured Notes, Class A-2 (the “Notes”)

 Reference is hereby made to (i) the Base Indenture, dated as of June 1, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Base Indenture”), between Wendy’s Funding, LLC, as master issuer (the “Master Issuer”), and Citibank, N.A., as trustee (the “Trustee”) and as
securities intermediary, and (ii) the Series 2019-1 Supplement to the Base Indenture, dated as of June 26, 2019 (the “Series 2019-1
Supplement” and, together with the Base Indenture, the “Indenture”), among the Master Issuer, 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) it is the Master Issuer or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum dated
June 13, 2019, relating to the Notes, (ii) pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “1933 Act”), and the applicable securities laws of any state of the United States and
any other jurisdiction and in accordance with the Indenture and any applicable securities laws of any state of the United States or any other jurisdiction and (iii) to a Person who is not a Competitor. 

In addition, the Transferee hereby represents, warrants and covenants for the benefit of the Master Issuer, the Registrar and the Trustee that
either the Transferee is the Master Issuer or an Affiliate of the Master Issuer, or: 
 1. at the time the buy order for such Series 2019-1 Notes was originated, the Transferee 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; 

2. no General Solicitation or directed selling efforts, as defined in Rule 902 under the 1933 Act, have been made in contravention of the
requirements of Rule 903(a) or 904(a) under the 1933 Act; 

  
 B-2-1 

 3. the transaction is not part of a plan or scheme to evade the registration requirements of
the 1933 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; 

4. the Transferee is not a U.S. person (as defined in Regulation S); 

5. if the sale is made during a restricted period and the provisions of Rule 903(b)(2) or (3) or Rule 904(b)(1) of Regulation S are
applicable thereto, the Transferee confirms that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2) or (3) or Rule 904(b)(1), as the case may be; 

6. the Transferee is acquiring the Series 2019-1 Notes for its own account or the account of another
person which is not a Competitor and is either a QIB or not a U.S. Person, as applicable, with respect to which it exercises sole investment discretion; 

7. the Transferee will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Series 2019-1 Notes; 
 8. the Transferee understands that the Master Issuer, 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; 

9. the Transferee understands that the Manager, the Master Issuer 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 Series 2019-1 Notes; 
 11. the Transferee is not a Competitor; 

12. either (i) the Transferee is not acquiring or holding the Series 2019-1 Notes (or any interest
therein) for or on behalf of, or with the assets of, a Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law or (ii) the Transferee’s 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; 

13. If such Transferee is a Plan, or a fiduciary purchasing the Notes on behalf of a Plan, (a “Plan Fiduciary”), such
Transferee or Plan Fiduciary, as applicable, represents that none of the Manager, the Master Issuer, the Securitization Entities, the Initial Purchasers, the Trustee, or any of their respective Affiliates (the “Transaction Parties”)
has provided or will provide advice with respect to the acquisition of such Notes by the Plan; and 
 14. the Transferee is: 

☐ (check if applicable) a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code
of 1986, as amended (the “Code”) and a properly completed and signed Internal Revenue Service (“IRS”) Form W-9 (or applicable successor form) is attached hereto; or 

  
 B-2-2 

 ☐ (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 the preceding paragraphs shall be deemed to be made on each day from the date the Transferee acquires any
interest in any Note through and including the date on which such Transferee disposes of its interest in the applicable Note. 
 The
Transferee agrees to provide prompt written notice to the Master Issuer, the Registrar and the Trustee of any change of the status of the Transferee that would cause it to breach the representations made in the preceding paragraphs. The Transferee
further agrees to indemnify and hold harmless the Master Issuer, the Registrar, the Trustee and the initial purchasers and their respective affiliates from any cost, damage or loss incurred by them as a result of the inaccuracy or breach of the
foregoing representations, warranties and agreements. Any purported transfer of the applicable Notes (or interests therein) that does not comply with the requirements of this paragraph and the preceding paragraphs shall be null and void ab
initio. 
 The Transferee understands that the Master Issuer, the Trustee, the Registrar and their respective counsel will rely upon the
accuracy and truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters
covered hereby, and the Transferee hereby consents and agrees to such reliance and authorization. 

  
 B-2-3 

 
			
	[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:	 Wendy’s Funding, LLC 

[Address] 
 Attention: [insert]

 Facsimile: [insert] 

  
 B-2-4 

 EXHIBIT B-3 

FORM OF TRANSFER 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 – Wendy’s Funding LLC 
  

	Re:	 Wendy’s Funding, LLC $[            ] Series 2019-1 [            ]% Fixed Rate Senior Secured Notes, Class A-2 (the “Notes”)

 Reference is hereby made to (i) the Base Indenture, dated as of June 1, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Base Indenture”), between Wendy’s Funding, LLC, as master issuer (the “Master Issuer”), and Citibank, N.A., as trustee (the “Trustee”) and as
securities intermediary, and (ii) the Series 2019-1 Supplement to the Base Indenture, dated as of June 26, 2019 (the “Series 2019-1 Supplement”
and, together with the Base Indenture, the “Indenture”), among the Master Issuer, 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) it is the Master Issuer or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum dated
June 13, 2019, relating to the Notes, (ii) pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “1933 Act”), and the applicable securities laws of any state of the United States and
any other jurisdiction and in accordance with the Indenture and any applicable securities laws of any state of the United States or any other jurisdiction and (iii) to a Person who is not a Competitor. 

In addition, the Transferee hereby represents, warrants and covenants for the benefit of the Master Issuer, the Registrar and the Trustee that
either it is the Master Issuer or an Affiliate of the Master Issuer, or: 
 1. at the time the buy order for such Series 2019-1 Notes was originated, the Transferee 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; 

2. no General Solicitation or directed selling efforts, as defined in Rule 902 under the 1933 Act, have been made in contravention of the
requirements of Rule 903(a) or 904(a) under the 1933 Act; 
 3. the transaction is not part of a plan or scheme to evade the registration
requirements of the 1933 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; 

  
 B-3-1 

 4. the Transferee is not a U.S. person (as defined in Regulation S); 

5. the Transferee is acquiring the Series 2019-1 Notes for its own account or the account of another
person which is not a Competitor and is either a QIB or not a U.S. Person, as applicable, with respect to which it exercises sole investment discretion; 

6. the Transferee will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Series 2019-1 Notes; 
 7. the Transferee understands that the Master Issuer, 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; 

8. the Transferee understands that the Manager, the Master Issuer 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; 
 9. the Transferee will provide to each person to whom it transfers Notes notices of any
restrictions on transfer of such Series 2019-1 Notes; 
 10. the Transferee understands that the
Series 2019-1 Notes will bear the legend set out in the applicable form of Series 2019-1 Notes attached to the Series 2019-1
Supplement and be subject to the restrictions on transfer described in such legend; 
 11. the Transferee is not a Competitor; 

12. either (i) the Transferee is not acquiring or holding the Series 2019-1 Notes (or any interest
therein) for or on behalf of, or with the assets of, a Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law or (ii) the Transferee’s 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; 

13. If such Transferee is a Plan, or a fiduciary purchasing the Notes on behalf of a Plan, (a “Plan Fiduciary”), such
Transferee or Plan Fiduciary, as applicable, represents that none of the Manager, the Master Issuer, the Securitization Entities, the Initial Purchasers, the Trustee, or any of their respective Affiliates (the “Transaction Parties”)
has provided or will provide advice with respect to the acquisition of such Notes by the Plan; and 
 14. the Transferee is: 

☐ (check if applicable) a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code
of 1986, as amended (the “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 the preceding paragraphs shall be deemed to be made on each day from the date the Transferee acquires any interest in any Note through and including the date on which such Transferee disposes of its interest in the
applicable Note. The Transferee agrees to provide 

  
 B-3-2 

 
prompt written notice to the Master Issuer, the Registrar and the Trustee of any change of the status of the Transferee that would cause it to breach the representations made in the preceding
paragraphs. The Transferee further agrees to indemnify and hold harmless the Master Issuer, the Registrar, the Trustee and the initial purchasers and their respective affiliates from any cost, damage or loss incurred by them as a result of the
inaccuracy or breach of the foregoing representations, warranties and agreements. Any purported transfer of the applicable Notes (or interests therein) that does not comply with the requirements of this paragraph and the preceding paragraphs shall
be null and void ab initio. 
 The Transferee understands that the Master Issuer, the Trustee, the Registrar and their respective
counsel will rely upon the accuracy and truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with
respect to the matters covered hereby, and the Transferee hereby consents and agrees to such reliance and authorization. 

  
 B-3-3 

 [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:	 Wendy’s Funding, LLC 

[Address] 
 Attention: [insert]

 Facsimile: [insert] 

  
 B-3-4 

 EXHIBIT B-4 

FORM OF TRANSFER 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 –
Wendy’s Funding LLC 
  

	Re:	 Wendy’s Funding, LLC $[            ] Series 2019-1 [            ]% Fixed Rate Senior Secured Notes, Class A-2 (the “Notes”)

 Reference is hereby made to (i) the Base Indenture, dated as of June 1, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Base Indenture”), between Wendy’s Funding, LLC, as master issuer (the “Master Issuer”), and Citibank, N.A., as trustee (the “Trustee”) and as
securities intermediary, and (ii) the Series 2019-1 Supplement to the Base Indenture, dated as of June 26, 2019 (the “Series 2019-1
Supplement” and, together with the Base Indenture, the “Indenture”), among the Master Issuer, 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 an
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) it is the Master Issuer
or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the applicable transfer restrictions set forth in the Indenture and the Offering Memorandum dated June 13, 2019, relating to the
Notes, (ii) pursuant to Rule 144A under the Securities Act of 1933, as amended, (the “1933 Act”), and the applicable securities laws of any state of the United States and any other jurisdiction and in accordance with the
Indenture and any applicable securities laws of any state of the United States or any other jurisdiction and (iii) to a Person who is not a Competitor. In addition, the Transferee hereby represents, warrants and covenants for the benefit of the
Master Issuer, the Registrar and the Trustee that either the Transferee is the Master Issuer or an Affiliate of the Master Issuer, or: 
 1.
the Transferee is (a) a QIB pursuant to Rule 144A, (b) aware that any sale of the Series 2019-1 Notes to it will be made in reliance on Rule 144A and (c) acquiring such Series 2019-1 Notes for its own account or for the account of another person who is a QIB and is not a Competitor and with respect to which it exercises sole investment discretion; 

2. no General Solicitation or directed selling efforts, as defined in Rule 902 under the 1933 Act, have been made in contravention of the
requirements of Rule 903(a) or 904(a) under the 1933 Act; 
 3. the Transferee is acquiring the Series
2019-1 Notes for its own account or the account of another person which is not a Competitor and is either a QIB or not a U.S. Person, as applicable, with respect to which it exercises sole investment
discretion; 

  
 B-4-1 

 4. the Transferee will, and each account for which it is purchasing will, hold and transfer
at least the minimum denomination of Series 2019-1 Notes; 
 5. the Transferee understands that the
Master Issuer, 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; 

6. the Transferee understands that the Master Issuer, the Manager 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; 
 7. the Transferee will provide to each person to whom it transfers Notes notices of any
restrictions on transfer of such Series 2019-1 Notes; 
 8. the Transferee is not a Competitor; 

9. either (i) the Transferee is not acquiring or holding the Series 2019-1 Notes (or any interest
therein) for or on behalf of, or with the assets of, a Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law or (ii) the Transferee’s 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; 

10. If such Transferee is a Plan, or a fiduciary purchasing the Notes on behalf of a Plan, (a “Plan Fiduciary”), such
Transferee or Plan Fiduciary, as applicable, represents that none of the Manager, the Master Issuer, the Securitization Entities, the Initial Purchasers, the Trustee, or any of their respective Affiliates (the “Transaction Parties”)
has provided or will provide advice with respect to the acquisition of such Notes by the Plan; and 
 11. the Transferee is: 

☐ (check if applicable) a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code
of 1986, as amended (the “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 the preceding paragraphs shall be deemed to be made on each day from the date the Transferee acquires any interest in any Note through and including the date on which such Transferee disposes of its interest in the
applicable Note. The Transferee agrees to provide prompt written notice to the Master Issuer, the Registrar and the Trustee of any change of the status of the Transferee that would cause it to breach the representations made in the preceding
paragraphs. The Transferee further agrees to indemnify and hold harmless the Master Issuer, the Registrar, the Trustee and the initial purchasers and their respective affiliates from any cost, damage or loss incurred by them as a result of the
inaccuracy or breach of the foregoing representations, warranties and agreements. Any purported transfer of the applicable Notes (or interests therein) that does not comply with the requirements of this paragraph and the preceding paragraphs shall
be null and void ab initio. 

  
 B-4-2 

 The Transferee understands that the Master Issuer, the Trustee, the Registrar and their
respective counsel will rely upon the accuracy and truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby, and the Transferee hereby consents and agrees to such reliance and authorization. 

  
 B-4-3 

 
			
	[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:	 Wendy’s Funding, LLC 

[Address] 
 Attention: [insert]

 Facsimile: [insert] 

  
 B-4-4 

 EXHIBIT C 

FORM OF QUARTERLY NOTEHOLDERS’ REPORT 

[ATTACHED] 

  
 C-1 

 EXHIBIT D 

FORM OF VOLUNTARY DECREASE 

WENDY’S FUNDING LLC 
 SERIES 2019-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1 
 TO: Citibank, N.A., as Trustee

 CC: Coöperatieve Rabobank, U.A., New York Branch, as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to (a) that
certain Series 2019-1 Class A-1 Note Purchase Agreement, dated as of June 26, 2019 (as amended, supplemented, amended and restated or otherwise modified from
time to time, the “Series 2019-1 Class A-1 Note Purchase Agreement”), by and among the Wendy’s Funding LLC (the
“Issuer”), Wendy’s International, LLC (the “Manager”), the guarantors, the conduit investors, the committed note purchasers, the funding agents and Coöperatieve Rabobank, U.A., New York Branch, as L/C
provider, swingline lender and Administrative Agent (in such capacity, the “Administrative Agent”) and (b) that certain Series 2019-1 Supplement, dated as of June 26, 2019 (the
“Series 2019-1 Supplement”) to the Base Indenture, dated as of June 1, 2015 (the “Base Indenture”), by and between Wendy’s Funding LLC and the Trustee. Unless otherwise
defined herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the Series 2019-1 Class A-1 Note
Purchase Agreement or the Series 2019-1 Supplement. 
 The undersigned hereby gives the Trustee and the
Administrative Agent notice of a Voluntary Decrease and directs that the following amounts be paid on [                 ] (the “Voluntary Decrease
Date”). 
 Principal: $     

Interest: $     
 Breakage Amount (if any):
$     
 In furtherance of the above, the Trustee is hereby directed to transfer such amounts from the Collection Account to the Series 2019-1 Class A-1 Distribution Account not later than 10:00 a.m. (New York City time) on the Voluntary Decrease Date and to distribute such amounts to
[            ] at account number [            ]. 

For the avoidance of doubt, this repayment is a repayment and is not a permanent reduction in the Series 2019-1 Class A-1 Maximum Principal Amount. 

  
 D-1 

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

			
	Wendy’s International, LLC, as Manager on behalf of the Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]