Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 CLASS
A-1 NOTE PURCHASE AGREEMENT 
 (SERIES 2015-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1) 

dated as of January 26, 2015 

among 
 DB MASTER FINANCE LLC, 

as Master Issuer, 
 DB MASTER
FINANCE PARENT LLC, 
 DB FRANCHISING HOLDING COMPANY LLC, 

DB MEXICAN FRANCHISING LLC, 
 DD IP
HOLDER LLC, 
 BR IP HOLDER LLC, 

BR UK FRANCHISING LLC, 

DUNKIN’ DONUTS FRANCHISING LLC, 

BASKIN-ROBBINS FRANCHISING LLC, 
 DB
REAL ESTATE ASSETS I LLC and 
 DB REAL ESTATE ASSETS II LLC, 

each as a Guarantor, 
 DUNKIN’
BRANDS, INC., 
 as Manager, 

CERTAIN CONDUIT INVESTORS, 
 each as
a Conduit Investor, 
 CERTAIN FINANCIAL INSTITUTIONS, 

each as a Committed Note Purchaser, 

CERTAIN FUNDING AGENTS, 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., 

“RABOBANK NEDERLAND”, NEW YORK BRANCH, 

as L/C Provider, 
 COÖPERATIEVE
CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., 
 “RABOBANK NEDERLAND”, NEW YORK BRANCH, 

as Swingline Lender, 
 and 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., 

“RABOBANK NEDERLAND”, NEW YORK BRANCH, 

as Administrative Agent 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	ARTICLE I DEFINITIONS	  	 	2	  
		 	Section 1.01	  	Definitions	  	 	2	  
		 	Section 1.02	  	Defined terms	  	 	2	  
		
	 ARTICLE II PURCHASE AND SALE OF SERIES 2015-1 CLASS A-1 NOTES
	  	 	8	  
		 	Section 2.01	  	The Initial Advance Notes	  	 	8	  
		 	Section 2.02	  	Advances	  	 	9	  
		 	Section 2.03	  	Borrowing Procedures	  	 	10	  
		 	Section 2.04	  	The Series 2015-1 Class A-1 Notes	  	 	13	  
		 	Section 2.05	  	Reduction in Commitments	  	 	13	  
		 	Section 2.06	  	Swingline Commitment	  	 	16	  
		 	Section 2.07	  	L/C Commitment	  	 	19	  
		 	Section 2.08	  	L/C Reimbursement Obligations	  	 	23	  
		 	Section 2.09	  	L/C Participations	  	 	25	  
		
	 ARTICLE III INTEREST AND FEES
	  	 	27	  
		 	Section 3.01	  	Interest	  	 	27	  
		 	Section 3.02	  	Fees	  	 	29	  
		 	Section 3.03	  	Eurodollar Lending Unlawful	  	 	29	  
		 	Section 3.04	  	Deposits Unavailable	  	 	30	  
		 	Section 3.05	  	Increased Costs, etc.	  	 	30	  
		 	Section 3.06	  	Funding Losses	  	 	31	  
		 	Section 3.07	  	Increased Capital or Liquidity Costs	  	 	31	  
		 	Section 3.08	  	Taxes	  	 	32	  
		 	Section 3.09	  	Change of Lending Office	  	 	36	  
		
	 ARTICLE IV OTHER PAYMENT TERMS
	  	 	36	  
		 	Section 4.01	  	Time and Method of Payment	  	 	36	  
		 	Section 4.02	  	Order of Distributions	  	 	37	  
		 	Section 4.03	  	L/C Cash Collateral	  	 	37	  
		 	Section 4.04	  	Alternative Arrangements with Respect to Letters of Credit	  	 	38	  
		
	 ARTICLE V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS
	  	 	38	  
		 	Section 5.01	  	Authorization and Action of the Administrative Agent	  	 	38	  
		 	Section 5.02	  	Delegation of Duties	  	 	39	  
		 	Section 5.03	  	Exculpatory Provisions	  	 	39	  
		 	Section 5.04	  	Reliance	  	 	40	  
		 	Section 5.05	  	Non-Reliance on the Administrative Agent and Other Purchasers	  	 	40	  
		 	Section 5.06	  	The Administrative Agent in its Individual Capacity	  	 	40	  
		 	Section 5.07	  	Successor Administrative Agent; Defaulting Administrative Agent	  	 	40	  
		 	Section 5.08	  	Authorization and Action of Funding Agents	  	 	42	  

  
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			Section 5.09		Delegation of Duties		 	42	  
			Section 5.10		Exculpatory Provisions		 	43	  
			Section 5.11		Reliance		 	43	  
			Section 5.12		Non-Reliance on the Funding Agent and Other Purchasers		 	43	  
			Section 5.13		The Funding Agent in its Individual Capacity		 	44	  
			Section 5.14		Successor Funding Agent		 	44	  
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
		 	44	  
			Section 6.01		The Master Issuer		 	44	  
			Section 6.02		The Manager		 	46	  
			Section 6.03		Lender Parties		 	46	  
		
	 ARTICLE VII CONDITIONS
		 	48	  
			Section 7.01		Conditions to Issuance and Effectiveness		 	48	  
			Section 7.02		Conditions to Initial Extensions of Credit		 	48	  
			Section 7.03		Conditions to Each Extension of Credit		 	48	  
		
	 ARTICLE VIII COVENANTS
		 	50	  
			Section 8.01		Covenants		 	50	  
		
	 ARTICLE IX MISCELLANEOUS PROVISIONS
		 	51	  
			Section 9.01		Amendments		 	51	  
			Section 9.02		No Waiver; Remedies		 	52	  
			Section 9.03		Binding on Successors and Assigns		 	52	  
			Section 9.04		Survival of Agreement		 	53	  
			Section 9.05		Payment of Costs and Expenses; Indemnification		 	54	  
			Section 9.06		Characterization as Related Document; Entire Agreement		 	56	  
			Section 9.07		Notices		 	57	  
			Section 9.08		Severability of Provisions		 	57	  
			Section 9.09		Tax Characterization		 	57	  
			Section 9.10		No Proceedings; Limited Recourse		 	57	  
			Section 9.11		Confidentiality		 	58	  
			Section 9.12		GOVERNING LAW; CONFLICTS WITH INDENTURE		 	59	  
			Section 9.13		JURISDICTION		 	59	  
			Section 9.14		WAIVER OF JURY TRIAL		 	59	  
			Section 9.15		Counterparts		 	60	  
			Section 9.16		Third Party Beneficiary		 	60	  
			Section 9.17		Assignment		 	60	  
			Section 9.18		Defaulting Investors		 	62	  

  
 ii 

 SCHEDULES AND EXHIBITS 

					
	 SCHEDULE I
		Investor Groups and Commitments		
	 SCHEDULE II
		Notice Addresses for Lender Parties, Agents, Master Issuer and Manager		
	 SCHEDULE III
		Additional Closing Conditions		
	 SCHEDULE IV
		Letters of Credit		
			
	 EXHIBIT A
		Form of Advance Request		
	 EXHIBIT A-1
		Form of Swingline Loan Request		
	 EXHIBIT B
		Form of Assignment and Assumption Agreement		
	 EXHIBIT C
		Form of Investor Group Supplement		
	 EXHIBIT D
		Form of Purchaser’s Letter		

  
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 CLASS A-1 NOTE PURCHASE AGREEMENT 

THIS CLASS A-1 NOTE PURCHASE AGREEMENT, dated as of January 26, 2015 (as amended, supplemented, amended and restated or otherwise
modified from time to time in accordance with the terms hereof, this “Agreement”), is made by and among: 
 (a) DB MASTER
FINANCE LLC, a Delaware limited liability company (the “Master Issuer”), 
 (b) DB MASTER FINANCE PARENT LLC, a Delaware
limited liability company, DB FRANCHISING HOLDING COMPANY LLC, a Delaware limited liability company, DB MEXICAN FRANCHISING LLC, a Delaware limited liability company, DD IP HOLDER LLC, a Delaware limited liability company, BR IP HOLDER LLC, a
Delaware limited liability company, BR UK FRANCHISING LLC, a Delaware limited liability company, DUNKIN’ DONUTS FRANCHISING LLC, a Delaware limited liability company, BASKIN-ROBBINS FRANCHISING LLC, a Delaware limited liability company, DB REAL
ESTATE ASSETS I LLC, a Delaware limited liability company, and DB REAL ESTATE ASSETS II LLC, a Delaware limited liability company, (each, a “Guarantor” and, collectively, the “Guarantors”), 

(c) DUNKIN’ BRANDS, INC., a Delaware corporation, as the manager (the “Manager”), 

(d) the several commercial paper conduits listed on Schedule I as Conduit Investors and their respective permitted successors and
assigns (each, a “Conduit Investor” and, collectively, the “Conduit Investors”), 
 (e) the several
financial institutions listed on Schedule I as Committed Note Purchasers and their respective permitted successors and assigns (each, a “Committed Note Purchaser” and, collectively, the “Committed Note
Purchasers”), 
 (f) for each Investor Group, the financial institution entitled to act on behalf of the Investor Group set forth
opposite the name of such Investor Group on Schedule I as Funding Agent and its permitted successors and assigns (each, the “Funding Agent” with respect to such Investor Group and, collectively, the “Funding
Agents”), 
 (g) COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A.,“RABOBANK NEDERLAND,” NEW YORK BRANCH, as
L/C Provider, 
 (h) COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A.,“RABOBANK NEDERLAND,” NEW YORK BRANCH, as
Swingline Lender, and 
 (i) COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A.,“RABOBANK NEDERLAND,” NEW YORK
BRANCH, in its capacity as administrative agent for the Conduit Investors, the Committed Note Purchasers, the Funding Agents, the L/C Provider and the Swingline Lender (together with its permitted successors and assigns in such capacity, the
“Administrative Agent”). 
 [Series 2015-1 Class A-1 Note Purchase Agreement] 

 BACKGROUND 

1. Contemporaneously with the execution and delivery of this Agreement, the Master Issuer and Citibank, N.A., as Trustee, are entering into
the Series 2015-1 Supplement, of even date herewith (as the same may be amended, supplemented, amended and restated or otherwise modified from time to time in accordance with the terms thereof, the “Series 2015-1 Supplement”), to
the Base Indenture, of even date herewith (as the same may be amended, supplemented, amended and restated or otherwise modified from time to time in accordance with the terms thereof, the “Base Indenture” and, together with the
Series 2015-1 Supplement and any other supplement to the Base Indenture, the “Indenture”), among the Master Issuer and the Trustee, pursuant to which the Master Issuer will issue the Series 2015-1 Class A-1 Notes (as defined in
the Series 2015-1 Supplement) in accordance with the Indenture. 
 2. The Master Issuer wishes to (a) issue the Series 2015-1
Class A-1 Advance Notes to each Funding Agent on behalf of the Investors in the related Investor Group, and obtain the agreement of the applicable Investors to make loans from time to time (each, an “Advance” or a
“Series 2015-1 Class A-1 Advance” and, collectively, the “Advances” or the “Series 2015-1 Class A-1 Advances”) that will constitute the purchase of Series 2015-1 Class A-1 Outstanding Principal Amounts on the terms and conditions set forth in this Agreement; (b) issue the Series 2015-1 Class A-1 Swingline Note to the Swingline Lender and obtain the agreement of the
Swingline Lender to make Swingline Loans on the terms and conditions set forth in this Agreement; and (c) issue the Series 2015-1 Class A-1 L/C Note to the L/C Provider and obtain the agreement of the L/C Provider to provide Letters of
Credit on the terms and conditions set forth in this Agreement. L/C Obligations in connection with Letters of Credit issued pursuant to the Series 2015-1 Class A-1 L/C Note will constitute purchases of Series 2015-1 Class A-1 Outstanding
Principal Amounts upon the incurrence of such L/C Obligations. The Series 2015-1 Class A-1 Advance Notes, the Series 2015-1 Class A-1 Swingline Note and the Series 2015-1 Class A-1 L/C Note constitute Series 2015-1 Class A-1
Notes. The Manager has joined in this Agreement to confirm certain representations, warranties and covenants made by it in favor of the Trustee and the Noteholders in the Related Documents for the benefit of each Lender Party. 

ARTICLE I 
 DEFINITIONS 

Section 1.01 Definitions. As used in this Agreement and unless the context requires a different meaning, capitalized terms used
but not defined herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Series 2015-1 Supplemental Definitions List attached to the Series 2015-1 Supplement as Annex A or in the Base
Indenture Definitions List attached to the Base Indenture as Annex A, as applicable. Unless otherwise specified herein, all Article, Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections
of this Agreement. 
 Section 1.02 Defined terms 

“Base Rate” means, on any day, a rate per annum equal to the sum of (a) (i) the greatest of (A) the Prime Rate
in effect on such day, (B) the Federal Funds Rate in effect on such day 

  
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plus 0.50% and (C) the Eurodollar Funding Rate for a Eurodollar Interest Accrual Period of one (1) month plus 0.50% plus (b) 1.75%; provided, that any change in the
Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Rate, respectively; provided, further,
that changes in any rate of interest calculated by reference to the Base Rate shall take effect simultaneously with each change in the Base Rate. 

“Base Rate Advance” means an Advance that bears interest at the Base Rate during such time as it bears interest at such rate,
as provided in this Agreement. 
 “Commercial Paper” means, with respect to any Conduit Investor, the promissory notes
issued in the commercial paper market by or for the benefit of such Conduit Investor. 
 “Commitments” means the
obligations of each Committed Note Purchaser included in each Investor Group to fund Advances pursuant to Section 2.02(a) of this Agreement and to participate in Swingline Loans and Letters of Credit pursuant to Sections 2.06
and 2.08 of this Agreement, respectively, in an aggregate stated amount up to its Commitment Amount. 
 “Commitment
Amount” means, as to each Committed Note Purchaser, the amount set forth on Schedule I of this Agreement opposite such Committed Note Purchaser’s name as its Commitment Amount or, in the case of a Committed Note Purchaser
that becomes a party to this Agreement pursuant to an Assignment and Assumption Agreement or Investor Group Supplement, the amount set forth therein as such Committed Note Purchaser’s Commitment Amount, in each case, as such amount may be
(i) reduced pursuant to Section 2.05 of this Agreement or (ii) increased or reduced by any Assignment and Assumption Agreement or Investor Group Supplement entered into by such Committed Note Purchaser in accordance with the
terms of this Agreement. 
 “Commitment Percentage” means, on any date of determination, with respect to any Investor
Group, the ratio, expressed as a percentage, which such Investor Group’s Maximum Investor Group Principal Amount bears to the Series 2015-1 Class A-1 Notes Maximum Principal Amount on such date. 

“Commitment Term” means the period from and including the Closing Date to but excluding the earlier of (a) the
Commitment Termination Date and (b) the date on which the Commitments are terminated or reduced to zero in accordance with this Agreement. 

“Commitment Termination Date” means the Series 2015-1 Class A-1 Notes Renewal Date (as such date may be extended
pursuant to Section 3.6(b) of the Series 2015-1 Supplement). 
 “Committed Note Purchaser Percentage” means, on
any date of determination, with respect to any Committed Note Purchaser in any Investor Group, the ratio, expressed as a percentage, which the Commitment Amount of such Committed Note Purchaser bears to such Investor Group’s Maximum Investor
Group Principal Amount on such date. 
 “Conduit Assignee” means, with respect to any Conduit Investor, any commercial
paper conduit whose Commercial Paper is rated by at least two of the Specified Rating Agencies and is rated at least “A-1” from Standard & Poor’s and/or “P-1” from Moody’s, as applicable, that is

  
 3 

 
administered by the Funding Agent with respect to such Conduit Investor or any Affiliate of such Funding Agent, in each case, designated by such Funding Agent to accept an assignment from such
Conduit Investor of the Investor Group Principal Amount or a portion thereof with respect to such Conduit Investor pursuant to Section 9.17(b) of this Agreement. 

“CP Advance” means an Advance that bears interest at the CP Rate during such time as it bears interest at such rate, as
provided in this Agreement. 
 “CP Funding Rate” means, with respect to each Conduit Investor, for any day during any
Interest Accrual Period, for any portion of the Advances funded or maintained through the issuance of Commercial Paper by such Conduit Investor, the per annum rate equivalent to the weighted average cost (as determined by the related Funding Agent,
and which shall include (without duplication) the fees and commissions of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received
by such Conduit Investor, other borrowings by such Conduit Investor and any other costs associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper that are allocated, in whole or in part, by such Conduit
Investor or its related Funding Agent to fund or maintain such Advances for such Interest Accrual Period (and which may also be allocated in part to the funding of other assets of the Conduit Investor); provided, however, that if any
component of any such rate is a discount rate, in calculating the “CP Funding Rate” for such Advances for such Interest Accrual Period, the related Funding Agent shall for such component use the rate resulting from converting such
discount rate to an interest bearing equivalent rate per annum. 
 “CP Rate” means, on any day during any Interest Accrual
Period, an interest rate per annum equal to the sum of (i) the CP Funding Rate for such Interest Accrual Period plus (ii) 2.25%. 

“Decrease” means a Mandatory Decrease or a Voluntary Decrease, as applicable. 

“Defaulting Investor” means any Investor that has (a) failed to make a payment required to be made by it under the terms
of this Agreement within one (1) Business Day of the day such payment is required to be made by such Investor thereunder, (b) notified the Administrative Agent in writing that it does not intend to make any payment required to be made by
it under the terms of this Agreement within one (1) Business Day of the day such payment is required to be made by such Investor thereunder or (c) become the subject of an Event of Bankruptcy. 

“Eligible Conduit Investor” means, at any time, any Conduit Investor whose Commercial Paper at such time is rated by at least
two of the Specified Rating Agencies and is rated at least “A-1” from Standard & Poor’s and/or “P-1” from Moody’s, as applicable. 

“Eurodollar Advance” means an Advance that bears interest at the Eurodollar Rate during such time as it bears interest at
such rate, as provided in this Agreement. 
 “Eurodollar Business Day” means any Business Day on which dealings are also
carried on in the London interbank market and banks are open for business in London. 

  
 4 

 “Eurodollar Funding Rate” means, for any Eurodollar Interest Accrual Period, the
rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two (2) Eurodollar Business Days prior to the beginning of such Eurodollar Interest Accrual Period by reference to the
London interbank offered rate administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for U.S. Dollars for a period equal in length to such Eurodollar Interest Accrual Period as displayed on
pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other
information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing
provisions of this definition, the “Eurodollar Funding Rate” shall be the rate (rounded upward, if necessary, to the nearest one hundred-thousandth of a percentage point), determined by the Administrative Agent to be the average of the
offered rates for deposits in U.S. Dollars in the amount of $1,000,000 for a period of time comparable to such Eurodollar Interest Accrual Period which are offered by three leading banks in the London interbank market at approximately
11:00 a.m. (London time) on the date that is two (2) Eurodollar Business Days prior to the beginning of such Eurodollar Interest Accrual Period as selected by the Administrative Agent (unless the Administrative Agent is unable to obtain
such rates from such banks, in which case it will be deemed that a Eurodollar Funding Rate cannot be ascertained for purposes of Section 3.04 of this Agreement). In respect of any Eurodollar Interest Accrual Period that is less than one
(1) month in duration and if no Eurodollar Funding Rate is otherwise determinable with respect thereto in accordance with the preceding sentence of this definition, the Eurodollar Funding Rate shall be determined through the use of
straight-line interpolation by reference to two rates calculated in accordance with the preceding sentence, one of which shall be determined as if the maturity of the U.S. Dollar deposits referred to therein were the period of time for which
rates are available next shorter than the Eurodollar Interest Accrual Period and the other of which shall be determined as if such maturity were the period of time for which rates are available next longer than the Eurodollar Interest Accrual
Period. 
 “Eurodollar Funding Rate (Reserve Adjusted)” means, for any Eurodollar Interest Accrual Period, an interest rate
per annum (rounded upward to the nearest 1/100th of 1%) determined pursuant to the following formula: 
  

							
	Eurodollar Funding Rate		=		                    Eurodollar Funding Rate		
					  
		
	(Reserve Adjusted)				1.00 - Eurodollar Reserve Percentage		

 The Eurodollar Funding Rate (Reserve Adjusted) for any Eurodollar Interest Accrual Period will be determined
by the Administrative Agent on the basis of the Eurodollar Reserve Percentage in effect two (2) Eurodollar Business Days before the first day of such Eurodollar Interest Accrual Period. 

“Eurodollar Interest Accrual Period” means, with respect to any Eurodollar Advance, the period commencing on and including
the Eurodollar Business Day such Advance first becomes a Eurodollar Advance in accordance with Section 3.01(b) of this Agreement and ending on but excluding, at the election of Master Issuer pursuant to such Section 3.01(b)
of this Agreement, a 

  
 5 

 
date (i) one (1) month subsequent to such date, (ii) two (2) months subsequent to such date, (iii) three (3) months subsequent to such date or (iv) six
(6) months subsequent to such date; provided, however, that no Eurodollar Interest Accrual Period may end subsequent to the second Business Day before the Quarterly Calculation Date occurring immediately prior to the then-current
Series 2015-1 Class A-1 Notes Renewal Date and upon the occurrence and during the continuation of any Rapid Amortization Period or any Event of Default, any Eurodollar Interest Accrual Period with respect to the Eurodollar Advances of all
Investor Groups may be terminated at the end of the then-current Eurodollar Interest Accrual Period (or, if the Class A-1 Notes have been accelerated in accordance with Section 9.2 of the Base Indenture, immediately), at the
election of the Administrative Agent or Investor Groups holding in the aggregate more than 50% of the Eurodollar Tranche, by notice to the Master Issuer, the Manager, the Control Party and the Funding Agents, and upon such election the Eurodollar
Advances in respect of which interest was calculated by reference to such terminated Eurodollar Interest Accrual Period shall be converted to Base Rate Advances. 

“Eurodollar Rate” means, on any day during any Eurodollar Interest Accrual Period, an interest rate per annum equal to the
sum of (i) the Eurodollar Funding Rate (Reserve Adjusted) for such Eurodollar Interest Accrual Period plus (ii) 2.25%. 

“Eurodollar Reserve Percentage” means, for any Eurodollar Interest Accrual Period, the reserve percentage (expressed as a
decimal) equal to the maximum aggregate reserve requirements (including all basic, emergency, supplemental, marginal and other reserves and taking into account any transitional adjustments or other scheduled changes in reserve requirements)
specified under regulations issued from time to time by the F.R.S. Board and then applicable to liabilities or assets constituting “Eurocurrency Liabilities,” as currently defined in Regulation D of the F.R.S. Board, having a term
approximately equal or comparable to such Eurodollar Interest Accrual Period. 
 “Eurodollar Tranche” means any portion of
the Series 2015-1 Class A-1 Outstanding Principal Amount funded or maintained with Eurodollar Advances. 
 “FATCA”
means (a) Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”) as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more
onerous to comply with) and any current or future regulations or official interpretations thereof, (b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement
between the United States and any other jurisdiction with the purpose (in either case) of facilitating the implementation of (a) above, or (c) any agreement pursuant to the implementation of paragraphs (a) or (b) above with the
IRS, the United States government or any governmental or taxation authority in the United States. 
 “Increase” has the
meaning set forth in Section 2.1(a) of the Series 2015-1 Supplement. 
 “Interest Reserve Letter of Credit” means any
letter of credit issued under this Agreement for the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable. 

  
 6 

 “Investor” means any one of the Conduit Investors and the Committed Note
Purchasers and “Investors” means the Conduit Investors and the Committed Note Purchasers collectively. 
 “Investor
Group” means (i) for each Conduit Investor, collectively, such Conduit Investor, the related Committed Note Purchaser(s) set forth opposite the name of such Conduit Investor on Schedule I of this Agreement (or, if
applicable, set forth for such Conduit Investor in the Assignment and Assumption Agreement or Investor Group Supplement pursuant to which such Conduit Investor or Committed Note Purchaser becomes a party thereto), any related Program Support
Provider(s) and the related Funding Agent (which shall constitute the Series 2015-1 Class A-1 Noteholder for such Investor Group) and (ii) for each other Committed Note Purchaser that is not related to a Conduit Investor, collectively,
such Committed Note Purchaser, any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series 2015-1 Class A-1 Noteholder for such Investor Group). 

“Investor Group Increase Amount” means, with respect to any Investor Group, for any Business Day, the portion of the
Increase, if any, actually funded by such Investor Group on such Business Day. 
 “Investor Group Principal Amount” means,
with respect to any Investor Group, (a) when used with respect to the Closing Date, an amount equal to (i) such Investor Group’s Commitment Percentage of the Series 2015-1 Class A-1 Initial Advance Principal Amount plus
(ii) such Investor Group’s Commitment Percentage of the Series 2015-1 Class A-1 Outstanding Subfacility Amount outstanding on the Closing Date, and (b) when used with respect to any other date, an amount equal to (i) the
Investor Group Principal Amount with respect to such Investor Group on the immediately preceding Business Day (excluding any Series 2015-1 Class A-1 Outstanding Subfacility Amount included therein) plus (ii) the Investor Group Increase
Amount with respect to such Investor Group on such date minus (iii) the amount of principal payments made to such Investor Group on the Series 2015-1 Class A-1 Advance Notes on such date plus (iv) such Investor Group’s Commitment
Percentage of the Series 2015-1 Class A-1 Outstanding Subfacility Amount outstanding on such date. 
 “L/C Commitment”
means the obligation of the L/C Provider to provide Letters of Credit pursuant to Section 2.07 of this Agreement, in an aggregate Undrawn L/C Face Amount, together with any Unreimbursed L/C Drawings, at any one time outstanding not to
exceed $50,000,000, as such amount may be reduced or increased pursuant to Section 2.07(g) of this Agreement or reduced pursuant to Section 2.05(b) of this Agreement. 

“L/C Obligations” means, at any time, an amount equal to the sum of (i) any Undrawn L/C Face Amounts outstanding at such
time and (ii) any Unreimbursed L/C Drawings outstanding at such time. 
 “L/C Provider” means Rabobank, in its
capacity as provider of any Letter of Credit under this Agreement, and its permitted successors and assigns in such capacity. 

“Lender Party” means any Investor, the Swingline Lender or the L/C Provider and “Lender Parties” means the
Investors, the Swingline Lender and the L/C Provider, collectively. 

  
 7 

 “Program Support Agreement” means, with respect to any Investor, any agreement
entered into by any Program Support Provider in respect of any Commercial Paper and/or Series 2015-1 Class A-1 Note of such Investor providing for the issuance of one or more letters of credit for the account of such Investor, the issuance of
one or more insurance policies for which such Investor is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Investor to any Program Support Provider of the Series 2015-1 Class A-1 Notes
(or portions thereof or interests therein) and/or the making of loans and/or other extensions of credit to such Investor in connection with such Investor’s securitization program, together with any letter of credit, insurance policy or other
instrument issued thereunder or guaranty thereof (but excluding any discretionary advance facility provided by a Committed Note Purchaser). 

“Program Support Provider” means, with respect to any Investor, any financial institutions and any other or additional Person
now or hereafter extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, such Investor in respect of such Investor’s Commercial Paper and/or Series 2015-1 Class A-1 Note,
and/or agreeing to issue a letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such Investor’s securitization program as it relates to any Commercial Paper issued by such
Investor, and/or holding equity interests in such Investor, in each case pursuant to a Program Support Agreement, and any guarantor of any such Person. 

“Reimbursement Obligation” means the obligation of the Master Issuer to reimburse the L/C Provider pursuant to
Section 2.08 of this Agreement for amounts drawn under Letters of Credit. 
 “Swingline Commitment” means the
obligation of the Swingline Lender to make Swingline Loans pursuant to Section 2.06 of this Agreement in an aggregate principal amount at any one time outstanding not to exceed $25,000,000, as such amount may be reduced or increased
pursuant to Section 2.06(i) of this Agreement or reduced pursuant to Section 2.05(b) of this Agreement. 

“Swingline Lender” means Rabobank, in its capacity as maker of Swingline Loans, and its permitted successors and assigns in
such capacity. 
 “Undrawn L/C Face Amounts” means, at any time, the aggregate then undrawn and unexpired face amount of
any Letters of Credit outstanding at such time. 
 “Unreimbursed L/C Drawings” means, at any time, the aggregate amount of
any L/C Reimbursement Amounts that have not then been reimbursed pursuant to Section 2.08 of this Agreement. 
 ARTICLE II 

PURCHASE AND SALE OF SERIES 2015-1 CLASS A-1 NOTES 

Section 2.01 The Initial Advance Notes. On the terms and conditions set forth in the Indenture and this Agreement, and in
reliance on the covenants, representations and 

  
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agreements set forth herein and therein, the Master Issuer shall issue and shall request the Trustee to authenticate the Series 2015-1 Class A-1 Advance Notes, which the Master Issuer shall
deliver to each Funding Agent on behalf of the Investors in the related Investor Group on the Closing Date. Such Series 2015-1 Class A-1 Advance Note for each Investor Group shall be dated the Closing Date, shall be registered in the name of
the related Funding Agent or its nominee, as agent for the related Investors, or in such other name or nominee as such Funding Agent may request, shall have a maximum principal amount equal to the Maximum Investor Group Principal Amount for such
Investor Group, shall have an initial outstanding principal amount equal to such Investor Group’s Commitment Percentage of the Series 2015-1 Class A-1 Initial Advance Principal Amount, and shall be duly authenticated in accordance with the
provisions of the Indenture. 
 Section 2.02 Advances. 

(a) Subject to the terms and conditions of this Agreement and the Indenture, each Eligible Conduit Investor, if any, may and,
if such Conduit Investor determines that it will not make (or it does not in fact make) an Advance or any portion of an Advance, its related Committed Note Purchaser(s) shall or, if there is no Eligible Conduit Investor with respect to any Investor
Group, the Committed Note Purchaser(s) with respect to such Investor Group shall, upon the Master Issuer’s request delivered in accordance with the provisions of Section 2.03 and the satisfaction of all conditions precedent thereto
(or under the circumstances set forth in Section 2.05, 2.06 or 2.08), make Advances from time to time during the Commitment Term; provided that such Advances shall be made ratably by each Investor Group based on
their respective Commitment Percentages and the portion of any such Advance made by any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the
portion thereof not being made by any Conduit Investor in such Investor Group); provided, further, that if, as a result of any Committed Note Purchaser (a “Non-Funding Committed Note Purchaser”) failing to make any
previous Advance that such Non-Funding Committed Note Purchaser was required to make, outstanding Advances are not held ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note Purchasers within
each Investor Group based on their respective Committed Note Purchaser Percentages at the time a request for Advances is made, (x) such Non-Funding Committed Note Purchaser shall make all of such Advances until outstanding Advances are held
ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages and (y) further Advances shall be
made ratably by each Investor Group based on their respective Commitment Percentages and the portion of any such Advance made by any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to
be made by such Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor Group); provided, further, that the failure of a Non-Funding Committed Note Purchaser to make Advances pursuant to the
immediately preceding proviso shall not, subject to the immediately following proviso, relieve any other Committed Note Purchaser of its obligation hereunder, if any, to make Advances in accordance with Section 2.03(b)(i);
provided, further, that, subject, in the case of clause (i) below, to Section 2.03(b)(ii), no Advance shall be required or permitted to be made by any Investor on any date to the extent that, after giving effect to
such 

  
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Advance, (i) the related Investor Group Principal Amount would exceed the related Maximum Investor Group Principal Amount or (ii) the Series 2015-1 Class A-1 Outstanding Principal
Amount would exceed the Series 2015-1 Class A-1 Maximum Principal Amount. 
 (b) Notwithstanding anything herein or in
any other Related Document to the contrary, at no time will a Conduit Investor be obligated to make Advances hereunder. If at any time any Conduit Investor is not an Eligible Conduit Investor, such Conduit Investor shall promptly notify the
Administrative Agent (who shall promptly notify the related Funding Agent and the Master Issuer) thereof. 
 (c) Each of the
Advances to be made on any date shall be made as part of a single borrowing (each such single borrowing being a “Borrowing”). The Advances made as part of the initial Borrowing on the Closing Date, if any, will be evidenced by the
Series 2015-1 Class A-1 Advance Notes issued in connection herewith and will constitute purchases of Series 2015-1 Class A-1 Initial Advance Principal Amounts corresponding to the amount of such Advances. All of the other Advances will
constitute Increases evidenced by the Series 2015-1 Class A-1 Advance Notes issued in connection herewith and will constitute purchases of Series 2015-1 Class A-1 Outstanding Principal Amounts corresponding to the amount of such Advances.

 (d) Section 2.2(b) of the Series 2015-1 Supplement specifies the procedures to be followed in connection with
any Voluntary Decrease of the Series 2015-1 Class A-1 Outstanding Principal Amount. Each such Voluntary Decrease in respect of any Advances shall be either (i) in an aggregate minimum principal amount of $100,000 and integral multiples of
$100,000 in excess thereof or (ii) or such other amount necessary to reduce the Series 2015-1 Class A-1 Outstanding Principal Amount to zero. 

(e) Subject to the terms of this Agreement and the Series 2015-1 Supplement, the aggregate principal amount of the Advances
evidenced by the Series 2015-1 Class A-1 Advance Notes may be increased by Borrowings or decreased by Voluntary Decreases from time to time. 

Section 2.03 Borrowing Procedures. 

(a) Whenever the Master Issuer wishes to make a Borrowing, the Master Issuer shall (or shall cause the Manager on its behalf
to) notify the Administrative Agent (who shall promptly, and in any event by 4:00 p.m. (New York City time) on the same Business Day as its receipt of the same, notify each Funding Agent of its pro rata share thereof (or other required share,
as required pursuant to Section 2.02(a)) and notify the Trustee, the Control Party, the Swingline Lender and the L/C Provider in writing of such Borrowing) by written notice in the form of an Advance Request delivered to the
Administrative Agent no later than 12:00 p.m. (New York City time) one (1) Business Day (or, in the case of any Eurodollar Advances for purposes of Section 3.01(b), three (3) Eurodollar Business Days) prior to the date of
Borrowing (unless a shorter period is agreed upon by the Administrative Agent and the L/C Provider, the L/C Issuing Bank, the Swingline Lender or the Funding Agents, as applicable), which date of Borrowing shall be a Business Day during the
Commitment Term. Each such notice shall be irrevocable and shall in each 

  
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case refer to this Agreement and specify (i) the Borrowing date, (ii) the aggregate amount of the requested Borrowing to be made on such date, (iii) the amount of outstanding
Swingline Loans and Unreimbursed L/C Drawings (if applicable) to be repaid with the proceeds of such Borrowing on the Borrowing date, which amount shall constitute all outstanding Swingline Loans and Unreimbursed L/C Drawings outstanding on the date
of such notice that are not prepaid with other funds of the Master Issuer available for such purpose, and (iv) sufficient instructions for application of the balance, if any, of the proceeds of such Borrowing on the Borrowing date (which
proceeds shall be made available to the Master Issuer). Requests for any Borrowing may not be made in an aggregate principal amount of less than $100,000 or in an aggregate principal amount that is not an integral multiple of $100,000 in excess
thereof (except as otherwise provided herein with respect to Borrowings for the purpose of repaying then-outstanding Swingline Loans or Unreimbursed L/C Drawings). The Master Issuer agrees that Borrowings shall be made automatically (to the extent
not deemed made pursuant to Section 2.05(b)(i), 2.05(b)(ii) or 2.08), without the requirement of providing an Advance Request (but with the provision of notice to the Trustee by the Administrative Agent), but subject to the
requirements set forth in Section 7.03, upon notice of any drawing under a Letter of Credit and one time per month if any Swingline Loans are outstanding, in each case, in an amount at least sufficient to repay in full all Unreimbursed
L/C Drawings or Swingline Loans, as the case may be, outstanding on the date of the applicable automatic Borrowing. Subject to the provisos to Section 2.02(a), each Borrowing shall be ratably allocated among the Investor Groups’
respective Maximum Investor Group Principal Amounts. Each Funding Agent shall promptly advise its related Conduit Investor, if any, of any notice given pursuant to this Section 2.03(a) and shall promptly thereafter (but in no event later
than 10:00 a.m. (New York City time) on the date of Borrowing) notify the Administrative Agent, the Master Issuer and the related Committed Note Purchaser(s) whether such Conduit Investor has determined to make all or any portion of the Advances in
such Borrowing that are to be made by its Investor Group. On the date of each Borrowing and subject to the other conditions set forth herein and in the Series 2015-1 Supplement (and, if requested by the Administrative Agent, confirmation from the
Swingline Lender and the L/C Provider, as applicable, as to (x) the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings to be repaid with the proceeds of such Borrowing on the Borrowing date, (y) the Undrawn L/C Face Amount
of all Letters of Credit then outstanding and (z) the principal amount of any other Swingline Loans or Unreimbursed L/C Drawings then outstanding), the applicable Investors in each Investor Group shall make available to the Administrative Agent
the amount of the Advances in such Borrowing that are to be made by such Investor Group by wire transfer in U.S. Dollars of such amount in same day funds no later than 10:00 a.m. (New York City time) on the date of such Borrowing, and upon receipt
thereof the Administrative Agent shall make such proceeds available by 3:00 p.m. (New York City time), first, to the Swingline Lender and the L/C Provider for application to repayment of the amount of outstanding Swingline Loans and
Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such respective amounts, and, second, to the Master Issuer or the Manager, if directed by the Master Issuer, as instructed in
the applicable Advance Request. 
 (b) (i) The failure of any Committed Note Purchaser to make the Advance to be made by it
as part of any Borrowing shall not relieve any other Committed Note Purchaser (whether or not in the same Investor Group) of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Committed Note

  
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Purchaser shall be responsible for the failure of any other Committed Note Purchaser to make the Advance to be made by such other Committed Note Purchaser on the date of any Borrowing and
(ii) in the event that one or more Committed Note Purchasers fails to make its Advance by 11:00 a.m. (New York City time) on the date of such Borrowing, the Administrative Agent shall notify each of the other Committed Note Purchasers not later
than 1:00 p.m. (New York City time) on such date, and each of the other Committed Note Purchasers shall make available to the Administrative Agent a supplemental Advance in a principal amount (such amount, the “reference amount”)
equal to the lesser of (a) the aggregate principal Advance that was unfunded multiplied by a fraction, the numerator of which is the Commitment Amount of such Committed Note Purchaser and the denominator of which is the aggregate Commitment
Amounts of all Committed Note Purchasers (less the aggregate Commitment Amount of the Committed Note Purchasers failing to make Advances on such date) and (b) the excess of (i) such Committed Note Purchaser’s Commitment Amount over
(ii) the product of such Committed Note Purchaser’s related Investor Group Principal Amount multiplied by such Committed Note Purchaser’s Committed Note Purchaser Percentage (after giving effect to all prior Advances on such date of
Borrowing) (provided that a Committed Note Purchaser may (but shall not be obligated to), on terms and conditions to be agreed upon by such Committed Note Purchaser and the Master Issuer, make available to the Administrative Agent a
supplemental Advance in a principal amount in excess of the reference amount; provided, however, that no such supplemental Advance shall be permitted to be made to the extent that, after giving effect to such Advance, the Series 2015-1
Class A-1 Outstanding Principal Amount would exceed the Series 2015-1 Class A-1 Maximum Principal Amount). Such supplemental Advances shall be made by wire transfer in U.S. Dollars in same day funds no later than 3:00 p.m. (New York City
time) one (1) Business Day following the date of such Borrowing, and upon receipt thereof the Administrative Agent shall immediately make such proceeds available, first, to the Swingline Lender and the L/C Provider for application to
repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such respective amounts, and, second, to the Master Issuer, or the
Manager, if directed by the Master Issuer, as instructed in the applicable Advance Request. If any Committed Note Purchaser which shall have so failed to fund its Advance shall subsequently pay such amount, the Administrative Agent shall apply such
amount pro rata to repay any supplemental Advances made by the other Committed Note Purchasers pursuant to this Section 2.03(b). 

(c) Unless the Administrative Agent shall have received notice from a Funding Agent prior to the date of any Borrowing that an
applicable Investor in the related Investor Group will not make available to the Administrative Agent such Investor’s share of the Advances to be made by such Investor Group as part of such Borrowing, the Administrative Agent may (but shall not
be obligated to) assume that such Investor has made such share available to the Administrative Agent on the date of such Borrowing in accordance with Section 2.02(a) and the Administrative Agent may (but shall not be obligated to), in
reliance upon such assumption, make available to the Swingline Lender, the L/C Provider and/or the Master Issuer, as applicable, on such date a corresponding amount, and shall, if such corresponding amount has not been made available by the
Administrative Agent, make available to the Swingline Lender, the L/C Provider and/or the Master Issuer, as applicable, on such date a corresponding amount once such Investor has made such portion available to the

  
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Administrative Agent. If and to the extent that any Investor shall not have so made such amount available to the Administrative Agent, such Investor and the Master Issuer jointly and severally
agree to repay (without duplication) to the Administrative Agent on the next Weekly Allocation Date such corresponding amount (in the case of the Master Issuer, in accordance with the Priority of Payments), together with interest thereon, for each
day from the date such amount is made available to the Master Issuer until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Master Issuer, the interest rate applicable at the time to the Advances comprising
such Borrowing and (ii) in the case of such Investor, the Federal Funds Rate and without deduction by such Investor for any withholding taxes. If such Investor shall repay to the Administrative Agent such corresponding amount, such amount so
repaid shall constitute such Investor’s Advance as part of such Borrowing for purposes of this Agreement. 
 Section 2.04 The
Series 2015-1 Class A-1 Notes. On each date an Advance or Swingline Loan is made or a Letter of Credit is issued hereunder, and on each date the outstanding amount thereof is reduced, a duly authorized officer, employee or agent of the
related Series 2015-1 Class A-1 Noteholder shall make appropriate notations in its books and records of the amount, evidenced by the related Series 2015-1 Class A-1 Advance Note, Series 2015-1 Class A-1 Swingline Note or Series 2015-1
Class A-1 L/C Note, of such Advance, Swingline Loan or Letter of Credit, as applicable, and the amount of such reduction, as applicable. The Master Issuer hereby authorizes each duly authorized officer, employee and agent of such Series 2015-1
Class A-1 Noteholder to make such notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be prima facie evidence of the accuracy of the information so recorded;
provided, however, that in the event of a discrepancy between the books and records of such Series 2015-1 Class A-1 Noteholder and the records maintained by the Trustee pursuant to the Indenture, such discrepancy shall be resolved
by such Series 2015-1 Class A-1 Noteholder, the Control Party and the Trustee, in consultation with the Master Issuer (provided that such consultation with the Master Issuer will not in any way limit or delay such Series 2015-1 Class A-1
Noteholders’, the Control Party’s and the Trustee’s ability to resolve such discrepancy), and such resolution shall control in the absence of manifest error; provided further that the failure of any such notation to be
made, or any finding that a notation is incorrect, in any such records shall not limit or otherwise affect the obligations of the Master Issuer under this Agreement or the Indenture. 

Section 2.05 Reduction in Commitments. 

(a) The Master Issuer may, upon three (3) Business Days’ notice to the Administrative Agent (who shall promptly
notify the Trustee, the Control Party, each Funding Agent and each Investor), effect a permanent reduction in the Series 2015-1 Class A-1 Maximum Principal Amount and a corresponding reduction in each Commitment Amount and Maximum Investor
Group Principal Amount on a pro rata basis; provided that (i) any such reduction will be limited to the undrawn portion of the Commitments, although any such reduction may be combined with a Voluntary Decrease effected pursuant to
and in accordance with Section 2.2(b) of the Series 2015-1 Supplement, (ii) any such reduction must be in a minimum amount of $1,000,000, (iii) after giving effect to such reduction, the Series 2015-1 Class A-1 Maximum
Principal Amount equals or exceeds $5,000,000, unless reduced to zero, and (iv) no such reduction shall be permitted if, after giving effect thereto, (x) the aggregate 

  
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Commitment Amounts would be less than the Series 2015-1 Class A-1 Outstanding Principal Amount (excluding any Undrawn L/C Face Amounts with respect to which cash collateral is held by the
L/C Provider pursuant to Section 4.03(b)) or (y) the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment. Any reduction made pursuant to this Section 2.05(a) shall
be made ratably among the Investor Groups on the basis of their respective Maximum Investor Group Principal Amounts. 
 (b)
If any of the following events shall occur, then the Commitment Amounts shall be automatically reduced on the dates and in the amounts set forth below with respect to the applicable event and the other consequences set forth below with respect to
the applicable event shall ensue (and the Master Issuer shall give the Trustee, the Control Party, each Funding Agent and the Administrative Agent prompt written notice thereof): 

(i) (A) if the Outstanding Principal Amount of the Series 2015-1 Class A-1 Notes has not been paid in full or otherwise
refinanced in full (which refinancing may also include an extension thereof) by the Business Day immediately preceding the Series 2015-1 Class A-1 Notes Renewal Date, on such Business Day, (x) the principal amount of all then-outstanding
Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds of Advances made on such date (and the Master Issuer shall be deemed to have delivered such Advance Requests under Section 2.03 as may be necessary to
cause such Advances to be made), and (y) the Swingline Commitment and the L/C Commitment shall both be automatically and permanently reduced to zero; and (B) upon a Series 2015-1 Class A-1 Notes Amortization Event, (x) the
Commitments with respect to all undrawn Commitment Amounts shall automatically and permanently terminate and the corresponding portions of the Series 2015-1 Class A-1 Maximum Principal Amount and the Maximum Investor Group Principal Amounts
shall be automatically and permanently reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis) and (y) each payment of principal on the Series 2015-1 Class A-1 Outstanding
Principal Amount occurring following such Series 2015-1 Class A-1 Notes Amortization Event shall result automatically and permanently in a dollar-for-dollar reduction of the Series 2015-1 Class A-1 Maximum Principal Amount and a
corresponding reduction in each Maximum Investor Group Principal Amount on a pro rata basis; 
 (ii) if a Rapid
Amortization Event occurs prior to the Series 2015-1 Class A-1 Notes Renewal Date, then (A) on the date such Rapid Amortization Event occurs, the Commitments with respect to all undrawn Commitment Amounts shall automatically terminate,
which termination shall be deemed to have occurred immediately following the making of Advances pursuant to clause (B) below, and the corresponding portions of the Series 2015-1 Class A-1 Maximum Principal Amount and the Maximum Investor
Group Principal Amounts shall be automatically reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis); (B) no later than the second Business Day after the occurrence of such
Rapid Amortization Event, the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings (to the extent not repaid pursuant to Section 2.08(a) or Section 4.03(b)) shall be repaid in full with
proceeds of Advances (and the 

  
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Master Issuer shall be deemed to have delivered such Advance Requests under Section 2.03 as may be necessary to cause such Advances to be made) and the Swingline Commitment and the
L/C Commitment shall be automatically reduced to zero and by such amount of Unreimbursed L/C Drawings, respectively; and (C) each payment of principal (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face
Amounts pursuant to Sections 4.02, 4.03(a), 4.03(b) and 9.18(c)(ii)) on the Series 2015-1 Class A-1 Outstanding Principal Amount occurring on or after the date of such Rapid Amortization Event (excluding the
repayment of any outstanding Swingline Loans and Unreimbursed L/C Drawings with proceeds of Advances pursuant to clause (B) above) shall result automatically in a dollar-for-dollar reduction of the Series 2015-1 Class A-1 Maximum Principal
Amount and a corresponding reduction in each Maximum Investor Group Principal Amount on a pro rata basis; provided that if such Rapid Amortization Event shall cease to be in effect pursuant to Section 9.1(e) of the Base
Indenture, then the Commitments, Swingline Commitment, L/C Commitment, Series 2015-1 Class A-1 Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be restored to the amounts in effect immediately prior to the
occurrence of such Rapid Amortization Event. 
 (iii) [Reserved]; 

(iv) if payments in connection with Indemnification, Asset Disposition and Insurance/Condemnation Payment Amounts are
allocated to and deposited in the Series 2015-1 Class A-1 Distribution Account in accordance with Section 3.6(j) of the Series 2015-1 Supplement at a time when either (i) no Senior Notes other than Series 2015-1 Class A-1
Notes are Outstanding or (ii) if a Series 2015-1 Class A-1 Notes Amortization Period is continuing, then (x) the aggregate Commitment Amount shall be automatically and permanently reduced on the date of such deposit by an amount (the
“Series 2015-1 Class A-1 Allocated Payment Reduction Amount”) equal to the amount of such deposit, and each Committed Note Purchaser’s Commitment Amount shall be reduced on a pro rata basis of such Series 2015-1
Class A-1 Allocated Payment Reduction Amount based on each Committed Note Purchaser’s Commitment Amount, (y) the corresponding portions of the Series 2015-1 Class A-1 Maximum Principal Amount and the Maximum Investor Group
Principal Amounts shall be automatically and permanently reduced on a pro rata basis based on each Investor Group’s Maximum Investor Group Principal Amount by a corresponding amount on such date (and, if after giving effect to such
reduction the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment, then the aggregate amount of the Swingline Commitment and the L/C Commitment shall be reduced by the amount of such difference,
with such reduction to be allocated between them in accordance with the written instructions of the Master Issuer delivered prior to such date; provided that after giving effect thereto the aggregate amount of the Swingline Loans and the L/C
Obligations do not exceed the Swingline Commitment and the L/C Commitment, respectively, as so reduced; provided further that in the absence of such instructions, such reduction shall be allocated first to the Swingline Commitment and
then to the L/C Commitment) and (z) the Series 2015-1 Class A-1 Outstanding Principal Amount shall be repaid or prepaid (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face Amounts pursuant to
Sections 4.02, 4.03(a), 

  
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4.03(b) and 9.18(c)(ii)) in an aggregate amount equal to such Series 2015-1 Class A-1 Allocated Payment Reduction Amount on the date and in the order required by
Section 3.6(j) of the Series 2015-1 Supplement; and 
 (v) if any Event of Default shall occur and be continuing
(and shall not have been waived in accordance with the Base Indenture) and as a result the payment of the Series 2015-1 Class A-1 Notes is accelerated pursuant to the terms of the Base Indenture (and such acceleration shall not have been
rescinded in accordance with the Base Indenture), then in addition to the consequences set forth in clause (ii) above in respect of the Rapid Amortization Event resulting from such Event of Default, the Series 2015-1 Class A-1 Maximum
Principal Amount, the Commitment Amounts, the Swingline Commitment, the L/C Commitment and the Maximum Investor Group Principal Amounts shall all be automatically and permanently reduced to zero upon such acceleration and the Master Issuer shall (in
accordance with the Series 2015-1 Supplement) cause the Series 2015-1 Class A-1 Outstanding Principal Amount to be paid in full (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face Amounts pursuant to
Sections 4.02, 4.03(a), 4.03(b) and 9.18(c)(ii)) together with accrued interest, Series 2015-1 Class A-1 Quarterly Commitment Fees, Series 2015-1 Class A-1 Other Amounts and all other amounts then due and
payable to the Lender Parties, the Administrative Agent and the Funding Agents under this Agreement and the other Related Documents and any unreimbursed Advances (as defined in the Indenture) of the Servicer and the Trustee and Manager Advances (in
each case, with interest thereon at the Advance Interest Rate) subject to and in accordance with the Priority of Payments. 

Section 2.06 Swingline Commitment. 

(a) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants,
representations and agreements set forth herein and therein, the Master Issuer shall issue and shall cause the Trustee to authenticate the Series 2015-1 Class A-1 Swingline Note, which the Master Issuer shall deliver to the Swingline Lender on
the Closing Date. Such Series 2015-1 Class A-1 Swingline Note shall be dated the Closing Date, shall be registered in the name of the Swingline Lender or its nominee, or in such other name as the Swingline Lender may request, shall have a
maximum principal amount equal to the Swingline Commitment, shall have an initial outstanding principal amount equal to the Series 2015-1 Class A-1 Initial Swingline Principal Amount, and shall be duly authenticated in accordance with the
provisions of the Indenture. Subject to the terms and conditions hereof, the Swingline Lender, in reliance on the agreements of the Committed Note Purchasers set forth in this Section 2.06, agrees to make swingline loans (each, a
“Swingline Loan” or a “Series 2015-1 Class A-1 Swingline Loan” and, collectively, the “Swingline Loans” or the “Series 2015-1 Class A-1 Swingline Loans”) to the Master
Issuer from time to time during the period commencing on the Closing Date and ending on the date that is two (2) Business Days prior to the Commitment Termination Date; provided that the Swingline Lender shall have no obligation or right
to make any Swingline Loan if, after giving effect thereto, (i) the aggregate principal amount of Swingline Loans outstanding would exceed the Swingline Commitment then in effect (notwithstanding that the Swingline Loans outstanding at any
time, when aggregated with the Swingline Lender’s other outstanding Advances 

  
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hereunder, may exceed the Swingline Commitment then in effect) or (ii) the Series 2015-1 Class A-1 Outstanding Principal Amount would exceed the Series 2015-1 Class A-1 Maximum
Principal Amount. Each such borrowing of a Swingline Loan will constitute a Subfacility Increase in the outstanding principal amount evidenced by the Series 2015-1 Class A-1 Swingline Note in an amount corresponding to such borrowing. Subject
to the terms of this Agreement and the Series 2015-1 Supplement, the outstanding principal amount evidenced by the Series 2015-1 Class A-1 Swingline Note may be increased by borrowings of Swingline Loans or decreased by payments of principal
thereon from time to time. 
 (b) Whenever the Master Issuer desires that the Swingline Lender make Swingline Loans the
Master Issuer shall (or shall cause the Manager on its behalf to) give the Swingline Lender and the Administrative Agent irrevocable notice in writing not later than 11:00 a.m. (New York City time) on the proposed borrowing date, specifying
(i) the amount to be borrowed, (ii) the requested borrowing date (which shall be a Business Day during the Commitment Term not later than the date that is two (2) Business Days prior to the Commitment Termination Date) and
(iii) the payment instructions for the proceeds of such borrowing (which shall be consistent with the terms and provisions of this Agreement and the Indenture and which proceeds shall be made available to the Master Issuer). Such notice shall
be in the form of a Swingline Advance Request in the form attached hereto as Exhibit A-1 hereto (a “Swingline Loan Request”). Promptly upon receipt of any Swingline Loan Request (but in no event later than 2:00 p.m. (New York
City time) on the date of such receipt) the Swingline Lender shall notify the Administrative Agent, Control Party and the Trustee thereof in writing. Each borrowing under the Swingline Commitment shall be in a minimum amount equal to $100,000.
Promptly upon receipt of any Swingline Loan Request (but in no event later than 2:00 p.m. (New York City time) on the date of such receipt), the Administrative Agent (based, with respect to any portion of the Series 2015-1 Class A-1 Outstanding
Subfacility Amount held by any Person other than the Administrative Agent, solely on written notices received by the Administrative Agent under this Agreement) will inform the Swingline Lender whether or not, after giving effect to the requested
Swingline Loan, the Series 2015-1 Class A-1 Outstanding Principal Amount would exceed the Series 2015-1 Class A-1 Maximum Principal Amount. If the Administrative Agent confirms that the Series 2015-1 Class A-1 Outstanding Principal
Amount would not exceed the Series 2015-1 Class A-1 Maximum Principal Amount after giving effect to the requested Swingline Loan, then not later than 3:00 p.m. (New York City time) on the borrowing date specified in the Swingline Loan Request,
subject to the other conditions set forth herein and in the Series 2015-1 Supplement, the Swingline Lender shall make available to the Master Issuer in accordance with the payment instructions set forth in such notice an amount in immediately
available funds equal to the amount of the requested Swingline Loan. 
 (c) The Master Issuer hereby agrees that each
Swingline Loan made by the Swingline Lender to the Master Issuer pursuant to Section 2.06(a) shall constitute the promise and obligation of the Master Issuer to pay to the Swingline Lender the aggregate unpaid principal amount of all
Swingline Loans made by such Swingline Lender pursuant to Section 2.06(a), which amounts shall be due and payable (whether at maturity or by acceleration) as set forth in this Agreement and in the Indenture for the Series 2015-1
Class A-1 Outstanding Principal Amount. 

  
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 (d) In accordance with Section 2.03(a), the Master Issuer agrees to
cause requests for Borrowings to be made at least one time per month if any Swingline Loans are outstanding in amounts at least sufficient to repay in full all Swingline Loans outstanding on the date of the applicable request. In accordance with
Section 3.01(c), outstanding Swingline Loans shall bear interest at the Base Rate. 
 (e) [Reserved]. 

(f) If prior to the time Advances would have otherwise been made pursuant to Section 2.06(d), an Event of
Bankruptcy shall have occurred and be continuing with respect to the Master Issuer or any Guarantor or if for any other reason, as determined by the Swingline Lender in its sole and absolute discretion, Advances may not be made as contemplated by
Section 2.06(d), each Committed Note Purchaser shall, on the date such Advances were to have been made pursuant to the notice referred to in Section 2.06(d) (the “Refunding Date”), purchase for cash an
undivided participating interest in the then-outstanding Swingline Loans by paying to the Swingline Lender an amount (the “Swingline Participation Amount”) equal to (i) its Committed Note Purchaser Percentage multiplied
by (ii) the related Investor Group’s Commitment Percentage multiplied by (iii) the aggregate principal amount of Swingline Loans then outstanding that was to have been repaid with such Advances. 

(g) Whenever, at any time after the Swingline Lender has received from any Investor such Investor’s Swingline
Participation Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Investor its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to
reflect the period of time during which such Investor’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Investor’s pro rata portion of such payment if such
payment is not sufficient to pay the principal of and interest on all Swingline Loans then due); provided, however, that in the event that such payment received by the Swingline Lender is required to be returned, such Investor will
return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender. 
 (h) Each
applicable Investor’s obligation to make the Advances referred to in Section 2.06(d) and each Committed Note Purchaser’s obligation to purchase participating interests pursuant to Section 2.06(f) shall be absolute
and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Investor, Committed Note Purchaser or the Master Issuer may have against the Swingline Lender,
the Master Issuer or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article VII other than at the time
the related Swingline Loan was made; (iii) any adverse change in the condition (financial or otherwise) of the Master Issuer; (iv) any breach of this Agreement or any other Indenture Document by the Master Issuer or any other Person; or
(v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

  
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 (i) The Master Issuer may, upon three (3) Business Days’ notice to the
Administrative Agent and the Swingline Lender, effect a permanent reduction in the Swingline Commitment; provided that any such reduction will be limited to the undrawn portion of the Swingline Commitment. If requested by the Master Issuer in
writing and with the prior written consent of the Administrative Agent, the Swingline Lender may (but shall not be obligated to) increase the amount of the Swingline Commitment; provided that, after giving effect thereto, the aggregate amount
of the Swingline Commitment and the L/C Commitment does not exceed the aggregate amount of the Commitments. 
 (j) The
Master Issuer may, upon notice to the Swingline Lender (who shall promptly notify the Administrative Agent and the Trustee thereof in writing), at any time and from time to time, voluntarily prepay Swingline Loans in whole or in part without premium
or penalty; provided that (x) such notice must be received by the Swingline Lender not later than 11:00 a.m. (New York City time) on the date of the prepayment, (y) any such prepayment shall be in a minimum principal amount of
$100,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then outstanding and (z) if the source of funds for such prepayment is not a Borrowing, there shall be no unreimbursed Advances (as
defined in the Indenture) of the Servicer and the Trustee or Manager Advances (or interest thereon) at such time. Each such notice shall specify the date and amount of such prepayment. If such notice is given, the Master Issuer shall make such
prepayment directly to the Swingline Lender and the payment amount specified in such notice shall be due and payable on the date specified therein. 

Section 2.07 L/C Commitment. 

(a) Subject to the terms and conditions hereof, the L/C Provider (or its permitted assigns pursuant to
Section 9.17), in reliance on the agreements of the Committed Note Purchasers set forth in Sections 2.08 and 2.09, agrees to provide standby letters of credit, including Interest Reserve Letters of Credit (each, a
“Letter of Credit” and, collectively, the “Letters of Credit”) for the account of the Master Issuer or its designee on any Business Day during the period commencing on the Closing Date and ending on the date that is
ten (10) Business Days prior to the Commitment Termination Date to be issued in accordance with Section 2.07(h) in such form as may be approved from time to time by the L/C Provider; provided that the L/C Provider shall have
no obligation or right to provide any Letter of Credit on a requested issuance date if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the Series 2015-1 Class A-1 Outstanding
Principal Amount would exceed the Series 2015-1 Class A-1 Maximum Principal Amount. 
 Each Letter of Credit shall (x) be
denominated in Dollars, (y) have a face amount of at least $25,000 or, if less than $25,000, shall bear a reasonable administrative fee to be agreed upon by the Master Issuer and the L/C Provider and (z) expire no later than the earlier of
(A) the first anniversary of its date of issuance and (B) the date that is ten (10) Business Days prior to the Commitment Termination Date (the “Required Expiration Date”); provided that any Letter of Credit
may provide for the automatic renewal thereof for additional periods, each individually not to exceed one year (which shall in no event extend beyond the Required Expiration Date) unless the L/C Provider notifies the beneficiary of such Letter of
Credit at least 30 calendar days prior to the then-applicable expiration date (or no later than the applicable notice date, if earlier, 

  
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as specified in such Letter of Credit) that such Letter of Credit shall not be renewed; provided further that any Letter of Credit may have an expiration date that is later than the
Required Expiration Date so long as (x) the Undrawn L/C Face Amount with respect to such Letter of Credit has been fully cash collateralized by the Master Issuer in accordance with Section 4.02 or 4.03 as of the Required
Expiration Date and there are no other outstanding L/C Obligations with respect to such Letter of Credit as of the Required Expiration Date and (y) such arrangement is satisfactory to the L/C Provider in its sole and absolute discretion. 

Additionally, each Interest Reserve Letter of Credit shall (1) name each of (A) the Trustee, for the benefit of the Senior
Noteholders or the Senior Subordinated Noteholders, as applicable, on its behalf, and (B) the Control Party as the beneficiary thereof; (2) allow the Trustee or the Control Party to submit a notice of drawing in respect of such Interest
Reserve Letter of Credit whenever amounts would otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to the Indenture; and
(3) indicate by its terms that the proceeds in respect of drawings under such Interest Reserve Letter of Credit shall be paid directly into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as
applicable. 
 The L/C Provider shall not at any time be obligated to (I) provide any Letter of Credit hereunder if such issuance would
violate, or cause any L/C Issuing Bank to exceed any limits imposed by, any applicable Requirement of Law or (II) amend any Letter of Credit hereunder if (1) the L/C Provider would have no obligation at such time to issue such Letter of Credit
in its amended form under the terms hereof or (2) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

(b) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants,
representations and agreements set forth herein and therein, the Master Issuer shall issue and shall cause the Trustee to authenticate the Series 2015-1 Class A-1 L/C Note, which the Master Issuer shall deliver to the L/C Provider on the
Closing Date. Such Series 2015-1 Class A-1 L/C Note shall be dated the Closing Date, shall be registered in the name of the L/C Provider or in such other name or nominee as the L/C Provider may request, shall have a maximum principal amount
equal to the L/C Commitment, shall have an initial outstanding principal amount equal to the Series 2015-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount, and shall be duly authenticated in accordance with the provisions of the Indenture.
Each issuance of a Letter of Credit after the Closing Date will constitute an Increase in the outstanding principal amount evidenced by the Series 2015-1 Class A-1 L/C Note in an amount corresponding to the Undrawn L/C Face Amount of such
Letter of Credit. All L/C Obligations (whether in respect of Undrawn L/C Face Amounts or Unreimbursed L/C Drawings) shall be deemed to be principal outstanding under the Series 2015-1 Class A-1 L/C Note and shall be deemed to be Series 2015-1
Class A-1 Outstanding Principal Amounts for all purposes of this Agreement, the Indenture and the other Related Documents other than, in the case of Undrawn L/C Face Amounts, for purposes of accrual of interest. Subject to the terms of this
Agreement and the Series 2015-1 Supplement, the outstanding principal amount evidenced by the Series 2015-1 Class A-1 L/C Note shall be increased by issuances of Letters of Credit or decreased by expirations thereof or reimbursements of
drawings thereunder or other circumstances resulting in the permanent 

  
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reduction in any Undrawn L/C Face Amounts from time to time. The L/C Provider and the Master Issuer agree to promptly notify the Administrative Agent and the Trustee of any such decreases for
which notice to the Administrative Agent is not otherwise provided hereunder. 
 (c) The Master Issuer may (or shall cause
the Manager on its behalf to) from time to time request that the L/C Provider either (i) provide a new Letter of Credit, (ii) provide a new “back-to-back” Letter of Credit to an existing letter of credit provider to secure a
letter of credit in existence prior to the Closing Date, or (iii) deem letters of credit in existence prior to the Closing Date with the Master Issuer as applicant thereunder and JPMorgan Chase Bank, N.A. or Barclays Bank PLC as the letter of
credit provider thereunder to be Letters of Credit provided and issued by the L/C Provider hereunder (so long as such letter of credit would have been permitted to have been issued hereunder but for the date of its issuance) by delivering to the L/C
Provider at its address for notices specified herein an Application therefor (in the form required by the applicable L/C Issuing Bank as notified to the Master Issuer by the L/C Provider), completed to the satisfaction of the L/C Provider, and such
other certificates, documents and other papers and information as the L/C Provider may reasonably request on behalf of the L/C Issuing Bank. Notwithstanding the foregoing sentence, the letters of credit set forth on Schedule IV hereto shall
be deemed Letters of Credit provided and issued by the L/C Provider hereunder as of the Closing Date. Upon receipt of any completed Application, the L/C Provider will notify the Administrative Agent and the Trustee in writing of the amount, the
beneficiary and the requested expiration of the requested Letter of Credit (which shall comply with Section 2.07(a) and (i)) and, subject to the other conditions set forth herein and in the Series 2015-1 Supplement and upon
receipt of written confirmation from the Administrative Agent (based, with respect to any portion of the Series 2015-1 Class A-1 Outstanding Subfacility Amount held by any Person other than the Administrative Agent, solely on written notices
received by the Administrative Agent under this Agreement) that after giving effect to the requested issuance, the Series 2015-1 Class A-1 Outstanding Principal Amount would not exceed the Series 2015-1 Class A-1 Maximum Principal Amount
(provided that the L/C Provider shall be entitled to rely upon any written statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons of the Administrative Agent for
purposes of determining whether the L/C Provider received such prior written confirmation from the Administrative Agent with respect to any Letter of Credit), the L/C Provider will cause such Application and the certificates, documents and other
papers and information delivered in connection therewith to be processed in accordance with the L/C Issuing Bank’s customary procedures and shall promptly provide the Letter of Credit requested thereby (but in no event shall the L/C Provider be
required to provide any Letter of Credit earlier than three (3) Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto, as provided in
Section 2.07(a)) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the L/C Provider and the Master Issuer. The L/C Provider shall furnish a copy of such Letter of Credit to
the Manager (with a copy to the Administrative Agent) promptly following the issuance thereof. The L/C Provider shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Funding Agents, the Investors, the
Control Party and the Trustee, written notice of the issuance of each Letter of Credit (including the amount thereof). 

  
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 (d) The Master Issuer shall pay ratably to the Committed Note Purchasers the L/C
Quarterly Fees (as defined in the Series 2015-1 Class A-1 VFN Fee Letter, the “L/C Quarterly Fees”) in accordance with the terms of the Series 2015-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments. 

(e) To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of
this Article II, the provisions of this Article II shall apply. 
 (f) The Master Issuer may, upon three
(3) Business Days’ notice to the Administrative Agent and the L/C Provider, effect a permanent reduction in the L/C Commitment; provided that any such reduction will be limited to the undrawn portion of the L/C Commitment. If
requested by the Master Issuer in writing and with the prior written consent of the L/C Provider and the Administrative Agent, the L/C Provider may (but shall not be obligated to) increase the amount of the L/C Commitment; provided that,
after giving effect thereto, the aggregate amount of each of the Outstanding Series 2015-1 Class A-1 Note Advances, the Swingline Commitment and the L/C Commitment does not exceed the aggregate Commitment Amounts. 

(g) The L/C Provider shall satisfy its obligations under this Section 2.07 with respect to providing any Letter of
Credit hereunder by issuing such Letter of Credit itself or through an Affiliate, so long as the L/C Issuing Bank Rating Test is satisfied with respect to such Affiliate and the issuance of such Letter of Credit. If the L/C Issuing Bank Rating Test
is not satisfied with respect to such Affiliate and the issuance of such Letter of Credit, the L/C Provider or a Person selected by (at the expense of the L/C Provider) the Master Issuer shall issue such Letter of Credit; provided that such
Person and issuance of such Letter of Credit satisfies the L/C Issuing Bank Rating Test (the L/C Provider (or such Affiliate of the L/C Provider) in its capacity as the issuer of such Letter of Credit or such other Person selected by the Master
Issuer being referred to as the “L/C Issuing Bank” with respect to such Letter of Credit). The “L/C Issuing Bank Rating Test” is a test that is satisfied with respect to a Person issuing a Letter of Credit if the
Person is a U.S. commercial bank that has, at the time of the issuance of such Letter of Credit, (i) a short-term certificate of deposit rating of not less than “P-2” from Moody’s and “A-2” from S&P and (ii) a
long-term unsecured debt rating of not less than “Baa2” from Moody’s or “BBB” from S&P or such other minimum long-term unsecured debt rating as may be reasonably required by the beneficiary of such proposed Letter of
Credit. 
 (h) The L/C Provider and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit, the L/C
Issuing Bank shall be under no obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Provider or the L/C Issuing Bank,
as applicable, from issuing the Letter of Credit, or (ii) any law applicable to the L/C Provider or the L/C Issuing Bank, as applicable, or any request or directive (which request or directive, in the reasonable judgment of the L/C Provider or
the L/C Issuing Bank, as applicable, has the force of law) from any Governmental Authority with jurisdiction over the L/C Provider or the L/C Issuing Bank, as applicable, shall prohibit the L/C Provider or the L/C Issuing Bank, as applicable, from
issuing of letters of credit generally or the Letter of Credit in particular. 

  
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 (i) Unless otherwise expressly agreed by the L/C Provider or the L/C Issuing
Bank, as applicable, and the Master Issuer when a Letter of Credit is issued, the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version
thereof as may be in effect at the time of issuance) shall apply to each standby Letter of Credit issued hereunder. 
 (j)
For the avoidance of doubt, the L/C Commitment shall be a sub-facility limit of the Commitment Amounts and aggregate outstanding L/C Obligations as of any date of determination shall be a component of the Series 2015-1 Class A-1 Outstanding
Principal Amount on such date of determination, pursuant to the definition thereof. 
 (k) If, on the date that is five
(5) Business Days prior to the expiration of any Interest Reserve Letter of Credit, such Interest Reserve Letter of Credit has not been replaced or renewed and the Master Issuer has not otherwise deposited funds into the Senior Notes Interest
Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in the amounts that would otherwise be required pursuant to the Indenture had such Interest Reserve Letter of Credit not been issued, the Trustee (at the
direction of the Master Issuer) or the Control Party (on Master Issuer’s behalf) shall submit a notice of drawing under such Interest Reserve Letter of Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve
Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount, as
applicable, on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been issued. 
 (l)
Each of the parties hereto shall execute any amendments to this Agreement reasonably requested by the Master Issuer in order to have any letter of credit issued by a Person selected by the Master Issuer pursuant to Section 2.07(g) or
Section 5.17 of the Base Indenture be a “Letter of Credit” that has been issued hereunder and such Person selected by the Master Issuer be an “L/C Issuing Bank”. 

Section 2.08 L/C Reimbursement Obligations. 

(a) For the purpose of reimbursing the payment of any draft presented under any Letter of Credit, the Master Issuer agrees to
pay, as set forth in this Section 2.08, the L/C Provider, for its own account or for the account of the L/C Issuing Bank, as applicable, an amount in Dollars equal to the sum of (i) the amount of such draft so paid (the “L/C
Reimbursement Amount”) and (ii) any taxes, fees, charges or other costs or expenses (including amounts payable pursuant to Section 3.02(c), and collectively, the “L/C Other Reimbursement Costs”) incurred by
the L/C Issuing Bank in connection with such payment. Each drawing under any Letter of Credit shall (unless an Event of Bankruptcy shall have occurred and be continuing with respect to the Master Issuer or any Guarantor, in which cases the
procedures specified in Section 2.09 for funding by Committed Note Purchasers shall apply) constitute a request by the Master Issuer to the Administrative Agent and each Funding 

  
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Agent for a Base Rate Borrowing pursuant to Section 2.03 in the amount equal to the applicable L/C Reimbursement Amount minus any such amounts repaid pursuant to
Section 4.03(b), and the Master Issuer shall be deemed to have made such request pursuant to the procedures set forth in Section 2.03. The applicable Investors in each Investor Group hereby agree to make Advances in an
aggregate amount for each Investor Group equal to such Investor Group’s Commitment Percentage of the L/C Reimbursement Amount to pay the L/C Provider. The Borrowing date with respect to such Borrowing shall be the first date on which a Base
Rate Borrowing could be made pursuant to Section 2.03 if the Administrative Agent had received a notice of such Borrowing at the time the Administrative Agent receives notice from the L/C Provider of such drawing under such Letter of
Credit. Such Investors shall make the amount of such Advances available to the Administrative Agent in immediately available funds not later than 3:00 p.m. (New York City time) on such Borrowing date and the proceeds of such Advances shall be
immediately made available by the Administrative Agent to the L/C Provider for application to the reimbursement of such drawing. 

(b) The Master Issuer’s obligations under Section 2.08(a) shall be absolute and unconditional, and shall be
performed strictly in accordance with the terms of this Agreement, under any and all circumstances and irrespective of (i) any setoff, counterclaim or defense to payment that the Master Issuer may have or has had against the L/C Provider, the
L/C Issuing Bank, any beneficiary of a Letter of Credit or any other Person, (ii) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (iii) payment by the L/C Issuing Bank
under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, (iv) payment by the L/C Issuing Bank under a Letter of Credit to any Person purporting to be a trustee in
bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under the Bankruptcy Code or any other liquidation, conservatorship, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of any jurisdictions or
(v) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.08(b), constitute a legal or equitable discharge of, or provide a right of setoff
against, the Master Issuer’s obligations hereunder. The Master Issuer also agrees that the L/C Provider and the L/C Issuing Bank shall not be responsible for, and the Master Issuer’s Reimbursement Obligations under
Section 2.08(a) shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute
between or among the Master Issuer and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Master Issuer against any beneficiary of such Letter of Credit or any
such transferee. Neither the L/C Provider nor the L/C Issuing Bank shall be liable for any error, omission, interruption, loss or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any
Letter of Credit, except for direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Master Issuer to the extent permitted by applicable law) caused by errors or omissions found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the L/C Provider or the L/C Issuing Bank, as the case may 

  
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be. The Master Issuer agrees that any action taken or omitted by the L/C Provider or the L/C Issuing Bank, as the case may be, under or in connection with any Letter of Credit or the related
drafts or documents, if done in the absence of gross negligence or willful misconduct and in accordance with the standards of care specified in the UCC of the State of New York, shall be binding on the Master Issuer and shall not result in any
liability of the L/C Provider or the L/C Issuing Bank to the Master Issuer. As between the Master Issuer and the L/C Issuing Bank, the Master Issuer hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to
such beneficiary’s or transferee’s use of any Letter of Credit. In furtherance of the foregoing and without limiting the generality thereof, the Master Issuer agrees with the L/C Issuing Bank that, with respect to documents presented that
appear on their face to be in substantial compliance with the terms of a Letter of Credit, the L/C Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation,
regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

(c) If any draft shall be presented for payment under any Letter of Credit, the L/C Provider shall promptly notify the
Manager, the Control Party, the Master Issuer and the Administrative Agent of the date and amount thereof. The responsibility of the applicable L/C Issuing Bank to the Master Issuer in connection with any draft presented for payment under any Letter
of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are
substantially in conformity with such Letter of Credit and, in paying such draft, such L/C Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such
Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of any Person(s) executing or delivering any such document. 

Section 2.09 L/C Participations. 

(a) The L/C Provider irrevocably agrees to grant and hereby grants to each Committed Note Purchaser, and, to induce the L/C
Provider to provide Letters of Credit hereunder (and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit, to induce the L/C Provider to agree to reimburse such L/C Issuing Bank for any payment of any drafts presented
thereunder), each Committed Note Purchaser irrevocably and unconditionally agrees to accept and purchase and hereby accepts and purchases from the L/C Provider, on the terms and conditions set forth below, for such Committed Note Purchaser’s
own account and risk an undivided interest equal to its Committed Note Purchaser Percentage of the related Investor Group’s Commitment Percentage of the L/C Provider’s obligations and rights under and in respect of each Letter of Credit
provided hereunder and the L/C Reimbursement Amount with respect to each draft paid or reimbursed by the L/C Provider in connection therewith. Subject to Section 2.07(c), each Committed Note Purchaser unconditionally and irrevocably
agrees with the L/C Provider that, if a draft is paid under any Letter of Credit for which the L/C Provider is not paid in full by the Master Issuer in accordance with the terms of this Agreement, such Committed Note Purchaser shall pay to the
Administrative Agent upon demand of the L/C Provider an amount equal to its Committed Note Purchaser Percentage of the related Investor Group’s Commitment Percentage of the L/C Reimbursement Amount with respect to such draft, or any part
thereof, that is not so paid. 

  
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 (b) If any amount required to be paid by any Committed Note Purchaser to the
Administrative Agent for forwarding to the L/C Provider pursuant to Section 2.09(a) in respect of any unreimbursed portion of any payment made or reimbursed by the L/C Provider under any Letter of Credit is paid to the Administrative
Agent for forwarding to the L/C Provider within three (3) Business Days after the date such payment is due, such Committed Note Purchaser shall pay to Administrative Agent for forwarding to the L/C Provider on demand an amount equal to the
product of (i) such amount, times (ii) the daily average Federal Funds Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the L/C
Provider, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any Committed Note Purchaser pursuant to
Section 2.09(a) is not made available to the Administrative Agent for forwarding to the L/C Provider by such Committed Note Purchaser within three (3) Business Days after the date such payment is due, the L/C Provider shall be
entitled to recover from such Committed Note Purchaser, on demand, such amount with interest thereon calculated from such due date at the Base Rate. A certificate of the L/C Provider submitted to any Committed Note Purchaser with respect to any
amounts owing under this Section 2.09(b), in the absence of manifest error, shall be conclusive and binding on such Committed Note Purchaser. Such amounts payable under this Section 2.09(b) shall be paid without any deduction
for any withholding taxes. 
 (c) Whenever, at any time after payment has been made under any Letter of Credit and the L/C
Provider has received from any Committed Note Purchaser its pro rata share of such payment in accordance with Section 2.09(a), the Administrative Agent or the L/C Provider receives any payment related to such Letter of
Credit (whether directly from the Master Issuer or otherwise, including proceeds of collateral applied thereto by the L/C Provider), or any payment of interest on account thereof, the Administrative Agent or the L/C Provider, as the case may be,
will distribute to such Committed Note Purchaser its pro rata share thereof; provided, however, that in the event that any such payment received by the Administrative Agent or the L/C Provider, as the case may be, shall be
required to be returned by the Administrative Agent or the L/C Provider, such Committed Note Purchaser shall return to the Administrative Agent for the account of the L/C Provider the portion thereof previously distributed by the Administrative
Agent or the L/C Provider, as the case may be, to it. 
 (d) Each Committed Note Purchaser’s obligation to make the
Advances referred to in Section 2.08(a) and to pay its pro rata share of any unreimbursed draft pursuant to Section 2.09(a) shall be absolute and unconditional and shall not be affected by any circumstance,
including (i) any setoff, counterclaim, recoupment, defense or other right that such Committed Note Purchaser or the Master Issuer may have against the L/C Provider, any L/C Issuing Bank, the Master Issuer or any other Person for any reason
whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article VII other than at the time the related Letter of Credit was issued;
(iii) an adverse change in the condition (financial or otherwise) of the Master Issuer; (iv) any breach of this Agreement or any other Indenture Document by the 

  
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Master Issuer or any other Person; (v) any amendment, renewal or extension of any Letter of Credit in compliance with this Agreement or with the terms of such Letter of Credit, as
applicable; or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 
 ARTICLE
III 
 INTEREST AND FEES 

Section 3.01 Interest. 

(a) To the extent that an Advance is funded or maintained by a Conduit Investor through the issuance of Commercial Paper, such
Advance shall bear interest at the CP Rate applicable to such Conduit Investor. To the extent that, and only for so long as, an Advance is funded or maintained by a Conduit Investor through means other than the issuance of Commercial Paper (based on
its determination in good faith that it is unable to raise or is precluded or prohibited from raising, or that it is not advisable to raise, funds through the issuance of Commercial Paper in the commercial paper market of the United States to
finance its purchase or maintenance of such Advance or any portion thereof (which determination may be based on any allocation method employed in good faith by such Conduit Investor), including by reason of market conditions or by reason of
insufficient availability under any of its Program Support Agreement or the downgrading of any of its Program Support Providers), such Advance shall bear interest at (i) the Base Rate or (ii) if the required notice has been given pursuant
to Section 3.01(b) with respect to such Advance, for any Eurodollar Interest Accrual Period, the Eurodollar Rate applicable to such Eurodollar Interest Accrual Period for such Advance, in each case except as otherwise provided in the
definition of Eurodollar Interest Accrual Period or in Section 3.03 or 3.04. Each Advance funded or maintained by a Committed Note Purchaser or a Program Support Provider shall bear interest at (i) the Base Rate or
(ii) if the required notice has been given pursuant to Section 3.01(b) with respect to such Advance, for any Eurodollar Interest Accrual Period, the Eurodollar Rate applicable to such Eurodollar Interest Accrual Period for such
Advance, in each case except as otherwise provided in the definition of Eurodollar Interest Accrual Period or in Section 3.03 or 3.04. By (x) 11:00 a.m. (New York City time) on the second Business Day preceding each Quarterly
Calculation Date, each Funding Agent shall notify the Administrative Agent of the applicable CP Rate for each Advance made by its Investor Group that was funded or maintained through the issuance of Commercial Paper and was outstanding during all or
any portion of the Interest Accrual Period ending immediately prior to such Quarterly Calculation Date and (y) 3:00 p.m. (New York City time) on the second Business Day preceding each Quarterly Calculation Date, the Administrative Agent shall
notify the Master Issuer, the Manager, the Trustee, the Servicer and the Funding Agents of such applicable CP Rate and of the applicable interest rate for each other Advance for such Interest Accrual Period and of the amount of interest accrued on
Advances during such Interest Accrual Period. 
 (b) With respect to any Advance (other than one funded or maintained by a
Conduit Investor through the issuance of Commercial Paper), so long as no Potential Rapid Amortization Event, Rapid Amortization Period or Event of Default has commenced and is continuing, the Master Issuer may elect that such Advance bear interest
at the 

  
 27 

 
Eurodollar Rate for any Eurodollar Interest Accrual Period (which shall be a period with a term of, at the election of the Master Issuer subject to the proviso in the definition of Eurodollar
Interest Accrual Period, one month, two months, three months or six months) while such Advance is outstanding to the extent provided in Section 3.01(a) by giving notice thereof (including notice of the Master Issuer’s election of
the term for the applicable Eurodollar Interest Accrual Period) to the Funding Agents prior to 2:00 p.m. (New York City time) on the date which is three (3) Eurodollar Business Days prior to the commencement of such Eurodollar Interest Accrual
Period. If such notice is not given in a timely manner, such Advance shall bear interest at the Base Rate. Each such conversion to or continuation of Eurodollar Advances for a new Eurodollar Interest Accrual Period in accordance with this
Section 3.01(b) shall be in an aggregate principal amount of $100,000 or an integral multiple of $100,000 in excess thereof. 

(c) Any outstanding Swingline Loans and Unreimbursed L/C Drawings shall bear interest at the Base Rate. By (x) 11:00 a.m.
(New York City time) on the second Business Day preceding each Quarterly Calculation Date, the Swingline Lender shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Swingline Loans during the Interest
Accrual Period ending on such date and the L/C Provider shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Unreimbursed L/C Drawings during such Interest Accrual Period and the amount of fees accrued
on any Undrawn L/C Face Amounts during such Interest Accrual Period and (y) 3:00 p.m. on such date, the Administrative Agent shall notify the Servicer, the Trustee, the Master Issuer and the Manager of the amount of such accrued interest and
fees as set forth in such notices. 
 (d) All accrued interest pursuant to Section 3.01(a) or
(c) shall be due and payable in arrears on each Quarterly Payment Date in accordance with the applicable provisions of the Indenture. 

(e) In addition, under the circumstances set forth in Section 3.4 of the Series 2015-1 Supplement, the Master
Issuer shall pay quarterly interest in respect of the Series 2015-1 Class A-1 Outstanding Principal Amount in an amount equal to the Series 2015-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest payable pursuant to such
Section 3.4 subject to and in accordance with the Priority of Payments. 
 (f) All computations of interest at
the CP Rate and the Eurodollar Rate, all computations of Series 2015-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest (other than any accruing on any Base Rate Advances) and all computations of fees shall be made on the basis of a
year of 360 days and the actual number of days elapsed. All computations of interest at the Base Rate and all computations of Series 2015-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest accruing on any Base Rate Advances shall be
made on the basis of a 365 (or 366, as applicable) day year and actual number of days elapsed. Whenever any payment of interest, principal or fees hereunder shall be due on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day and such extension of time shall be included in the computation of the amount of interest owed. Interest shall accrue on each Advance, Swingline Loan and Unreimbursed L/C Drawing from and including the day on which it is made
to but excluding the date of repayment thereof. 

  
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 Section 3.02 Fees. 

(a) The Master Issuer shall pay to the Administrative Agent for its own account the Administrative Agent Fees (as defined in
the Series 2015-1 Class A-1 VFN Fee Letter, collectively, the “Administrative Agent Fees”) in accordance with the terms of the Series 2015-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments. 

(b) On each Quarterly Payment Date on or prior to the Commitment Termination Date, the Master Issuer shall, in accordance with
Section 4.01, pay to each Funding Agent, for the account of the related Committed Note Purchaser(s), the Undrawn Commitment Fees (as defined in the Series 2015-1 Class A-1 VFN Fee Letter, the “Undrawn Commitment
Fees”) in accordance with the terms of the Series 2015-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments. 

(c) The Master Issuer shall pay (i) the fees required pursuant to Section 2.07 in respect of Letters of
Credit and (ii) any other fees set forth in the Series 2015-1 Class A-1 VFN Fee Letter (including the Upfront Commitment Fee and any Extension Fees (each, as defined in the Series 2015-1 Class A-1 VFN Fee Letter)) subject to the
Priority of Payments. 
 (d) All fees payable pursuant to this Section 3.02 shall be calculated in accordance
with Section 3.01(f) and paid on the date due in accordance with the applicable provisions of the Indenture. Once paid, all fees shall be nonrefundable under all circumstances other than manifest error. 

Section 3.03 Eurodollar Lending Unlawful. If any Investor or Program Support Provider shall determine that any Change in Law
makes it unlawful, or any Official Body asserts that it is unlawful, for any such Person to fund or maintain any Advance as a Eurodollar Advance, the obligation of such Person to fund or maintain any such Advance as a Eurodollar Advance shall, upon
such determination, forthwith be suspended until such Person shall notify the Administrative Agent, the related Funding Agent, the Manager and the Master Issuer that the circumstances causing such suspension no longer exist, and all then-outstanding
Eurodollar Advances of such Person shall be automatically converted into Base Rate Advances at the end of the then-current Eurodollar Interest Accrual Period with respect thereto or sooner, if required by such law or assertion. For purposes of this
Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the
Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect
and been adopted subsequent to the date hereof. 

  
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 Section 3.04 Deposits Unavailable. If the Administrative Agent shall have determined
that: 
 (a) by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for
ascertaining the interest rate applicable hereunder to the Eurodollar Advances; or 
 (b) with respect to any interest rate
otherwise applicable hereunder to any Eurodollar Advances the Eurodollar Interest Accrual Period for which has not then commenced, Investor Groups holding in the aggregate more than 50% of the Eurodollar Advances have determined that such interest
rate will not adequately reflect the cost to them of funding, agreeing to fund or maintaining such Eurodollar Advances for such Eurodollar Interest Accrual Period, 

then, upon notice from the Administrative Agent (which, in the case of clause (b) above, the Administrative Agent shall give upon obtaining actual
knowledge that such percentage of the Investor Groups have so determined) to the Funding Agents, the Manager and the Master Issuer, the obligations of the Investors to fund or maintain any Advance as a Eurodollar Advance after the end of the
then-current Eurodollar Interest Accrual Period, if any, with respect thereto shall forthwith be suspended and on the date such notice is given such Advances will convert to Base Rate Advances until the Administrative Agent has notified the Funding
Agents and the Master Issuer that the circumstances causing such suspension no longer exist. 
 Section 3.05 Increased Costs,
etc.The Master Issuer agrees to reimburse each Investor and any Program Support Provider (each, an “Affected Person”, which term, for purposes of Sections 3.07 and 3.08, shall also include the Swingline Lender and
the L/C Issuing Bank) for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Affected Person, including reductions in the rate of return on such Affected Person’s capital, in respect of funding or
maintaining (or of its obligation to fund or maintain) any Advances that arise in connection with any Change in Law, except for any Change in Law with respect to increased capital costs and taxes which shall be governed by Sections 3.07 and
3.08, respectively (whether or not amounts are payable thereunder in respect thereof). For purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, guidelines or
directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof. Each such demand shall be provided to the related Funding Agent and the Master
Issuer in writing and shall state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Affected Person for such increased cost or reduced amount of return. Such additional amounts
(“Increased Costs”) shall be deposited into the Collection Account by the Master Issuer within seven (7) Business Days of receipt of such notice to be payable as Class A-1 Notes Other Amounts, subject to and in accordance
with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and by such Funding Agent directly to such Affected Person, and such notice shall, in the absence of manifest error, be conclusive and
binding on the Master Issuer; provided that with 

  
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respect to any notice given to the Master Issuer under this Section 3.05, the Master Issuer shall not be under any obligation to pay any amount with respect to any period prior to the
date that is nine months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of the circumstances giving rise to such increased costs or reductions in the rate of return (except that, if the
Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

Section 3.06 Funding Losses. In the event any Affected Person shall incur any loss or expense (including any loss or expense
incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Person to fund or maintain any portion of the principal amount of any Advance as a Eurodollar Advance) as a result of: 

(a) any conversion, repayment, prepayment or redemption (for any reason, including, without limitation, as a result of any
Decrease or the acceleration of the maturity of such Eurodollar Advance) of the principal amount of any Eurodollar Advance on a date other than the scheduled last day of the Eurodollar Interest Accrual Period applicable thereto; 

(b) any Advance not being funded or maintained as a Eurodollar Advance after a request therefor has been made in accordance
with the terms contained herein (for a reason other than the failure of such Affected Person to make an Advance after all conditions thereto have been met); or 

(c) any failure of the Master Issuer to make a Decrease, prepayment or redemption with respect to any Eurodollar Advance after
giving notice thereof pursuant to the applicable provisions of the Series 2015-1 Supplement; 
 then, upon the written notice of any Affected Person to the
related Funding Agent and the Master Issuer, the Master Issuer shall deposit into the Collection Account (within seven (7) Business Days of receipt of such notice) to be payable as Class A-1 Notes Other Amounts, subject to and in
accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and such Funding Agent shall pay directly to such Affected Person such amount (“Breakage Amount” or
“Series 2015-1 Class A-1 Breakage Amount”) as will (in the reasonable determination of such Affected Person) reimburse such Affected Person for such loss or expense; provided that with respect to any notice given to the
Master Issuer under this Section 3.06, the Master Issuer shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine months prior to such demand if the relevant Affected Person knew or
could reasonably have been expected to know of the circumstances giving rise to such loss or expense. Such written notice (which shall include calculations in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on
the Master Issuer. 
 Section 3.07 Increased Capital or Liquidity Costs. If any Change in Law affects or would affect the
amount of capital or liquidity required or reasonably expected to be maintained by any Affected Person or any Person controlling such Affected Person and such Affected Person determines in its sole and absolute discretion that the rate of return on
its or such 

  
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controlling Person’s capital as a consequence of its commitment hereunder or under a Program Support Agreement or the Advances, Swingline Loans or Letters of Credit made or issued by such
Affected Person is reduced to a level below that which such Affected Person or such controlling Person would have achieved but for the occurrence of any such circumstance, then, in any such case after notice from time to time by such Affected Person
(or in the case of an L/C Issuing Bank, by the L/C Provider) to the related Funding Agent and the Master Issuer (or, in the case of the Swingline Lender or the L/C Provider, to the Master Issuer), the Master Issuer shall deposit into the Collection
Account within seven (7) Business Days of the Master Issuer’s receipt of such notice, to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the
Administrative Agent to such Funding Agent (or, in the case of the Swingline Lender or the L/C Provider, directly to such Person) and such Funding Agent shall pay to such Affected Person, such amounts (“Increased Capital Costs”) as
will be sufficient to compensate such Affected Person or such controlling Person for such reduction in rate of return; provided that with respect to any notice given to the Master Issuer under this Section 3.07, the Master Issuer
shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of the Change in Law
(except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). A statement of such Affected
Person as to any such additional amount or amounts (including calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on the Master Issuer. In determining such additional amount, such Affected
Person may use any method of averaging and attribution that it (in its reasonable discretion) shall deem applicable so long as it applies such method to other similar transactions. For purposes of this Agreement, (i) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all regulations, requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof.

 Section 3.08 Taxes. 

(a) Except as otherwise required by law, all payments by the Master Issuer of principal of, and interest on, the Advances, the
Swingline Loans and the L/C Obligations and all other amounts payable hereunder (including fees) shall be made free and clear of and without deduction or withholding for or on account of any present or future income, excise, documentary, property,
stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges in the nature of a tax imposed by any taxing authority including all interest, penalties or additions to tax and other liabilities with respect thereto (all such
taxes, fees, duties, withholdings and other charges, and including all interest, penalties or additions to tax and other liabilities with respect thereto, being called “Class A-1 Taxes”), but excluding in the case of any Affected
Person (i) net income, franchise (imposed in lieu of net income) or similar Class A-1 Taxes (and including branch profits or alternative minimum Class A-1 Taxes) and any other Class A-1 Taxes imposed or levied on the Affected
Person as a result of such Affected Person being organized under the laws of, or having its principal 

  
 32 

 
office or, in the case of the Administrative Agent, L/C Provider or Swingline Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision or
taxing authority thereof or therein) (other than any such connection arising solely from such Affected Person having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Related
Document), (ii) with respect to any Affected Person organized under the laws of a jurisdiction other than the United States or any state of the United States (“Foreign Affected Person”), any withholding tax that is required to
be imposed on interest payable to the Foreign Affected Person at the time the Foreign Affected Person becomes a party to this Agreement (or designates a new lending office or other office for receiving payments hereunder), except to the extent that
such Foreign Affected Person (or its assignor, if any) was already entitled, at the time of the designation of the new lending office or other office (or assignment), to receive additional amounts from the Master Issuer with respect to withholding
tax, (iii) with respect to any Affected Person any taxes imposed under FATCA and (iv) any U.S. Federal backup withholding (such Class A-1 Taxes not excluded by (i),(ii), (iii) and (iv) above being called
“Non-Excluded Taxes”). If any Class A-1 Taxes are imposed and required by law to be withheld or deducted from any amount payable by the Master Issuer hereunder to an Affected Person, then (x) if such Class A-1 Taxes
are Non-Excluded Taxes, the amount of the payment shall be increased so that such payment is made, after withholding or deduction for or on account of such Non-Excluded Taxes, in an amount that is not less than the amount equal to the sum that would
have been received by the Affected Person had no such deduction or withholding been required and (y) the Master Issuer shall withhold the amount of such Class A-1 Taxes from such payment (as increased, if applicable, pursuant to the
preceding clause (x)) and shall pay such amount, subject to and in accordance with the Priority of Payments, to the taxing authority imposing such Class A-1 Taxes in accordance with applicable law. 

(b) Moreover, if any Non-Excluded Taxes are directly asserted against any Affected Person or its agent with respect to any
payment received by such Affected Person or its agent from the Master Issuer or otherwise in respect of any Related Document or the transactions contemplated therein, such Affected Person or its agent may pay such Non-Excluded Taxes and the Master
Issuer will, within fifteen (15) Business Days of the Master Issuer’s receipt of written notice stating the amount of such Non-Excluded Taxes (including the calculation thereof in reasonable detail), deposit into the Collection Account, to
be distributed as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, such additional amounts (collectively, “Increased Tax Costs,” which term shall include all amounts payable by or on
behalf of the Master Issuer pursuant to this Section 3.08) as is necessary in order that the net amount retained by such Affected Person or agent after the payment of such Non-Excluded Taxes (including any Non-Excluded Taxes on such
Increased Tax Costs) shall equal the amount such Person would have received had no such Non-Excluded Taxes been asserted. Any amount payable to an Affected Person under this Section 3.08 shall be reduced by, and Increased Tax Costs shall
not include, the amount of incremental damages (including Taxes) due or payable by the Master Issuer as a direct result of such Affected Person’s failure to demand from the Master Issuer additional amounts pursuant to this
Section 3.08 within 180 days from the date on which the related Non-Excluded Taxes were incurred. 

  
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 (c) As promptly as practicable after the payment of any Class A-1 Taxes,
and in any event within thirty (30) days of any such payment being due, the Master Issuer shall furnish to each applicable Affected Person or its agents a certified copy of an official receipt (or other documentary evidence satisfactory to such
Affected Person and agents) evidencing the payment of such Class A-1 Taxes. If the Master Issuer fails to pay any Class A-1 Taxes when due to the appropriate taxing authority or fail to remit to the Affected Persons or their agents the
required receipts (or such other documentary evidence), the Master Issuer shall indemnify (by depositing such amounts into the Collection Account, to be distributed subject to and in accordance with the Priority of Payments) each Affected Person and
its agents for any Non-Excluded Taxes that may become payable by any such Affected Person or its agents as a result of any such failure. 

(d) Each Affected Person (other than any Affected Person that is not a Foreign Affected Person and is a corporation for
federal tax purposes) on or prior to the date it becomes a party to this Agreement (and from time to time thereafter as soon as practicable after the invalidity of any form or document previously delivered or within a reasonable period of time
following a written request by the Master Issuer) and to the extent permissible under then current law, shall deliver to the Master Issuer and the Administrative Agent a United States Internal Revenue Service Form W-8BEN, Form W-BEN-E, Form W-8ECI,
Form W-8IMY or Form W-9, as applicable, or applicable successor form, or, within a reasonable period of time following a written request by the Master Issuer or the Administrative Agent, such other forms or documents (or successor forms or
documents), appropriately completed and executed, as may be applicable, as will permit the Master Issuer or the Administrative Agent (A) to establish the extent to which a payment to such Affected Person is exempt from withholding or deduction
of United States federal withholding taxes, (B) to determine, if applicable, the required rate of withholding or deduction and (C) to establish such Affected Person’s entitlement to any available exemption from, or reduction of,
applicable Taxes in respect of any payments to be made to such Affected Person pursuant to this Agreement to establish such Affected Person’s status for withholding tax purposes in an applicable jurisdiction (including, if applicable, any
documentation necessary to prevent withholding under Sections 1471-1474 of the Code). At the times prescribed in the preceding sentence, each Affected Person shall deliver to the Master Issuer and the Administrative Agent within a reasonable period
of time following a written request by the Master Issuer or Administrative Agent any other forms or documents (or successor forms or documents), appropriately completed and executed, as may be applicable to establish the extent to which a payment to
such Affected Person is exempt from withholding or deduction of Non-Excluded Taxes other than United States federal withholding taxes, including but not limited to, such information necessary to claim the benefits of the exemption for portfolio
interest under section 881(c) of the Code. Neither the Master Issuer nor the Administrative Agent shall be required to pay any increased amount under Section 3.08(a) or Section 3.08(b) to an Affected Person in respect of the
withholding or deduction of United States federal withholding taxes or other Non-Excluded Taxes imposed as the result of the failure of such Affected Person to comply with the requirements set forth in this Section 3.08(d). The Master
Issuer and the Administrative Agent (or other withholding agent selected by the Master Issuer) may rely on any form or document provided pursuant to this Section 3.08(d) until notified otherwise by the Affected Person that delivered such
form or document. Notwithstanding anything to the contrary, no Affected Person shall be required to deliver any documentation that it is not legally obligated to deliver, except to the extent the documentation is reasonably requested and the
Affected Person is legally eligible to deliver. 

  
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 (e) The Administrative Agent, Trustee, Paying Agent or any other withholding
agent may deduct and withhold any Taxes required by any laws to be deducted and withheld from any payments pursuant to this Agreement. 

(f) If any Governmental Authority asserts that the Master Issuer or the Administrative Agent or other withholding agent did
not properly withhold or backup withhold, as the case may be, any Taxes from payments made to or for the account of any Affected Person, then to the extent such improper withholding or backup withholding was directly caused by such Affected
Person’s actions or inactions, such Affected Person shall indemnify the Master Issuer, Trustee, Paying Agent and the Administrative Agent for any Taxes imposed by any jurisdiction on the amounts payable to the Master Issuer and the
Administrative Agent under this Section 3.08, and costs and expenses (including attorney costs) of the Master Issuer, Trustee, Paying Agent and the Administrative Agent. The obligation of the Affected Persons, severally, under this
Section 3.08 shall survive any assignment of rights by, or the replacement of, an Affected Person or the termination of the aggregate Commitments, repayment of all other Obligations hereunder and the resignation of the Administrative
Agent. 
 (g) [Reserved]. 

(h) Prior to the Closing Date, the Administrative Agent will provide the Master Issuer with a properly executed and completed
IRS Form W-8IMY. 
 (i) If an Affected Person determines, in its sole reasonable discretion, that it has received a refund
of any Non-Excluded Taxes as to which it has been indemnified pursuant to this Section 3.08 or as to which it has been paid additional amounts pursuant to this Section 3.08, it shall promptly notify the Master Issuer and the
Manager in writing of such refund and shall, within 30 days after receipt of a written request from the Master Issuer, pay over such refund to the Master Issuer (but only to the extent of indemnity payments made or additional amounts paid to such
Affected Person under this Section 3.08 with respect to the Non-Excluded Taxes giving rise to such refund), net of all out-of-pocket expenses (including the net amount of Taxes, if any, imposed on or with respect to such refund or
payment) of the Affected Person and without interest (other than any interest paid by the relevant taxing authority that is directly attributable to such refund of such Non-Excluded Taxes); provided that the Master Issuer, immediately upon
the request of the Affected Person to the Master Issuer (which request shall include a calculation in reasonable detail of the amount to be repaid) agrees to repay the amount of the refund (and any applicable interest) (plus any penalties, interest
or other charges imposed by the relevant taxing authority with respect to such amount) to the Affected Person in the event the Affected Person or any other Person is required to repay such refund to such taxing authority. This
Section 3.08 shall not be construed to require the Affected Person to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Master Issuer or any other Person. 

  
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 Section 3.09 Change of Lending Office. Each Committed Note Purchaser agrees that,
upon the occurrence of any event giving rise to the operation of Section 3.05 or 3.07 or the payment of additional amounts to it under Section 3.08(a) or (b) with respect to such Committed Note Purchaser,
it will, if requested by the Master Issuer, use reasonable efforts (subject to overall policy considerations of such Committed Note Purchaser) to designate another lending office for any Advances affected by such event with the object of avoiding
the consequences of such event; provided that such designation is made on terms that, in the sole judgment of such Committed Note Purchaser, cause such Committed Note Purchaser and its lending office(s) or its related Conduit Investor to
suffer no economic, legal or regulatory disadvantage; and provided, further, that nothing in this Section 3.09 shall affect or postpone any of the obligations of the Master Issuer or the rights of any Committed Note
Purchaser pursuant to Section 3.05, 3.07 and 3.08. If a Committed Note Purchaser notifies the Master Issuer in writing that such Committed Note Purchaser will be unable to designate another lending office, the Master Issuer
may replace every member (but not any subset thereof) of such Committed Note Purchaser’s entire Investor Group by giving written notice to each member of such Investor Group and the Administrative Agent designating one or more Persons that are
willing and able to purchase each member of such Investor Group’s rights and obligations under this Agreement for a purchase price that with respect to each such member of such Investor Group will equal the amount owed to each such member of
such Investor Group with respect to the Series 2015-1 Class A-1 Advance Notes (whether arising under the Indenture, this Agreement, the Series 2015-1 Class A-1 Advance Notes or otherwise). Upon receipt of such written notice, each member
of such Investor Group shall assign its rights and obligations under this Agreement pursuant to and in accordance with Sections 9.17(a), (b) and (c), as applicable, in consideration for such purchase price and at the
reasonable expense of the Master Issuer (including, without limitation, the reasonable documented fees and out-of-pocket expenses of counsel to each such member); provided, however, that no member of such Investor Group shall be
obligated to assign any of its rights and obligations under this Agreement if the purchase price to be paid to such member is not at least equal to the amount owed to such member with respect to the Series 2015-1 Class A-1 Advance Notes
(whether arising under the Indenture, this Agreement, the Series 2015-1 Class A-1 Advance Notes or otherwise). 
 ARTICLE IV 

OTHER PAYMENT TERMS 

Section 4.01 Time and Method of Payment. Except as otherwise provided in Section 4.02, all amounts payable to any
Funding Agent or Investor hereunder or with respect to the Series 2015-1 Class A-1 Advance Notes shall be made to the Administrative Agent for the benefit of the applicable Person, by wire transfer of immediately available funds in Dollars not
later than 3:00 p.m. (New York City time) on the date due. The Administrative Agent will promptly, and in any event by 5:00 p.m. (New York City time) on the same Business Day as its receipt or deemed receipt of the same, distribute to the applicable
Funding Agent for the benefit of the applicable Person, or upon the order of the applicable Funding Agent for the benefit of the applicable Person, its pro rata share (or other applicable share as provided herein) of such payment by wire transfer in
like funds as received. Except as otherwise provided in Section 2.07 and Section 4.02, all amounts payable to the Swingline Lender or the L/C Provider hereunder or with respect to the Swingline Loans and L/C Obligations shall
be made to or upon the order of the Swingline Lender or the L/C Provider, respectively, by wire transfer of 

  
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immediately available funds in Dollars not later than 3:00 p.m. (New York City time) on the date due. Any funds received after that time on such date will be deemed to have been received on the
next Business Day. The Master Issuer’s obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are disbursed by the Master Issuer to the Administrative Agent as provided herein or by the
Trustee or Paying Agent in accordance with Section 4.02 whether or not such funds are properly applied by the Administrative Agent or by the Trustee or Paying Agent. The Administrative Agent’s obligations hereunder in respect of any
amounts payable to any Investor shall be discharged to the extent funds are disbursed by the Administrative Agent to the applicable Funding Agent as provided herein whether or not such funds are properly applied by such Funding Agent. 

Section 4.02 Order of Distributions. Subject to Section 9.18(c)(ii), any amounts deposited into the Series 2015-1
Class A-1 Distribution Account in respect of accrued interest, letter of credit fees or undrawn commitment fees shall be distributed by the Trustee or the Paying Agent, as applicable, on the date due and payable under the Indenture and in the
manner provided therein, to the Series 2015-1 Class A-1 Noteholders of record on the applicable Record Date, ratably in proportion to the respective amounts due to such payees at each applicable level of the Priority of Payments in accordance
with the applicable Quarterly Noteholders’ Report, the applicable written report provided to the Trustee under the Series 2015-1 Supplement or as provided in Section 3.3 of the Series 2015-1 Supplement. Subject to
Section 9.18(c)(ii), any amounts deposited into the Series 2015-1 Class A-1 Distribution Account in respect of outstanding principal or face amounts shall be distributed by the Trustee or the Paying Agent, as applicable, on the date
due and payable under the Indenture and in the manner provided therein, to the Series 2015-1 Class A-1 Noteholders of record on the applicable Record Date, in the following order of priority in accordance with the applicable Quarterly
Noteholders’ Report, the applicable written report provided to the Trustee under the Series 2015-1 Supplement or as provided in Section 3.3 of the Series 2015-1 Supplement: first, to the Swingline Lender and the L/C Provider
in respect of outstanding Swingline Loans and Unreimbursed L/C Drawings, ratably in proportion to the respective amounts due to such payees; second, to the other Series 2015-1 Class A-1 Noteholders in respect of their outstanding
Advances, ratably in proportion thereto; and, third, any balance remaining of such amounts (up to an aggregate amount not to exceed the amount of Undrawn L/C Face Amounts at such time) shall be paid to the L/C Provider, to be deposited by the
L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with Section 4.03(b). Any amounts distributed to the Administrative Agent pursuant to the Priority of Payments in respect of any other amounts
related to the Class A-1 Notes shall be distributed by the Administrative Agent in accordance with Section 4.01 on the date such amounts are due and payable hereunder to the applicable Series 2015-1 Class A-1 Noteholders and/or
the Administrative Agent for its own account, as applicable, ratably in proportion to the respective aggregate of such amounts due to such payees. 

Section 4.03 L/C Cash Collateral. (a) If (i) as of five (5) Business Days prior to the Commitment Termination
Date, any Undrawn L/C Face Amounts remain in effect, the Master Issuer shall either (i) provide cash collateral (in an aggregate amount equal to the amount of Undrawn L/C Face Amounts at such time, to the extent that such amount of cash
collateral has not been provided pursuant to Section 4.02 or 9.18(c)(ii)) to the L/C Provider, to be deposited by the L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with
Section 4.03(b) or (ii) make other arrangements with respect thereto as may be satisfactory to the L/C Provider in its sole and absolute discretion. 

  
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 (b) All amounts to be deposited in a cash collateral account pursuant to
Section 4.02, Section 4.03(a) or Section 9.18(c)(ii) shall be held by the L/C Provider as collateral to secure the Master Issuer’s Reimbursement Obligations with respect to any outstanding Letters of Credit.
The L/C Provider shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposit in Eligible Investments, which investments shall be made at
the written direction, and at the risk and expense, of the Master Issuer (provided that if an Event of Default has occurred and is continuing, such investments shall be made solely at the option and sole discretion of the L/C Provider), such
deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account and all Taxes on such amounts shall be payable by the Master Issuer. Moneys in such account shall automatically be applied by such
L/C Provider to reimburse it for any Unreimbursed L/C Drawings. Upon expiration of all then-outstanding Letters of Credit and payment in full of all Unreimbursed L/C Drawings, any balance remaining in such account shall be paid over (i) if the
Base Indenture and any Series Supplement remain in effect, to the Trustee to be deposited into the Collection Account and distributed in accordance with the terms of the Base Indenture and (ii) otherwise to the Master Issuer; provided
that, upon an Investor ceasing to be a Defaulting Investor in accordance with Section 9.18(d), any amounts of cash collateral provided pursuant to Section 9.18(c)(ii) upon such Investor becoming a Defaulting Investor shall be
released and applied as such amounts would have been applied had such Investor not become a Defaulting Investor. 
 Section 4.04
Alternative Arrangements with Respect to Letters of Credit. Notwithstanding any other provision of this Agreement or any Related Document, a Letter of Credit (other than an Interest Reserve Letter of Credit) shall cease to be deemed
outstanding for all purposes of this Agreement and each other Related Document if and to the extent that provisions, in form and substance satisfactory to the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with respect to such
Letter of Credit, the L/C Issuing Bank) in its sole and absolute discretion, have been made with respect to such Letter of Credit such that the L/C Provider (and, if applicable, the L/C Issuing Bank) has agreed in writing, with a copy of such
agreement delivered to the Administrative Agent, the Control Party, the Trustee and the Master Issuer, that such Letter of Credit shall be deemed to be no longer outstanding hereunder, in which event such Letter of Credit shall cease to be a
“Letter of Credit” as such term is used herein and in the Related Documents. 
 ARTICLE V 

THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS 

Section 5.01 Authorization and Action of the Administrative Agent. Each of the Lender Parties and the Funding Agents hereby
designates and appoints Coöperatieve Centrale Raiffeisen-Boerenleenbank, B.A.,“Rabobank Nederland,” New York Branch, as the Administrative Agent hereunder, and hereby authorizes the Administrative Agent to take such actions as agent
on their behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are 

  
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reasonably incidental thereto. The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender Party
or any Funding Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or otherwise exist for the Administrative Agent. In performing
its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Lender Parties and the Funding Agents and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or agency with or
for the Master Issuer or any of its successors or assigns. The provisions of this Article (other than the rights of the Master Issuer set forth in Section 5.07) are solely for the benefit of the Administrative Agent, the Lender Parties
and the Funding Agents, and the Master Issuer shall not have any rights as a third party beneficiary of any such provisions. The Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
exposes the Administrative Agent to personal liability or that is contrary to this Agreement or any Requirement of Law. The appointment and authority of the Administrative Agent hereunder shall terminate upon the indefeasible payment in full of the
Series 2015-1 Class A-1 Notes and all other amounts owed by the Master Issuer hereunder to the Administrative Agent, all members of the Investor Groups, the Swingline Lender and the L/C Provider (the “Aggregate Unpaids”) and
termination in full of all Commitments and the Swingline Commitment and the L/C Commitment. 
 Section 5.02 Delegation of
Duties. The Administrative Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The exculpatory provisions
of this Article shall apply to any such agents or attorneys-in-fact and shall apply to their respective activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it in good faith. 
 Section 5.03 Exculpatory Provisions. Neither the Administrative Agent nor
any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross
negligence or willful misconduct as determined by a court of competent jurisdiction by a final and nonappealable judgment), or (b) responsible in any manner to any Lender Party or any Funding Agent for any recitals, statements, representations
or warranties made by the Master Issuer contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement for the due execution, legality,
value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Master Issuer to perform its obligations hereunder, or for the
satisfaction of any condition specified in Article VII. The Administrative Agent shall not be under any obligation to any Investor or any Funding Agent to ascertain or to inquire as to the observance or performance of any of the agreements or
covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Master Issuer. The Administrative Agent shall not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid
Amortization Event, Default or Event of Default unless the Administrative Agent has received notice in writing of such event from the Master Issuer, any Lender Party or any Funding Agent. 

  
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 Section 5.04 Reliance. The Administrative Agent shall in all cases be entitled to
rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel
(including, without limitation, counsel to the Master Issuer), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing or refusing to take any action
under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of any Lender Party or any Funding Agent as it deems appropriate or it shall first be indemnified to its
satisfaction by any Lender Party or any Funding Agent; provided that unless and until the Administrative Agent shall have received such advice, the Administrative Agent may take or refrain from taking any action, as the Administrative Agent
shall deem advisable and in the best interests of the Lender Parties and the Funding Agents. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of Investor Groups
holding more than 50% of the Commitments and such request and any action taken or failure to act pursuant thereto shall be binding upon the Lender Parties and the Funding Agents. 

Section 5.05 Non-Reliance on the Administrative Agent and Other Purchasers. Each of the Lender Parties and the Funding Agents
expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent
hereafter taken, including, without limitation, any review of the affairs of the Master Issuer, shall be deemed to constitute any representation or warranty by the Administrative Agent. Each of the Lender Parties and the Funding Agents represents
and warrants to the Administrative Agent that it has and will, independently and without reliance upon the Administrative Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation
into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Master Issuer and made its own decision to enter into this Agreement. 

Section 5.06 The Administrative Agent in its Individual Capacity. The Administrative Agent and any of its Affiliates may make
loans to, accept deposits from, and generally engage in any kind of business with the Master Issuer or any Affiliate of the Master Issuer as though the Administrative Agent were not the Administrative Agent hereunder. 

Section 5.07 Successor Administrative Agent; Defaulting Administrative Agent. 

(a) The Administrative Agent may, upon 30 days’ notice to the Master Issuer and each of the Lender Parties and the
Funding Agents, and the Administrative Agent will, upon the direction of Investor Groups holding 100% of the Commitments (excluding any Commitments held by Defaulting Investors), resign as Administrative Agent. If the Administrative Agent shall
resign, then the Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two thirds of the
Commitments (excluding any Commitments held by the resigning Administrative Agent or its Affiliates, and if all Commitments are held by the resigning Administrative Agent or its 

  
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Affiliates, then the Master Issuer), during such 30-day period, shall appoint an Affiliate of a member of the Investor Groups as a successor administrative agent, subject to the consent of
(i) the Master Issuer at all times other than while an Event of Default has occurred and is continuing (which consent of the Master Issuer shall not be unreasonably withheld) and (ii) the Control Party (which consent of the Control Party
shall not be unreasonably withheld or delayed); provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this
Section 5.07(a). If for any reason no successor Administrative Agent is appointed by the Investor Groups during such 30-day period, then effective upon the expiration of such 30-day period, the Master Issuer shall make all payments in
respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2015-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as
applicable, and the Master Issuer for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a successor administrative agent is appointed as provided above,
and the Master Issuer shall instruct the Trustee in writing accordingly. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of Section 9.05 and this Article V shall inure
to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. 

(b) The Master Issuer may, upon the occurrence of any of the following events (any such event, a “Defaulting
Administrative Agent Event”) and with the consent of Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more
than 50% of the Commitments, two thirds of the Commitments, remove the Administrative Agent and, upon such removal, the Investor Groups holding more than 50% of the Commitments in the case of clause (i) above or two thirds of the Commitments in
the case of clause (ii) above (provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this Section 5.07(b))
shall appoint an Affiliate of a member of the Investor Groups as a successor administrative agent, subject to the consent of (x) the Master Issuer at all times other than while an Event of Default has occurred and is continuing (which consent
of the Master Issuer shall not be unreasonably withheld) and (y) the Control Party (which consent of the Control Party shall not be unreasonably withheld or delayed): (i) an Event of Bankruptcy with respect to the Administrative Agent;
(ii) if the Person acting as Administrative Agent or an Affiliate thereof is also an Investor, any other event pursuant to which such Person becomes a Defaulting Investor; (iii) the failure by the Administrative Agent to pay or remit any
funds required to be remitted when due (in each case, if amounts are available for payment or remittance in accordance with the terms of this Agreement for application to the payment or remittance thereof) which continues for two (2) Business
Days after such funds were required to be paid or remitted; (iv) any representation, warranty, certification or statement made by the Administrative Agent under this Agreement or in any agreement, certificate, report or other document furnished
by the Administrative Agent proves to have been false or misleading in any material respect as of the time made or deemed made, and if such representation, warranty, certification or statement is susceptible of remedy in all material respects, is
not remedied within thirty (30) calendar days after knowledge thereof or notice by the Master Issuer to the Administrative Agent, and if not susceptible of remedy in 

  
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all material respects, upon notice by the Master Issuer to the Administrative Agent or (v) any act constituting the gross negligence or willful misconduct of the Administrative Agent. If for
any reason no successor Administrative Agent is appointed by the Investor Groups within 30 days of the Administrative Agent’s removal pursuant to the immediately preceding sentence, then effective upon the expiration of such 30-day period, the
Master Issuer shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2015-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the
Swingline Lender or the L/C Provider, as applicable, and the Master Issuer for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a successor
administrative agent is appointed as provided above, and the Master Issuer shall instruct the Trustee in writing accordingly. After any Administrative Agent’s removal hereunder as Administrative Agent, the provisions of Section 9.05
and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. 

(c) If a Defaulting Administrative Agent Event has occurred and is continuing, the Master Issuer may make all payments in
respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2015-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as
applicable, and the Master Issuer for all purposes may deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable. 

Section 5.08 Authorization and Action of Funding Agents. Each Investor is hereby deemed to have designated and appointed its
related Funding Agent set forth next to such Investor’s name on Schedule I (or identified as such Investor’s Funding Agent pursuant to any applicable Assignment and Assumption Agreement or Investor Group Supplement) as the agent of
such Person hereunder, and hereby authorizes such Funding Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to such Funding Agent by the terms of this Agreement together with such powers as are reasonably
incidental thereto. Each Funding Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with the related Investor Group, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities on the part of such Funding Agent shall be read into this Agreement or otherwise exist for such Funding Agent. In performing its functions and duties hereunder, each Funding Agent shall act solely as agent for the
related Investor Group and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or agency with or for the Master Issuer, any of its successors or assigns or any other Person. Each Funding Agent shall not be
required to take any action that exposes such Funding Agent to personal liability or that is contrary to this Agreement or any Requirement of Law. The appointment and authority of the Funding Agents hereunder shall terminate upon the indefeasible
payment in full of the Aggregate Unpaids of the Investor Groups and the termination in full of all the Commitments. 
 Section 5.09
Delegation of Duties. Each Funding Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Funding
Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it in good faith. 

  
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 Section 5.10 Exculpatory Provisions. Each Funding Agent and its Affiliates, and each
of their directors, officers, agents or employees shall not be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross
negligence or willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or warranties made by the Master Issuer contained in this Agreement or in any certificate, report,
statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document
furnished in connection herewith, or for any failure of the Master Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in Article VII. Each Funding Agent shall not be under any obligation to the
related Investor Group to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Master Issuer. Each
Funding Agent shall not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless such Funding Agent has received notice of such event from the Master Issuer or any member of
the related Investor Group. 
 Section 5.11 Reliance. Each Funding Agent shall in all cases be entitled to rely, and shall be
fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of the Administrative Agent and legal counsel
(including, without limitation, counsel to the Master Issuer), independent accountants and other experts selected by such Funding Agent. Each Funding Agent shall in all cases be fully justified in failing or refusing to take any action under this
Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of the related Investor Group as it deems appropriate or it shall first be indemnified to its satisfaction by the related
Investor Group; provided that unless and until such Funding Agent shall have received such advice, such Funding Agent may take or refrain from taking any action, as such Funding Agent shall deem advisable and in the best interests of the
related Investor Group. Each Funding Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the related Investor Group and such request and any action taken or failure to act pursuant
thereto shall be binding upon the related Investor Group. 
 Section 5.12 Non-Reliance on the Funding Agent and Other
Purchasers. The related Investor Group expressly acknowledges that its Funding Agent and any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has not made any representations or warranties to it and that no act by
such Funding Agent hereafter taken, including, without limitation, any review of the affairs of the Master Issuer, shall be deemed to constitute any representation or warranty by such Funding Agent. The related Investor Group represents and warrants
to such Funding Agent that it has and will, independently and without reliance upon such Funding Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
operations, property, prospects, financial and other conditions and creditworthiness of the Master Issuer and made its own decision to enter into this Agreement. 

  
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 Section 5.13 The Funding Agent in its Individual Capacity. Each Funding Agent and
any of its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Master Issuer or any Affiliate of the Master Issuer as though such Funding Agent were not a Funding Agent hereunder. 

Section 5.14 Successor Funding Agent. Each Funding Agent will, upon the direction of the related Investor Group, resign as such
Funding Agent. If such Funding Agent shall resign, then the related Investor Group shall appoint an Affiliate of a member of the related Investor Group as a successor funding agent (it being understood that such resignation shall not be effective
until such successor is appointed). After any retiring Funding Agent’s resignation hereunder as Funding Agent, subject to the limitations set forth herein, the provisions of Section 9.05 and this Article V shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was the Funding Agent under this Agreement. 
 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 

Section 6.01 The Master Issuer. The Master Issuer and the Guarantors jointly and severally represents and warrants to the
Administrative Agent and each Lender Party, as of the date of this Agreement, as of the Closing Date and as of each Advance made hereunder, that: 

(a) each of its representations and warranties made in favor of the Trustee or the Noteholders in the Indenture and the other
Related Documents (other than a Related Document relating solely to a Series of Notes other than the Series 2015-1 Notes) is true and correct (a) if not qualified as to materiality or Material Adverse Effect, in all material respects and
(b) if qualified as to materiality or Material Adverse Effect, in all respects, as of the date originally made, as of the date hereof and as of the Closing Date (unless stated to relate solely to an earlier date, in which case such
representations and warranties shall be true and correct in all material respects as of such earlier date); 
 (b) no
Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing; 

(c) neither it nor or any of its Affiliates, have, directly or through an agent, engaged in any form of general solicitation
or general advertising in connection with the offering of the Series 2015-1 Class A-1 Notes under the Securities Act or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act including, but
not limited to, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or radio or any seminar or meeting whose attendees have been invited by any general solicitation or
general advertising; provided that no representation or warranty is made with respect to the Lender Parties and their Affiliates; and neither the Master Issuer nor any of its Affiliates have entered into any contractual arrangement with
respect to the distribution of the Series 2015-1 Class A-1 Notes, except for this Agreement and the other Related Documents, and the Master Issuer will not enter into any such arrangement; 

  
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 (d) neither they nor any of their Affiliates have, directly or through any
agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the Securities Act) that is or will be integrated with the sale of the Series 2015-1 Class A-1 Notes in a
manner that would require the registration of the Series 2015-1 Class A-1 Notes under the Securities Act; 
 (e)
assuming the representations and warranties of each Lender Party set forth in Section 6.03 of this Agreement are true and correct, the offer and sale of the Series 2015-1 Class A-1 Notes in the manner contemplated by this Agreement
is a transaction exempt from the registration requirements of the Securities Act, and the Base Indenture is not required to be qualified under the United States Trust Indenture Act of 1939, as amended; 

(f) the Master Issuer has furnished to the Administrative Agent and each Funding Agent true, accurate and complete copies of
all other Related Documents (excluding Series Supplements and other Related Documents relating solely to a Series of Notes other than the Series 2015-1 Notes) to which they are a party as of the Closing Date, all of which Related Documents are in
full force and effect as of the Closing Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such date, other than such amendments, modifications or waivers about which the Master Issuer has
informed each Funding Agent, the Swingline Lender and the L/C Provider; 
 (g) the Master Issuer is not an “investment
company” as defined in Section 3(a)(1) of the Investment Company Act of 1940, as amended, and therefore has no need (x) to rely solely on the exemption from the definition of “investment company” set forth in
Section 3(c)(1) and/or Section 3(c)(7) of the Investment Company Act of 1940, as amended, or (y) to be entitled to the benefit of the exclusion for loan securitizations in the Volcker Rule under 10 C.F.R. 248.10(c)(8); 

(h) the Master Issuer and each Guarantor have not (i) made any unlawful contribution, gift, entertainment or other
unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any domestic governmental official or “foreign official” (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended,
and the rules and regulations thereunder (collectively, the “FCPA”) or employee; (iii) violated any provision of the FCPA, the Bribery Act of 2010 of the United Kingdom or any applicable non-U.S. anti-bribery statute or
regulation; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment; and the Master Issuer and Guarantors conduct their respective businesses in compliance with the FCPA and maintain policies and procedures
designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith; 
 (i) each of
the Master Issuer and each Guarantor, as applicable, are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all applicable jurisdictions, the rules and 

  
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regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the “Money Laundering
Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Master Issuer or any Guarantor, as applicable, with respect to the Money Laundering Laws is pending
or, to the knowledge of such relevant entity, threatened; and 
 (j) neither the Master Issuer nor any Guarantor is
currently the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S.
Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”); nor is such relevant entity located, organized or resident
in a country or territory that is the subject of Sanctions; and the Master Issuer and each Guarantor will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other person or entity, for the purpose of financing the activities of or business with any person, or in any country or territory, that currently is the subject or target of any Sanctions or in any other manner that would
reasonably be expected to result in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor or otherwise) of Sanctions. 

Section 6.02 The Manager. The Manager represents and warrants to the Administrative Agent and each Lender Party as of the date of
this Agreement, as of the Closing Date and as of the date of each Advance made hereunder, that each representation and warranty made by it in any Related Document (other than a Related Document relating solely to a Series of Notes other than the
Series 2015-1 Notes and other than any representation or warranty in Section 4.1(i) or (j) of any Contribution Agreement, Section 2.1(g) or (h) of the Representations and Warranties Agreement or Article V of the Management
Agreement) to which it is a party (including any representations and warranties made by it in its capacity as Manager) is true and correct (a) if not qualified as to materiality or Material Adverse Effect, in all material respects and
(b) if qualified as to materiality or Material Adverse Effect, in all respects as of the date originally made, as of the date hereof and as of the Closing Date (unless stated to relate solely to an earlier date, in which case such
representations and warranties were true and correct in all material respects as of such earlier date). 
 Section 6.03 Lender
Parties. Each of the Lender Parties represents and warrants to the Master Issuer and the Manager as of the date hereof (or, in the case of a successor or assign of an Investor, as of the subsequent date on which such successor or assign shall
become or be deemed to become a party hereto) that: 
 (a) it 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 of the Series 2015-1 Class A-1 Notes, with the Master Issuer and the Manager and their respective representatives; 

  
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 (b) it is an “accredited investor” within the meaning of Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act, a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and a “qualified purchaser” within the meaning of
Section 2(a)(51) of the Investment Company 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 2015-1 Class A-1 Notes; 
 (c) it is purchasing the Series 2015-1 Class A-1 Notes for its
own account, or for the account of one or more “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that meet the criteria described in clause (b) above
and for which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain
within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the Securities Act, or the rules and regulations promulgated thereunder, with respect to the Series 2015-1
Class A-1 Notes; 
 (d) it understands that (i) the Series 2015-1 Class A-1 Notes have not been and will not
be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the
Securities Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Master
Issuer, (ii) the Master Issuer is not required to register the Series 2015-1 Class A-1 Notes under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction, (iii) any permitted
transferee hereunder must be a “qualified purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act and otherwise meet the criteria in clause (b) above and (iv) any transfer must comply with the
provisions of Section 2.8 of the Base Indenture, Section 4.3 of the Series 2015-1 Supplement and Section 9.03 or 9.17, as applicable, of this Agreement; 

(e) it will comply with the requirements of Section 6.03(d), above, in connection with any transfer by it of the
Series 2015-1 Class A-1 Notes; 
 (f) it understands that the Series 2015-1 Class A-1 Notes will bear the legend
set out in the form of Series 2015-1 Class A-1 Notes attached to the Series 2015-1 Supplement and be subject to the restrictions on transfer described in such legend; 

(g) it will obtain for the benefit of the Master Issuer from any purchaser of the Series 2015-1 Class A-1 Notes
substantially the same representations and warranties contained in the foregoing paragraphs; and 
 (h) it has executed a
Purchaser’s Letter substantially in the form of Exhibit D hereto. 

  
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 ARTICLE VII 

CONDITIONS 
 Section 7.01
Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 2015-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will
not become effective, unless: 
 (a) the Base Indenture, the Series 2015-1 Supplement, the Guarantee and Collateral
Agreement and the other Related Documents shall be in full force and effect; 
 (b) on the Closing Date, the Administrative
Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 2015-1 Class A-1 Notes; 

(c) at the time of such issuance, the additional conditions set forth in Schedule III and all other conditions to the
issuance of the Series 2015-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party. 

Section 7.02 Conditions to Initial Extensions of Credit. The election of each Conduit Investor to fund, and the obligation of
each Committed Note Purchaser to fund, the initial Borrowing hereunder, and the obligations of the Swingline Lender and the L/C Provider to fund the initial Swingline Loan or provide the initial Letter of Credit hereunder, respectively, shall be
subject to the satisfaction of the conditions precedent that (a) each Funding Agent shall have received a duly executed and authenticated Series 2015-1 Class A-1 Advance Note registered in its name or in such other name as shall have been
directed by such Funding Agent and stating that the principal amount thereof shall not exceed the Maximum Investor Group Principal Amount of the related Investor Group, (b) each of the Swingline Lender and the L/C Provider shall have received a
duly executed and authenticated Series 2015-1 Class A-1 Swingline Note or Series 2015-1 Class A-1 L/C Note, as applicable, registered in its name or in such other name as shall have been directed by it and stating that the principal amount
thereof shall not exceed the Swingline Commitment or L/C Commitment, respectively, and (c) the Master Issuer shall have paid all fees required to be paid by it under the Related Documents on the Closing Date, including all fees required
hereunder. 
 Section 7.03 Conditions to Each Extension of Credit. The election of each Conduit Investor to fund, and the
obligation of each Committed Note Purchaser to fund, any Borrowing on any day (including the initial Borrowing but excluding any Borrowings to repay Swingline Loans or L/C Obligations pursuant to Section 2.05, 2.06 or 2.08,
as applicable), and the obligations of the Swingline Lender to fund any Swingline Loan (including the initial one) and of the L/C Provider to provide any Letter of Credit (including the initial one), respectively, shall be subject to the conditions
precedent that on the date of such funding or provision, before and after giving effect thereto and to the application of any proceeds therefrom, the following statements shall be true (without regard to any waiver, amendment or other modification
of this Section 7.03 or any definitions used herein consented to by the Control Party unless Investors holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if
a single Investor Group holds more than 50% 

  
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of the Commitments, two thirds of the Commitments (provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of
Commitments has been met under this Section 7.03) have consented to such waiver, amendment or other modification for purposes of this Section 7.03); provided, however, that if a Rapid Amortization Event has
occurred and (other than in the case of Section 9.1(e)) has been declared by the Control Party pursuant to Section 9.1(a), (b), (c) or (d) of the Base Indenture, consent to such waiver,
amendment or other modification from all Investors (provided that it shall not be the obligation of the Control Party to obtain such consent from the Investors) as well as the Control Party is required for purposes of this
Section 7.03: 
 (a) (i) the representations and warranties of the Master Issuer set out in this Agreement and
(ii) the representations and warranties of the Manager set out in this Agreement, in each such case, shall be true and correct (i) if qualified as to materiality or Material Adverse Effect, in all respects and (ii) if not qualified as
to materiality or Material Adverse Effect, in all material respects, as of the date of such funding or issuance, with the same effect as though made on that date (unless stated to relate solely to an earlier date, in which case such representations
and warranties shall have been true and correct as of such earlier date); 
 (b) no Default, Event of Default, Potential
Rapid Amortization Event or Rapid Amortization Event shall be in existence at the time of, or after giving effect to, such funding or issuance; 

(c) the DSCR as calculated as of the immediately preceding Quarterly Calculation Date shall not be less than 1.50x; 

(d) in the case of any Borrowing, except to the extent an advance request is expressly deemed to have been delivered
hereunder, the Master Issuer shall have delivered or have been deemed to have delivered to the Administrative Agent an executed advance request in the form of Exhibit A hereto with respect to such Borrowing (each such request, an
“Advance Request” or a “Series 2015-1 Class A-1 Advance Request”); 
 (e) the Senior
Notes Interest Reserve Amount (including any Senior Notes Interest Reserve Account Deficiency Amount) will be funded and/or an Interest Reserve Letter of Credit will be maintained for such amount as of the date of such draw in the amounts required
pursuant to the Indenture after giving effect to such draw; 
 (f) all Undrawn Commitment Fees, Administrative Agent Fees
and L/C Quarterly Fees due and payable on or prior to the date of such funding or issuance shall have been paid in full; and 

(g) all conditions to such extension of credit or provision specified in Section 2.02, 2.03, 2.06 or
2.07 of this Agreement, as applicable, shall have been satisfied. 
 The giving of any notice pursuant to Section 2.03,
2.06 or 2.07, as applicable, shall constitute a representation and warranty by the Master Issuer and the Manager that all conditions precedent to such funding or provision have been satisfied or will be satisfied concurrently
therewith. 

  
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 ARTICLE VIII 

COVENANTS 
 Section 8.01
Covenants. Each of the Master Issuer and the Manager, severally, covenants and agrees that, until all Aggregate Unpaids have been paid in full and all Commitments, the Swingline Commitment and the L/C Commitment have been terminated, it will:

 (a) unless waived in writing by the Control Party in accordance with Section 9.7 of the Base Indenture, duly and
timely perform all of its covenants (both affirmative and negative) and obligations under each Related Document to which it is a party; 

(b) not amend, modify, waive or give any approval, consent or permission under any provision of the Base Indenture or any
other Related Document to which it is a party unless any such amendment, modification, waiver or other action is in writing and made in accordance with the terms of the Base Indenture or such other Related Document, as applicable; 

(c) reasonably concurrent with the time any report, notice or other document is provided to the Rating Agencies and/or the
Trustee, or caused to be provided, by the Master Issuer or the Manager under the Base Indenture (including, without limitation, under Sections 8.8, 8.9 and/or 8.11 thereof) or under the Series 2015-1 Supplement, provide the
Administrative Agent (who shall promptly provide a copy thereof to the Lender Parties) with a copy of such report, notice or other document; provided, however, that neither the Manager nor the Master Issuer shall have any obligation
under this Section 8.01(c) to deliver to the Administrative Agent copies of any Quarterly Noteholders’ Reports that relate solely to a Series of Notes other than the Series 2015-1 Notes; 

(d) once per calendar year, following reasonable prior notice from the Administrative Agent (the “Annual Inspection
Notice”), and during regular business hours, permit any one or more of such Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at the
Master Issuer’s expense, access (as a group, and not individually unless only one such Person desires such access) to the offices of the Manager, the Master Issuer and the Guarantors, (i) to examine and make copies of and abstracts from
all documentation relating to the Collateral on the same terms as are provided to the Trustee under Section 8.6 of the Base Indenture, and (ii) to visit the offices and properties of the Manager, the Master Issuer and the Guarantors
for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to the Collateral, or the administration and performance of the Base Indenture, the Series 2015-1 Supplement and the other Related
Documents with any of the officers or employees of, the Manager, the Master Issuer and/or the Guarantors, as applicable, having knowledge of such matters; provided, however, that upon the occurrence and continuation of a Potential
Rapid Amortization Event, Rapid Amortization Event, Cash Trapping Period, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or
permitted assigns, at the Master Issuer’s expense may do any of the foregoing at any time during normal business hours and without advance notice; provided, further, that, in addition

  
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to any visits made pursuant to provision of an Annual Inspection Notice or during the continuation of a Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default,
the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at their own expense, may do any of the foregoing at any time during normal business
hours following reasonable prior notice with respect to the business of the Master Issuer and/or the Guarantors; and provided, further, that the Funding Agents, the Swingline Lender and the L/C Provider will be permitted to provide
input to the Administrative Agent with respect to the timing of delivery, and content, of the Annual Inspection Notice; 

(e) not take, or cause to be taken, any action, including, without limitation, acquiring any Margin Stock, that could cause
the transactions contemplated by the Related Documents to fail to comply with the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof; 

(f) not permit any amounts owed with respect to the Series 2015-1 Class A-1 Notes to be secured, directly or indirectly,
by any Margin Stock in a manner that would violate the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof; 

(g) promptly provide such additional financial and other information with respect to the Related Documents (other than Series
Supplements and Related Documents relating solely to a Series of Notes other than the Series 2015-1 Notes), the Master Issuer, the Manager or the Guarantors as the Administrative Agent may from time to time reasonably request; and 

(h) deliver to the Administrative Agent (who shall promptly provide a copy thereof to the Lender Parties), the financial
statements prepared pursuant to Section 4.1 of the Base Indenture reasonably contemporaneously with the delivery of such statements under the Base Indenture. 

ARTICLE IX 
 MISCELLANEOUS
PROVISIONS 
 Section 9.01 Amendments. No amendment to or waiver or other modification of any provision of this Agreement, nor
consent to any departure therefrom by the Manager or the Master Issuer, shall in any event be effective unless the same shall be in writing and signed by the Manager, the Master Issuer and the Administrative Agent with the written consent of
Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two thirds of the Commitments;
provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether such threshold percentage of Commitments has been met; provided, however, that, in addition, (i) the prior written
consent of each affected Investor shall be required in connection with any amendment, modification or waiver that (x) increases the amount of the Commitment of such Investor, extends the Commitment Termination Date or the Series 2015-1
Class A-1 Notes Renewal Date, modifies the conditions to funding such Commitment or otherwise subjects such Investor to any 

  
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increased or additional duties or obligations hereunder or in connection herewith (it being understood and agreed that waivers or modifications of conditions precedent, covenants, Defaults or
Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the Commitments of any Lender Party), (y) reduces the amount or delays the timing of payment of any principal, interest, fees or
other amounts payable to such Investor hereunder or (z) would have an effect comparable to any of those set forth in Section 13.2(a) of the Base Indenture that require the consent of each Noteholder or each affected Noteholder;
(ii) any amendment, modification or waiver that affects the rights or duties of any of the Swingline Lender, the L/C Provider, the Administrative Agent or the Funding Agents shall require the prior written consent of such affected Person; and
(iii) the prior written consent of each Investor, the Swingline Lender, the L/C Provider, the Administrative Agent and each Funding Agent shall be required in connection with any amendment, modification or waiver of this
Section 9.01. For purposes of any provision of any other Indenture Document relating to any vote, consent, direction or the like to be given by the Series 2015-1 Class A-1 Noteholders, such vote, consent, direction or the like shall
be given by the Holders of the Series 2015-1 Class A-1 Advance Notes only and not by the Holders of any Series 2015-1 Class A-1 Swingline Notes or Series 2015-1 Class A-1 L/C Notes except to the extent that such vote, consent,
direction or the like is to be given by each affected Noteholder and the Holders of any Series 2015-1 Class A-1 Swingline Notes or Series 2015-1 Class A-1 L/C Notes would be affected thereby. The Master Issuer and the Lender Parties shall
negotiate any amendments, waivers, consents, supplements or other modifications to this Agreement or the other Related Documents that require the consent of the Lender Parties in good faith. Pursuant to Section 9.05(a), the Lender
Parties shall be entitled to reimbursement by the Master Issuer for the reasonable expenses incurred by the Lender Parties in reviewing and approving any such amendment, waiver, consent supplement or other modification to this Agreement or any
Related Document. 
 Section 9.02 No Waiver; Remedies. Any waiver, consent or approval given by any party hereto shall be
effective only in the specific instance and for the specific purpose for which given, and no waiver by a party of any breach or default under this Agreement shall be deemed a waiver of any other breach or default. No failure on the part of any party
hereto to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder, or any abandonment or discontinuation of steps to enforce the right, power or
privilege, preclude any other or further exercise thereof or the exercise of any other right. No notice to or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in the same, similar or other
circumstances. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 9.03
Binding on Successors and Assigns. 
 (a) This Agreement shall be binding upon, and inure to the benefit of, the
Master Issuer, the Manager, the Lender Parties, the Funding Agents, the Administrative Agent and their respective successors and assigns; provided, however, that neither the Master Issuer nor the Manager may assign its rights or
obligations hereunder or in connection herewith or any interest herein (voluntarily, by operation of law or otherwise) without the prior written consent of each Lender Party (other than any Defaulting Investor); provided further that nothing
herein shall prevent the Master Issuer from assigning its rights (but none 

  
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of its duties or liabilities) to the Trustee under the Base Indenture and the Series 2015-1 Supplement; and provided, further that none of the Lender Parties may transfer, pledge,
assign, sell participations in or otherwise encumber its rights or obligations hereunder or in connection herewith or any interest herein except as permitted under Section 6.03, Section 9.17 and this Section 9.03.
Nothing expressed herein is intended or shall be construed to give any Person other than the Persons referred to in the preceding sentence any legal or equitable right, remedy or claim under or in respect of this Agreement except as provided in
Section 9.16. 
 (b) Notwithstanding any other provision set forth in this Agreement, each Investor may at any
time grant to one or more Program Support Providers a participating interest in or lien on such Investor’s interests in the Advances made hereunder and such Program Support Provider, with respect to its participating interest, shall be entitled
to the benefits granted to such Investor under this Agreement. 
 (c) In addition to its rights under
Section 9.17, each Conduit Investor may at any time assign its rights in the Series 2015-1 Class A-1 Advance Notes (and its rights hereunder and under the Related Documents) to its related Committed Note Purchaser or, subject to
Section 6.03 and Section 9.17(f), its related Program Support Provider or any Affiliate of any of the foregoing, in each case in accordance with the applicable provisions of the Indenture. Furthermore, each Conduit Investor
may at any time grant a security interest in and lien on, all or any portion of its interests under this Agreement, its Series 2015-1 Class A-1 Advance Note and all Related Documents to (i) its related Committed Note Purchaser,
(ii) its Funding Agent, (iii) any Program Support Provider who, at any time now or in the future, provides program liquidity or credit enhancement, including, without limitation, an insurance policy for such Conduit Investor relating to
the Commercial Paper or the Series 2015-1 Class A-1 Advance Notes, (iv) any other Person who, at any time now or in the future, provides liquidity or credit enhancement for the Conduit Investors, including, without limitation, an insurance
policy relating to the Commercial Paper or the Series 2015-1 Class A-1 Advance Notes or (v) any collateral trustee or collateral agent for any of the foregoing; provided, however, that any such security interest or lien shall
be released upon assignment of its Series 2015-1 Class A-1 Advance Note to its related Committed Note Purchaser. Each Committed Note Purchaser may assign its Commitment or all or any portion of its interest under its Series 2015-1
Class A-1 Advance Note, this Agreement and the Related Documents to any Person to the extent permitted by Section 9.17. Notwithstanding any other provisions set forth in this Agreement, each Committed Note Purchaser may at any time
create a security interest in all or any portion of its rights under this Agreement, its Series 2015-1 Class A-1 Advance Note and the Related Documents in favor of any Federal Reserve Bank in accordance with Regulation A of the F.R.S. Board or
any similar foreign entity. 
 Section 9.04 Survival of Agreement. All covenants, agreements, representations and warranties
made herein and in the Series 2015-1 Class A-1 Notes delivered pursuant hereto shall survive the making and the repayment of the Advances, the Swingline Loans and the Letters of Credit and the execution and delivery of this Agreement and the
Series 2015-1 Class A-1 Notes and shall continue in full force and effect until all interest on and principal of the Series 2015-1 Class A-1 Notes, and all other amounts owed to the Lender Parties, the Funding Agents and the Administrative
Agent hereunder and under the Series 2015-1 

  
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Supplement have been paid in full, all Letters of Credit have expired or been fully cash collateralized in accordance with the terms of this Agreement and the Commitments, the Swingline
Commitment and the L/C Commitment have been terminated. In addition, the obligations of the Master Issuer and the Lender Parties under Sections 3.05, 3.06, 3.07, 3.08, 9.05, 9.10 and 9.11 shall
survive the termination of this Agreement. 
 Section 9.05 Payment of Costs and Expenses; Indemnification. 

(a) Payment of Costs and Expenses. The Master Issuer agrees to pay (by depositing such amounts into the Collection
Account to be distributed subject to and in accordance with the Priority of Payments), on the Closing Date (if invoiced at least one (1) Business Day prior to such date) or on or before seven (7) Business Days after written demand (in all
other cases), all reasonable expenses of the Administrative Agent, each initial Funding Agent and each initial Lender Party (including the reasonable fees and out-of-pocket expenses of counsel to each of the foregoing, if any, as well as the fees
and expenses of the Rating Agencies) in connection with (i) the negotiation, preparation, execution and delivery of this Agreement and of each other Related Document, including schedules and exhibits, whether or not the transactions
contemplated hereby or thereby are consummated (“Pre-Closing Costs”), and (ii) any amendments, waivers, consents, supplements or other modifications to this Agreement or any other Related Document as may from time to time
hereafter be proposed (“Amendment Costs”). The Master Issuer further agrees to pay, subject to and in accordance with the Priority of Payments, and to hold the Administrative Agent, each Funding Agent and each Lender Party harmless
from all liability for (x) any breach by the Master Issuer of its obligations under this Agreement, (y) all reasonable costs incurred by the Administrative Agent, such Funding Agent or such Lender Party in enforcing this Agreement and
(z) any Non-Excluded Taxes that may be payable in connection with (1) the execution or delivery of this Agreement, (2) any Borrowing or Swingline Loan hereunder, (3) the issuance of the Series 2015-1 Class A-1 Notes,
(4) any Letter of Credit hereunder or (5) any other Related Documents (“Other Post-Closing Expenses”). The Master Issuer also agrees to reimburse, subject to and in accordance with the Priority of Payments, the
Administrative Agent, such Funding Agent and such Lender Party upon demand for all reasonable out-of-pocket expenses incurred by the Administrative Agent, such Funding Agent and such Lender Party in connection with (1) the negotiation of any
restructuring or “work-out”, whether or not consummated, of the Related Documents and (2) the enforcement of, or any waiver or amendment requested under or with respect to, this Agreement or any other Related Documents
(“Out-of-Pocket Expenses”). Notwithstanding the foregoing, other than in connection with a sale or assignment pursuant to Section 9.18(a), the Master Issuer shall have no obligation to reimburse any Lender Party for any
of the fees and/or expenses incurred by such Lender Party with respect to its sale or assignment of all or any part of its respective rights and obligations under this Agreement and the Series 2015-1 Class A-1 Notes pursuant to
Section 9.03 or Section 9.17. 
 (b) Indemnification of the Lender Parties. In consideration
of the execution and delivery of this Agreement by the Lender Parties, the Master Issuer hereby agrees to indemnify and hold each Lender Party and each of their officers, directors, employees and agents (collectively, the “Indemnified
Parties”) harmless (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the 

  
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Priority of Payments) from and against any and all actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith
(irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2015-1 Class A-1
Notes), including reasonable documented attorneys’ fees and disbursements (collectively, the “Indemnified Liabilities”), incurred by the Indemnified Parties or any of them (whether in prosecuting or defending against such
actions, suits or claims) to the extent resulting from, or arising out of, or relating to: 
 (i) any transaction financed
or to be financed in whole or in part, directly or indirectly, with the proceeds of any Advance, Swingline Loan or Letter of Credit; or 

(ii) the entering into and performance of this Agreement and any other Related Document by any of the Indemnified Parties,
including, for the avoidance of doubt, the consent by the Lender Parties set forth in Section 9.19; 
 except for any such Indemnified
Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party’s bad faith, gross negligence or willful misconduct or breach of representations set forth herein. If and to the extent that the
foregoing undertaking may be unenforceable for any reason, the Master Issuer hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. The
indemnity set forth in this Section 9.05(b) shall in no event include indemnification for special, punitive, consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the
indemnification provided in Section 3.08 or for any transfer Taxes with respect to its sale or assignment of all or any part of its respective rights and obligations under this Agreement and the Series 2015-1 Class A-1 Notes
pursuant to Section 9.17. The Master Issuer shall give notice to the Rating Agencies of any claim for Indemnified Liabilities made under this Section 9.05(b). 

(c) Indemnification of the Administrative Agent and each Funding Agent by the Master Issuer. In consideration of the
execution and delivery of this Agreement by the Administrative Agent and each Funding Agent, the Master Issuer hereby agrees to indemnify and hold the Administrative Agent and each Funding Agent and each of their officers, directors, employees and
agents (collectively, the “Agent Indemnified Parties”) harmless (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments) from and against any and all
actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith (irrespective of whether any such Agent Indemnified Party is a party to the action for which
indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2015-1 Class A-1 Notes), including reasonable documented attorneys’ fees and disbursements
(collectively, the “Agent Indemnified Liabilities”), incurred by the Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out
of, or relating to the entering into and performance of this Agreement and any other Related Document by any of the Agent Indemnified Parties, except 

  
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for any such Agent Indemnified Liabilities arising for the account of a particular Agent Indemnified Party by reason of the relevant Agent Indemnified Party’s gross negligence, bad faith or
willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Master Issuer hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Agent Indemnified
Liabilities that is permissible under applicable law. The indemnity set forth in this Section 9.05(c) shall in no event include indemnification for special, punitive, consequential or indirect damages of any kind or for any Taxes which
shall be covered by (or expressly excluded from) the indemnification provided in Section 3.08. The Master Issuer shall give notice to the Rating Agencies of any claim for Agent Indemnified Liabilities made under this
Section 9.05(c). 
 (d) Indemnification of the Administrative Agent and each Funding Agent by the Committed
Note Purchasers. In consideration of the execution and delivery of this Agreement by the Administrative Agent and the related Funding Agent, each Committed Note Purchaser, ratably according to its respective Commitment, hereby agrees to
indemnify and hold the Administrative Agent and each of its officers, directors, employees and agents (collectively, the “Administrative Agent Indemnified Parties”) and such Funding Agent and each of its officers, directors,
employees and agents (collectively, the “Funding Agent Indemnified Parties,” and together with the Administrative Agent Indemnified Parties, the “Applicable Agent Indemnified Parties”) harmless from and against any
and all actions, causes of action, suits, losses, liabilities and damages, and reasonable costs and expenses incurred in connection therewith (solely to the extent not reimbursed by or on behalf of the Master Issuer) (irrespective of whether any
such Applicable Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2015-1 Class A-1 Notes),
including reasonable attorneys’ fees and disbursements (collectively, the “Applicable Agent Indemnified Liabilities”), incurred by the Applicable Agent Indemnified Parties or any of them (whether in prosecuting or defending
against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Agreement and any other Related Document by any of the Applicable Agent Indemnified Parties, except for
any such Applicable Agent Indemnified Liabilities arising for the account of a particular Applicable Agent Indemnified Party by reason of the relevant Applicable Agent Indemnified Party’s bad faith, gross negligence or willful misconduct. If
and to the extent that the foregoing undertaking may be unenforceable for any reason, each Committed Note Purchaser, ratably according to its respective Commitment, hereby agrees to make the maximum contribution to the payment and satisfaction of
each of the Applicable Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this Section 9.05(d) shall in no event include indemnification for consequential or indirect damages of any kind or
for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in Section 3.08. 

Section 9.06 Characterization as Related Document; Entire Agreement. This Agreement shall be deemed to be a Related Document for
all purposes of the Base Indenture and the other Related Documents. This Agreement, together with the Base Indenture, the Series 2015-1 Supplement, the documents delivered pursuant to Article VII and the other Related Documents, including the
exhibits and schedules thereto, contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the
subject matter hereof, superseding all previous oral statements and other writings with respect thereto. 

  
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 Section 9.07 Notices. All notices, amendments, waivers, consents and other
communications provided to any party hereto under this Agreement shall be in writing and addressed, delivered or transmitted to such party at its address, e-mail address (if provided), or facsimile number set forth on Schedule II, or in each
case at such other address, e-mail address or facsimile number as may be designated by such party in a notice to the other parties. Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid
courier service, shall be deemed given when received; any notice, if transmitted by e-mail, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted (so long as transmitted on a Business
Day, otherwise the next succeeding Business Day) upon receipt of electronic confirmation of transmission. 
 Section 9.08
Severability of Provisions. Any covenant, provision, agreement or term of this Agreement that is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of the
prohibition or unenforceability without invalidating the remaining provisions of this Agreement. 
 Section 9.09 Tax
Characterization. Each party to this Agreement (a) acknowledges that it is the intent of the parties to this Agreement that, for accounting purposes and for all federal, state and local income and franchise tax purposes, the Series 2015-1
Class A-1 Notes will be treated as evidence of indebtedness, (b) agrees to treat the Series 2015-1 Class A-1 Notes for all such purposes as indebtedness and
(c) agrees that the provisions of the Related Documents shall be construed to further these intentions. 
 Section 9.10 No
Proceedings; Limited Recourse. 
 (a) The Securitization Entities. Each of the parties hereto (other than the
Master Issuer) hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of the last maturing Note issued by the Master Issuer pursuant to the Base Indenture, it will not institute against, or join
with any other Person in instituting against, any Securitization Entity, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law, all as more
particularly set forth in Section 14.13 of the Base Indenture and subject to any retained rights set forth therein; provided, however, that nothing in this Section 9.10(a) shall constitute a waiver of any right
to indemnification, reimbursement or other payment from the Securitization Entities pursuant to this Agreement, the Series 2015-1 Supplement, the Base Indenture or any other Related Document. In the event that a Lender Party (solely in its capacity
as such) takes action in violation of this Section 9.10(a), each affected Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contest or cause to be contested the filing of such
a petition by any such Person against such Securitization Entity or the commencement of such action and raise or cause to be raised the defense that such Person has agreed in writing not to take such action and should be estopped and precluded
therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 9.10(a) shall survive the termination of this Agreement. Nothing contained herein shall preclude participation by a
Lender Party in the assertion or 

  
 57 

 
defense of its claims in any such proceeding involving any Securitization Entity. The obligations of the Master Issuer under this Agreement are solely the limited liability company obligations of
the Master Issuer. 
 (b) The Conduit Investors. Each of the parties hereto (other than the Conduit Investors) hereby
covenants and agrees that it will not, prior to the date that is one year and one day after the payment in full of the latest maturing Commercial Paper or other debt securities or instruments issued by a Conduit Investor, institute against, or join
with any other Person in instituting against, such Conduit Investor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law; provided,
however, that nothing in this Section 9.10(b) shall constitute a waiver of any right to indemnification, reimbursement or other payment from such Conduit Investor pursuant to this Agreement, the Series 2015-1 Supplement, the Base
Indenture or any other Related Document. In the event that the Master Issuer, the Manager or a Lender Party (solely in its capacity as such) takes action in violation of this Section 9.10(b), such related Conduit Investor may file an
answer with the bankruptcy court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Conduit Investor or the commencement of such action and raise or cause to be raised the defense
that such Person has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 9.10(b) shall
survive the termination of this Agreement. Nothing contained herein shall preclude participation by the Master Issuer, the Manager or a Lender Party in assertion or defense of its claims in any such proceeding involving a Conduit Investor. The
obligations of the Conduit Investors under this Agreement are solely the corporate obligations of the Conduit Investors. No recourse shall be had for the payment of any amount owing in respect of this Agreement, including any obligation or claim
arising out of or based upon this Agreement, against any stockholder, employee, officer, agent, director, member, affiliate or incorporator (or Person similar to an incorporator under state business organization laws) of any Conduit Investor;
provided, however, nothing in this Section 9.10(b) shall relieve any of the foregoing Persons from any liability that any such Person may otherwise have for its gross negligence or willful misconduct. 

Section 9.11 Confidentiality. Each Lender Party agrees that it shall not disclose any Confidential Information to any Person
without the prior written consent of the Manager and the Master Issuer, other than (a) to their Affiliates, officers, directors, employees, agents and advisors, including, without limitation, legal counsel and accountants (it being understood
that the Person to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and instructed to keep it confidential), (b) to actual or prospective assignees and participants, and then only on a
confidential basis (after obtaining such actual or prospective assignee’s or participant’s agreement to keep such Confidential Information confidential in a manner substantially similar to this Section 9.11), (c) as
requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of which the Master Issuer or the Manager, as the case may be, has knowledge; provided that each Lender Party
may disclose Confidential Information as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of which the Master Issuer or the Manager, as the case may be, does not
have knowledge if such Lender Party is prohibited by law, rule or regulation from 

  
 58 

 
disclosing such requirement to the Master Issuer or the Manager, as the case may be, (d) to Program Support Providers (after obtaining such Program Support Providers’ agreement to keep
such Confidential Information confidential in a manner substantially similar to this Section 9.11), (e) to any Rating Agency providing a rating for any Series or Class of Notes or any Conduit Investor’s debt or (f) in the
course of litigation with the Master Issuer, the Manager or such Lender Party. 
 “Confidential Information” means
information that the Master Issuer or the Manager furnishes to a Lender Party, but does not include (i) any such information that is or becomes generally available to the public other than as a result of a disclosure by a Lender Party or other
Person to which a Lender Party delivered such information, (ii) any such information that was in the possession of a Lender Party prior to its being furnished to such Lender Party by the Master Issuer or the Manager, or (iii) any such
information that is or becomes available to a Lender Party from a source other than the Master Issuer or the Manager; provided that with respect to clauses (ii) and (iii) herein, such source is not (x) known to a
Lender Party to be bound by a confidentiality agreement with the Master Issuer or the Manager, as the case may be, with respect to the information or (y) known to a Lender Party to be otherwise prohibited from transmitting the information by a
contractual, legal or fiduciary obligation. 
 Section 9.12 GOVERNING LAW; CONFLICTS WITH INDENTURE . THIS AGREEMENT
AND ALL MATTERS ARISING UNDER OR IN ANY MANNER RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. IN THE EVENT OF ANY CONFLICTS BETWEEN THIS AGREEMENT AND THE INDENTURE, THE
INDENTURE SHALL GOVERN. 
 Section 9.13 JURISDICTION. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY OF THE PARTIES
HEREUNDER WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR (TO THE EXTENT PERMITTED BY LAW) FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH PARTY HEREUNDER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN
CONNECTION WITH THIS AGREEMENT. 
 Section 9.14 WAIVER OF JURY TRIAL. ALL PARTIES HEREUNDER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT
FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT. 

  
 59 

 Section 9.15 Counterparts. This Agreement may be executed in any number of
counterparts (which may include facsimile or other electronic transmission of counterparts) and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, and all of which together
shall constitute one and the same instrument. 
 Section 9.16 Third Party Beneficiary. The Trustee, on behalf of the Secured
Parties, and the Control Party are express third party beneficiaries of this Agreement. 
 Section 9.17 Assignment. 

(a) Subject to Sections 6.03 and 9.17(f), any Committed Note Purchaser may at any time sell all or any part of
its rights and obligations under this Agreement, the Series 2015-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party, with the prior written consent (not to be unreasonably withheld or
delayed) of the Master Issuer, the Swingline Lender and the L/C Provider, to one or more financial institutions (an “Acquiring Committed Note Purchaser”) pursuant to an assignment and assumption agreement, substantially in the form
of Exhibit B (the “Assignment and Assumption Agreement”), executed by such Acquiring Committed Note Purchaser, such assigning Committed Note Purchaser, the Funding Agent with respect to such Committed Note Purchaser, the
Master Issuer, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; provided that no consent of the Master Issuer shall be required for (i) an assignment to another Committed Note Purchaser or any
Affiliate of a Committed Note Purchaser or if a Rapid Amortization Event or an Event of Default has occurred and is continuing or (ii) a sale or assignment between Affiliates of a Committed Note Purchaser; provided further that no
assignment pursuant to this Section 9.17 shall be made to a Competitor. 
 (b) Without limiting the foregoing,
subject to Sections 6.03 and 9.17(f), each Conduit Investor may assign all or a portion of the Investor Group Principal Amount with respect to such Conduit Investor and its rights and obligations under this Agreement, the Series 2015-1
Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party to a Conduit Assignee with respect to such Conduit Investor, without the prior written consent of the Master Issuer. Upon such assignment
by a Conduit Investor to a Conduit Assignee, (i) such Conduit Assignee shall be the owner of the Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor, (ii) the related administrative or managing
agent for such Conduit Assignee will act as the Funding Agent for such Conduit Assignee hereunder, with all corresponding rights and powers, express or implied, granted to the Funding Agent hereunder or under the other Related Documents,
(iii) such Conduit Assignee and its liquidity support provider(s) and credit support provider(s) and other related parties, in each case relating to the Commercial Paper and/or the Series 2015-1 Class A-1 Advance Notes, shall have the
benefit of all the rights and protections provided to such Conduit Investor herein and in the other Related Documents (including, without limitation, any limitation on recourse against such Conduit 

  
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Assignee as provided in this paragraph), (iv) such Conduit Assignee shall assume all of such Conduit Investor’s obligations, if any, hereunder or under the Base Indenture or under any
other Related Document with respect to such portion of the Investor Group Principal Amount and such Conduit Investor shall be released from such obligations, (v) all distributions in respect of the Investor Group Principal Amount or such
portion thereof with respect to such Conduit Investor shall be made to the applicable Funding Agent on behalf of such Conduit Assignee, (vi) the definition of the term “CP Funding Rate” with respect to the portion of the Investor
Group Principal Amount with respect to such Conduit Investor, as applicable, funded or maintained with commercial paper issued by such Conduit Assignee from time to time shall be determined in the manner set forth in the definition of “CP
Funding Rate” applicable to such Conduit Assignee on the basis of the interest rate or discount applicable to Commercial Paper issued by or for the benefit of such Conduit Assignee (rather than any other Conduit Investor), (vii) the
defined terms and other terms and provisions of this Agreement and the other Related Documents shall be interpreted in accordance with the foregoing, and (viii) if requested by the Funding Agent with respect to such Conduit Assignee, the
parties will execute and deliver such further agreements and documents and take such other actions as the Funding Agent may reasonably request to evidence and give effect to the foregoing. No assignment by any Conduit Investor to a Conduit Assignee
of all or any portion of the Investor Group Principal Amount with respect to such Conduit Investor shall in any way diminish the obligation of the Committed Note Purchasers in the same Investor Group as such Conduit Investor under
Section 2.03 to fund any Increase not funded by such Conduit Investor or such Conduit Assignee. 
 (c) Subject
to Sections 6.03 and 9.17(f), any Conduit Investor and the related Committed Note Purchaser(s) may at any time sell all or any part of their respective rights and obligations under this Agreement, the Series 2015-1 Class A-1
Advance Notes and, in connection therewith, any other Related Documents to which it is a party, with the prior written consent (not to be unreasonably withheld or delayed) of the Master Issuer, the Swingline Lender and the L/C Provider, to a
multi-seller commercial paper conduit, whose commercial paper is rated at least “A-1” from S&P and “P1” from Moody’s, and one or more financial institutions providing support to
such multi-seller commercial paper conduit (an “Acquiring Investor Group”) pursuant to a transfer supplement, substantially in the form of Exhibit C (the “Investor Group Supplement” or the “Series
2015-1 Class A-1 Investor Group Supplement”), executed by such Acquiring Investor Group, the Funding Agent with respect to such Acquiring Investor Group (including the Conduit Investor and the Committed Note Purchasers with respect to
such Investor Group), such assigning Conduit Investor and the Committed Note Purchasers with respect to such Conduit Investor, the Funding Agent with respect to such assigning Conduit Investor and Committed Note Purchasers, the Master Issuer, the
Swingline Lender and the L/C Provider and delivered to the Administrative Agent; provided that no consent of the Master Issuer shall be required for an assignment to another Committed Note Purchaser or any Affiliate of a Committed Note
Purchaser and its related Conduit Investor or if a Rapid Amortization Event or an Event of Default has occurred and is continuing. For the avoidance of doubt, this Section 9.17(c) is intended to permit and provide for
(i) assignments from a Committed Note Purchaser to a Conduit Investor in a different Investor Group and (ii) assignments from a Conduit Investor to a Committed Note Purchaser in a different Investor Group, and, in each of (i) and
(ii), Exhibit C shall be revised to reflect such assignments. 

  
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 (d) Subject to Sections 6.03 and 9.17(f), the Swingline Lender may
at any time assign all its rights and obligations hereunder and under the Series 2015-1 Class A-1 Swingline Note, in whole but not in part, with the prior written consent of the Master Issuer and the Administrative Agent, which consent shall
not be unreasonably withheld, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Master Issuer, whereupon the assignor shall be released from its
obligations hereunder; provided that no consent of the Master Issuer shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing; provided, further, that the prior written consent of
each Funding Agent (other than any Funding Agent with respect to which all of the Committed Note Purchasers in such Funding Agent’s Investor Group are Defaulting Investors), which consent shall not be unreasonably withheld or delayed, shall be
required if such financial institution is not a Committed Note Purchaser. 
 (e) Subject to Sections 6.03 and
9.17(f), the L/C Provider may at any time assign all or any portion of its rights and obligations hereunder and under the Series 2015-1 Class A-1 L/C Note with the prior written consent of the Master Issuer and the Administrative Agent,
which consent shall not be unreasonably withheld, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Master Issuer, whereupon the assignor shall be
released from its obligations hereunder to the extent so assigned; provided that no consent of the Master Issuer shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing. 

(f) Any assignment of the Series 2015-1 Class A-1 Notes shall be made in accordance with the applicable provisions of the
Indenture. 
 Section 9.18 Defaulting Investors. (a) The Master Issuer may, at its sole expense and effort, upon notice to
such Defaulting Investor and the Administrative Agent, (i) require any Defaulting Investor to sell all of its rights, obligations and commitments under this Agreement, the Series 2015-1 Class A-1 Notes and, in connection therewith, any
other Related Documents to which it is a party, to an assignee; provided that (x) such assignment is made in compliance with Section 9.17 and (y) such Defaulting Investor shall have received from such assignee an amount
equal to such Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting
Investor hereunder or (ii) remove any Defaulting Investor as an Investor by paying to such Defaulting Investor an amount equal to such Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount
of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder. 

(b) In the event that a Defaulting Investor desires to sell all or any portion of it rights, obligations and commitments under
this Agreement, the Series 2015-1 Class A-1 Notes and, in connection therewith, any other Related Documents to which it is a party, to an unaffiliated third party assignee for an amount less than 100% (or, if only a portion of such rights,
obligations and commitments are proposed to be sold, such portion) of 

  
 62 

 
such Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and
all other amounts payable to such Defaulting Investor hereunder, such Defaulting Investor shall promptly notify the Master Issuer of the proposed sale (the “Sale Notice”). Each Sale Notice shall certify that such Defaulting Investor
has received a firm offer from the prospective unaffiliated third party and shall contain the material terms of the proposed sale, including, without limitation, the purchase price of the proposed sale and the portion of such Defaulting
Investor’s rights, obligations and commitments proposed to be sold. The Master Issuer and any of its Affiliates shall have an option for a period of three (3) Business Days from the date the Sale Notice is given to elect to purchase such
rights, obligations and commitments at the same price and subject to the same material terms as described in the Sale Notice. The Master Issuer or any of its Affiliates may exercise such purchase option by notifying such Defaulting Investor before
expiration of such three (3) Business Day period that it wishes to purchase all (but not a portion) of the rights, obligations and commitments of such Defaulting Investor proposed to be sold to such unaffiliated third party. If the Master
Issuer or any of its Affiliates gives notice to such Defaulting Investor that it desires to purchase such, rights, obligations and commitments, the Master Issuer or such Affiliate shall promptly pay the purchase price to such Defaulting Investor. If
the Master Issuer or any of its Affiliates does not respond to any Sale Notice within such three (3) Business Day period, the Master Issuer and its Affiliates shall be deemed not to have exercised such purchase option. 

(c) Notwithstanding anything to the contrary contained in this Agreement, if any Investor becomes a Defaulting Investor, then,
until such time as such Investor is no longer a Defaulting Investor, to the extent permitted by applicable law: 
 (i) Such
Defaulting Investor’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 9.01. 

(ii) Any payment of principal, interest, fees or other amounts payable to the account of such Defaulting Investor (whether
voluntary or mandatory, at maturity or otherwise) shall be applied (and the Master Issuer shall instruct the Trustee to apply such amounts) as follows: first, to the payment of any amounts owing by such Defaulting Investor to the
Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Investor to the L/C Provider or the Swingline Lender hereunder; third, to provide cash collateral to the L/C
Provider in accordance with Section 4.03(b) in an amount equal to the amount of Undrawn L/C Face Amounts at such time multiplied by the Commitment Percentage of such Defaulting Investor’s Investor Group multiplied by the Committed Note
Purchaser Percentage of such Defaulting Investor; fourth, as the Master Issuer may request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Investor has failed to fund its
portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Master Issuer, to be held in a deposit account and released pro rata in order to
(x) satisfy such Defaulting Investor’s potential future funding obligations with respect to Advances under this Agreement and (y) to provide cash collateral to the L/C Provider in accordance with Section 4.03(b) in an
amount equal to the amount of any future 

  
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Undrawn L/C Face Amounts multiplied by the Commitment Percentage of such Defaulting Investor’s Investor Group multiplied by the Committed Note Purchaser Percentage of such Defaulting
Investor; sixth, to the payment of any amounts owing to the Investors, the L/C Provider or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Investor, the L/C Provider or the Swingline
Lender against such Defaulting Investor as a result of such Defaulting Investor’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the
Master Issuer as a result of any judgment of a court of competent jurisdiction obtained by the Master Issuer against such Defaulting Investor as a result of such Defaulting Investor’s breach of its obligations under this Agreement; and
eighth, to such Defaulting Investor or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances or any extensions of credit resulting from a
drawing under any Letter of Credit that has not been reimbursed as an Advance pursuant to Section 2.08(a) in respect of which such Defaulting Investor has not fully funded its appropriate share, and (y) such Advances were made or
the related Letters of Credit were issued at a time when the conditions set forth in Section 7.03 were satisfied or waived, such payment shall be applied solely to pay the Advances of, and extensions of credit resulting from a drawing
under any Letter of Credit that has not been reimbursed as an Advance pursuant to Section 2.08(a) owed to, all non-Defaulting Investors on a pro rata basis prior to being applied to the payment of any Advances of, participations required
to be purchased pursuant to Section 2.09(a) owed to, such Defaulting Investor until such time as all Advances and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Investors pro rata in accordance
with the Commitments without giving effect to Section 9.18(c)(iii). Any payments, prepayments or other amounts paid or payable to a Defaulting Investor that are applied (or held) to pay amounts owed by a Defaulting Investor or to post
cash collateral pursuant to this Section 9.18(c)(ii) shall be deemed paid to and redirected by such Defaulting Investor, and each Investor irrevocably consents hereto. 

(iii) All or any part of such Defaulting Investor’s participation in L/C Obligations and Swingline Loans shall be
reallocated among the non-Defaulting Investors pro rata based on their Commitments (calculated without regard to such Defaulting Investor’s Commitment) but only to the extent that (x) the conditions set forth in
Section 7.03 are satisfied at the time of such reallocation (and, unless the Master Issuer shall have otherwise notified the Administrative Agent at such time, the Master Issuer shall be deemed to have represented and warranted that such
conditions are satisfied at such time), and (y) such reallocation does not cause the product of any non-Defaulting Investor’s related Investor Group Principal Amount multiplied by such non-Defaulting Investor’s Committed Note
Purchaser Percentage to exceed such non-Defaulting Investor’s Commitment Amount. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Investor arising from that Investor having
become a Defaulting Investor, including any claim of a non-Defaulting Investor as a result of such non-Defaulting Investor’s increased exposure following such reallocation. 

  
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 (iv) If the reallocation described in clause (iii) above cannot, or can
only partially, be effected, the Master Issuer shall, without prejudice to any right or remedy available to them hereunder or under law, prepay Swingline Loans in an amount equal to the amount that cannot be so reallocated. 

(d) If the Master Issuer, the Administrative Agent, the Swingline Lender and the L/C Provider agree in writing that an
Investor is no longer a Defaulting Investor, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with
respect to any cash collateral), that Investor will, to the extent applicable, purchase that portion of outstanding Advances of the other Investors or take such other actions as the Administrative Agent may determine to be necessary to cause the
Advances and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Investors in accordance with their respective Commitments (without giving effect to Section 9.18(c)(iii)), whereupon such
Investor will cease to be a Defaulting Investor; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Master Issuer while that Investor was a Defaulting Investor; and
provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Investor to Investor will constitute a waiver or release of any claim of any party hereunder arising
from that Investor’s having been a Defaulting Investor. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

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

					
	 DB MASTER FINANCE LLC
 as Master
Issuer

		
	By:		  

			Name:		
			Title:		

  

					
	 DUNKIN’ BRANDS, INC.
 as
Manager

		
	By:		  

			Name:		
			Title:		

  

					
	 DB MASTER FINANCE PARENT LLC
 as
Guarantor

		
	By:		  

			Name:		
			Title:		

  

					
	 DB FRANCHISING HOLDING COMPANY LLC

as Guarantor

		
	By:		  

			Name:		
			Title:		

 [Series 2015-1 Class A-1 Note Purchase Agreement] 

 
					
	 DB MEXICAN FRANCHISING LLC
 as
Guarantor

		
	By:		  

			Name:		
			Title:		

  

					
	 DD IP HOLDER LLC
 as
Guarantor

		
	By:		  

			Name:		
			Title:		

  

					
	 BR IP HOLDER LLC
 as
Guarantor

		
	By:		  

			Name:		
			Title:		

  

					
	 BR UK FRANCHISING LLC
 as
Guarantor

		
	By:		  

			Name:		
			Title:		

 [Series 2015-1 Class A-1 Note Purchase Agreement] 

 
					
	 DUNKIN’ DONUTS FRANCHISING LLC

as Guarantor

		
	By:		  

			Name:		
			Title:		

  

					
	 BASKIN-ROBBINS FRANCHISING LLC
 as
Guarantor

		
	By:		  

			Name:		
			Title:		

  

					
	 DB REAL ESTATE ASSETS I LLC
 as
Guarantor

		
	By:		  

			Name:		
			Title:		

  

					
	 DB REAL ESTATE ASSETS II LLC
 as
Guarantor

		
	By:		  

			Name:		
			Title:		

 [Series 2015-1 Class A-1 Note Purchase Agreement] 

 
			
	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK NEDERLAND,” NEW YORK BRANCH,
	 as Administrative Agent

		
	 By:
		  

			Name:
			Title:
		
	By:		  

			Name:
			Title:
	
	 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK NEDERLAND,” NEW YORK BRANCH,

as L/C Provider

		
	By:		  

			Name:
			Title:
		
	By:		  

			Name:
			Title:
	
	 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK NEDERLAND,” NEW YORK BRANCH,

as Swingline Lender

		
	By:		  

			Name:
			Title:

 [Series 2015-1 Class A-1 Note Purchase Agreement] 

 
			
	By:		  

			Name:
			Title:
	
	 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK NEDERLAND,” NEW YORK BRANCH,

as the Committed Note Purchaser

		
	By:		  

			Name:
			Title:
		
	By:		  

			Name:
			Title:
	
	 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK NEDERLAND,” NEW YORK BRANCH,

as the related Funding Agent

		
	By:		  

			Name:
			Title:
		
	By:		  

			Name:
			Title:

 [Series 2015-1 Class A-1 Note Purchase Agreement]EX-10.2

 Exhibit 10.2 

Execution Version 
  

 
 GUARANTEE AND COLLATERAL AGREEMENT

 made by 
 DB MASTER FINANCE
PARENT LLC, 
 DB FRANCHISING HOLDING COMPANY LLC, 

DUNKIN’ DONUTS FRANCHISING LLC, 

BASKIN-ROBBINS FRANCHISING LLC, 
 BR
UK FRANCHISING LLC, 
 DB MEXICAN FRANCHISING LLC, 

DD IP HOLDER LLC, 
 BR IP HOLDER
LLC, 
 DB REAL ESTATE ASSETS I LLC and 

DB REAL ESTATE ASSETS II LLC, 

each as a Guarantor 
 in favor of

 CITIBANK, N.A., 
 as Trustee

 Dated as of January 26, 2015 
  

 

 TABLE OF CONTENTS 
  

									
	 	 	 	  	 	  	Page	 
	 SECTION 1 DEFINED TERMS
	  	 	2	  
		 	1.1	  	Definitions	  	 	2	  
	 SECTION 2 GUARANTEE
	  	 	2	  
		 	2.1	  	Guarantee	  	 	2	  
		 	2.2	  	No Subrogation	  	 	3	  
		 	2.3	  	Amendments, etc. with respect to the Master Issuer Obligations	  	 	3	  
		 	2.4	  	Guarantee Absolute and Unconditional	  	 	4	  
		 	2.5	  	Reinstatement	  	 	5	  
		 	2.6	  	Payments	  	 	5	  
		 	2.7	  	Information	  	 	5	  
	 SECTION 3 SECURITY
	  	 	5	  
		 	3.1	  	Grant of Security Interest	  	 	5	  
		 	3.2	  	Certain Rights and Obligations of the Guarantors Unaffected	  	 	8	  
		 	3.3	  	Performance of Collateral Transaction Documents	  	 	9	  
		 	3.4	  	Stamp, Other Similar Taxes and Filing Fees	  	 	9	  
		 	3.5	  	Authorization to File Financing Statements	  	 	10	  
	 SECTION 4 REPRESENTATIONS AND WARRANTIES
	  	 	10	  
		 	4.1	  	Existence and Power	  	 	10	  
		 	4.2	  	Company and Governmental Authorization	  	 	11	  
		 	4.3	  	No Consent	  	 	11	  
		 	4.4	  	Binding Effect	  	 	11	  
		 	4.5	  	Ownership of Equity Interests; Subsidiaries	  	 	11	  
		 	4.6	  	Security Interests	  	 	12	  
		 	4.7	  	Master Issuer Parent Subsidiaries	  	 	13	  
		 	4.8	  	Other Representations	  	 	13	  
	 SECTION 5 COVENANTS
	  	 	13	  
		 	5.1	  	Maintenance of Office or Agency	  	 	13	  
		 	5.2	  	Covenants in Base Indenture and Other Related Documents	  	 	14	  
		 	5.3	  	Further Assurances	  	 	14	  
		 	5.4	  	Legal Name, Location Under Section 9-301 or 9-307	  	 	15	  
		 	5.5	  	Equity Interests	  	 	15	  
		 	5.6	  	Management Accounts	  	 	15	  
	 SECTION 6 REMEDIAL PROVISIONS
	  	 	16	  
		 	6.1	  	Rights of the Control Party and Trustee upon Event of Default	  	 	16	  
		 	6.2	  	Waiver of Appraisal, Valuation, Stay and Right to Marshaling	  	 	18	  
		 	6.3	  	Limited Recourse	  	 	19	  
		 	6.4	  	Optional Preservation of the Collateral	  	 	19	  
		 	6.5	  	Control by the Control Party	  	 	19	  
		 	6.6	  	The Trustee May File Proofs of Claim	  	 	20	  
		 	6.7	  	Undertaking for Costs	  	 	20	  
		 	6.8	  	Restoration of Rights and Remedies	  	 	21	  
		 	6.9	  	Rights and Remedies Cumulative        	  	 	21	  

  
 i 

									
			6.10		Delay or Omission Not Waiver		 	21	  
			6.11		Waiver of Stay or Extension Laws		 	21	  
	 SECTION 7 THE TRUSTEE’S AUTHORITY
		 	21	  
	 SECTION 8 MISCELLANEOUS
		 	22	  
			8.1		Amendments		 	22	  
			8.2		Notices		 	22	  
			8.3		Governing Law		 	24	  
			8.4		Successors		 	24	  
			8.5		Severability		 	24	  
			8.6		Counterpart Originals		 	24	  
			8.7		Table of Contents, Headings, etc.		 	24	  
			8.8		[Reserved]		 	24	  
			8.9		Waiver of Jury Trial		 	24	  
			8.10		Submission to Jurisdiction; Waivers		 	24	  
			8.11		[Reserved]		 	25	  
			8.12		Currency Indemnity		 	25	  
			8.13		Acknowledgment of Receipt; Waiver		 	26	  
			8.14		Termination; Partial Release		 	26	  
			8.15		Third Party Beneficiary		 	26	  
			8.16		Entire Agreement.		 	26	  

 SCHEDULES 
 Schedule 4.5
— Pledged Equity Interests 

  
 ii 

 GUARANTEE AND COLLATERAL AGREEMENT 

GUARANTEE AND COLLATERAL AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of January 26, 2015, made by DB MASTER FINANCE PARENT LLC, a Delaware limited liability company (the “Master Issuer Parent”), DB FRANCHISING HOLDING COMPANY LLC, a Delaware limited liability company (the “DD/BR
Franchise Holdco”), DUNKIN’ DONUTS FRANCHISING LLC, a Delaware limited liability company (the “DD Franchisor”), BASKIN-ROBBINS FRANCHISING LLC, a Delaware limited liability company (the “BR Franchisor”
and together with the DD/BR Franchise Holdco and DD Franchisor, the “DD/BR Franchise Holders”), BR UK FRANCHISING LLC, a Delaware limited liability company (the “U.K. Franchisor”), DB MEXICAN FRANCHISING LLC, a
Delaware limited liability company (the “Mexican Franchisor” and together with the U.K. Franchisor and the DD/BR Franchise Holders, the “Franchise Holders” and each, a “Franchise Holder”), DD IP
HOLDER LLC, a Delaware limited liability company (the “DD IP Holder”), BR IP HOLDER LLC, a Delaware limited liability company (the “BR IP Holder” and together with DD IP Holder, the “IP Holders”),
DB REAL ESTATE ASSETS I LLC, a Delaware limited liability company (the “DB Real Estate Holder I”), DB REAL ESTATE ASSETS II LLC, a Delaware limited liability company (the “DB Real Estate Holder II” and together with
the DB Real Estate Holder I, the “Real Estate Holders” and the Real Estate Holders, together with the Master Issuer Parent, the Franchise Holders and the IP Holders, the “Guarantors” and each, a
“Guarantor”) in favor of CITIBANK, N.A., a national banking association, as trustee under the Indenture referred to below (in such capacity, together with its successors, the “Trustee”) for the benefit of the
Secured Parties. 
 W I T N E S S E T H: 

WHEREAS, DB Master Finance LLC, a Delaware limited liability company (the “Master Issuer”), the Trustee and Citibank, N.A.,
as securities intermediary, have entered into the Base Indenture, dated as of the date of this Agreement (as amended, modified or supplemented from time to time, exclusive of any Series Supplements, the “Base Indenture” and,
together with all Series Supplements, the “Indenture”), providing for the issuance from time to time of one or more Series of Notes thereunder; and 

WHEREAS, the Indenture and the other Related Documents require that the parties hereto execute and deliver this Agreement; 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, each Guarantor hereby agrees with the Trustee, for the benefit of the Secured Parties, as follows: 

 SECTION 1 

DEFINED TERMS 
 1.1
Definitions. 
 (a) Unless otherwise defined herein, terms defined in the Base Indenture Definitions List attached to the Base
Indenture as Annex A thereto or otherwise defined in the Base Indenture and used herein shall have the meanings given to them in such Base Indenture Definitions List or elsewhere in the Base Indenture. All rules of construction set forth in
Section 1.4 of the Base Indenture apply to this Agreement. 
 (b) The following terms shall have the following meanings: 

“Collateral” has the meaning assigned to such term in Section 3.1(a). 

“Master Issuer Obligations” means all Obligations owed by the Master Issuer to the Secured Parties under the Indenture and
the other Related Documents. 
 “Other Currency” has the meaning assigned to such term in Section 8.12. 

“Termination Date” has the meaning assigned to such term in Section 2.1(d). 

SECTION 2 
 GUARANTEE

 2.1 Guarantee. 

(a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Trustee, for the benefit of the
Secured Parties, the prompt and complete payment and performance by the Master Issuer when due (whether at the stated maturity, by acceleration or otherwise) of the Master Issuer Obligations. In furtherance of the foregoing and not in limitation of
any other right that the Trustee or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Master Issuer to pay any Master Issuer Obligation when and as the same shall become due, whether at
maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby jointly and severally promises to and shall forthwith pay, or cause to be paid, to the Trustee for distribution to the applicable Secured Parties in accordance
with the Indenture, in cash, the amount of such unpaid Master Issuer Obligation. This is a guarantee of payment and not merely of collection. 

  
 2 

 (b) Anything herein or in any other Related Document to the contrary notwithstanding, the
maximum liability of each Guarantor hereunder and under the other Related Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors. 

(c) Each Guarantor agrees that the Master Issuer Obligations may at any time and from time to time exceed the amount of the liability of such
Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Trustee or any other Secured Party hereunder. 

(d) The guarantee contained in this Section 2 shall remain in full force and effect until the date (the “Termination
Date”) on which this Agreement ceases to be of further effect in accordance with Article XII of the Base Indenture, notwithstanding that from time to time prior thereto the Master Issuer may be free from any Master Issuer
Obligations. 
 (e) No payment made by the Master Issuer, any of the Guarantors, any other guarantor or any other Person or received or
collected by the Trustee or any other Secured Party from the Master Issuer, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time
to time in reduction of or in payment of the Master Issuer Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor which shall, notwithstanding any such payment (other than any payment made by such
Guarantor in respect of the Master Issuer Obligations or any payment received or collected from such Guarantor in respect of the Master Issuer Obligations), remain liable hereunder for the Master Issuer Obligations up to the maximum liability of
such Guarantor hereunder until the Termination Date. 
 2.2 No Subrogation. Notwithstanding any payment made by any Guarantor
hereunder or any set-off or application of funds of any Guarantor by the Trustee or any other Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any other Secured Party against the Master Issuer or
any other Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any other Secured Party for the payment of the Master Issuer Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or
reimbursement from the Master Issuer or any other Guarantor in respect of payments made by such Guarantor hereunder, until the Termination Date. If any amount shall be paid to any Guarantor on account of such subrogation, contribution or
reimbursement rights at any time when all of the Master Issuer Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the other Secured Parties, segregated from other funds of such
Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Trustee in the exact form received by such Guarantor (duly endorsed by such Guarantor to the Trustee, if required), to be applied against the Master Issuer
Obligations, whether matured or unmatured, in such order as the Trustee may determine in accordance with the Indenture. 
 2.3
Amendments, etc. with respect to the Master Issuer Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of 

  
 3 

 
rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Master Issuer Obligations made by the Trustee or any other Secured
Party may be rescinded by the Trustee or such other Secured Party and any of the Master Issuer Obligations continued, and the Master Issuer Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or
guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Trustee or any other Secured Party,
and the Base Indenture and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, from time to time, and any collateral security, guarantee or right of offset at
any time held by the Trustee or any other Secured Party for the payment of the Master Issuer Obligations may be sold, exchanged, waived, surrendered or released (it being understood that this Section 2.3 is not intended to affect any
rights or obligations set forth in any other Related Document). Neither the Trustee nor any other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Master Issuer
Obligations or for the guarantee contained in this Section 2 or any property subject thereto. 
 2.4 Guarantee Absolute and
Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Master Issuer Obligations and notice of or proof of reliance by the Trustee or any other Secured Party upon the guarantee
contained in this Section 2 or acceptance of the guarantee contained in this Section 2; all Master Issuer Obligations shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or
waived, in reliance upon the guarantee contained in this Section 2 and the grant of the security interests pursuant to Section 3; and all dealings between the Master Issuer and any of the Guarantors, on the one hand, and the
Trustee and the other Secured Parties, on the other hand, likewise shall be conclusively presumed to have occurred or been consummated in reliance upon the guarantee contained in this Section 2 and the grant of the security interests
pursuant to Section 3. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Master Issuer or any of the Guarantors with respect to the Master Issuer Obligations.
Each Guarantor understands and agrees that the guarantee contained in this Section 2 and the grant of the security interests pursuant to Section 3 shall be construed as a continuing, absolute and unconditional guarantee of
payment without regard to (a) the validity or enforceability of the Indenture or any other Related Document, any of the Master Issuer Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at
any time or from time to time held by the Trustee or any other Secured Party, (b) any defense, set-off or counterclaim (other than a defense of full payment or performance) which may at any time be available to or be asserted by the Master
Issuer or any other Person against the Trustee or any other Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Master Issuer or such Guarantor) which constitutes, or might be construed to
constitute, an equitable or legal discharge of the Master Issuer for the Master Issuer Obligations, or of such Guarantor under the guarantee contained in this Section 2 and the grant of the security interests pursuant to
Section 3, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Trustee or any other Secured Party may, but shall be under no
obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Master Issuer, any other Guarantor or any other Person or against any collateral security or guarantee for the Master Issuer Obligations
or any 

  
 4 

 
right of offset with respect thereto, and any failure by the Trustee or any other Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from
the Master Issuer, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Master Issuer, any other Guarantor or any other Person or any such
collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the
Trustee or any other Secured Party against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

2.5 Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case
may be, if at any time payment, or any part thereof, of any of the Master Issuer Obligations is rescinded or must otherwise be restored or returned by the Trustee or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation
or reorganization of the Master Issuer or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Master Issuer or any Guarantor or any substantial part of its
property, or otherwise, all as though such payments had not been made. 
 2.6 Payments. Each Guarantor hereby guarantees that
payments hereunder shall be paid to the Trustee without set-off or deduction or counterclaim in immediately available funds in U.S. Dollars at the office of the Trustee. 

2.7 Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the Master Issuer’s and each
other Guarantor’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Master Issuer Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs
hereunder, and agrees that neither the Trustee nor any other Secured Party shall have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 

SECTION 3 
 SECURITY

 3.1 Grant of Security Interest. 

(a) To secure the Obligations, each Guarantor hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in
such Guarantor’s right, title and interest in, to and under all of the following property to the extent now owned or at any time hereafter acquired by such Guarantor or in which such Guarantor now has or at any time in the future may acquire
any right, title or interest (collectively, the “Collateral”): 
 (i) with respect to each IP Holder, its
Securitization IP and its right to bring an action at law or in equity for any infringement, misappropriation, dilution or other violation thereof occurring prior to, on or after the Closing Date, and to collect all damages, settlements and proceeds
relating thereto; 

  
 5 

 (ii) with respect to each Franchise Holder, its Franchise Assets; 

(iii) with respect to each Real Estate Holder, its Franchisee Lease Payments, its Existing Owned Real Property and its New
Owned Real Property; 
 (iv) the IP License Agreements, all related payments thereon and all rights thereunder pertaining to
the rights of any Guarantors to receive payments with respect to the Securitization IP (which shall include the rights to receive license fees with respect to Dunkin’ Donuts Brand and Baskin-Robbins Brand products currently sold in
non-franchised outlets and license agreements related to the foregoing); 
 (v) with respect to the U.K. Franchisor, the
Product Sourcing Arrangements; 
 (vi) any Future Contributed Assets; 

(vii) the Accounts and all amounts on deposit in or otherwise credited to the Accounts; 

(viii) any Interest Reserve Letter of Credit; 

(ix) (x) with respect to Master Issuer Parent, its Equity Interests in the Master Issuer, (y) with respect to each other
Guarantor, its Equity Interests in any other Guarantor, if any, and (z), subject to proviso clause (B) below, its Equity Interests in each other Person, if any, owned by such Guarantor; 

(x) the books and records (whether in physical, electronic or other form) of each of the Guarantors, including those books and
records maintained by the Manager on behalf of the Franchise Holders or the IP Holders relating to the Franchise Assets and the Securitization IP; 

(xi) the rights, powers, remedies and authorities of each of the Guarantors under (i) each of the Related Documents
(other than the Indenture and the Notes) to which it is a party and (ii) with respect to each Franchise Holder, each of the documents relating to the Franchise Assets to which it is a party; 

  
 6 

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

(xiii) all payments, proceeds, supporting obligations and accrued and future rights to payment with respect to the foregoing;

 provided that (A) the Collateral shall exclude the Collateral Exclusions; (B) the Guarantors shall not be required to pledge more than
65% of the Equity Interests (and any rights associated with such Equity Interests) of (i) any direct or indirect foreign Subsidiary of any of the Guarantors or (ii) any Foreign Subsidiary Holding Company, and in no circumstance will any
such foreign Subsidiary, any U.S. Subsidiary of a foreign Subsidiary or any Foreign Subsidiary Holding Company be required to pledge any assets, serve as Guarantor, or otherwise guarantee the Notes; (C) the Guarantors will not be required to
take any action (other than the filing of UCC-1 financing statements) to perfect the security interests created in any Securitization IP other than the Core Marks in the Specified Countries (except for Japan), and provided that steps to perfect are
limited to making certain filings as set forth in Section 8.25(c) and Section 8.25(d) of the Base Indenture; and (D) the security interest in (1) the Senior Notes Interest Reserve Account and the related property
shall only be for the benefit of the Senior Noteholders and the Trustee, in its capacity as trustee for the Senior Noteholders and (2) the Senior Subordinated Notes Interest Reserve Account and the related property shall only be for the benefit
of the Senior Subordinated Noteholders and the Trustee, in its capacity as trustee for the Senior Subordinated Noteholders. The Trustee, on behalf of the Secured Parties, acknowledges that the Collateral shall not include any Collateral Exclusions
and upon receipt of a Company Order, the Trustee shall execute any documents prepared by (and at the expense of) any Guarantor to release the same. 

(b) The foregoing grant is made in trust to secure the Obligations and to secure compliance with the provisions of this Agreement, all as
provided in this Agreement. The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Agreement in accordance with the provisions of this Agreement, and agrees to perform its duties required in this
Agreement. The Collateral shall secure the Obligations equally and ratably without prejudice, priority or distinction (except, with respect to any Series of Notes, as otherwise stated in the applicable Series Supplement or in the applicable
provisions of the Base Indenture). 
 (c) In addition, pursuant to and within the time periods specified in Section 8.37 of the
Base Indenture, each Real Estate Holder shall prepare, execute and deliver to the Trustee, for the benefit of the Secured Parties, a Mortgage with respect to each Existing Owned Real Property and each New Owned Real Property owned by such Real
Estate Holder, which shall be delivered to the Trustee or its agent to be held in escrow; provided that upon the 

  
 7 

 
occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class Representative), the Trustee or its
agent shall, at the direction of the Control Party, record promptly within twenty (20) Business Days of the occurrence of such Mortgage Recordation Event all such Mortgages in accordance with Section 8.37 of the Base Indenture.
Notwithstanding the foregoing, no Lien granted to the Trustee for the benefit of the Secured Parties on the Existing Owned Real Property or any New Owned Real Property will be perfected until such time as the Mortgages are delivered and recorded in
accordance with the Indenture. 
 (d) The parties hereto agree and acknowledge that each certificated Equity Interest and each Mortgage
constituting Collateral may be held by a custodian on behalf of the Trustee. 
 3.2 Certain Rights and Obligations of the Guarantors
Unaffected. 
 (a) Notwithstanding the grant of the security interest in the Collateral hereunder to the Trustee for the benefit of the
Secured Parties, the Guarantors acknowledge that the Manager, on behalf of the Securitization Entities, including, without limitation, any Franchise Holders shall, subject to the terms and conditions of the Management Agreement, have the right,
subject to the Trustee’s right to revoke such right in whole or in part, in the event of the occurrence of an Event of Default, (i) to give, in accordance with the Managing Standard, all consents, requests, notices, directions, approvals,
extensions or waivers, if any, which are required or permitted to be given by any Guarantor under the Collateral Transaction Documents, and to enforce all rights, remedies, powers, privileges and claims of each Guarantor under the Collateral
Transaction Documents, (ii) to give, in accordance with the Managing Standard, all consents, requests, notices, directions and approvals, if any, which are required or permitted to be given by any Guarantor under any IP License Agreement to
which such Guarantor is a party and (iii) to take any other actions required or permitted to be taken by a Guarantor under the terms of the Management Agreement. 

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

(c) Each Guarantor hereby jointly and severally agrees to indemnify and hold harmless the Trustee and each Secured Party (including its
directors, officers, employees and agents) from and against any and all losses, liabilities (including liabilities for penalties), claims, demands, actions, suits, judgments, reasonable and documented out-of-pocket

  
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costs and expenses arising out of or resulting from the security interest granted hereby, whether arising by virtue of any act or omission on the part of such Guarantor or otherwise, including,
without limitation, the reasonable out-of-pocket costs, expenses and disbursements (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Secured Party in enforcing this Agreement or any other Related Document or
preserving any of its rights to, or realizing upon, any of the Collateral; provided, however, that the foregoing indemnification shall not extend to any action by the Trustee or any Secured Party which constitutes gross negligence, bad
faith or willful misconduct by the Trustee or any Secured Party or any other indemnified person hereunder. The indemnification provided for in this Section 3.2 shall survive the removal of, or a resignation by, any Person as Trustee as
well as the termination of this Agreement. 
 3.3 Performance of Collateral Transaction Documents. Upon the occurrence of a default
or breach (after giving effect to any applicable grace or cure periods) by any Person party to (a) a Collateral Transaction Document or (b) a Collateral Franchise Business Document (only if a Manager Termination Event or an Event of
Default has occurred and is continuing), promptly following a request from the Trustee to do so and at the Guarantors’ expense, the Guarantors agree jointly and severally to take all such lawful action as permitted under this Agreement as the
Trustee (acting at the direction of the Control Party (at the direction of the Controlling Class Representative)) may reasonably request to compel or secure the performance and observance by such Person of its obligations to any Guarantor, and to
exercise any and all rights, remedies, powers and privileges lawfully available to any Guarantor to the extent and in the manner directed by the Trustee (acting at the direction of the Control Party (at the direction of the Controlling Class
Representative)), including, without limitation, the transmission of notices of default and the institution of legal or administrative actions or proceedings to compel or secure performance by such Person of its obligations thereunder. 

If (i) any Guarantor shall have failed, within fifteen (15) days of receiving the direction of the Trustee, to take action to
accomplish such directions of the Trustee, (ii) any Guarantor refuses to take any such action, as reasonably determined by the Trustee in good faith, or (iii) the Control Party (at the direction of the Controlling Class Representative)
reasonably determines that such action must be taken immediately, in any such case the Control Party (at the direction of the Controlling Class Representative) may, but shall not be obligated to, take, and the Trustee shall take (if so directed by
the Control Party (at the direction of the Controlling Class Representative)), at the expense of the Guarantors, such previously directed action and any related action permitted under this Agreement which the Control Party thereafter determines is
appropriate (without the need under this provision or any other provision under this Agreement to direct the Guarantor to take such action), on behalf of the Guarantor and the Secured Parties. 

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

  
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 3.5 Authorization to File Financing Statements. 

(a) Each Guarantor hereby irrevocably authorizes the Servicer on behalf of the Secured Parties at any time and from time to time to file or
record in any filing office (including, without limitation, the PTO) in any applicable jurisdiction financing statements and other filing or recording documents or instruments with respect to the Collateral (other than any Real Estate Assets and
Non-Perfected IP), including, without limitation, any and all Core Marks (only to the extent set forth in Section 8.25(c) and Section 8.25(d) of the Base Indenture), to perfect or record evidence of the security interests of
the Trustee for the benefit of the Secured Parties under this Agreement. Each Guarantor authorizes the filing of any such financing statement, other filing, recording document or instrument naming the Trustee as secured party and indicating that the
Collateral includes (a) other than with respect to DD Franchisor, “all assets” or words of similar effect or import regardless of whether any particular assets comprised in the Collateral fall within the scope of Article 9 of the UCC,
including, without limitation, any and all Securitization IP or (b) as being of an equal or lesser scope or with greater detail. Each Guarantor agrees to furnish any information necessary to accomplish the foregoing promptly upon the
Servicer’s request. Each Guarantor also hereby ratifies and authorizes the filing on behalf of the Secured Parties of any financing statement with respect to the Collateral made prior to the date hereof. 

(b) Each Guarantor acknowledges that the Collateral under this Agreement includes certain rights of the Guarantors as secured parties under
the Related Documents. Each Guarantor hereby irrevocably appoints the Trustee as its representative with respect to all financing statements filed to perfect or record evidence of such security interests and authorizes the Servicer on behalf of and
for the benefit of the Secured Parties to make such filings as they deem necessary to reflect the Trustee as secured party of record with respect to such financing statements. 

SECTION 4 

REPRESENTATIONS AND WARRANTIES 

Each Guarantor hereby represents and warrants, for the benefit of the Trustee and the Secured Parties, as follows as of each Series Closing
Date: 
 4.1 Existence and Power. Each Guarantor (a) is duly organized, validly existing and in good standing under the laws of
its jurisdiction of organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its
obligations under the Related Documents make such qualification necessary and (c) has all limited liability company, corporate or other powers and all governmental licenses, 

  
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authorizations, consents and approvals required to (i) carry on its business as now conducted and (ii) for consummation of the transactions contemplated by this Agreement and the other
Related Documents except, in the case of clauses (b) and (c)(i), to the extent the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

4.2 Company and Governmental Authorization. The execution, delivery and performance by each Guarantor of this Agreement and the other
Related Documents to which it is a party (a) is within such Guarantor’s limited liability company, corporate or other powers and has been duly authorized by all necessary limited liability company, corporate or other action,
(b) requires no action by or in respect of, or filing with, any Governmental Authority which has not been obtained (other than any actions or filings that may be undertaken after the Closing Date pursuant to the terms of the Base Indenture or
any other Related Document, including without limitation, actions or filings with respect to the Mortgages) and (c) does not contravene, or constitute a default under, any Requirements of Law with respect to such Guarantor or any Contractual
Obligation with respect to such Guarantor or result in the creation or imposition of any Lien on any property of any Guarantor, except for Liens created by this Agreement or the other Related Documents, except in the case of clause (b) and
(c) above, solely with respect to the Contribution Agreements, the violation of which would not reasonably be expected to result in a Material Adverse Effect. This Agreement and each of the other Related Documents to which each Guarantor is a
party has been executed and delivered by a duly Authorized Officer of such Guarantor. 
 4.3 No Consent. Except as set forth on
Schedule 7.3 to the Base Indenture, no consent, action by or in respect of, approval or other authorization of, or registration, declaration or filing with, any Governmental Authority or other Person is required for the valid execution and
delivery by each Guarantor of this Agreement or any Related Document to which it is a party or for the performance of any of the Guarantors’ obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations,
declarations or filings (a) as shall have been obtained or made by such Guarantor prior to the Closing Date or as are permitted to be obtained subsequent to the Closing Date in accordance with Section 4.6 hereof or
Section 8.25 or Section 8.37 of the Base Indenture or (b) relating to the performance of any Collateral Franchise Business Document the failure of which to obtain would not reasonably be expected to result in a Material
Adverse Effect. 
 4.4 Binding Effect. This Agreement, and each other Related Document to which a Guarantor is a party, is a legal,
valid and binding obligation of each such Guarantor enforceable against such Guarantor in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws
affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing). 

4.5 Ownership of Equity Interests; Subsidiaries. All of the issued and outstanding Equity Interests owned by such Guarantor are set
forth in Schedule 4.5 to this Agreement, all of which interests have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by such Guarantor, free and clear of all Liens other than Permitted Liens.
No Guarantor has any subsidiaries or owns any Equity Interests in any other Person, other than as set forth in such Schedule 4.5 and other than any Additional Securitization Entity. 

  
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 4.6 Security Interests. 

(a) Each Guarantor owns and has good title to its Collateral, free and clear of all Liens other than Permitted Liens. Other than the Accounts
and the Real Estate Assets, the Collateral consists of securities, loans, investments, accounts, commercial tort claims, inventory, equipment, fixtures, health care insurance receivables, chattel paper, money, deposit accounts, instruments,
financial assets, documents, investment property, general intangibles, letter of credit rights, and other supporting obligations (in each case, as defined in the UCC of the State of New York). Except in the case of the Existing Owned Real Property
and the New Owned Real Property, this Agreement constitutes a valid and continuing Lien on the Collateral in favor of the Trustee on behalf of and for the benefit of the Secured Parties, which Lien on the Collateral has been perfected (except with
regard to Non-Perfected IP or In-Transit Cash, and except as described in Section 8.25(c) and Section 8.25(d) of the Base Indenture) or evidence of which Lien has been recorded, in each case in accordance with the provisions
of the Base Indenture, and is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from each Guarantor in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity, and by an implied
covenant of good faith and fair dealing. The Guarantors have received all consents and approvals required by the terms of the Collateral to the pledge of the Collateral to the Trustee hereunder. Each Guarantor has caused, or shall have caused, the
filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect or otherwise record evidence, as applicable, of the first-priority security interest (subject to
Permitted Liens) in the Collateral (other than the Existing Owned Real Property, the New Owned Real Property and the Non-Perfected IP) granted to the Trustee hereunder within ten (10) days of the date of this Agreement or, in the case of
Accounts, the Core Marks, the Existing Owned Real Property and the New Owned Real Property, shall take all additional action necessary to grant, perfect or record evidence of such first-priority security interest (subject to Permitted Liens)
consistent with the obligations and time periods set forth in Section 5.1(a), Section 8.25(c), Section 8.25(d) or Section 8.37 of the Base Indenture, as applicable. Notwithstanding anything to the
contrary herein, no Lien granted to the Trustee for the benefit of the Secured Parties on the Existing Owned Real Property or any New Owned Real Property will be perfected until such time as the Mortgages are delivered and recorded in accordance
with the terms of the Base Indenture. 
 (b) Other than the security interest granted to the Trustee hereunder, pursuant to the other
Related Documents or any other Permitted Lien, none of the Guarantors has pledged, assigned, sold or granted a security interest in the Collateral by grant, pledge, sale, assignment or other means. All action necessary (including the filing of UCC-1
financing statements and, with regard to the Core Marks, filings with the PTO) to protect and evidence the Trustee’s security interest in the Collateral (other than the Non-Perfected IP) in the United States

  
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has been, or shall be, duly and effectively taken consistent with the obligations set forth in Section 4.6(a) above and Section 5.1(a), Section 8.25(c),
Section 8.25(d) or Section 8.37 of the Base Indenture. No security agreement, financing statement, equivalent security or lien instrument or continuation statement authorized by any Guarantor and listing such Guarantor as
debtor covering all or any part of the Collateral is on file or of record in any jurisdiction, except in respect of Permitted Liens or such as may have been filed, recorded or made by such Guarantor in favor of the Trustee on behalf of the Secured
Parties in connection with this Agreement, and no Guarantor has authorized any such filing. 
 (c) All authorizations in this Agreement for
the Trustee to endorse checks, instruments and securities and to execute financing statements, continuation statements, security agreements and other instruments with respect to the Collateral and to take such other actions with respect to the
Collateral authorized by this Agreement are powers coupled with an interest and are irrevocable. 
 4.7 Master Issuer Parent
Subsidiaries. The Master Issuer Parent has no direct subsidiaries and owns no Equity Interests in any other Person, other than the Master Issuer; provided that only the Master Issuer Parent shall make this representation. 

4.8 Other Representations. All representations and warranties of or about each Guarantor made in the Base Indenture and in each other
Related Document are true and correct (i) as of the date hereof or (ii) if made on a future date (A) if qualified as to materiality, in all respects, and (B) if not qualified as to materiality, in all material respects (unless
stated to relate solely to an earlier date, in which case such representations and warranties were true and correct in all respects or in all material respects, as applicable, as of such earlier date), and in each case are repeated herein as though
fully set forth herein; provided that notwithstanding anything to the contrary in the Base Indenture (including the first paragraph of Article VII of the Base Indenture) and in each other Related Document, each such representation and
warranty made with respect to the Securitization Entities shall be deemed have been made with respect to each of the Securitization Entities, including the Master Issuer Parent. 

SECTION 5 
 COVENANTS

 5.1 Maintenance of Office or Agency. 

(a) Each Guarantor shall maintain an office or agency (which, with respect to the surrender for registration of, or transfer or exchange or
the payment of principal and premium, may be an office of the Trustee, the Registrar or co-registrar or Paying Agent) where notices and demands to or upon the Guarantors in respect of this Agreement may be served. The Guarantors shall give prompt
written notice to the Trustee and the Control Party of the location, and any change in the location, of such office or agency. If at any time the Guarantors shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee and the Control Party with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office. 

  
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 (b) Each Guarantor hereby designates the applicable Corporate Trust Office as one such office or
agency of the Guarantors. 
 5.2 Covenants in Base Indenture and Other Related Documents. Each Guarantor shall take, or shall refrain
from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, by such Guarantor so that no Default or Event of Default is caused by the failure to take such action or to refrain from taking such action
by such Guarantor or any of its Subsidiaries; provided that, for the avoidance of doubt, such taking or refraining from taking action shall result in an Event of Default under the Indenture subject to the applicable cure periods set forth
thereunder. All covenants of each Guarantor made in and in each other Related Document are repeated herein as though fully set forth herein. 

5.3 Further Assurances. 

(a) Each Guarantor shall do such further acts and things, and execute and deliver to the Trustee and the Servicer such additional
assignments, agreements, powers and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral on behalf of the Secured Parties as a perfected security interest (other than with respect to
the Non-Perfected IP or In-Transit Cash) or to record evidence of such security interest, as applicable, subject to no prior Liens (other than Permitted Liens), to carry into effect the purposes of this Agreement or the other Related Documents or to
better assure and confirm unto the Trustee, the Servicer, the Noteholders or the other Secured Parties their rights, powers and remedies hereunder including, without limitation, the filing of any financing or continuation statements or amendments
under the UCC in effect in any jurisdiction with respect to the liens and security interests granted in the Collateral hereby, except as set forth on Schedule 8.11 of the Base Indenture or in Section 8.25(c), Section 8.25(d)
or Section 8.37 of the Base Indenture. The Guarantors intend the security interests granted pursuant to this Agreement in favor of the Secured Parties to be prior to all other Liens (other than Permitted Liens) in respect of the
Collateral, and each Guarantor shall take all actions necessary to obtain and maintain, in favor of the Trustee for the benefit of the Secured Parties, a first lien on and a first-priority perfected security interest in the Collateral or to record
evidence of such security interest in the Collateral (in each case, other than the Non-Perfected IP and any In-Transit Cash, and except (i) with respect to Permitted Liens or (ii) as set forth on Schedule 8.11 of the Base Indenture
or in Section 8.25 or Section 8.37 of the Base Indenture). If any Guarantor fails to perform any of its agreements or obligations under this Section 5.3(a), then the Servicer may perform such agreement or
obligation, and the expenses of the Servicer incurred in connection therewith shall be payable by the Guarantors upon the Servicer’s demand therefor. The Servicer is hereby authorized to execute and file any financing statements, continuation
statements, amendments or other instruments necessary or appropriate to perfect or maintain the perfection or record evidence, as applicable, of the Trustee’s security interest in the Collateral (other than the Non-Perfected IP or any
In-Transit Cash) in the manner authorized in Section 3.5(a). 

  
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 (b) If any amount payable under or in connection with any of the Collateral shall be or become
evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and within three (3) Business Days physically delivered to the Trustee
hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly; provided, that no Guarantor shall be
required to deliver any Franchisee Promissory Note. 
 (c) Notwithstanding the provisions set forth in clauses (a) and
(b) above, each Guarantor shall not be required to perfect any security interest in any fixtures, Intellectual Property other than the Core Marks in the Specified Countries (except Japan) (other than through a central filing of a UCC
financing statement), any Franchisee Promissory Note or, except as provided in Section 8.37 to the Base Indenture, any real property. 

(d) Each Guarantor, upon obtaining an interest in any commercial tort claim or claims (as such term is defined in the New York UCC), shall
comply with Section 8.11(d) of the Base Indenture. 
 (e) Each Guarantor shall warrant and defend the Trustee’s right,
title and interest in and to the Collateral and the income, distributions and Proceeds thereof, for the benefit of the Trustee on behalf of the Secured Parties, against the claims and demands of all Persons whomsoever. 

5.4 Legal Name, Location Under Section 9-301 or 9-307. No Guarantor shall change its location (within the meaning of
Section 9-301 or 9-307 of the applicable UCC) or its legal name without at least thirty (30) days’ prior written notice to the Trustee, the Control Party, the Back-Up Manager and the Rating Agencies with respect to each Series of
Notes Outstanding. In the event that any Guarantor desires to so change its location or change its legal name, such Guarantor shall make any required filings and prior to actually changing its location or its legal name such Guarantor shall deliver
to the Trustee and the Control Party (i) an Officer’s Certificate and an Opinion of Counsel confirming that all required filings have been made, subject to Section 5.3(c), to continue the perfected interest or to record
evidence of such security interest, as applicable, of the Trustee on behalf of the Secured Parties in the Collateral under Article 9 of the applicable UCC or other applicable law in respect of the new location or new legal name of such Guarantor and
(ii) copies of all such required filings with the filing information duly noted thereon by the office in which such filings were made. 

5.5 Equity Interests. No Guarantor shall sell, transfer, assign, pledge, hypothecate or otherwise dispose, in whole or in part, of any
Equity Interest in any Subsidiary, except as provided in the Related Documents. 
 5.6 Management Accounts. To the extent that it
owns any Management Account (including any lock-box related thereto), each Guarantor shall comply with Section 5.1 of the Base Indenture with respect to each such Management Account (including any lock-box related thereto). 

  
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 SECTION 6 

REMEDIAL PROVISIONS 

6.1 Rights of the Control Party and Trustee upon Event of Default. 

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

(b) Other Proceedings. If and whenever an Event of Default shall have occurred and be continuing, the Trustee, at the direction of the
Control Party (at the direction of the Controlling Class Representative), pursuant to a Control Party Order, shall: 
 (i)
proceed to protect and enforce its rights and the rights of the other Secured Parties, by such appropriate Proceedings as the Control Party (at the direction of the Controlling Class Representative) shall deem most effective to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this Agreement or any other Related Document or in aid of the exercise of any power granted therein, or to enforce any other proper remedy or legal or equitable
right vested in the Trustee by this Agreement or any other Related Document or by law, including any remedies of a secured party under applicable law; 

(ii) (A) direct any Guarantor to exercise (and each Guarantor agrees to exercise) all rights, remedies, powers, privileges and
claims of any Guarantor against any party to any Collateral Transaction Document arising as a result of the occurrence of such Event of Default or otherwise, including the right or power to take any action to compel performance or observance by any
such party of its obligations to any Guarantor, and suspend the right of any Guarantor to take such action independent of such a direction, and (B) if (x) any Guarantor shall have failed, within ten (10) Business Days of receiving the
direction of the Trustee (given at the direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish such directions of the Trustee, (y) any Guarantor refuses to
take such action or (z) the Control Party (at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, take (or the Control Party on behalf of the Trustee shall take) such
previously directed action 

  
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(and any related action as permitted under this Agreement thereafter determined by the Trustee or the Control Party to be appropriate without the need under this provision or any other provision
under this Agreement to direct the Guarantors to take such action); 
 (iii) institute Proceedings from time to time for the
complete or partial foreclosure of this Agreement or, to the extent applicable, any other Related Document, with respect to the Collateral; provided that the Trustee shall not be required to take title to any real property in connection with
any foreclosure or other exercise of remedies hereunder and title to such property shall instead be acquired in an entity designated and (unless owned by a third party) controlled by the Control Party; and/or 

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

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

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

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

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

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

(d) Application of Proceeds. Any amounts obtained by the Trustee on account of or as a result of the exercise by the Trustee of any
right hereunder shall be held by the Trustee as additional collateral for the repayment of the Obligations, shall be deposited into the Collection Account and shall be applied as provided in Article V of the Base Indenture; provided,
however, that unless otherwise provided in this Section 6 or Article IX to the Base Indenture, with respect to any distribution to any Class of Notes, notwithstanding the provisions of Article V of the Base
Indenture, such amounts shall be distributed sequentially in order of alphabetical (as opposed to alphanumerical) designation and pro rata among each Class of Notes of the same alphabetical designation based upon the Outstanding Principal Amount of
the Notes of each such Class. 
 (e) Additional Remedies. In addition to any rights and remedies now or hereafter granted hereunder
or under applicable law with respect to the Collateral, the Trustee shall have all of the rights and remedies of a secured party under the UCC and similar laws as enacted in any applicable jurisdiction. 

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

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

6.2 Waiver of Appraisal, Valuation, Stay and Right to Marshaling. To the extent it may lawfully do so, each Guarantor for itself and
for any Person who may claim through or under it hereby: 
 (a) agrees that neither it nor any such Person shall step up, plead, claim or
in any manner whatsoever take advantage of any appraisal, valuation, stay, extension or redemption laws, now or hereafter in force in any jurisdiction, which may delay, prevent or 

  
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otherwise hinder (i) the performance, enforcement or foreclosure of this Agreement, (ii) the sale of any of the Collateral or (iii) the putting of the purchaser or purchasers
thereof into possession of such property immediately after the sale thereof; 
 (b) waives all benefit or advantage of any such laws; 

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

 (d) consents and agrees that, subject to the terms of this Agreement, all the Collateral may at any such sale be sold by the Trustee as
an entirety or in such portions as the Trustee may (upon direction by the Control Party (at the direction of the Controlling Class Representative)) determine. 

6.3 Limited Recourse. Notwithstanding any other provision of this Agreement or any other Related Document or otherwise, the liability
of the Guarantors to the Secured Parties under or in relation to this Agreement or any other Related Document or otherwise, is limited in recourse to the Collateral. The Collateral having been applied in accordance with the terms hereof, none of the
Secured Parties shall be entitled to take any further steps against any Guarantor to recover any sums due but still unpaid hereunder or under any of the other agreements or documents described in this Section 6.3, all claims in respect
of which shall be extinguished. 
 6.4 Optional Preservation of the Collateral. If the maturity of the Outstanding Notes of each
Series has been accelerated pursuant to Section 9.2 of the Base Indenture following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, at the direction of the Control Party
(at the direction of the Controlling Class Representative), shall elect to maintain possession of such portion, if any, of the Collateral as the Control Party (at the direction of the Controlling Class Representative) shall in its discretion
determine. 
 6.5 Control by the Control Party. Notwithstanding any other provision hereof, the Control Party (at the direction of
the Controlling Class Representative) may cause the institution of and direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercise any trust or power conferred on the Trustee; provided
that: 
 (a) such direction of time, method and place shall not be in conflict with any rule of law, with the Servicing Standard or with
this Agreement; 
 (b) the Control Party (at the direction of the Controlling Class Representative) may take any other action deemed proper
by the Control Party (at the direction of the Controlling Class Representative) that is not inconsistent with such direction (as the same may be modified by the Control Party (at the direction of the Controlling Class Representative)); and 

  
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 (c) such direction shall be in writing; 

provided further that, subject to Section 10.1 of the Base Indenture, the Trustee need not take any action that it determines might
involve it in liability unless it has received an indemnity for such liability as provided in the Base Indenture. The Trustee shall take no action referred to in this Section 6.5 unless instructed to do so by the Control Party (at the
direction of the Controlling Class Representative). 
 6.6 The Trustee May File Proofs of Claim. The Trustee is authorized to file
such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and any other Secured Party (as applicable) allowed in any judicial proceedings relative to any Guarantor, its creditors or its property, and shall be entitled and empowered to collect, receive and distribute any money or other property
payable or deliverable on any such claim and any custodian in any such judicial proceeding is hereby authorized by each Secured Party to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to any other Secured Party, to pay the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 10.5 of the Base Indenture. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 10.5 of the Base Indenture out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money and
other properties which any other Secured Party may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any other Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any other Secured Party, or to authorize the Trustee to
vote in respect of the claim of any Secured Parties in any such proceeding. 
 6.7 Undertaking for Costs. In any suit for the
enforcement of any right or remedy under this Agreement or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of any undertaking to
pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made
by the party litigant. This Section 6.7 does not apply to a suit by the Trustee, a suit by the Control Party or a suit by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of Notes. 

  
 20 

 6.8 Restoration of Rights and Remedies. If the Trustee or any other Secured Party has
instituted any Proceeding to enforce any right or remedy under this Agreement or any other Related Document and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such other
Secured Party, then and in every such case the Trustee and any such other Secured Party shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Trustee and the other Secured Parties shall continue as though no such Proceeding had been instituted. 
 6.9 Rights and
Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to any other Secured Party is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given under this Agreement or any other Related Document or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this
Agreement or any other Related Document, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

6.10 Delay or Omission Not Waiver. No delay or omission of the Trustee, the Control Party, the Controlling Class Representative or of
any other Secured Party to exercise any right or remedy accruing upon any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Potential
Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default or an acquiescence therein. Every right and remedy given by this Section 6 or by law to the Trustee, the Control Party, the Controlling Class Representative
or to any other Secured Party may be exercised from time to time to the extent not inconsistent with the Indenture or this Agreement, and as often as may be deemed expedient, by the Trustee, the Control Party, the Controlling Class Representative or
by any other Secured Party, as the case may be. 
 6.11 Waiver of Stay or Extension Laws. Each Guarantor covenants (to the extent
that it may lawfully do so) that it shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Agreement or any other Related Document; and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantages of any such law, and covenants that it shall not
hinder, delay or impede the execution of any power herein granted to the Trustee, the Control Party or the Controlling Class Representative, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 7 
 THE
TRUSTEE’S AUTHORITY 
 Each Guarantor acknowledges that the rights and responsibilities of the Trustee under this Agreement
with respect to any action taken by the Trustee or the exercise or non-

  
 21 

 
exercise by the Trustee of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Trustee and
the other Secured Parties, be governed by the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Trustee and the Guarantors, the Trustee shall be conclusively presumed to be
acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, it being understood that the Trustee (at the direction of the Control Party (at the direction of the Controlling Class Representative)) and the
Control Party (at the direction of the Controlling Class Representative) directly shall be the only parties entitled to exercise remedies under this Agreement; and no Guarantor shall be under any obligation, or entitlement, to make any inquiry
respecting such authority. 
 SECTION 8 

MISCELLANEOUS 
 8.1
Amendments. None of the terms or provisions of this Agreement may be amended, supplemented, waived or otherwise modified except in accordance with Article XIII of the Base Indenture. 

8.2 Notices. 
 (a) Any
notice or communication by the Guarantors or the Trustee to any other party hereto shall be in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile or overnight air courier
guaranteeing next day delivery, to such other party’s address: 
 If to the Master Issuer Parent: 

DB Master Finance Parent LLC 

P.O. Box 9141 
 Canton, MA 02021

 Attention: General Counsel 

Facsimile: 781-737-6661 
 If
to a Franchise Holder: 
 P.O. Box 9141 

Canton, MA 02021 
 Attention:
General Counsel 
 Facsimile: 781-737-6661 

If to the DD IP Holder: 

DD IP Holder LLC 

  
 22 

 P.O. Box 9141 

Canton, MA 02021 
 Attention:
General Counsel 
 Facsimile: 781-737-6661 

If to the BR IP Holder: 

BR IP Holder LLC 
 P.O. Box 9141

 Canton, MA 02021 
 Attention:
General Counsel 
 Facsimile: 781-737-6661 

If to the DB Real Estate Holder I: 

DB Real Estate Assets I LLC 

P.O. Box 9141 
 Canton, MA 02021

 Attention: General Counsel 

Facsimile: 781-737-6661 
 If
to the DB Real Estate Holder II: 
 DB Real Estate Assets II LLC 

P.O. Box 9141 
 Canton, MA 02021

 Attention: General Counsel 

Facsimile: 781-737-6661 
 If
to the Trustee: 
 Citibank, N.A. 

388 Greenwich Street 
 14th Floor

 New York, NY 10013 

Attention: Agency & Trust- DB Master Finance LLC 

Facsimile: 212-816-5527 
 (b)
The Guarantors or the Trustee by notice to each other party may designate additional or different addresses for subsequent notices or communications; provided, however, the Guarantors may not at any time designate more than a total of
three (3) addresses to which notices must be sent in order to be effective. 

  
 23 

 (c) Any notice (i) given in person shall be deemed delivered on the date of delivery of
such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by facsimile shall be deemed given on the date of delivery of such notice and
(iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier. 

(d) Notwithstanding any provisions of this Agreement to the contrary, the Trustee shall have no liability based upon or arising from the
failure to receive any notice required by or relating to this Agreement or any other Related Document. 
 8.3 Governing Law. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 8.4
Successors. All agreements of each of the Guarantors in this Agreement and each other Related Document to which it is a party shall bind its successors and assigns; provided, however, no Guarantor may assign its obligations or
rights under this Agreement or any Related Document, except with the written consent of the Control Party. All agreements of the Trustee in the Indenture and in this Agreement shall bind its successors as permitted by the Related Documents. 

8.5 Severability. In case any provision in this Agreement or any other Related Document shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 8.6
Counterpart Originals. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
agreement. 
 8.7 Table of Contents, Headings, etc. The Table of Contents and headings of the Sections of this Agreement have been
inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

8.8 [Reserved]. 
 8.9
Waiver of Jury Trial. EACH OF THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 8.10 Submission to Jurisdiction; Waivers. EACH OF THE GUARANTORS AND THE TRUSTEE HEREBY
IRREVOCABLY AND UNCONDITIONALLY: 

  
 24 

 (a) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT AND THE OTHER RELATED DOCUMENTS TO WHICH IT IS A PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, THE
COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; 
 (b) CONSENTS THAT ANY SUCH
ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND
AGREES NOT TO PLEAD OR CLAIM THE SAME; 
 (c) AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A
COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO THE GUARANTORS OR THE TRUSTEE, AS THE CASE MAY BE, AT ITS ADDRESS SET FORTH IN SECTION 8.2 OR AT SUCH OTHER ADDRESS OF WHICH THE
TRUSTEE SHALL HAVE BEEN NOTIFIED PURSUANT THERETO; 
 (d) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND 
 (e) WAIVES, TO THE MAXIMUM EXTENT NOT
PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN THIS SECTION 8.10 ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. 

8.11 [Reserved]. 
 8.12
Currency Indemnity. Each Guarantor shall make all payments of amounts owing by it hereunder in U.S. Dollars. If a Guarantor makes any such payment to the Trustee or any other Secured Party in a currency (the “Other Currency”)
other than U.S. Dollars (whether voluntarily or pursuant to an order or judgment of a court or tribunal of any jurisdiction), such payment shall constitute a discharge of the liability of such party hereunder in respect of such amount owing only to
the extent of the amount of U.S. Dollars which the Trustee or such Secured Party is able to purchase with the amount it receives on the date of receipt (if it can timely exchange such Other Currency on such date) or otherwise on the next following
Business Day on which foreign currency exchange transactions may be effected for such Other Currency. 

  
 25 

 If the amount of U.S. Dollars which the Trustee or such Secured Party is able to purchase is less than the amount
of such currency originally so due in respect of such amount, such Guarantor shall indemnify and save the Trustee or such Secured Party, as applicable, harmless from and against any loss or damage arising as a result of such deficiency. This
indemnity shall constitute an obligation separate and independent from the other obligations contained in this Agreement, shall give rise to a separate and independent cause of action, shall survive termination hereof, shall apply irrespective of
any indulgence granted by the Trustee or such Secured Party and shall continue in full force and effect notwithstanding any judgment or order in respect of any amount due hereunder or under any judgment or order. 

8.13 Acknowledgment of Receipt; Waiver. Each Guarantor acknowledges receipt of an executed copy of this Agreement and, to the extent
permitted by applicable law, waives the right to receive a copy of any financing statement, financing change statement or verification statement in respect of any registered financing statement or financing change statement prepared, registered or
issued in connection with this Agreement. 
 8.14 Termination; Partial Release. 

(a) This Agreement and any grants, pledges and assignments hereunder shall become effective on the date hereof and shall terminate on the
Termination Date. 
 (b) On the Termination Date, the Collateral shall be automatically released from the Liens created hereby, and this
Agreement and all obligations (other than those expressly stated to survive such termination) of the Trustee and each Guarantor shall automatically terminate, all without delivery of any instrument or performance of any act by any party, and all
rights to the Collateral shall revert to the Guarantors. At the request and sole expense of any Guarantor following any such termination, the Trustee shall deliver to such Guarantor any Collateral held by the Trustee hereunder, and execute and
deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence such termination. 
 (c) Any partial
release of Collateral hereunder requested by the Master Issuer or any Guarantor in connection with any Permitted Asset Disposition shall be governed by Section 8.16 and Section 14.17 of the Base Indenture. 

8.15 Third Party Beneficiary. Each of the Secured Parties and the Controlling Class Representative is an express third party
beneficiary of this Agreement. 
 8.16 Entire Agreement.  

This Agreement, together with the schedule hereto, the Indenture and the other Related Documents, contain a final and complete integration of
all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and writings
with respect thereto. 
 [Signature pages to follow] 

  
 26 

 IN WITNESS WHEREOF, each of the Guarantors and the Trustee has caused this Guarantee and
Collateral Agreement to be duly executed and delivered by its duly authorized officer as of the date first above written. 
  

			
	DB MASTER FINANCE PARENT LLC
		
	By:		  

			Name:
			Title:
	
	DB FRANCHISING HOLDING COMPANY LLC
		
	By:		  

			Name:
			Title:
	
	DUNKIN’ DONUTS FRANCHISING LLC 
		
	 By:
		  

			Name:
			Title:
	
	BASKIN-ROBBINS FRANCHISING LLC
		
	By:		  

			Name:
			Title:
	
	BR UK FRANCHISING LLC
		
	By:		  

			Name:
			Title:

  
 [Guaranteen and
Collateral Agreement] 

 
			
	DB MEXICAN FRANCHISING LLC
		
	By:		  

			Name:
			Title:
	
	DD IP HOLDER LLC
		
	By:		  

			Name:
			Title:
	
	BR IP HOLDER LLC,
		
	By:		  

			Name:
			Title:
	
	DB REAL ESTATE ASSETS I LLC
		
	By:		  

			Name:
			Title:
	
	DB REAL ESTATE ASSETS II LLC
		
	By:		  

			Name:
			Title:

  
 [Guaranteen and
Collateral Agreement] 

			
	AGREED AND ACCEPTED:
	
	CITIBANK, N.A., in its capacity as Trustee
		
	By:		  

			Name:
			Title:

  
 [Guaranteen and
Collateral Agreement]

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