Document:

EX-4.3

   

  Exhibit 4.3

   

   

   

   

  GUARANTEE AND COLLATERAL AGREEMENT

   

  made by 

   

  EWC HOLDING GUARANTOR LLC,

  EWC FRANCHISOR LLC, and

   

  EWC DISTRIBUTOR LLC,

  each as a Guarantor, 

   

  in favor of

   

  CITIBANK, N.A., 
as Trustee

   

   

  Dated as of April 6, 2022

   

   

   

   

   

   

   

   

   

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  119641705_8

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  TABLE OF CONTENTS

  Page

  			
	SECTION 1 DEFINED TERMS
	1

	1.1
	Definitions
	1

	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
	3

	2.5
	Reinstatement
	4

	2.6
	Payments
	4

	2.7
	Information
	4

	SECTION 3 SECURITY
	5

	3.1
	Grant of Security Interest
	5

	3.2
	Certain Rights and Obligations of the Guarantors Unaffected
	7

	3.3
	Performance of Collateral Transaction Documents
	8

	3.4
	Stamp, Other Similar Taxes and Filing Fees
	8

	3.5
	Authorization to File Financing Statements
	8

	SECTION 4 REPRESENTATIONS AND WARRANTIES
	9

	4.1
	Existence and Power
	9

	4.2
	Company and Governmental Authorization
	9

	4.3
	No Consent
	10

	4.4
	Binding Effect
	10

	4.5
	Ownership of Equity Interests; Subsidiaries
	10

	4.6
	Security Interests
	10

	4.7
	Other Representations
	11

	SECTION 5 COVENANTS
	11

	5.1
	Maintenance of Office or Agency
	11

	5.2
	Covenants in Base Indenture and Other Related Documents
	12

	5.3
	Further Assurances
	12

	5.4
	Legal Name, Location Under Section 9-301 or 9-307
	13

	5.5
	Equity Interests
	13

	5.6
	Management Accounts
	13

	5.7
	Senior Notes Interest Reserve Account.
	13

	SECTION 6 REMEDIAL PROVISIONS
	14

	6.1
	Rights of the Control Party and Trustee upon Event of Default
	14

	6.2
	Waiver of Appraisal, Valuation, Stay and Right to Marshaling
	16

	6.3
	Limited Recourse
	17

	6.4
	Optional Preservation of the Securitized Assets
	17

	6.5
	Control by the Control Party
	17

	6.6
	The Trustee May File Proofs of Claim
	18

	6.7
	Undertaking for Costs
	18

	6.8
	Restoration of Rights and Remedies
	18

	6.9
	Rights and Remedies Cumulative
	19

	6.10
	Delay or Omission Not Waiver
	19

	6.11
	Waiver of Stay or Extension Laws
	19

   

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	SECTION 7 THE TRUSTEE’S AUTHORITY
	19

	SECTION 8 MISCELLANEOUS
	20

	8.1
	Amendments
	20

	8.2
	Notices
	20

	8.3
	Governing Law
	21

	8.4
	Successors
	22

	8.5
	Severability
	22

	8.6
	Counterpart Originals
	22

	8.7
	Table of Contents, Headings, etc.
	23

	8.8
	Waiver of Jury Trial
	23

	8.9
	Submission to Jurisdiction; Waivers
	23

	8.10
	Additional Guarantors
	23

	8.11
	Currency Indemnity
	24

	8.12
	Acknowledgment of Receipt; Waiver
	24

	8.13
	Termination; Partial Release
	24

	8.14
	Third Party Beneficiary
	25

	8.15
	Entire Agreement.
	25

	8.16
	Electronic Communication.
	25

   

  SCHEDULES 

  Schedule 4.5	 —	Pledged Equity Interests

  EXHIBITS 

  Exhibit A	—	Form of Assumption Agreement

   

   

  ii

   

   

  

   

  GUARANTEE AND COLLATERAL AGREEMENT

  GUARANTEE AND COLLATERAL AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”), dated as of April 6, 2022, made by EWC FRANCHISOR LLC, a Delaware limited liability company (the “Franchisor”), EWC DISTRIBUTOR LLC, a Delaware limited liability company (the “Distributor” and, together with the Franchisor, the “Subsidiary Guarantors”) and EWC HOLDING GUARANTOR LLC, a Delaware limited liability company (the “Holding Company Guarantor,” and, together with the Subsidiary Guarantors and any Additional Guarantor that becomes a party hereto pursuant to the terms hereof, the “Guarantors” and each, a “Guarantor”), in favor of CITIBANK, N.A., a national banking association, as trustee and securities intermediary 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, EWC Master Issuer 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, restated, amended and restated, 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).

  “Electronic Transmission” has the meaning assigned to such term in Section 8.6.

  “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 8.11. 

  “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, but after giving effect to all applicable grace periods) 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.

  (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.

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  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 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, the Control Party 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, and any of them, 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 

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  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 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 

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  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 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), including all of the following property to the extent now owned or at any time hereafter acquired by such Guarantor (collectively, the “Collateral”):

  (i)	with respect to the Holding Company Guarantor, the limited liability company membership interests and stock owned by the Holding Company Guarantor that represent the 100% ownership interest in the Master Issuer; 

  (ii)	with respect to the Franchisor, the Securitization IP and the 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; 

  (iii)	with respect to the Franchisor, the IP License Agreements, all related payments thereon and all rights thereunder;

  (iv)	with respect to the Franchisor, (A) the Contributed Franchise Agreements, the Contributed Multi-Unit Development Agreements, and all Royalty Payments, Franchise Fees and Other Franchisee Payments payable thereunder or in respect thereof; (B) the New Franchise Agreements, the New Multi-Unit Development Agreements and all Royalty Payments, Franchise Fees and Other Franchisee Payments payable thereunder or in respect thereof; (C) all rights to enter into New Franchise Agreements and New Multi-Unit Development Agreements and (D)  any and all other property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned as security for payment or performance of any obligation of Franchisees or other Persons, as applicable, to the Franchisor under the Franchise Agreements or the Multi-Unit Development Agreements, as applicable, and all guarantees of such obligations and the rights evidenced by or reflected in the Franchise Agreements or the Multi-Unit Development Agreements, as applicable;

  (v)	with respect to the Franchisor, Retained Corporate-Owned Center IP License Fees (if any) and all rights thereunder;

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  (vi)	with respect to the Distributor, the Securitized Supply Agreements, and all related payments thereon and all rights thereunder;

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

  (viii)	any Interest Reserve Letter of Credit;

  (ix)	the books and records (whether in physical, electronic or other form) of each of the Securitization Entities, including those books and records maintained by the Manager on behalf of the Securitization Entities relating to the Franchise Assets, the Securitization IP and the Securitized Supply Agreements;

  (x)	the rights, powers, remedies and authorities of the Securitization Entities under (i) each of the Related Documents (other than the Indenture and the Notes) to which they are a party and (ii) each of the documents relating to the Franchise Assets to which they are a party;

  (xi)	any and all other property of the Securitization Entities 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

  (xii)	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 Master Issuer and the Guarantors shall not be required to pledge, and the Collateral shall not include, more than 65% of the Equity Interests (and any rights associated with such Equity Interests) of (1) any foreign Subsidiary of any of the Master Issuer or the Guarantors that is a Controlled Foreign Corporation or (2) any domestic Subsidiary, substantially all of the assets of which are the equity interests of Controlled Foreign Corporations (each, a “Foreign Subsidiary Holding Company”), and in no circumstance will any such foreign Subsidiary that is a Controlled Foreign Corporation, any U.S. Subsidiary of a foreign Subsidiary that is a Controlled Foreign Corporation or any Foreign Subsidiary Holding Company be required to pledge any assets, serve as Guarantor, or otherwise guarantee the Notes; and (C) 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, (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 and (3) each Series Distribution Account and the related property thereto shall only be for the benefit of the applicable Series Noteholders as set forth in the applicable Series Supplement.

  (b)	The foregoing grant is made in trust to secure the Obligations and to secure compliance with the provisions of this Agreement.  The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Agreement in accordance with the 

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  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, Class, Subclass or Tranche of Notes, as otherwise stated in the applicable Series Supplement or in the applicable provisions of the Base Indenture).  

  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, on behalf of the Secured Parties, the Guarantors acknowledge that the Manager, on behalf of the Guarantors 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 on behalf of and 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 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 or, to the extent permitted by applicable law, the Securitized Assets; 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.

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  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 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 (acting 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 (acting 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 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, (ii) any Guarantor refuses to take any such action, as reasonably determined by the Trustee in good faith, or (iii) the Control Party (acting at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, in any such case the Control Party (acting 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 (acting 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 (acting at the direction of the Controlling Class Representative) 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 the Securitized Assets. 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.

  3.5	Authorization to File Financing Statements.

  (a)	Each Guarantor hereby irrevocably authorizes the Control Party on behalf of the Secured Parties at any time and from time to time to file or record in any filing office in any applicable jurisdiction financing statements and other filing or recording documents or instruments with respect to the Collateral (other than Excepted Securitization  IP Assets) to perfect 

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  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 “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.  Each Guarantor agrees to furnish any information necessary to accomplish the foregoing promptly upon the Control Party’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 to the extent the Collateral 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 Control Party on behalf of and for the benefit of the Secured Parties to make such filings as it deems 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 the date hereof and 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, authorizations, consents and approvals required (i) to 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, individually or in the aggregate, be reasonably likely 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) 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 (other than Permitted Liens), except for Liens created by this Agreement or the other Related Documents, except in the case of clauses (b) and (c) above, 

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  as applied 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. 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 Sections 7.13 or 8.25 of the Base Indenture or (b) relating to the performance of any Collateral 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.

  4.6	Security Interests.

  (a)	Each Guarantor owns and has good title to its Securitized Assets, free and clear of all Liens other than Permitted Liens. Other than the Accounts and Intellectual Property, 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, or other supporting obligations (in each case, as defined in the UCC).  Except in the case of the Intellectual Property, which is subject to Section 8.25(c) and Section 8.25(d) of the Base Indenture or as described on Schedule 7.13(a) of the Base Indenture, 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 Excepted Securitization IP Assets), and is prior to all other Liens (other than Permitted Liens), and is enforceable as such 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 

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  proceeding at law or in equity, and by an implied covenant of good faith and fair dealing.  Except as set forth in Schedule 7.13(a) of the Base Indenture, 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 the first-priority security interest (subject to Permitted Liens) in the Collateral (other than the Accounts and Intellectual Property) granted to the Trustee hereunder within ten (10) days of the date of this Agreement.  Notwithstanding the foregoing, any representation contained in this Section 4.6(a) regarding perfection shall not be violated to the extent that a Guarantor is in compliance with the requirements of Section 5.1 of the Base Indenture. 

  (b)	Other than the security interest granted to the Trustee hereunder or 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 Securitized Assets. All action necessary (including the filing of UCC-1 financing statements) to protect and evidence the Trustee’s security interest in the Collateral (other than the Intellectual Property) in the United States has been, or shall be, duly and effectively taken. 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 Securitized Assets 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 or the Base Indenture, 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 the Base Indenture and this Agreement are powers coupled with an interest and are irrevocable.

  4.7	Other Representations. All representations and warranties of or about each Guarantor made in the Base Indenture and in each other Related Document to which it is a party 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.

  SECTION 5

COVENANTS 

  5.1	Maintenance of Office or Agency. 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 the Corporate Trust Office of the Trustee or 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 

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  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 notices and demands may be made at the address of such Guarantor set forth in Section 8.2 hereof.

  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 the Base Indenture and in each other Related Document are repeated herein as though fully set forth herein and each Guarantor agrees to comply with such covenants, as applicable.    

  5.3	Further Assurances.

  (a)	Each Guarantor shall do such further acts and things, and execute and deliver to the Trustee and the Control Party such additional assignments, agreements, powers of attorney and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral or the Securitized Assets required to be part of the Collateral on behalf of the Secured Parties as a perfected security interest subject to no prior Liens (other than Permitted Liens), to carry into effect the purposes of this Agreement or the other Related Documents or to better assure and confirm unto the Trustee, the Control Party, the Noteholders or the other Secured Parties their rights, powers and remedies hereunder including, without limitation, the filing of any financing or continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the liens and security interests granted hereby, in each case except as set forth on Schedule 7.13(a) of the Base Indenture and in accordance with Section 8.25(c) or Section 8.25(d) of the Base Indenture.  If any Guarantor fails to perform any of its agreements or obligations under this Section 5.3(a), then the Control Party may, but shall not be obligated to, perform such agreement or obligation, and the expenses of the Control Party incurred in connection therewith shall be payable by the Guarantors upon the Control Party‘s demand therefor.  The Control Party is hereby authorized to execute and file any financing statements, continuation statements, amendments or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee’s security interest in the Collateral or the Securitized Assets required to be part of the Collateral.

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

  (c)	Notwithstanding the provisions set forth in clauses (a) and (b) above, each Guarantor shall not be required to perfect any security interest in any fixtures (other than through a central filing of a UCC financing statement) or any Excepted Securitization IP Assets.

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  (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 Securitization Assets, including the right to cause the Securitized Assets to become 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 Manager, the Back-Up Manager and each Rating Agency 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 of the Trustee on behalf of the Secured Parties in the Collateral under Article 9 of the applicable UCC in respect of the new location or new legal name of such 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 of any Equity Interest in any other Securitization Entity, 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 5.2 of the Base Indenture with respect to each such Management Account (including any lock-box related thereto).

  5.7	Senior Notes Interest Reserve Account.  To the extent the Franchisor shall own a Senior Notes Interest Reserve Account, the Franchisor shall comply (and shall cause the Manager to comply) with Section 5.3 of the Base Indenture, to the extent applicable, with respect to each the Senior Notes Interest Reserve Account (including any lock-box related thereto), and shall not make any deposits or withdrawals except as provided therein.

  5.8	Senior Subordinated Notes Interest Reserve Account.  To the extent the Franchisor shall own a Senior Subordinated Notes Interest Reserve Account, the Franchisor shall comply (and shall cause the Manager to comply) with Section 5.4 of the Base Indenture, to the extent applicable, with respect to each the Senior Subordinated Notes Interest Reserve Account (including any lock-box related thereto), and shall not make any deposits or withdrawals except as provided therein.

   

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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 forthwith to pay any amounts due on this Agreement upon demand, the Trustee at the direction of the Control Party (subject to Section 11.4(e) of the Base Indenture, 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 when an Event of Default shall have occurred and is continuing, the Trustee, at the direction of the Control Party (subject to Section 11.4(e) of the Base Indenture at the direction of the Controlling Class Representative) shall take one or more of the following actions:

  (i)	proceed to protect and enforce its rights and the rights of the 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 any right of any Guarantor to take such action independent of such direction shall be suspended, 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 (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);

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  (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 and, to the extent permitted by applicable law, any other Securitized Assets; 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 or under such Related Documents 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 (or one or more acquisition vehicles designated by it); and/or

  (iv)	sell all or a portion of the Collateral and, to the extent permitted by applicable law, any other Securitized Assets 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 or Securitized Assets, to the extent permitted by applicable law.

  (c)	Sale of Securitized Assets. 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, or any sale of Securitized Assets, to the extent permitted by applicable law:

  (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

  (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 

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  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 or the Control Party on behalf of the Trustee on account of or as a result of the exercise by the Trustee or the Control Party of any right hereunder or under the Base Indenture (a) shall be deposited into the Collection Account and, other than with respect to amounts owed to a depository bank or securities intermediary under the related Account Control Agreement, shall be held by the Trustee as additional collateral for the repayment of the Obligations and (b) shall be applied first to pay a depositary bank or securities intermediary in respect of amounts owed to it under the related Account Control Agreement and then as provided in the priority set forth 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 the Priority of Payments, 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 (x) with respect to the Collateral, the Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted in any applicable jurisdiction and (y) with respect to the other Securitized Assets, the Trustee shall have all of the rights and remedies of an unsecured creditor 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 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 otherwise hinder (i) the performance, enforcement or foreclosure of this Agreement, (ii) the sale of any of the Collateral or Securitized Assets, to the extent permitted by applicable law or (iii) the putting of the purchaser or purchasers thereof into possession of such property immediately after the sale thereof;

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

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

  (d)	consents and agrees that, subject to the terms of this Agreement and the Indenture, all the Collateral and all of the Securitized Assets (to the extent permitted by applicable law) 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 assets of the Securitization Entities. Following the proceeds of such assets 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 Securitized Assets. 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 (acting at the direction of the Controlling Class Representative), shall elect to maintain possession of such portion, if any, of the Collateral and/or Securitized Assets (to the extent permitted by applicable law) as the Control Party (acting 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 (subject to Section 11.4(e) of the Base Indenture, at the direction of the Controlling Class Representative) or, if there is no Control Party, a Majority of the Controlling Class Members, may cause the institution of and direct the time, method and place of conducting any proceeding in respect of any enforcement of the Collateral (or, to the extent permitted by applicable law, other Securitized Assets) or conducting any proceeding in respect of any enforcement of Liens on the Collateral and other rights and remedies against other Securitized Assets (to the extent permitted by applicable law) or conducting any proceeding for any contractual or legal remedy available to the Trustee or exercise any trust or power conferred on the Trustee; provided that:

  (a)	such direction of time, method and place shall not be in conflict with any rule of law, the Control Party Standard, the Indenture, this Agreement or any other Related Document;

  (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 

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  the Controlling Class Representative) that is not inconsistent with such direction (as the same may be modified by the Control Party (with the consent of the Controlling Class Representative)); and

  (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 or, if there is no Control Party, a Majority of the Controlling Class Members).

  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 and disbursements 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 and disbursements 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 and disbursements 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 (or by the Control Party for any contractual or legal remedy available to the Trustee), a suit by a Noteholder pursuant to Section 9.9 of the Base Indenture or a suit by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of Notes.

  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 

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  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 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 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 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-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, 

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  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, delivered by email (provided that such email may contain a link to a password-protected website containing such notice for which the recipient has granted access; provided, further, that any email notice to the Trustee other than an email containing a link to a password-protected website shall be in the form of an attachment of a .pdf or similar file) 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 Holding Company Guarantor:

   

  EWC Holding Guarantor LLC 

   

  European Wax Center, Inc.
5830 Granite Parkway, 3rd Floor

  Plano, Texas 75024

  Attention: Gavin O’Connor

   

   

  If to the Franchisor:

   

  EWC Franchisor LLC

  European Wax Center, Inc.
5830 Granite Parkway, 3rd Floor

  Plano, Texas 75024

  Attention: Gavin O’Connor

   

   

  If to the Distributor:

   

  20

  

   

  EWC Distributor LLC

  European Wax Center, Inc.
5830 Granite Parkway, 3rd Floor

  Plano, Texas 75024

  Attention: Gavin O’Connor

   

   

   

   

  If to any Guarantor with a copy to (which shall not constitute notice):

   

  Ropes & Gray LLP	

  Prudential Tower, 800 Boylston Street

  Boston, MA 02199
Attention:	Patricia C. Lynch
Facsimile:	617-235-9384

   

  If to the Trustee:

   

  Citibank, N.A.
388 Greenwich Street 
New York, NY 10013
Attention:	Agency & Trust – EWC Master Issuer LLC 

  Email:  anthony.bausa@citi.com or contact Citibank, N.A.'s customer service desk at 888-855-9695 to obtain the account administrator's email address

   

  (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.

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

  (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.

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  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 other Related Document, except with the written consent of the Control Party. All agreements of the Trustee in this Agreement shall bind its successors.

  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; Electronic Signatures. 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. For purposes of this Agreement, any reference to “written” or “in writing” means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission. The words “executed,” “execution,” “sign,” “signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf,” “tif”, “tiff”, “jpeg” or “jpg”) and other electronic signatures (including, without limitation, Orbit, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. “Electronic Transmission” means any form of communication not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process. The Trustee is authorized to accept written instructions, directions, reports, notices or other communications delivered by Electronic Transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission, and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties (except to the extent such action results from gross negligence, willful misconduct or fraud by the Trustee). Any requirement in this Agreement that is to be signed or authenticated by “manual signature” or similar language shall not be deemed to prohibit signature to be by facsimile or electronic signature and shall not be deemed to prohibit delivery thereof by Electronic 

  22

  

   

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

  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	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, THE OTHER RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

  8.9	Submission to Jurisdiction; Waivers. Each of the Guarantors and the Trustee hereby irrevocably and unconditionally:

  (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 8.9 any special, exemplary, punitive or consequential damages.

  8.10	Additional Guarantors. Each Additional Securitization Entity that is to become a “Guarantor” for all purposes of this Agreement shall execute and deliver an Assumption 

  23

  

   

  Agreement in substantially the form of Exhibit A hereto. Upon the execution and delivery by any Additional Securitization Entity of such an Assumption Agreement, the supplemental schedules attached to such Assumption Agreement shall be incorporated into and become a part of and supplement the Schedules to this Agreement and each reference to such Schedules shall mean and be a reference to such Schedules as supplemented pursuant to each Assumption Agreement.

  8.11	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. 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.

  8.12	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.

  8.13	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 Securitized Assets 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 Securitized Assets held by the Trustee hereunder, and execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence such termination.

  24

  

   

  (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.

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

  8.15	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.

  8.16	Electronic Communication.

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

  [Signature pages to follow]

  25

  

   

  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.

  EWC HOLDING GUARANTOR LLC 

  By: 	/s/ Gavin O’Connor

  	Name:	Gavin O’Connor
	Title: Chief Legal Officer

   

  EWC FRANCHISOR LLC

  By: 	/s/ Gavin O’Connor

  	Name:	Gavin O’Connor
	Title: Chief Legal Officer

   

   

   

  EWC DISTRIBUTOR LLC

  By: 	/s/ Gavin O’Connor

  	Name:	Gavin O’Connor
	Title: Chief Legal Officer	

  	 

   

  Signature Page to Guarantee and Collateral Agreement

  

   

  AGREED AND ACCEPTED:

  CITIBANK, N.A., not in its individual capacity, but solely as Trustee

  By: /s/ Anthony Bausa
Name: Anthony Bausa	
Title: Senior Trust Officer	

   

  Signature Page to Guarantee and Collateral Agreement

  

   

  Schedule 4.5

  PLEDGED EQUITY INTERESTS

  			
	PLEDGED ENTITY
	OWNED BY
	PERCENTAGE OWNERSHIP

	EWC Master Issuer LLC
	EWC Holding Guarantor LLC
	100%

	EWC Franchisor LLC
	EWC Master Issuer LLC
	100%

	EWC Distributor LLC
	EWC Master Issuer LLC
	100%

   

   

   

  

   

  Exhibit A to
Guarantee and Collateral Agreement

  ASSUMPTION AGREEMENT, dated as of                               , 20    (this “Assumption Agreement”), made by                                a                                (the “Additional Guarantor”), in favor of CITIBANK, N.A., as Trustee and Securities Intermediary under the Indenture referred to below (in such capacity, together with its successors, the “Trustee”). All capitalized terms not defined herein shall have the meaning ascribed to them in the Base Indenture Definitions List attached to the Base Indenture (as defined below) as Annex A thereto.

  W I T N E S S E T H:

   

  WHEREAS, EWC Master Issuer LLC (the “Master Issuer”), the Trustee and Citibank, N.A., as securities intermediary, have entered into a Base Indenture dated as of April 6, 2022 (as amended, restated, amended and restated, supplemented or otherwise modified 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, in connection with the Base Indenture, the Guarantors and the Trustee have entered into the Guarantee and Collateral Agreement, dated as of April 6, 2022 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”) in favor of the Trustee for the benefit of the Secured Parties;

  WHEREAS, the Base Indenture requires the Additional Guarantor to become a party to the Guarantee and Collateral Agreement; and

  WHEREAS, the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and Collateral Agreement;

  NOW, THEREFORE, IT IS AGREED:

  1.	Guarantee and Collateral Agreement. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 8.10 of the Guarantee and Collateral Agreement, hereby becomes a party to the Guarantee and Collateral Agreement as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. In furtherance of the foregoing, the Additional Guarantor, as security for the payment and performance in full of the Master Issuer Obligations, does (x) hereby create and grant to the Trustee for the benefit of the Secured Parties a security interest in all of the Additional Guarantor’s right, title and interest in and to the Collateral of the Additional Guarantor in accordance with the terms of the Guarantee and Collateral Agreement and subject to the exceptions set forth therein and (y) jointly and severally with the other Guarantors, unconditionally and irrevocably hereby 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, but after giving effect to all applicable grace periods) of the 

  A-1

   

  

   

  Master Issuer Obligations. Each reference to a “Guarantor” in the Guarantee and Collateral Agreement shall be deemed to include the Additional Guarantor. The Guarantee and Collateral Agreement is hereby incorporated herein by reference. The information set forth in Annex 1-A hereto (A) is true and correct as of the date hereof in all material respects and (B) is hereby added to the information set forth in Schedule 4.5 to the Guarantee and Collateral Agreement and such Schedule shall be deemed so amended. The Additional Guarantor hereby represents and warrants that each of the representations and warranties contained in Section 4 of the Guarantee and Collateral Agreement applicable to it is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date.

  2.	Representations of Additional Guarantor. The Additional Guarantor represents and warrants to the Trustee for the benefit of the Secured Parties that this Assumption Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to Bankruptcy Code or applicable, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

  3.	Counterparts; Binding Effect. This Assumption 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 taken together shall constitute a single contract. This Assumption Agreement shall become effective when (a) the Trustee shall have received a counterpart of this Assumption Agreement that bears the signature of the Additional Guarantor and (b) the Trustee has executed a counterpart hereof. Delivery of an executed counterpart of a signature page of this Assumption Agreement by telecopy or .pdf file shall be effective as delivery of a manually executed counterpart of this Assumption Agreement. For purposes of this Agreement, any reference to “written” or “in writing” means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission. “Electronic Transmission” means any form of communication not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process. The Trustee is authorized to accept written instructions, directions, reports, notices or other communications delivered by Electronic Transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission, and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties (except to the extent such action results from gross negligence, willful misconduct or fraud by the Trustee). Any requirement in this Agreement that is to be signed or authenticated by “manual signature” or similar language shall not be deemed to prohibit signature to be by 

  A-2

   

  

   

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

  4.	Full Force and Effect. Except as expressly supplemented hereby, the Guarantee and Collateral Agreement shall remain in full force and effect.

  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.

  6.	Notices. All communications and notices hereunder shall be in writing and given as provided in Section 8.2 of the Guarantee and Collateral Agreement. All communications and notices hereunder to the Additional Guarantor shall be given to it at the address set forth under its signature below.

  7.	Fees and Expenses. The Additional Guarantor agrees to reimburse the Trustee for its reasonable and documented out-of-pocket expenses in connection with the execution and delivery of this Assumption Agreement, including the reasonable fees and disbursements of outside counsel for the Trustee.

  8.	Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

  A-3

   

  

   

  IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

  [ADDITIONAL GUARANTOR]

  By: 			
	Name:	
	Title:	
	[Address]: 
	Attention: 
	Facsimile:

  AGREED TO AND ACCEPTED

  CITIBANK, N.A., not in its individual capacity, 
but solely as Trustee

  By:					
Name: 
Title:

   

  A-1

   

  

   

  Annex 1-A

  GUARANTOR OWNERSHIP RELATIONSHIPS

  			
	ENTITY
	OWNED BY
	SUBSIDIARIES

	 
	 
	 

   

   

   

   

  A-2EX-10.1

  Exhibit 10.1

   

  ADVANCE FUNDING AGREEMENT

  dated as of April 6, 2022

  among

   

  EWC MASTER ISSUER LLC, 

  as Borrower; 
 

  EWC HOLDING GUARANTOR LLC

  EWC FRANCHISOR LLC

  EWC DISTRIBUTOR LLC,

  each as a Guarantor;

  EWC VENTURES, LLC, 
as Manager;

  and

  BANK OF AMERICA, N.A.,
as an Advance Funding Provider and as Administrative Agent

   

  
 

  

  
 

  TABLE OF CONTENTS

  			
	ARTICLE I DEFINITIONS
	2

	SECTION 1.01
	Definitions
	2

	ARTICLE II ADVANCES
	2

	SECTION 2.01
	Advances.
	2

	SECTION 2.02
	Repayment.
	5

	ARTICLE III INTEREST AND FEES
	5

	SECTION 3.01
	Interest.
	5

	SECTION 3.02
	Fees
	6

	SECTION 3.03
	[Reserved].
	6

	SECTION 3.04
	[Reserved].
	6

	SECTION 3.05
	Increased Costs, etc
	6

	SECTION 3.06
	[Reserved].
	7

	SECTION 3.07
	Increased Capital or Liquidity Costs
	7

	SECTION 3.08
	Taxes
	7

	SECTION 3.09
	Change of Lending Office
	10

	ARTICLE IV OTHER PAYMENT TERMS
	10

	SECTION 4.01
	Time and Method of Payment
	10

	SECTION 4.02
	Order of Distributions
	11

	ARTICLE V THE ADMINISTRATIVE AGENT
	11

	SECTION 5.01
	Authorization and Action of the Administrative Agent
	11

	SECTION 5.02
	Delegation of Duties
	11

	SECTION 5.03
	Exculpatory Provisions
	11

	SECTION 5.04
	Reliance
	12

	SECTION 5.05
	Non-Reliance on the Administrative Agent and Other Purchasers
	12

	SECTION 5.06
	The Administrative Agent in its Individual Capacity
	12

	SECTION 5.07
	Successor Administrative Agent; Defaulting Administrative Agent
	13

	ARTICLE VI REPRESENTATIONS AND WARRANTIES
	14

	SECTION 6.01
	The Borrower and Guarantors
	14

	SECTION 6.02
	The Manager
	16

	SECTION 6.03
	Advance Funding Providers
	16

	ARTICLE VII CONDITIONS
	17

	SECTION 7.01
	Conditions to Effectiveness of Commitments
	17

	ARTICLE VIII COVENANTS
	17

	SECTION 8.01
	Covenants.
	17

	ARTICLE IX MISCELLANEOUS PROVISIONS
	17

	SECTION 9.01
	Amendments
	17

	SECTION 9.02
	No Waiver; Remedies
	18

	SECTION 9.03
	Binding on Successors and Assigns
	18

	SECTION 9.04
	Termination; Survival of Agreement
	19

	SECTION 9.05
	Payment of Costs and Expenses; Indemnification
	19

	SECTION 9.06
	Characterization as Related Document; Entire Agreement
	21

	SECTION 9.07
	Notices
	21

   

  i

  

  
 

  			
	SECTION 9.08
	Severability of Provisions
	21

	SECTION 9.09
	Tax Characterization
	21

	SECTION 9.10
	No Proceedings; Limited Recourse
	22

	SECTION 9.11
	Confidentiality
	22

	SECTION 9.12
	GOVERNING LAW; CONFLICTS WITH INDENTURE
	23

	SECTION 9.13
	JURISDICTION; WAIVERS
	23

	SECTION 9.14
	WAIVER OF JURY TRIAL
	23

	SECTION 9.15
	Counterparts; Electronic Signatures
	24

	SECTION 9.16
	[Reserved].
	24

	SECTION 9.17
	Assignment
	24

	SECTION 9.18
	[Reserved]
	24

	SECTION 9.19
	No Fiduciary Duties
	24

	SECTION 9.20
	No Guarantee by Manager
	25

	SECTION 9.21
	[Reserved]
	25

	SECTION 9.22
	Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	25

	SECTION 9.23
	Patriot Act
	26

	SECTION 9.24
	Recognition of the U.S. Special Resolution Regimes.
	27

	SECTION 9.25
	Acknowledgment Regarding Any Supported QFCs.
	27

   

  SCHEDULES AND EXHIBITS

   

  SCHEDULE I 	Commitments

  SCHEDULE II 	Notice Addresses for Advance Funding Provider and Agents

  SCHEDULE III 	Additional Closing Conditions

   

  EXHIBIT A	Form of Advance Request

   

   

  ii

  

   

  ADVANCE FUNDING AGREEMENT

  ADVANCE FUNDING AGREEMENT, dated as of April 6, 2022 (as amended, restated, 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)	EWC MASTER ISSUER LLC, a Delaware limited liability company (the “Borrower”);

  (b)	EWC HOLDING GUARANTOR LLC, EWC FRANCHISOR LLC, and EWC DISTRIBUTOR LLC, each a Delaware limited liability company (each, a “Guarantor” and, collectively, the “Guarantors”);

  (c)	EWC VENTURES, LLC, a Delaware limited liability company, as the manager (the “Manager”); and

  (d)	BANK OF AMERICA, N.A., as an Advance Funding Provider and as administrative agent for the Advance Funding Provider (together with its permitted successors and assigns in such capacity, the “Administrative Agent”).

  BACKGROUND

  1.	Contemporaneously with the execution and delivery of this Agreement, the Borrower and Citibank, N.A., as Trustee and the Series 2022-1 Securities Intermediary, are entering into the Series 2022-1 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 2022-1 Supplement”), to the Base Indenture, dated as of the date hereof (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 2022-1 Supplement and any additional Supplements to the Base Indenture, the “Indenture”), by and among the Borrower and the Trustee and the Securities Intermediary, pursuant to which the Borrower will issue series of notes from time to time (collectively, the “Notes”) on the terms described therein.

  2.	The Borrower wishes to engage the Advance Funding Providers to make Debt Service Advances and Collateral Protection Advances in accordance with (and to the extent provided in) this Agreement (each, an “Advance” and, collectively, the “Advances”).  The Manager has joined in this Agreement to confirm certain representations, warranties and covenants made by it in favor of the Trustee for the benefit of the Noteholders in the Related Documents for the benefit of the Administrative Agent and the Advance Funding Providers.

  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 or incorporated by reference in the Series 2022-1 Supplemental Definitions List attached to the Series 2022-1 Supplement as Annex A or set forth or incorporated by reference in the Base Indenture Definitions List attached to the Base Indenture as 

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  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. 

  ARTICLE II
ADVANCES

  SECTION 2.01	Advances.

  (a)	Commitment.  The Advance Funding Providers shall make Advances to the Borrower from time to time during the period commencing on the Closing Date and ending on the date on which all Outstanding Series 2022-1 Class A-2 Senior Notes have been repaid in full or otherwise satisfied and discharged or defeased in accordance with the Indenture; provided that each Advance Funding Provider shall have no obligation or right to make any Advance in excess of its Commitment then in effect. The “Commitment” of the Advance Funding Provider as of the Closing Date is set forth on Schedule I.

  (b)	Reduction of Commitment. Each Advance made hereunder shall be deemed to permanently decrease the Commitment in an amount corresponding to such Advance.  On the Series 2022-1 Legal Final Maturity Date, the Commitment shall automatically be reduced to zero.

  (c)	Debt Service Advances. Subject to the terms and conditions of this Agreement and the Indenture, if the Borrower or the Manager determines on any Quarterly Calculation Date that there are insufficient funds available in the Senior Notes Interest Payment Account (including funds that are available in the Indenture Trust Accounts to pay such amounts on such Quarterly Payment Date in accordance with Section 5.14(a) of the Base Indenture) to pay the Senior Notes Quarterly Interest Amount (but, for the avoidance of doubt, no other amounts) due on the applicable Quarterly Payment Date, solely to the extent there are insufficient funds available in the Advance Funding Reserve Account, the Manager shall deliver an executed advance request in the form of Exhibit A hereto with respect to such Advance (each such request, an “Advance Request”) by no later than 11:00 (New York City time) one (1) business day prior to such Quarterly Payment Date, specifying the Debt Service Advance amount required to be paid by the Advance Funding Providers, to the Advance Funding Providers (with copies to the Back-Up Manager). Subject to Sections 2.01(e) and (f), the Advance Funding Providers shall make a Debt Service Advance in an amount equal to such requested amount no later than 3:00 p.m. (New York City time) on the Business Day prior to such Quarterly Payment Date. 

  (d)	Collateral Protection Advances. Subject to the terms and conditions of this Agreement and the Indenture, from time to time, the Borrower or the Manager may request that the Advance Funding Providers make a Collateral Protection Advance by delivering an executed Advance Request, and any such request shall be accompanied by all sufficient supporting documentation reasonably requested by the Administrative Agent. Subject to Sections 2.01(e) and (f), the Advance Funding Providers shall make such Collateral Protection Advances (a) if the Administrative Agent determines in its sole discretion exercised in good faith that such Collateral Protection Advances are necessary to prevent an immediate loss to the interest of the Secured Parties in the Collateral and the Administrative Agent receives information in time sufficient to prevent such immediate loss, or (b) if the Administrative Agent determines in its sole discretion exercised in good faith that such Collateral Protection Advances are necessary to pay Securitization Operating Expenses (excluding (i) any indemnification obligations, (ii) business and/or asset-related operating expenses, (iii) fees and expenses of external legal counsel that are not directly related to the maintenance or preservation of the Collateral and (iv) damages, costs, or expenses relating to fraud, bad faith, willful misconduct, violations of law, bodily injury, property damage or misappropriation of funds) owed by any Securitization Entity, to the extent that the Manager elects not to make a Manager Advance to cover such expense (the occurrence of either of subclauses (a) and (b) of this Section 2.01(d), a “Collateral Protection Requirement”), and the Administrative Agent receives information in time sufficient to make such payment. If such Collateral Protection Advance is required in accordance with the foregoing, such Collateral Protection 

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  Advance shall be made within thirty (30) days after the Administrative Agent’s receipt of such required information (including, if applicable, any reports from the Back-Up Manager or any other consultant engaged by the Administrative Agent to prepare such report)), absent immediate exigent circumstances as determined by the Administrative Agent. The Administrative Agent may also elect to cause Collateral Protection Advances to be made in its sole discretion without the Borrower or Manager requesting such Collateral Protection Advances and will be reimbursed for such Collateral Protection Advances with the same priority. For the avoidance of doubt, Collateral Protection Advances shall not be made for the purpose of paying management fees to the Manager, making any distribution to a Non-Securitization Entity or otherwise increasing the operating liquidity of the Manager or any of its Affiliates, other than in furtherance of a purpose consistent with the applicable Collateral Protection Requirement.

  (e)	Nonrecoverable Advances.

  (i)	Notwithstanding anything herein to the contrary, no Advance is required to be made if the Administrative Agent determines in its sole discretion exercised in good faith that such Advance (with interest thereon) would, if made, constitute a Nonrecoverable Advance or an Advance Suspension Period is then in effect. In making any such determination, the Administrative Agent may engage either the Back-Up Manager (such engagement to be in the sole and absolute discretion of Back-Up Manager) or another third party consultant to prepare a report as to the recoverability of any Advance and may rely on such report in making any determination as to recoverability.  The scope of any such report is to be agreed upon between the Administrative Agent and the Back-Up Manager or other third party consultant, as the case may be, to be used by the Administrative Agent to assist the Administrative Agent in making its determination as to whether such Advance is a Nonrecoverable Advance, with the fees and expenses relating to such report (i) if prepared by the Back-Up Manager, being Back-Up Manager Consent Consultation Fees and paid as such and (ii) if such report is prepared by another third party consultant, such fees and expenses being funded using an Advance. In addition, in the event that Manager is not providing reasonable assistance to the Administrative Agent in its recoverability determination and/or to Back-Up Manager or other third party consultant, as the case may be, in preparing such report, no Advance shall be required to be made (but may be made in the Administrative Agent’s sole discretion).

  “Advance Funding Standard” means the same degree of care, skill, prudence and diligence with which the Administrative Agent generally administers comparable advancing obligations, giving due consideration to customary and usual standards of practice of prudent advancing by other lenders under similar facilities.

  A “Nonrecoverable Advance” is any portion of an Advance previously made and not previously reimbursed, or proposed to be made, which, together with any then-outstanding Advances, and the interest accrued or that would reasonably be expected to accrue thereon, in the reasonable and good faith judgment of the Administrative Agent, would not be ultimately recoverable from subsequent payments or collections from any funds on deposit in the Collection Account or funds reasonably expected to be deposited in the Collection Account following such date of determination, giving due consideration to allocations and disbursements of funds in such account and the limited assets of the Securitization Entities. 

  (ii)	In making any nonrecoverability determination as described above, the Administrative Agent may consider only the obligations of the Securitization Entities under the terms of the Related Documents as they may have been modified, the related Collateral in “as is” or then-current condition and the timing and availability of anticipated cash flows as modified by the Administrative Agent’s assumptions regarding the possibility and effect of future adverse changes, together with such other factors that the Administrative Agent determines should be taken into account in accordance with the Advance Funding Standard, including, but not limited to, an estimate of future expenses (including expenses that could be incurred by the Administrative Agent, 

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  Trustee and/or Back-Up Manager in a bankruptcy proceeding affecting the Securitization Entities), timing of recovery (including delays that could be expected by the Administrative Agent in a bankruptcy proceeding affecting the Securitization Entities), deteriorating value of the Collateral, the inability of any reserves or Accounts to be used to repay Advances with interest thereon, the inherent risk of a protracted period to complete liquidation or the potential inability and cost to liquidate collateral, including, but not limited to, as a result of intervening creditor claims or of a bankruptcy proceeding affecting the Securitization Entities and the effect thereof on the existence, validity and priority of any security interest encumbering the Collateral, the direct and indirect equity interests in the Securitization Entities, available cash on deposit in the Concentration Account and Collection Account (only to the extent available to repay Advances with interest thereon and to the extent that cash therein is or will not be not restricted, delayed or unavailable as a result of any bankruptcy, receivership or similar judicial proceeding relating to the Borrower), the inability of any reserves or Accounts to be utilized to repay Advances with interest thereon, the future allocations and disbursements of cash on deposit in the Concentration Account and Collection Account (only to the extent available to repay Advances with interest thereon and to the extent that cash therein is or will not be not restricted, delayed or unavailable as a result of any bankruptcy, receivership or similar judicial proceeding relating to the Borrower), and the net proceeds anticipated to be derived from any of the foregoing. The Administrative Agent may update or change its nonrecoverability determination at any time, and may decide that a Debt Service Advance or Collateral Protection Advance that was previously deemed to be a Nonrecoverable Advance will have become recoverable or that a Debt Service Advance or Collateral Protection Advance that was previously made will have become nonrecoverable. Notwithstanding the foregoing, all outstanding Debt Service Advances and Collateral Protection Advances made by the Advance Funding Providers and any accrued interest thereon will be paid strictly in accordance with the Priority of Payments, even if the Administrative Agent determines that any such advance is a Nonrecoverable Advance after such Advance has been made. 

  (f)	Advance Suspension Period. In the event that (i) the Securitization Entities and/or the Manager are in default of their obligations under the Advance Funding Agreement, the Management Agreement, the Indenture or any other Related Document regarding required financial, Account or related reporting obligations or (ii) the Securitization Entities and/or the Manager have failed to fully and timely cooperate with all reasonable requests of the Administrative Agent, Control Party and/or Back-Up Manager in connection with the performance by such parties of their respective obligations under the Related Documents (including any duty by any such parties to obtain an appraisal of the Collateral, or perform an in-depth situation analysis of the Manager and its financial position and/or of the Collateral and/or the Securitization Entities during a Warm Back-Up Management Trigger Event, a Hot Back-Up Management Trigger Event, in connection with a Consent Request, in connection with a proposed Advance, or if an Advance Period has been continuing for at least 60 days, as applicable), such that the Administrative Agent determines in its sole but good faith discretion, that it cannot make a non-recoverability determination pursuant to the Advance Funding Standard prior to the date in respect of which the Advance was required or requested (“Advance Suspension Period”), the Advance Funding Providers’ obligation to make any such Advance shall be suspended and of no force and effect until full cure of all such circumstances and/or information failure deliveries that prevent the Administrative Agent from making a non-recoverability determination. The Administrative Agent shall provide prompt written notice to each of the Trustee, the Manager and the Back-Up Manager as soon as practicable (but in all events by no later than 3:00 p.m. (New York time) on the Business Day prior to the date for which an Advance was required or requested) if any Advance Suspension Period is deemed to be in effect, setting forth with particularity the basis therefor and the required cure actions/deliverables. At any time that an Advance Suspension Period is cured, the Administrative Agent shall promptly notify the Trustee, the Manager and the Back-Up Manager and shall, absent such Advance no longer being required or requested (or the occurrence of a subsequent Advance Suspension Period), make its determination as to whether or not such Advance is a Nonrecoverable Advance.

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  “Advance Period” means any period during which any Advance (and accrued interest thereon) remains outstanding.

  SECTION 2.02	Repayment.

  (a)	Advances (and all interest thereon) will be due and payable on each Weekly Allocation Date to the extent funds are available therefor in accordance with the Priority of Payments.  All outstanding Advances will be due and payable in full on the Series 2022-1 Legal Final Maturity Date.

  ARTICLE III
INTEREST AND FEES

  SECTION 3.01	Interest. 

  (a)	Interest will accrue on any unreimbursed Advances at the Advance Interest Rate. Such interest will be compounded monthly and calculated on the basis of a 360-day year of twelve 30-day months and will be due and payable to the Administrative Agent (on behalf of the Advance Funding Providers) in arrears on each Weekly Allocation Date to the extent funds are available therefor in accordance with the Priority of Payments. 

  “Advance Interest Rate” means the Prime Rate plus 2.50% per annum.

   “Prime Rate” means, for any day, the per annum rate of interest for such day that is published as the ‘prime rate’ in (i) the Wall Street Journal or (ii) if for any reason such rate is no longer published in the Wall Street Journal, such source as the Manager and the Advance Funding Administrative Agent shall select in accordance with the Managing Standard.

  SECTION 3.02	Fees

  (a)	On each Weekly Allocation Date on or prior to the date on which the Commitment is reduced to zero, the Borrower shall pay to the Administrative Agent (on behalf of the Advance Funding Providers (or, in respect of payments under Section 3.05, Section 3.07, Section 3.08(b), Section 3.08(c) or Section 9.05, an Advance Funding Provider that is an Affected Person or otherwise is entitled to such payment)) (i) the Undrawn Commitment Fees (as defined in the fee letter, dated as of the Series 2022-1 Closing Date, by and among the Borrower, the Guarantors, the Manager, the Administrative Agent and the Advance Funding Provider, the “Advance Funding Facility Fee Letter”) and subject to and in accordance with the Priority of Payments and Section 4.01 and (ii) any amounts payable under Section 3.05, Section 3.07, Section 3.08(b) and Section 3.08(c) (collectively, and together with the amounts described in Section 3.02(b), the “Advance Funding Provider Fee”). All amounts paid hereunder shall be remitted to the Administrative Agent for further distribution, if applicable, to the Advance Funding Providers.

  (b)	The Borrower shall pay any other fees and expenses set forth in the Advance Funding Facility Fee Letter (including, without limitation, the Upfront Fee (as defined in the Advance Funding Facility Fee Letter)).

  (c)	Once paid, all fees shall be nonrefundable under all circumstances other than manifest error.

  (d)	All computations of fees shall be made on the basis of a year of 360 days and the actual number of days elapsed. 

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  SECTION 3.03	[Reserved].

  SECTION 3.04	[Reserved].

  SECTION 3.05	Increased Costs, etc. The Borrower agrees to reimburse each Advance Funding Provider (an “Affected Person”) for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Affected Person, including reductions in the rate of return on such Affected Person’s capital, in respect of funding or maintaining (or of its obligation to fund or maintain) any Advances that arise in connection with any Change in Law which shall (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Affected Person, or (ii) impose on any Affected Person any other condition affecting this Agreement, except for such Changes in Law with respect to increased capital costs and Advance Funding 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, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, guidelines or directives issued in connection therewith and (y) 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 Borrower 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; provided that any such demand claiming reimbursement for increased costs resulting from a Change in Law described in clause (x) or (y) above shall, in addition, state the basis upon which such amount has been calculated and certify that such Affected Person’s method of allocating such costs is fair and reasonable and that such Affected Person’s demand for payment of such costs hereunder, and such method of allocation, is consistent with, or more favorable than, its treatment of other borrowers which, as a credit matter, are substantially similar to the Borrower and which are subject to similar provisions. Such additional amounts (“Increased Costs”) shall be paid by the Borrower in accordance with Section 3.02(a)(ii) within ten (10) Business Days of receipt of such notice, subject to and in accordance with the Priority of Payments, and such notice shall, in the absence of manifest error, be conclusive and binding on the Borrower; provided that with respect to any notice given to the Borrower under this Section 3.05, the Borrower shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such demand; provided further that if the Change in Law giving rise to such Increased Costs is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof.

  SECTION 3.06	[Reserved].

  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 controlling Person’s capital as a consequence of its commitment hereunder or the Advances 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 to the Borrower, within ten (10) Business Days of the Borrower’s receipt of such notice, 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 shall be paid by the Borrower in accordance with Section 3.02(a)(ii) subject to and in accordance with the Priority of Payments; provided that with respect to any notice given to the Borrower under this Section 3.07 the Borrower shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such notice; provided, further, if the Change in Law giving rise to such Increased Capital Costs 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 

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  (including calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on the Borrower. 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 Borrower of principal of, and interest on, the Advances 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 “Advance Funding Taxes”), but excluding in the case of any Affected Person (i) net income, franchise (imposed in lieu of net income) or similar Advance Funding Taxes (and including branch profits or alternative minimum Advance Funding Taxes) and any other Advance Funding Taxes imposed or levied on the Affected Person as a result of a present or former connection between the Affected Person and the jurisdiction of the governmental authority imposing such Advance Funding Taxes (or any political subdivision or taxing authority thereof or therein) (other than any such connection arising solely from such Affected Person having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Related Document), (ii) with respect to any Affected Person organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in a jurisdiction other than the United States or any state of the United States (a “Foreign Affected Person”), any withholding tax that is imposed on amounts payable to the Foreign Affected Person at the time the Foreign Affected Person becomes a party to this Agreement (or designates a new lending office), except to the extent that such Foreign Affected Person (or its assignor, if any) was already entitled, at the time of the designation of the new lending office (or assignment), to receive additional amounts from the Borrower with respect to withholding tax, (iii) any taxes imposed under FATCA, (iv) any backup withholding tax, (v) any Advance Funding Taxes imposed as a result of such Affected Person’s failure to comply with Section 3.08(d) and (vi) taxes resulting from the gross negligence or willful misconduct of the Administrative Agent or the Affected Person as determined by a court of competent jurisdiction by final and non-appealable judgment (such Advance Funding Taxes not excluded by (i), (ii), (iii), (iv), (v) and (vi) above being called “Non-Excluded Taxes”). If any Advance Funding Taxes are imposed and required by law to be withheld or deducted from any amount payable by the Borrower hereunder to an Affected Person, then, (x) the Borrower shall withhold the amount of such Advance Funding Taxes from such payment (as increased, if applicable, pursuant to the following clause (y)) and shall pay such amount, subject to and in accordance with the Priority of Payments, to the taxing authority imposing such Advance Funding Taxes in accordance with applicable law and (y) if such Advance Funding 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.

  (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 Borrower 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 Borrower will, 

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  within fifteen (15) Business Days of the Borrower’s receipt of written notice stating the amount of such Non-Excluded Taxes (including the calculation thereof in reasonable detail), pay in accordance with Section 3.02(a)(ii), 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 Borrower pursuant to this Section 3.08) as is necessary in order that the net amount received 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 retained 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 Advance Funding Taxes) due or payable by the Borrower as a direct result of such Affected Person’s failure to demand from the Borrower additional amounts pursuant to this Section 3.08 within 180 days from the date on which the related Non-Excluded Taxes were incurred.

  (c)	As promptly as practicable after the payment of any Advance Funding Taxes by the Borrower, and in any event within thirty (30) days of any such payment being due, the Borrower 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 Advance Funding Taxes. If the Borrower fails to pay any Advance Funding Taxes when due to the appropriate taxing authority or fails to remit to the Affected Persons or their agents the required receipts (or such other documentary evidence), the Borrower shall pay in accordance with Section 3.02(a)(ii), 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 on or prior to the date it becomes a party to this Agreement (and from time to time thereafter as soon as practicable after the obsolescence, expiration or invalidity of any form or document previously delivered) or within a reasonable period of time following a written request by the Administrative Agent or the Borrower, shall timely deliver to the Borrower and the Administrative Agent a United States Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, Form W-8IMY or Form W-9, as applicable, or applicable successor form, or such other forms or documents (or successor forms or documents), appropriately completed and executed, as may be applicable and as will permit the Borrower or the Administrative Agent, in their reasonable determination, to establish the extent to which a payment to such Affected Person is exempt from or eligible for a reduced rate of withholding or deduction of United States federal withholding taxes and to determine whether or not such Affected Person is subject to backup withholding or information reporting requirements. Promptly following the receipt of a written request by the Borrower or the Administrative Agent, each Affected Person shall deliver to the Borrower and the Administrative Agent any other forms or documents (or successor forms or documents) appropriately completed and executed, as may be applicable to establish the extent to which a payment to such Affected Person is exempt from withholding or deduction of Non-Excluded Taxes other than United States federal withholding taxes, 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. The Borrower shall not 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 or inability (other than as a result of a Change in Law) of such Affected Person to comply with the requirements set forth in this Section 3.08(d). The Borrower 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 eligible to deliver as a result of a change in applicable law after the time the Affected Person becomes a party to this Agreement (or designates a new lending office).  

  (e)	If a payment made to an Affected Person pursuant to this Agreement would be subject to United States federal withholding tax imposed by FATCA if such Affected Person 

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  were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Affected Person shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Affected Person has complied with such Affected Person’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (e), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

  (f)	Prior to the Series 2022-1 Closing Date, the Administrative Agent will provide the Borrower with a properly executed and completed U.S. Internal Revenue Service Form W-8IMY or W-9, as appropriate. At any time thereafter, the Administrative Agent shall provide updated documentation previously provided (or a successor form thereto) when any documentation previously delivered has expired or become obsolete or invalid or otherwise upon the reasonable request of the Borrower.

  (g)	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 Borrower and the Manager in writing of such refund and shall, within thirty (30) days after receipt of a written request from the Borrower, pay over such refund to the Borrower (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 Advance Funding 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 Borrower, immediately upon the request of the Affected Person (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 Advance Funding Taxes that it deems confidential) to the Borrower or any other Person.

  (h)	If any Governmental Authority asserts that the Borrower or the Administrative Agent or other withholding agent did not properly withhold or backup withhold, as the case may be, any Advance Funding 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 Borrower, Trustee and the Administrative Agent for any Advance Funding Taxes imposed by any jurisdiction on the amounts payable to the Borrower and the Administrative Agent under this Section 3.08, and costs and expenses (including attorney costs) of the Borrower, Trustee 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.

  (i)	The Administrative Agent or any other withholding agent may deduct and withhold any Advance Funding Taxes required by any laws to be deducted and withheld from any payments. 

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  SECTION 3.09	Change of Lending Office. Each Advance Funding Provider 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), in each case with respect to which such Advance Funding Provider is an Affected Person, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Advance Funding Provider) to designate, or cause the designation of, another lending office for any Advances affected by such event with the object of avoiding the consequences of such event; provided that such designation is made on terms that, in the sole judgment of such Advance Funding Provider, cause such Advance Funding Provider and its lending office(s) or the related Affected Person 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 Borrower or the rights of any Advance Funding Provider pursuant to Section 3.05, 3.07 and 3.08. If an Advance Funding Provider notifies the Borrower in writing that such Advance Funding Provider will be unable to designate, or cause the designation of, another lending office, the Borrower may replace such Advance Funding Provider by giving written notice to such Advance Funding Provider and the Administrative Agent designating one or more Persons that are willing and able to purchase such Advance Funding Provider’s rights and obligations under this Agreement for a purchase price that will equal the amount owed to such Advance Funding Provider pursuant this Agreement. Upon receipt of such written notice, such Advance Funding Provider shall assign its rights and obligations under this Agreement pursuant to and in accordance with Section 9.17 in consideration for such purchase price and at the reasonable expense of the Borrower (including, without limitation, the reasonable documented fees and out-of-pocket expenses of counsel to each such Advance Funding Provider); provided, however, that no such Advance Funding Provider shall be obligated to assign any of its rights and obligations under this Agreement if the purchase price to be paid to such Advance Funding Provider is not at least equal to the amount owed to such Advance Funding Provider pursuant this Agreement.

  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 Advance Funding Provider hereunder shall be made to the Administrative Agent for the benefit of the applicable Advance Funding Provider, by wire transfer of immediately available funds in Dollars. The Administrative Agent will promptly distribute to the applicable Advance Funding Provider, its pro rata share (or other applicable share as provided herein) of such payment by wire transfer in like funds as received. The Borrower’s obligations hereunder in respect of any amounts payable to any Advance Funding Provider shall be discharged to the extent funds are disbursed by the Borrower to the Administrative Agent as provided herein or by the Trustee in accordance with Section 4.02 whether or not such funds are properly applied by the Administrative Agent or by the Trustee. The Administrative Agent’s obligations hereunder in respect of any amounts payable to any Advance Funding Provider shall be discharged to the extent funds are disbursed by the Administrative Agent to the applicable Advance Funding Provider as provided herein.

  SECTION 4.02	Order of Distributions. Any amounts allocated for payment of principal, accrued interest or undrawn commitment fees shall be distributed in accordance with the applicable Weekly Manager’s Certificate, subject to the Priority of Payments. 

  Any amounts distributed to the Administrative Agent pursuant to the Priority of Payments in respect of any other amounts related to this Agreement 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 Advance Funding Provider 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.

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  ARTICLE V
THE ADMINISTRATIVE AGENT

  SECTION 5.01	Authorization and Action of the Administrative Agent. Each Advance Funding Provider hereby designates and appoints Bank of America, N.A. as Administrative Agent hereunder, and hereby authorizes the Administrative Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Advance Funding Provider, 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 Advance Funding Providers and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. The provisions of this Article (other than the rights of the Borrower set forth in Section 5.07) are solely for the benefit of the Administrative Agent and the Advance Funding Providers, and the Borrower 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 all amounts owed by the Borrower hereunder to the Administrative Agent and the Advance Funding Providers (the “Aggregate Unpaids”) and termination in full of all Commitments.

  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 each of their respective activities as the 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, bad faith 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 Advance Funding Provider for any recitals, statements, representations or warranties made by the Borrower or any Guarantor 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 Borrower or any Guarantor 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 Advance Funding Provider 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 Borrower. 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 Borrower or any Advance Funding Provider.

  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 Borrower), 

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  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 Advance Funding Provider as it deems appropriate or it shall first be indemnified to its satisfaction by any Advance Funding Provider; 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 Advance Funding Providers. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Required Advance Funding Providers and such request and any action taken or failure to act pursuant thereto shall be binding upon the Advance Funding Providers.

  SECTION 5.05	Non-Reliance on the Administrative Agent and Other Purchasers. Each Advance Funding Provider 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 Borrower, shall be deemed to constitute any representation or warranty by the Administrative Agent. Each Advance Funding Provider 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 Borrower 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 Borrower or any Affiliate of the Borrower 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 thirty (30) days’ notice to the Borrower and each Advance Funding Provider, and the Administrative Agent will, upon the direction of Advance Funding Providers holding 100% of the Commitments and on the day that is thirty (30) days after its receipt of such direction, resign as Administrative Agent. If the Administrative Agent shall resign, then the Advance Funding Providers holding more than (i) if no single Advance Funding Provider holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Advance Funding Provider 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 Affiliates, then the Borrower), during such 30-day period, shall appoint an Affiliate of an Advance Funding Provider as a successor administrative agent, subject to the consent of the Borrower at all times other than while an Event of Default has occurred and is continuing (which consent of the Borrower shall not be unreasonably withheld or delayed). If for any reason no successor Administrative Agent is appointed by the Advance Funding Providers during such 30-day period, then effective upon the expiration of such 30-day period, the Borrower shall make (or cause to be made) all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Advance Funding Facility Fee Letter) directly to the applicable Advance Funding Provider, and the Borrower for all purposes shall deal directly with the Advance Funding Providers, until such time, if any, as a successor administrative agent is appointed as provided above, and the Borrower 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.

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  (b)	The Borrower may, upon the occurrence of any of the following events (any such event, a “Defaulting Administrative Agent Event”) and with the consent of Advance Funding Providers holding more than (i) if no single Advance Funding Provider holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Advance Funding Provider holds more than 50% of the Commitments, two thirds of the Commitments, remove the Administrative Agent and, upon such removal, the Advance Funding Providers 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 shall appoint an Affiliate of an Advance Funding Provider as a successor administrative agent, subject to the consent of the Borrower at all times other than while an Event of Default has occurred and is continuing (which consent of the Borrower 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 Advance Funding Provider, any breach by such Advance Funding Provider of its obligations hereunder; (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 Borrower to the Administrative Agent, and if not susceptible of remedy in all material respects, upon notice by the Borrower to the Administrative Agent or (v) any act constituting the gross negligence, bad faith or willful misconduct of the Administrative Agent. If for any reason no successor Administrative Agent is appointed by the Advance Funding Providers within thirty (30) days of the Administrative Agent’s removal pursuant to this clause (b), then effective upon the expiration of such 30-day period, the Borrower shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Advance Funding Facility Fee Letter) directly to the applicable Advance Funding Provider, and the Borrower for all purposes shall deal directly with the Advance Funding Providers, until such time, if any, as a successor administrative agent is appointed as provided above, and the Borrower shall instruct the Trustee in writing accordingly. After the 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 Borrower may make (or cause to be made) all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Advance Funding Facility Fee Letter) directly to the applicable Advance Funding Provider, and the Borrower for all purposes may deal directly with the Advance Funding Providers.

  ARTICLE VI
REPRESENTATIONS AND WARRANTIES

  SECTION 6.01	The Borrower and Guarantors. The Borrower and the Guarantors jointly and severally represent and warrant to the Administrative Agent and each Advance Funding Provider, as of the date of this Agreement that:

  (a)	each of their representations and warranties made in favor of the Trustee or the Noteholders in the Indenture and the other Related Documents 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 Series 2022-1 Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date);

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  (b)	no (i) Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing and (ii) Cash Trapping Period is in effect;

  (c)	neither the Borrower nor any Guarantor is an “investment company” as defined in Section 3(a)(1) of the 1940 Act, and therefore (i) 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 1940 Act or (y) to be entitled to the benefit of the exclusion for loan securitizations in the Volcker Rule under 10 C.F.R. 248.10(c)(8); (ii) does not constitute a “covered fund” for purposes of Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, otherwise known as the “Volcker Rule”;

  (d)	the Borrower has furnished to the Administrative Agent and each Advance Funding Provider 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 2022-1 Notes) to which they are a party as of the Series 2022-1 Closing Date, all of which Related Documents are in full force and effect as of the Series 2022-1 Closing Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such date, other than such amendments, modifications or waivers about which the Borrower has informed each Advance Funding Provider;

  (e)	to the knowledge of the Borrower and the Guarantors, the operations of the Borrower and the Guarantors and their respective subsidiaries are and have been conducted at all times in the past five years in compliance with applicable financial recordkeeping 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 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 any of the Borrower, the Guarantors or their respective subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Borrower or the Guarantors, threatened;

  (f)	none of the Borrower or the Guarantors or any of their respective subsidiaries nor, to the knowledge of any of the Borrower or the Guarantors, any director, manager, member, officer, employee, agent or Affiliate of the Borrower or the Guarantors or any of their respective subsidiaries is currently subject to 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”) and the U.S. Department of State, or the European Union (collectively, “Sanctions”); nor is such relevant entity located, organized or resident in a country or territory that is subject to or the target of any Sanctions; and the Borrower and the Guarantors will not directly or indirectly use the proceeds of the Advances, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of making payments in violation of Sanctions and the Borrower and Guarantors (or the Manager on their behalf) maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, compliance with OFAC;

  (g)	none of the Borrower or the Guarantors or any of their respective subsidiaries nor, to the knowledge of the Borrower or the Guarantors, any Affiliate, director, officer, manager, member, agent, employee or other person acting on behalf of the Borrower, the Guarantors or any of their respective subsidiaries, has: (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 foreign government employee from corporate or company funds; (iii) violated or is in violation of any provision of the FCPA, the Bribery Act of 2010 of the United Kingdom or any applicable anti-bribery statute or 

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  regulation of any other jurisdiction in which it operates its business, including, in each case, the rules and regulations thereunder; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment and the Borrower and Guarantors (or the Manager on their behalf) maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, compliance with the FCPA;

  (h)	the representations and warranties contained in Section 4.6 of the Guarantee and Collateral Agreement and Section 7.13 of the Base Indenture are true and correct in all respects; 

  (i)	each Advance hereunder is an “eligible asset” as defined in Rule 3a-7 under the Investment Company Act; 

  (j)	As of the Series 2022-1 Closing Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects; and

  (k)	For purposes of Section 6.01(j) and Section 7.01(d):

  “Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

  SECTION 6.02	The Manager. The Manager represents and warrants to the Administrative Agent and each Advance Funding Provider as of the date of this Agreement that:

  (a)	no Manager Termination Event has occurred and is continuing as a result of any 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 2022-1 Notes)  to which it is a party (including any representations and warranties made by it as Manager) being inaccurate;

  (b)	to the knowledge of the Manager, the operations of the Borrower, the Manager, the Guarantors and their respective subsidiaries are and have been conducted at all times in the past five years in compliance with applicable financial record-keeping and reporting requirements of 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 any of the Borrower, the Guarantors or the Manager with respect to the Money Laundering Laws has been initiated or, to the knowledge of the Manager, is threatened or pending;

  (c)	neither the Manager nor any of its subsidiaries nor, to the knowledge of the Manager, any director, officer, manager, member, agent, employee or affiliate of any of the Borrower, the Manager or the Guarantors or any of their respective subsidiaries is currently subject to any sanctions; and the Manager will not directly or to its knowledge indirectly use the proceeds of any Advance, 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 any person currently the target of any sanctions; and

  (d)	none of the Manager or, to the knowledge of the Manager, any affiliate, director, officer, manager, member agent, employee or other person acting on behalf of the Manager, has: (i) used any corporate or company funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any domestic or “foreign official” (as defined in the FCPA) or foreign government employee from corporate or company funds; (iii) violated or is in violation of any provision of any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International 

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  Business Transactions or any applicable provision of the FCPA, the U.K. Bribery Act 2010, or any other similar law or statute of any other jurisdiction in which it operates its business, including, in each case, the rules and regulations thereunder; or (iv) otherwise made any bribe, unlawful rebate, unlawful payoff, unlawful influence payment, unlawful kickback or other unlawful payment.

  SECTION 6.03	Advance Funding Providers. Each Advance Funding Provider represents and warrants to the Borrower and the Manager as of the date hereof (or, in the case of a successor or assign of an Advance Funding Provider, as of the subsequent date on which such successor or assign shall become or be deemed to become a party hereto) that it has had an opportunity to discuss the Borrower’s and the Manager’s business, management and financial affairs, and the terms and conditions of this Agreement with the Borrower and the Manager and their respective representatives.

  ARTICLE VII
CONDITIONS

  SECTION 7.01	Conditions to Effectiveness of Commitments. The Commitments will not become effective unless:

  (a)	the Base Indenture, the Series 2022-1 Supplement, the Guarantee and Collateral Agreement and the other Related Documents shall be in full force and effect;

  (b)	on the Series 2022-1 Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from KBRA stating that the advance funding facility created hereunder has received a rating of not less than BBB;

  (c)	the additional conditions set forth in Schedule III shall have been satisfied or waived; and

  (d)	KYC Information. 

  (i)	Upon the reasonable request of any Advance Funding Provider made at least ten (10) Business Days prior to the Closing Date, the Borrower shall have provided to such Advance Funding Provider, and such Advance Funding Provider shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act. 

  (ii)	The Borrower, if it qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, shall have delivered to each Advance Funding Provider that so requests in writing at least ten (10) Business Days prior to the Closing Date, a Beneficial Ownership Certification in relation to the Borrower.

  ARTICLE VIII
COVENANTS

  SECTION 8.01	Covenants. Each of the Borrower and the Manager, severally, covenants and agrees that, until all Aggregate Unpaids have been paid in full and all Commitments have been terminated, it will promptly following any written request therefor, provide information and documentation reasonably requested by the Administrative Agent or any Advance Funding Provider for 

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  purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation.

  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 Borrower, shall in any event be effective unless the same shall be in writing and signed by the Borrower with the written consent of (A) the Administrative Agent and (B) Advance Funding Providers holding more than (i) if no single Advance Funding Provider holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Advance Funding Provider holds more than 50% of the Commitments, two thirds of the Commitments (“Required Advance Funding Providers”); provided, however, that, in addition, (i) the prior written consent of each affected Advance Funding Provider shall be required in connection with any amendment, modification or waiver that (x) increases the amount of the Commitment of such Advance Funding Provider, modifies the conditions to funding the Commitment or otherwise subjects such Advance Funding Provider to any increased or additional duties or obligations hereunder or in connection herewith (it being understood and agreed that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default shall not constitute an increase of the Commitments of any Advance Funding Provider), or (y) reduces the amount or delays the timing of payment of any principal, interest, fees or other amounts payable to such Advance Funding Provider hereunder, and (ii) the prior written consent of each Advance Funding Provider and the Administrative Agent shall be required in connection with any amendment, modification or waiver of this Section 9.01 and (iii) at least five (5) Business Days prior to the date that any such amendment becomes effective, notice (including drafts of such amendment) shall have been provided to the Rating Agencies. In addition, the Securitization Entities shall comply with Section 8.7 of the Base Indenture.

  The Borrower and each Advance Funding Provider shall negotiate any amendments, waivers, consents, supplements or other modifications to this Agreement or the other Related Documents that require the consent of such Advance Funding Provider in good faith and any consent required to be given by such Advance Funding Provider shall not be unreasonably denied, conditioned or delayed. Pursuant to Section 9.05(a), the Advance Funding Providers shall be entitled to reimbursement by the Borrower for the reasonable expenses incurred by the Advance Funding Providers in reviewing and approving any such amendment, waiver, consent, supplement or other modification to this Agreement or any Related Document. The Administrative Agent agrees to provide notice to each Advance Funding Provider of any amendment to this Agreement, regardless of whether the consent of such Advance Funding Provider is required for such amendment to become effective.

  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 Borrower, the Manager, the Advance Funding Providers, the Administrative Agent and their respective successors and assigns and the Control Party shall be a third party beneficiary of this Agreement; 

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  provided, however, that none of the Borrower 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 Advance Funding Provider; provided further that nothing herein shall prevent the Borrower from assigning its rights (but none of its duties or liabilities) to the Trustee for the benefit of the Secured Parties under the Indenture; and provided, further that none of the Advance Funding Providers 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 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.

  (b)	Each Advance Funding Provider that grants to one or more Persons, a participating interest in such Advance Funding Provider’s interests in the Advances shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of such Person and the principal amounts (and stated interest) of each Person’s interest in the Advances (each, a “Participant Register”); provided that no Advance Funding Provider shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Person, or any information relating to a Person’s interest in the Advances) to any Person except to the extent that such disclosure is necessary to establish that such interest is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations (and any such successor United States Treasury Regulations). The entries in the Participant Register shall be conclusive absent manifest error, and such Advance Funding Provider shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

  (c)	Any Advance Funding Provider may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Advance Funding Provider from any of its obligations hereunder or substitute any such pledgee or assignee for such Advance Funding Provider as a party hereto. 

  SECTION 9.04	Termination; Survival of Agreement. This Agreement shall terminate upon the earlier of (i) the payment in full of all Obligations relating to the Series 2022-1 Class A-2 Notes and (ii) payment in full of all interest on and principal of all Advances, and all other amounts owed to the Advance Funding Providers and the Administrative Agent hereunder and the termination or permanent reduction to zero of the Commitments. All covenants, agreements, representations and warranties made herein shall (i) survive the making and the repayment of the Advances and the execution and delivery of this Agreement and (ii) continue in full force and effect until this Agreement so terminates. In addition, the obligations of the Borrower and the Advance Funding Providers under Sections 3.05, 3.07, 3.08, 9.05, 9.10 and 9.11 shall survive the termination of this Agreement. The Administrative Agent, on the reasonable request of the Borrower, shall execute proper instruments acknowledging confirmation of and termination of this Agreement in form and substance reasonably satisfactory to the Administrative Agent.

  SECTION 9.05	Payment of Costs and Expenses; Indemnification.

  (a)	Payment of Costs and Expenses. The Borrower and the Guarantors jointly and severally agree to pay (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments), (A) on the Series 2022-1 Closing Date (if invoiced at least one (1) Business Day prior to such date) or (B) on or before seven (7) Business Days after written demand (in all other cases), all reasonable documented out-of-pocket expenses of the Administrative Agent and each initial Advance Funding Provider (including the reasonable fees and out-of-pocket expenses of one external counsel to each of the foregoing), if any (but excluding, for the 

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  avoidance of doubt, fees and expenses, whether allocated or otherwise, in respect of in-house counsel), 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 (including, without limitation, such reasonable and documented out-of-pocket expenses for the Advance Funding Provider’s due diligence investigation, consultants’ fees and travel expenses and such fees incurred on or before the Series 2022-1 Closing Date to the extent invoiced at least one (1) Business Day prior to such date); and (ii) any amendments, waivers, consents, supplements or other modifications to this Agreement or any other Related Document as may from time to time hereafter be proposed by the Manager or the Securitization Entities. The Borrower and the Guarantors further jointly and severally agree to pay, subject to and in accordance with the Priority of Payments, and to hold the Administrative Agent and each Advance Funding Provider harmless from all liability for (x) any breach by the Borrower of its obligations under this Agreement, (y) all reasonable documented out-of-pocket costs incurred by the Administrative Agent and such Advance Funding Provider including the reasonable and documented fees and out-of-pocket expenses of counsel to each of the foregoing (excluding fees and expenses of in-house counsel), if any, in enforcing this Agreement or in connection with the negotiation of any restructuring or “work-out”, whether or not consummated, of the Related Documents and (z) any Non-Excluded Taxes that may be payable in connection with (1) the execution or delivery of this Agreement , or (2) any other Related Documents. Notwithstanding the foregoing, the Borrower and/or the Guarantors shall have no obligation to reimburse any Advance Funding Provider for any of the fees and/or expenses incurred by such Advance Funding Provider with respect to its sale or assignment of all or any part of its respective rights and obligations under this Agreement pursuant to Section 9.03 or Section 9.17.

  (b)	Indemnification of the Advance Funding Providers. In consideration of the execution and delivery of this Agreement by each Advance Funding Provider, the Securitization Entities hereby agree to jointly and severally indemnify and hold each Advance Funding Provider and the Administrative Agent (each in its capacity as such) 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 Priority of Payments) from and against any and all actions, causes of action, suits, losses, liabilities and damages, and reasonable and documented out-of-pocket 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 commitment to make Advances set forth in Section 2.01(a)), including reasonable and documented out-of-pocket 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; or

  (ii)	the entering into and performance of this Agreement and any other Related Document by any of the Indemnified Parties;

  except for any such Indemnified Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party’s gross negligence, bad faith or willful misconduct or breach of representations set forth herein as determined by a final, non-appealable judgment of a court of competent jurisdiction. If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Securitization Entities hereby jointly and severally agree to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this Section 9.05(b) shall in no event include indemnification for special, punitive, consequential or indirect damages of any kind or for any Advance Funding Taxes which shall be covered by (or expressly excluded from) the 

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  indemnification provided in Section 3.08 or for any transfer Advance Funding Taxes with respect to its sale or assignment of all or any part of its respective rights and obligations under this Agreement pursuant to Section 9.17. The Borrower 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. In consideration of the execution and delivery of this Agreement by the Administrative Agent, each Advance Funding Provider, ratably according to its respective Commitment, hereby agrees to indemnify and hold the Administrative Agent and each of its officers, directors, employees, affiliates and agents (collectively, the “Administrative 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 Borrower or the Guarantors) (irrespective of whether any such Administrative Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the Commitments), including reasonable attorneys’ fees and disbursements (collectively, the “Administrative Indemnified Liabilities”), incurred by the Administrative 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 Administrative Agent Indemnified Parties, except for any such Administrative Indemnified Liabilities arising for the account of a particular Administrative Indemnified Party by reason of the relevant Administrative 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, each Advance Funding Provider, ratably according to its respective Commitment, hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Administrative 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 consequential or indirect damages of any kind or for any Advance Funding 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 2022-1 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.

  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, or e-mail address set forth below its signature hereto, in the case of the Borrower, the Manager, or on Schedule II, in the case of the Advance Funding Providers and the Administrative Agent, or in each case at such other address or e-mail address 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.

  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 

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  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. (a)  Each party to this Agreement (i) 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 Advances will be treated as evidence of indebtedness, (ii) agrees to treat the Advances for all such purposes as indebtedness and (iii) agrees that the provisions of the Related Documents shall be construed to further these intentions.

  (b)	The Administrative Agent shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Advance Funding Provider and the applicable portions of the Advances (and stated interest) with respect to such Person (the “Advance Funding Notes Register”), provided that the Administrative Agent shall have no obligation to disclose all or any portion of the Advance Funding Notes Register to any Person except to the extent that such disclosure is necessary to establish that the commitments under this Agreement or Advances are in registered form under Section 5f.103-1(c) of the U.S. Treasury regulations.

  SECTION 9.10	No Proceedings; Limited Recourse.

  (a)	The Securitization Entities. Each of the parties hereto (other than the Borrower) 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 Borrower 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 or any other Related Document. In the event that an Advance Funding Provider (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. Nothing contained herein shall preclude participation by an Advance Funding Provider in the assertion or defense of its claims in any such proceeding involving any Securitization Entity. The obligations of the Borrower under this Agreement are solely the limited liability company or corporate, as the case may be, obligations of the Borrower.

  (b)	The provisions of this Section 9.10 shall survive the termination of this Agreement.

  SECTION 9.11	Confidentiality. Each Advance Funding Provider and the Administrative Agent agrees that it shall not disclose any Confidential Information to any Person without the prior written consent of the Manager and the Borrower, other than (a) to their Affiliates, and their Affiliates’ officers, directors, employees, managers, administrators, trustees, 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, in each case, 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 Borrower or the Manager, as the case may be, has knowledge; provided that each Advance Funding Provider and the 

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  Administrative Agent 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 Borrower or the Manager, as the case may be, does not have knowledge if such Advance Funding Provider or Administrative Agent is prohibited by law, rule or regulation from disclosing such requirement to the Borrower or the Manager, as the case may be, (d) to any rating agency providing a rating for any Series or Class of Notes, or (e) in the course of litigation with the Borrower or the Manager; provided that in the case of any disclosure under foregoing clause (c) the disclosing party will, to the extent permitted by applicable law, give reasonable notice of such disclosure requirement to the Borrower and the Manager prior to disclosure of the Confidential Information, and will disclose only that portion of the Confidential Information that is necessary to comply with such requirement in a manner reasonably designed to maintain the confidentiality thereof; and provided, further, that no such notice shall be required for any disclosure by the Administrative Agent and/or its affiliates to regulatory authorities asserting jurisdiction in connection with an examination of any such party in the normal course.

  “Confidential Information” means information that the Borrower, any Guarantor or the Manager furnishes to an Advance Funding Provider, 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 in violation of this Section 9.11 or a disclosure by a Person to which an Advance Funding Provider or the Administrative Agent delivered such information, (ii) any such information that was in the possession of an Advance Funding Provider prior to its being furnished to such Advance Funding Provider by the Borrower or the Manager, or (iii) any such information that is or becomes available to an Advance Funding Provider from a source other than the Borrower or the Manager; provided that with respect to clauses (ii) and (iii) herein, such source is not (x) known to an Advance Funding Provider to be bound by a confidentiality agreement with the Borrower or the Manager, as the case may be, with respect to the information or (y) known to an Advance Funding Provider 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 WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW. IN THE EVENT OF ANY CONFLICTS BETWEEN THIS AGREEMENT AND THE INDENTURE, THE INDENTURE SHALL GOVERN.

  SECTION 9.13	JURISDICTION; WAIVERS. 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. EACH OF THE PARTIES HEREUNDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY 

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  LEGAL ACTION OR PROCEEDING REFERRED TO IN THIS SECTION 9.13 ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

  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.

  SECTION 9.15	Counterparts; Electronic Signatures. This Agreement may be executed in any number of counterparts (which may include electronic transmission of counterparts) and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, and all of which together shall constitute one and the same instrument.

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

  SECTION 9.16	[Reserved].

  SECTION 9.17	Assignment. Any Advance Funding Provider may at any time sell or assign all or any part of its rights and obligations under this Agreement 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 Borrower, to one or more financial institutions (an “Acquiring Advance Funding Provider Purchaser”) pursuant to an assignment and assumption agreement, in form and substance reasonably satisfactory to Acquiring Advance Funding Provider Purchaser, the Borrower and Administrative Agent, executed by such Acquiring Advance Funding Provider Purchaser, such assigning Advance Funding Provider and the Borrower and delivered to the Administrative Agent; provided that no consent of the Borrower shall be required for an assignment to another Advance Funding Provider or any Affiliate of an Advance Funding Provider or if a Rapid Amortization Event or an Event of Default has 

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  occurred and is continuing; provided, further, that no assignment pursuant to this Section 9.17 shall be made to a Competitor.

  SECTION 9.18	[Reserved]. 

  SECTION 9.19	No Fiduciary Duties. Each of the Manager and the Securitization Entities acknowledge and agree that in connection with the transaction contemplated in this Agreement, or any other services the Advance Funding Providers may be deemed to be providing hereunder, notwithstanding any preexisting relationship, advisory or otherwise, between the parties or any oral representations or assurances previously or subsequently made by the Advance Funding Providers: (a) no fiduciary or agency relationship between any of the Manager, the Securitization Entities or any other person, on the one hand, and the Advance Funding Providers, on the other, exists; (b) the Advance Funding Providers are not acting as advisor, expert or otherwise, to the Manager or the Securitization Entities, and such relationship between any of the Manager or the Securitization Entities, on the one hand, and the Advance Funding Providers, on the other, is entirely and solely commercial, based on arms-length negotiations; (c) any duties and obligations that the Advance Funding Providers may have to the Manager and any of the Securitization Entities shall be limited to those duties and obligations specifically stated herein; (d) the Advance Funding Providers and their respective affiliates may have interests that differ from those of the Manager or any of the Securitization Entities; and (e) the Manager and the Securitization Entities have consulted their own legal and financial advisors to the extent they deemed appropriate. Each of the Manager and the Securitization Entities hereby waive any claims that Manager or the Securitization Entities may have against the Advance Funding Providers with respect to any breach of fiduciary duty in connection with the transactions contemplated by this Agreement.

  SECTION 9.20	No Guarantee by Manager. The execution and delivery of this Agreement by Manager shall not be construed as a guarantee or other credit support by Manager of the obligations of the Securitization Entities hereunder. The Manager shall not be liable in any respect for any obligation of the Securitization Entities hereunder or any violation by any Securitization Entity of its covenants, representations and warranties or other agreements and obligations hereunder.

  SECTION 9.21	[Reserved]. 

  SECTION 9.22	Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under this Agreement, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

  (a)	the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

  (b)	the effects of any Bail-In Action on any such liability, including, if applicable:

  (i)	a reduction in full or in part or cancellation of any such liability;

  (ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement; or 

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  (iii)	the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

  (c)	For purposes of this Section 9.22:

  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

  “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

  “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

  “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

  “EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

  “UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

  “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United 

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  Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

  SECTION 9.23	Patriot Act. In accordance with the USA PATRIOT Act, to help fight the funding of terrorism and money laundering activities, any Advance Funding Provider may obtain, verify and record information that identifies individuals or entities that establish a relationship with such Advance Funding Provider. Such Advance Funding Provider may ask for the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the account. Such Advance Funding Provider may also ask for formation documents such as articles of incorporation or other identifying documents to be provided.

  SECTION 9.24	Recognition of the U.S. Special Resolution Regimes.

  (a)	In the event that any Advance Funding Provider that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Advance Funding Provider of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States

  (b)	In the event that any Advance Funding Provider that is a Covered Entity or a BHC Act Affiliate of such Advance Funding Provider becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Advance Funding Provider are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

  (c)	For purposes of this Section 9.24:

  “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

  “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

  “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

  “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

  SECTION 9.25	Acknowledgment Regarding Any Supported QFCs.

  (a)	To the extent that the Related Documents provide support, through a guarantee or otherwise, for Swap Contracts or any other agreement or instrument that is a QFC (such support, “QFC 

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  Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the U.S. Special Resolution Regimes in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Related Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

  In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Related Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Related Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a defaulting Advance Funding Provider shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

  (b)	For purposes of this Section 9.25:

  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

  “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

  “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

  “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

   

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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.

  					EWC MASTER ISSUER LLC,

  as the Borrower

   

   

  
By:		/s/ Gavin O’Connor	
	Name: Gavin O’Connor
	Title: Chief Legal Officer
 

  Address:

  5830 Granite Parkway, 3rd Floor

  Plano, Texas 75024

  Attention: General Counsel

   

   

   

  Signature Page to Advance Funding Agreement

  

   

  EUROPEAN WAX CENTER, LLC, 

  as Manager

  

By:	/s/ Gavin O’Connor		
	Name: Gavin O’Connor
	Title: 

Address:

  5830 Granite Parkway, 3rd Floor

  Plano, Texas 75024

  Attention: General Counsel

   

  Signature Page to Advance Funding Agreement

  

   

  EWC HOLDING GUARANTOR LLC

  EWC FRANCHISOR LLC

  EWC DISTRIBUTOR LLC,

  each as a Guarantor

   

   

  
By:	/s/ Gavin O’Connor		
	Name: Gavin O’Connor
	Title: Chief Legal Officer

   

   

  Each Guarantor at the following address:

   

  Address:

  5830 Granite Parkway, 3rd Floor

  Plano, Texas 75024

  Attention: General Counsel

   

   

  Signature Page to Advance Funding Agreement

  

   

  BANK OF AMERICA, N.A.,
as Administrative Agent

By:	/s/ Carl W. Anderson		
	Name: Carl W. Anderson
	Title: Managing Director

   

  Signature Page to Advance Funding Agreement

  

   

  BANK OF AMERICA, N.A., as Advance Funding Provider

By:	/s/ Carl W. Anderson		
	Name: Carl W. Anderson
	Title: Managing Director

   

   

  Signature Page to Advance Funding Agreement

  

   

   

  SCHEDULE I TO 

  ADVANCE FUNDING AGREEMENT

  COMMITMENTS

  		
	Advance Funding Provider
	Commitment

	Bank of America, N.A.
	$5,000,000

   

  Schedule I

    

  

   

  SCHEDULE II TO

  ADVANCE FUNDING AGREEMENT

  NOTICE ADDRESSES FOR ADVANCE FUNDING PROVIDER AND AGENTS

  ADMINISTRATIVE AGENT

   

   

  Bank of America, N.A.

    

  Bank of America, N.A.

  One Bryant Park, 11th Floor

  New York, NY 10036

  Attention: Carl Anderson

  Telephone: 646-855-4242

  Email: carl.w.anderson@bofa.com

   

  and

   

  Bank of America, N.A.

  620 S Tryon Street

  Charlotte, NC 28255

  Attention: Sean Walsh

  Telephone: 980-386-0159

  Email: sean.c.walsh@bofa.com 

   

  with a copy to:

   

  King & Spalding LLP

  1185 Avenue of the Americas 

  New York, New York 10036 

  Attention: Ryan McNaughton 

  Email: RMcNaughton@KSLAW.com

   

  Schedule II-1

    

  

   

  Advance Funding Provider

   

  Bank of America, N.A.

    

  Bank of America, N.A.

  One Bryant Park, 11th Floor

  New York, NY 10036

  Attention: Carl Anderson

  Telephone: 646-855-4242

  Email: carl.w.anderson@bofa.com

   

  and

   

  Bank of America, N.A.

  620 S Tryon Street

  Charlotte, NC 28255

  Attention: Sean Walsh

  Telephone: 980-386-0159

  Email: sean.c.walsh@bofa.com 

   

  with a copy to:

   

  King & Spalding LLP

  1185 Avenue of the Americas 

  New York, New York 10036 

  Attention: Ryan McNaughton 

  Email: RMcNaughton@KSLAW.com

   

   

   

  Schedule II-2

    

  

   

  SCHEDULE III TO

  ADVANCE FUNDING AGREEMENT

  ADDITIONAL CLOSING CONDITIONS

  The following are the additional conditions to effectiveness of the Commitments referred to in Section 7.01(d):

  (a)	All corporate proceedings and other legal matters incident to the authorization, form and validity of each of the Related Documents, and all other legal matters relating to the Related Documents and the transactions contemplated thereby, shall be reasonably satisfactory in all material respects to the Administrative Agent, and the Borrower, the Manager and the Guarantors shall have furnished to the Administrative Agent all documents and information that the Administrative Agent or its counsel may reasonably request to enable them to pass upon such matters.

  (b)	Richards, Layton & Finger, PA, as Delaware counsel to the Manager, the Borrower and the Guarantors, shall have furnished to the Administrative Agent and the Advance Funding Provider written opinions that are customary for transactions of this type and reasonably satisfactory in form and substance to counsel to the Administrative Agent, addressed to the Administrative Agent and Advance Funding Provider and dated the Series 2022-1 Closing Date.

  (c)	Ropes & Gray LLP, as counsel to the Borrower, the Manager and the Guarantors, shall have furnished to the Administrative Agent and the Advance Funding Provider written opinions that are customary for transactions of this type, including in respect of corporate, securities and investment company act matters, security interest matters, “true contribution” and “non-consolidation” matters and tax matters, in each case reasonably satisfactory in form and substance to counsel to the Administrative Agent, addressed to the Administrative Agent and Advance Funding Provider and dated the Series 2022-1 Closing Date.

  (d)	McGuire Woods LLP, as franchise counsel to the Borrower, the Manager and the Guarantors, shall have furnished to the Administrative Agent and the Advance Funding Provider written opinions that are customary for transactions of this type, reasonably satisfactory in form and substance to counsel to the Administrative Agent, addressed to the Administrative Agent and Advance Funding Provider and dated the Series 2022-1 Closing Date.

  (e)	Dentons US LLP, as counsel to the Trustee, shall have furnished to the Administrative Agent and the Advance Funding Provider written opinions that are customary for transactions of this type, reasonably satisfactory in form and substance to counsel to the Administrative Agent, addressed to the Administrative Agent and Advance Funding Provider and dated the Series 2022-1 Closing Date.

  (f)	The Administrative Agent and the Advance Funding Provider shall have received an opinion letter of Andrascik & Tita LLC, counsel to the Back-Up Manager, dated as of the Series 2022-1 Closing Date and addressed to the Administrative Agent and the Advance Funding Provider, reasonably satisfactory in form and substance to counsel to the Administrative Agent.

  (g)	Each of the Borrower, the Manager and the Guarantors, as applicable, shall have furnished or caused to be furnished to the Administrative Agent a certificate of the Chief Financial Officer or other financial officer of the Borrower, the Manager and the Guarantors, as applicable, or other officers reasonably satisfactory to the Administrative Agent, dated as of the Series 2022-1 Closing Date, as to such matters as the Administrative Agent may reasonably request, including, without limitation, a statement that: 

  (i)	the representations, warranties and agreements of the Borrower, the Manager and the Guarantors, as applicable, in any other Related Document to which any of the 

  Schedule II-1

    

  

   

  Borrower, the Manager and the Guarantors, as applicable, is a party are true and correct (A) if qualified as to materiality or Material Adverse Effect, in all respects, and (B) if not so qualified, in all material respects, on and as of the Series 2022-1 Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct (x) if qualified as to materiality or Material Adverse Effect, in all respects, and (y) if not so qualified, in all material respects, as of such earlier date), and the Borrower, the Manager, and each Guarantor, as applicable, has complied in all material respects with all its agreements contained herein and in any other Related Document to which it is a party and satisfied all the conditions on its part to be performed or satisfied hereunder or thereunder at or prior to the Series 2022-1 Closing Date; 

  (ii)	there shall exist at and as of the Series 2022-1 Closing Date no condition that would constitute an “Event of Default” (or an event that with notice or the lapse of time, or both, would constitute an “Event of Default”) under, and as defined in, the Indenture or a material breach under any of the Related Documents as in effect at the Series 2022-1 Closing Date (or an event that with notice or lapse of time, or both, would constitute such a material breach); and

  (iii)	subsequent to the date as of which information is given in the Pricing Disclosure Package (as defined in the Series 2022-1 Class A-2 Note Purchase Agreement), there has not been any development in the business, condition (financial or otherwise), results of operation, stockholders’ equity, properties or prospects  of any of the Borrower, the Manager or the Guarantors, as applicable, that could reasonably be expected to result in a Material Adverse Effect, except as set forth or contemplated in the Pricing Disclosure Package or the Offering Memorandum.

  (h)	The Manager, the Securitization Entities and the Trustee shall have executed and delivered the Management Agreement, and the Administrative Agent shall have received a duly executed copy thereof.

  (i)	The Borrower, the Securities Intermediary and the Trustee shall have executed and delivered the Base Indenture, and the Administrative Agent shall have received a duly executed copy thereof. 

  (j)	The Series 2022-1 Supplement shall have been duly executed and delivered by the Borrower, the 2022-1 Securities Intermediary and the Trustee, the Notes shall have been duly executed and delivered by the Borrower and duly authenticated by the Trustee (or registered in the case of Uncertificated Notes), and the Administrative Agent shall have received duly executed copies thereof.

  (k)	The Guarantee and Collateral Agreement shall have been duly executed and delivered by the Guarantors and the Trustee, and the Administrative Agent shall have received a duly executed copy thereof.

  (l)	Each other Related Document (excluding any Series Supplements and other Related Documents relating solely to a Series of Notes other than the Series 2022-1 Notes) shall have been duly executed and delivered by the respective parties thereto, and the Administrative Agent shall have received duly executed copies thereof.

  (m)	On the Series 2022-1 Closing Date, each of the Related Documents shall be in full force and effect.

  (n)	The Manager, each Guarantor and the Borrower shall have furnished to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative 

  Schedule II-2

    

  

   

  Agent and dated as of the Series 2022-1 Closing Date, of the Chief Financial Officer or other financial officer of such entity (or other officers reasonably satisfactory to the Administrative Agent) that such entity will be Solvent (as defined in the Series 2022-1 Class A-2 Note Purchase Agreement) immediately after the consummation of the transactions contemplated by this Agreement.

  (o)	None of the transactions contemplated by this Agreement shall be subject to an injunction (temporary or permanent) and no restraining order or other injunctive order shall have been issued; and there shall not have been any legal action, order, decree or other administrative proceeding instituted or (to the knowledge of the Borrower or the Manager) overtly threatened against the Borrower, the Manager, any Guarantor, any Advance Funding Provider or the Administrative Agent that would reasonably be expected to adversely impact the issuance of the Series 2022-1 Notes and the Guarantee or any Advance Funding Provider’s or the Administrative Agent’s activities in connection therewith or any other transactions contemplated by the Related Documents.

  (p)	The Borrower shall have delivered $400,000,000 of the Series 2022-1 Class A-2 Notes to the Initial Purchasers on the Series 2022-1 Closing Date.

  (q)	On or prior to the Series 2022-1 Closing Date, the Manager, the Guarantors and the Borrower shall have furnished to the Administrative Agent and the Advance Funding Provider such further certificates and documents as the Administrative Agent or Advance Funding Provider may reasonably request.

  All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Administrative Agent. 

   

   

   

  Schedule II-3

    

  

   

   

  EXHIBIT A TO

  ADVANCE FUNDING AGREEMENT

  ADVANCE REQUEST

EWC MASTER ISSUER LLC

  Advance Funding Facility

  TO:

Bank of America, N.A.

  One Bryant Park, 11th Floor

  New York, NY 10036

  Attention: Carl Anderson

  Telephone: 646-855-4242

  Email: carl.w.anderson@bofa.com 

   

  Ladies and Gentlemen:

  This Advance Request is delivered to you pursuant to Section 2.01 of that certain Advance Funding Agreement, dated as of April 6, 2022 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Advance Funding Agreement”) among EWC Master Issuer LLC, as Borrower, the Guarantors party thereto, EWC Ventures, LLC, as the Manager, and Bank of America, N.A., as Advance Funding Provider and Administrative Agent.

  Unless otherwise defined herein or as the context otherwise requires, terms used herein have the meaning assigned thereto in the Advance Funding Agreement.

  The undersigned hereby requests that [Debt Service Advances][Collateral Protection Advances] be made in the aggregate principal amount of $[    ] on [   ], 20[    ].

  The undersigned agrees that if prior to the time of the Advances requested hereby any matter certified to herein by it will not be true and correct at such time as if then made, it will immediately so notify both you and each Advance Funding Provider. Except to the extent, if any, that prior to the time of the Advances requested hereby you and each Advance Funding Provider shall receive written notice to the contrary from the undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such Advances as if then made.

  Please wire transfer the proceeds of the Advances, to the Borrower pursuant to the following instructions:

  [insert payment instruction for payment to Borrower]

   

  A-1

    

  

   

   

  The undersigned has caused this Advance Request to be executed and delivered, and the certification and warranties contained herein to be made, by its duly Authorized Officer this ____ day of __________, 20___.

 

  EWC VENTURES, LLC, as Manager on behalf of the Borrower
 

  By:				

  Name:

  	Title:

  A-2

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