Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
 CLASS A-1 NOTE PURCHASE AGREEMENT 
 (SERIES 2019-1 CLASS A-1 NOTES) 
 dated as of June 5, 2019 

among 
 APPLEBEE’S FUNDING
LLC and 
 IHOP FUNDING LLC, 

each as a Co-Issuer, 

APPLEBEE’S SPV GUARANTOR LLC, 

IHOP SPV GUARANTOR LLC, 

APPLEBEE’S RESTAURANTS LLC, 

IHOP RESTAURANTS LLC, 

APPLEBEE’S FRANCHISOR LLC, IHOP 

FRANCHISOR LLC, 
 IHOP PROPERTY LLC,
and 
 IHOP LEASING LLC 
 each as
a Guarantor, 
 DINE BRANDS GLOBAL, INC., 

as Manager, 
 CERTAIN CONDUIT
INVESTORS, 
 each as a Conduit Investor, 

CERTAIN FINANCIAL INSTITUTIONS, 

each as a Committed Note Purchaser, 

CERTAIN FUNDING AGENTS, 
 and 

BARCLAYS BANK PLC 
 as L/C
Provider, as Swingline Lender and as Administrative Agent 
  
  

 TABLE OF CONTENTS 

 

									
	 ARTICLE I DEFINITIONS
	  	 	2	 
		 	 SECTION 1.01
	    	 Definitions
	  	 	2	 
		
	 ARTICLE II PURCHASE AND SALE OF SERIES 2019-1
CLASS A-1 NOTES
	  	 	2	 
		 	 SECTION 2.01
	    	 The Advance Notes
	  	 	2	 
		 	 SECTION 2.02
	    	 Advances
	  	 	2	 
		 	 SECTION 2.03
	    	 Borrowing Procedures
	  	 	4	 
		 	 SECTION 2.04
	    	 The Series 2019-1
Class A-1 Notes
	  	 	6	 
		 	 SECTION 2.05
	    	 Reduction in Commitments
	  	 	6	 
		 	 SECTION 2.06
	    	 Swingline Commitment
	  	 	9	 
		 	 SECTION 2.07
	    	 L/C Commitment
	  	 	11	 
		 	 SECTION 2.08
	    	 L/C Reimbursement Obligations
	  	 	14	 
		 	 SECTION 2.09
	    	 L/C Participations
	  	 	16	 
		
	 ARTICLE III INTEREST AND FEES
	  	 	17	 
		 	 SECTION 3.01
	    	 Interest
	  	 	17	 
		 	 SECTION 3.02
	    	 Fees
	  	 	19	 
		 	 SECTION 3.03
	    	 Eurodollar Lending Unlawful
	  	 	19	 
		 	 SECTION 3.04
	    	 Deposits Unavailable
	  	 	19	 
		 	 SECTION 3.05
	    	 Increased Costs, etc
	  	 	20	 
		 	 SECTION 3.06
	    	 Funding Losses
	  	 	21	 
		 	 SECTION 3.07
	    	 Increased Capital or Liquidity Costs
	  	 	21	 
		 	 SECTION 3.08
	    	 Taxes
	  	 	22	 
		 	 SECTION 3.09
	    	 Change of Lending Office
	  	 	25	 
		
	 ARTICLE IV OTHER PAYMENT TERMS
	  	 	25	 
		 	 SECTION 4.01
	    	 Time and Method of Payment
	  	 	26	 
		 	 SECTION 4.02
	    	 Order of Distributions
	  	 	26	 
		 	 SECTION 4.03
	    	 L/C Cash Collateral
	  	 	27	 
		 	 SECTION 4.04
	    	 Alternative Arrangements with Respect to Letters of Credit
	  	 	27	 
		
	 ARTICLE V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS
	  	 	27	 
		 	 SECTION 5.01
	    	 Authorization and Action of the Administrative Agent
	  	 	28	 
		 	 SECTION 5.02
	    	 Delegation of Duties
	  	 	28	 
		 	 SECTION 5.03
	    	 Exculpatory Provisions
	  	 	28	 
		 	 SECTION 5.04
	    	 Reliance
	  	 	29	 
		 	 SECTION 5.05
	    	 Non-Reliance on the Administrative Agent and Other
Purchasers
	  	 	29	 
		 	 SECTION 5.06
	    	 The Administrative Agent in its Individual Capacity
	  	 	29	 
		 	 SECTION 5.07
	    	 Successor Administrative Agent; Defaulting Administrative Agent
	  	 	 29
	 
		 	 SECTION 5.08
	    	 Authorization and Action of Funding Agents
	  	 	31	 
		 	 SECTION 5.09
	    	 Delegation of Duties
	  	 	31	 
		 	 SECTION 5.10
	    	 Exculpatory Provisions
	  	 	31	 
		 	 SECTION 5.11
	    	 Reliance
	  	 	31	 
		 	 SECTION 5.12
	    	 Non-Reliance on the Funding Agent and Other
Purchasers
	  	 	32	 
		 	 SECTION 5.13
	    	 The Funding Agent in its Individual Capacity
	  	 	32	 
		 	 SECTION 5.14
	    	 Successor Funding Agent
	  	 	32	 
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	32	 
		 	 SECTION 6.01
	    	 The Co-Issuers and Guarantors
	  	 	32	 
		 	 SECTION 6.02
	    	 The Manager
	  	 	34	 

  
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		 	 SECTION 6.03
	    	 Lender Parties
	  	 	34	 
		
	 ARTICLE VII CONDITIONS
	  	 	35	 
		 	 SECTION 7.01
	    	 Conditions to Issuance and Effectiveness
	  	 	35	 
		 	 SECTION 7.02
	    	 Conditions to Initial Extensions of Credit
	  	 	36	 
		 	 SECTION 7.03
	    	 Conditions to Each Extension of Credit
	  	 	36	 
		
	 ARTICLE VIII COVENANTS
	  	 	38	 
		 	 SECTION 8.01
	    	 Covenants
	  	 	38	 
		
	 ARTICLE IX MISCELLANEOUS PROVISIONS
	  	 	39	 
		 	 SECTION 9.01
	    	 Amendments
	  	 	39	 
		 	 SECTION 9.02
	    	 No Waiver; Remedies
	  	 	41	 
		 	 SECTION 9.03
	    	 Binding on Successors and Assigns
	  	 	41	 
		 	 SECTION 9.04
	    	 Termination; Survival of Agreement
	  	 	42	 
		 	 SECTION 9.05
	    	 Payment of Costs and Expenses; Indemnification
	  	 	43	 
		 	 SECTION 9.06
	    	 Characterization as Transaction Document; Entire Agreement
	  	 	45	 
		 	 SECTION 9.07
	    	 Notices
	  	 	45	 
		 	 SECTION 9.08
	    	 Severability of Provisions
	  	 	45	 
		 	 SECTION 9.09
	    	 Tax Characterization
	  	 	45	 
		 	 SECTION 9.10
	    	 No Proceedings; Limited Recourse
	  	 	45	 
		 	 SECTION 9.11
	    	 Confidentiality
	  	 	47	 
		 	 SECTION 9.12
	    	 GOVERNING LAW; CONFLICTS WITH INDENTURE
	  	 	47	 
		 	 SECTION 9.13
	    	 JURISDICTION
	  	 	48	 
		 	 SECTION 9.14
	    	 WAIVER OF JURY TRIAL
	  	 	48	 
		 	 SECTION 9.15
	    	 Counterparts
	  	 	48	 
		 	 SECTION 9.16
	    	 Third Party Beneficiary
	  	 	48	 
		 	 SECTION 9.17
	    	 Assignment
	  	 	48	 
		 	 SECTION 9.18
	    	 Defaulting Investors
	  	 	50	 
		 	 SECTION 9.19
	    	 No Fiduciary Duties
	  	 	52	 
		 	 SECTION 9.20
	    	 No Guarantee by Manager
	  	 	53	 
		 	 SECTION 9.21
	    	 Term; Termination of Agreement
	  	 	53	 
		 	 SECTION 9.22
	    	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	 53
	 
		 	 SECTION 9.23
	    	 Joint and Several Obligations of Co-Issuers
	  	 	54	 
		 	 SECTION 9.24
	    	 Patriot Act
	  	 	54	 

 SCHEDULES AND EXHIBITS 
  

			
	 SCHEDULE I
	 	 Investor Groups and Commitments

	 SCHEDULE II
	 	 Notice Addresses for Lender Parties and Agents

	 SCHEDULE III
	 	 Additional Closing Conditions

	 SCHEDULE IV
	 	 Existing Letters of Credit

		
	 EXHIBIT A-1
	 	 Form of Advance Request

	 EXHIBIT A-2
	 	 Form of Swingline Loan Request

	 EXHIBIT B
	 	 Form of Assignment and Assumption Agreement

	 EXHIBIT C
	 	 Form of Investor Group Supplement

	 EXHIBIT D
	 	 Form of Purchaser’s Letter

  
 ii 

 CLASS A-1 NOTE PURCHASE AGREEMENT 

THIS CLASS A-1 NOTE PURCHASE AGREEMENT, dated as of June 5, 2019 (as amended,
supplemented, amended and restated or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), is made by and among: 

(a)    APPLEBEE’S FUNDING LLC, a Delaware limited liability company, and IHOP FUNDING LLC, a
Delaware limited liability company (each, a “Co-Issuer” and, collectively, the “Co-Issuers”), 

(b)    APPLEBEE’S SPV GUARANTOR LLC, a Delaware limited liability company, IHOP SPV GUARANTOR LLC, a
Delaware limited liability company, APPLEBEE’S RESTAURANTS LLC, a Delaware limited liability company, IHOP RESTAURANTS LLC, a Delaware limited liability company, IHOP PROPERTY LLC, a Delaware limited liability company and IHOP LEASING LLC, a
Delaware limited liability company (each, a “Guarantor” and, collectively, the “Guarantors”); 

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

 (d)    the several commercial paper conduits listed on Schedule I as Conduit Investors and
their respective permitted successors and assigns (each, a “Conduit Investor” and, collectively, the “Conduit Investors”), 

(e)    the several financial institutions listed on Schedule I as Committed Note Purchasers and
their respective permitted successors and assigns (each, a “Committed Note Purchaser” and, collectively, the “Committed Note Purchasers”), 

(f)    for each Investor Group, the financial institution entitled to act on behalf of the Investor Group
set forth opposite the name of such Investor Group on Schedule I as Funding Agent and its permitted successors and assigns (each, the “Funding Agent” with respect to such Investor Group and, collectively, the “Funding
Agents”), 
 (g)    BARCLAYS BANK PLC, as L/C Provider, as Swingline Lender and as
administrative agent for the Conduit Investors, the Committed Note Purchasers, the Funding Agents, the L/C Provider and the Swingline Lender (together with its permitted successors and assigns in such capacity, the “Administrative
Agent” or the “Series 2019-1 Class A-1 Administrative Agent”), 

(h)    the other L/C Providers from time to time party hereto. 

BACKGROUND 

1.    Contemporaneously with the execution and delivery of this Agreement, the Co-Issuers and Citibank, N.A., as Trustee and Series 2019-1 Securities Intermediary, are entering into the Series 2019-1 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 2019-1
Supplement”), to the Base Indenture, dated as of September 30, 2014 (the “Original Base Indenture”), as amended and restated as of the date hereof (as the same may be further 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 2019-1 Supplement and any additional Supplements to the Base
Indenture, the “Indenture”), by and among the Co-Issuers, the Trustee and the Securities Intermediary, pursuant to which the Co-Issuers will issue the
Series 2019-1 Class A-1 Notes (as defined in the Series 2019-1 Supplement) in accordance with the Indenture. 

  
 1 

 2.    The
Co-Issuers wish to (a) issue the Series 2019-1 Class A-1 Advance Notes to each Funding Agent on behalf of the Investors
in the related Investor Group, and obtain the agreement of the applicable Investors to make loans from time to time (each, an “Advance” or a “Series 2019-1 Class A-1 Advance” and, collectively, the “Advances” or the “Series 2019-1
Class A-1 Advances”) that will constitute the purchase of Series 2019-1 Class A-1 Outstanding
Principal Amounts on the terms and conditions set forth in this Agreement; (b) issue the Series 2019-1 Class A-1 Swingline Note to the Swingline Lender and
obtain the agreement of the Swingline Lender to make Swingline Loans on the terms and conditions set forth in this Agreement; and (c) issue the Series 2019-1
Class A-1 L/C Note to the L/C Provider and obtain the agreement of the L/C Provider to provide Letters of Credit on the terms and conditions set forth in this Agreement. The Series 2019-1 Class A-1 Advance Notes, the Series 2019-1 Class A-1 Swingline Note and the
Series 2019-1 Class A-1 L/C Note constitute Series 2019-1 Class A-1 Notes. The
Manager has joined in this Agreement to confirm certain representations, warranties and covenants made by it in favor of the Trustee and the Noteholders in the Transaction Documents for the benefit of each Lender Party. 

ARTICLE I 
 DEFINITIONS 

SECTION 1.01    Definitions. As used in this Agreement and unless the context
requires a different meaning, capitalized terms used but not defined herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms or incorporated by reference in the Series
2019-1 Supplemental Definitions List attached to the Series 2019-1 Supplement as Annex A or set forth or incorporated by reference in the Base Indenture
Definitions List attached to the Base Indenture as Annex A, as applicable. Unless otherwise specified herein, all Article, Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections of this
Agreement. 
 ARTICLE II 

PURCHASE AND SALE OF SERIES 2019-1 CLASS A-1 NOTES 

SECTION 2.01    The Advance Notes. On the terms and conditions set forth in the
Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Co-Issuers shall issue and shall request the Trustee to authenticate the Series 2019-1 Class A-1 Advance Notes, which the Co-Issuers shall deliver to each Funding Agent on behalf of the Investors in the related
Investor Group on the Series 2019-1 Closing Date. Such Series 2019-1 Class A-1 Advance Note for each Investor Group shall be
dated the Series 2019-1 Closing Date, shall be registered in the name of the related Funding Agent or its nominee, as agent for the related Investors, or in such other name or nominee as such Funding Agent may
request, shall have a maximum principal amount equal to the Maximum Investor Group Principal Amount for such Investor Group, shall have an initial outstanding principal amount equal to such Investor Group’s Commitment Percentage of the Series 2019-1 Class A-1 Initial Advance Principal Amount, and shall be duly authenticated in accordance with the provisions of the Indenture. 

SECTION 2.02 Advances. 

(a)    Subject to the terms and conditions of this Agreement and the Indenture, each
Eligible Conduit Investor, if any, may, in its sole discretion, and if such Eligible Conduit Investor determines that it will not make (or it does not in fact make) an Advance or any portion of an Advance, its related Committed Note Purchaser(s)
shall or, if there is no Eligible Conduit Investor with respect to any Investor Group, the Committed Note Purchaser(s) with respect to such Investor Group shall, upon the Co-Issuers’ request delivered in
accordance with the provisions of Section 2.03 and the satisfaction of all conditions precedent thereto (or under the circumstances set forth in Section 2.05, 2.06 or 2.08), make
Advances from time to time during the Commitment Term; provided that such Advances shall be 

  
 2 

 
made ratably by each Investor Group based on their respective Commitment Percentages and the portion of any such Advance made by any Committed Note Purchaser in such Investor Group shall be its
Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor Group); provided, further, that if L/C Obligations or Swingline Loans
are outstanding as of any date on which Advances will be made pursuant to this Section 2.02(a) and such amounts are not being repaid with the proceeds of such Advances pursuant to Section 2.03, such Advances (or applicable portions
thereof) shall be made ratably by each Investor Group that does not include the L/C Provider and/or the Swingline Lender based on the respective Maximum Investor Group Principal Amount of such relevant Investor Groups, and among the Committed Note
Purchasers within each such Investor Group based on their respective Committed Note Purchaser Percentages until the Series 2019-1 Class A-1 Outstanding Principal
Amount attributable to each Investor Group including the Series 2019-1 Class A-1 Outstanding Subfacility Amount attributable to the Investor Group that includes the
L/C Provider or the Swingline Lender is pro rata based on their respective Commitment Percentages and thereafter any remaining portion of such Advance and any further Advances will continue to be made ratably by each Investor Group based on their
respective Commitment Percentages and among the Committed Note Purchasers within each such Investor Group based on their respective Committed Note Purchaser Percentages; provided, further, that if, as a result of any Committed Note
Purchaser (a “Non-Funding Committed Note Purchaser”) failing to make any previous Advance that such Non-Funding Committed Note Purchaser was required to
make, outstanding Advances are not held ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages
at the time a request for Advances is made, (x) such Non-Funding Committed Note Purchaser shall make all of such Advances until outstanding Advances are held ratably by each Investor Group based on their
respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages and (y) further Advances shall be made ratably by each Investor Group based on
their respective Commitment Percentages and the portion of any such Advance made by any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the
portion thereof not being made by any Conduit Investor in such Investor Group); provided, further, that the failure of a Non-Funding Committed Note Purchaser to make Advances pursuant to the
immediately preceding proviso shall not, subject to the immediately following proviso, relieve any other Committed Note Purchaser of its obligation hereunder, if any, to make Advances in accordance with Section 2.03(b)(i);
provided, further, that, subject, in the case of clause (i) below, to Section 2.03(b)(ii), no Advance shall be required or permitted to be made by any Investor on any date to the extent that, after giving
effect to such Advance, (i) the related Investor Group Principal Amount would exceed the related Maximum Investor Group Principal Amount or (ii) the Series 2019-1
Class A-1 Outstanding Principal Amount would exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount. 

(b)    Notwithstanding anything herein or in any other Transaction Document to the
contrary, at no time will a Conduit Investor be obligated to make Advances hereunder. If at any time any Conduit Investor is not an Eligible Conduit Investor, such Conduit Investor shall promptly notify the Administrative Agent (who shall promptly
notify the related Funding Agent and the Co-Issuers) thereof. 

(c)    Each of the Advances to be made on any date shall be made as part of a single
borrowing (each such single borrowing being a “Borrowing”). The Advances made as part of the initial Borrowing on the Series 2019-1 Closing Date, if any, will be evidenced by the Series 2019-1 Class A-1 Advance Notes issued in connection herewith and will constitute purchases of Series 2019-1 Class A-1 Initial Advance Principal Amounts corresponding to the amount of such Advances. All of the other Advances will constitute Increases evidenced by the Series
2019-1 Class A-1 Advance Notes issued in connection herewith and will constitute purchases of Series 2019-1 Class A-1 Outstanding Principal Amounts corresponding to the amount of such Advances. 

  
 3 

 (d)    Section 2.2(b) of the
Series 2019-1 Supplement specifies the procedures to be followed in connection with any Voluntary Decrease of the Series 2019-1
Class A-1 Outstanding Principal Amount. Each such Voluntary Decrease in respect of any Advances shall be either (i) in an aggregate minimum principal amount of $100,000 and integral multiples of
$100,000 in excess thereof or (ii) in such other amount necessary to reduce the Series 2019-1 Class A-1 Outstanding Principal Amount to zero. 

(e)    Subject to the terms of this Agreement and the Series 2019-1 Supplement, the aggregate principal amount of the Advances evidenced by the Series 2019-1 Class A-1 Advance Notes may be
increased by Borrowings or decreased by Voluntary Decreases from time to time. 

(f)    At any time that the aggregate Series
2019-1 Class A-1 Outstanding Principal Amount attributable to each Investor Group is not held pro rata based on its respective Commitment Percentage (as a result of
the issuance of any Letter of Credit or otherwise), the Investor Groups (and the Investors within each such Investor Group) may, in their sole discretion, agree amongst themselves to reallocate any outstanding Advances to ensure that the aggregate
Series 2019-1 Class A-1 Outstanding Principal Amount attributable to each Investor Group is pro rata based on its respective Commitment Percentage. Notwithstanding
anything to the contrary in this Agreement, no Breakage Amounts shall be payable in connection with any such allocation. 

(g)    To the extent that any Breakage Amount shall be payable pursuant to the terms of
this Agreement, the related breakage shall occur with respect to the applicable Advance or Swingline Loan closest to maturity. 

SECTION 2.03    Borrowing Procedures. 

(a)    Whenever the Co-Issuers wish to make a
Borrowing, the Co-Issuers shall (or shall cause the Manager on their behalf to) notify the Administrative Agent (who shall promptly, and in any event by 4:00 p.m. (New York City time) on the same Business Day
as its receipt of the same, notify each Funding Agent of its pro rata share thereof (or other required share, as required pursuant to Section 2.02(a)) and notify the Trustee, the Control Party, the Swingline Lender
and the L/C Provider in writing of such Borrowing) by written notice in the form of an Advance Request delivered to the Administrative Agent no later than 12:00 p.m. (New York City time) two Business Days (or, in the case of any Eurodollar Advances
for purposes of Section 3.01(b), two (2) Eurodollar Business Days) prior to the date of such Borrowing (unless a shorter period is agreed upon by the Administrative Agent and the L/C Provider, the L/C Issuing Bank, the
Swingline Lender or the Funding Agents, as applicable), which date of Borrowing shall be a Business Day during the Commitment Term. Each such notice shall be irrevocable and shall in each case refer to this Agreement and specify (i) the
Borrowing date, (ii) the aggregate amount of the requested Borrowing to be made on such date, (iii) at the election of the Co-Issuers, the amount of outstanding Swingline Loans and/or Unreimbursed
L/C Drawings (if applicable) to be repaid with the proceeds of such Borrowing on the Borrowing date, which amount shall constitute all outstanding Swingline Loans and Unreimbursed L/C Drawings outstanding on the date of such notice that are not
prepaid with other funds of the Co-Issuers available for such purpose, and (iv) sufficient instructions for application of the balance, if any, of the proceeds of such Borrowing on the Borrowing date
(which proceeds shall be made available to the Co-Issuers). Requests for any Borrowing may not be made in an aggregate principal amount of less than $100,000 or in an aggregate principal amount that is not an
integral multiple of $100,000 in excess thereof (or in each case such other amount as agreed to by the Administrative Agent), except as otherwise provided herein with respect to Borrowings for the purpose of repaying then-outstanding Swingline Loans
or Unreimbursed L/C Drawings. Subject to the provisos to Section 2.02(a), each Borrowing shall be ratably allocated among the Investor Groups’ respective Maximum Investor Group Principal Amounts. Each Funding Agent
shall promptly advise its related Conduit Investor, if any, of any notice given pursuant to this Section 2.03(a) and shall promptly thereafter (but in no event later than 10:00 a.m. (New York City time) on the date of
Borrowing) notify 

  
 4 

 
the Administrative Agent, the Co-Issuers and the related Committed Note Purchaser(s) whether such Conduit Investor has determined to make all or any
portion of the Advances in such Borrowing that are to be made by its Investor Group. On the date of each Borrowing and subject to the other conditions set forth herein and in the Series 2019-1 Supplement (and,
if requested by the Administrative Agent, confirmation from the Swingline Lender and the L/C Provider, as applicable, as to (x) the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings to be repaid with the proceeds of such
Borrowing on the Borrowing date, (y) the Undrawn L/C Face Amount of all Letters of Credit then outstanding and (z) the principal amount of any other Swingline Loans or Unreimbursed L/C Drawings then outstanding), the applicable Investors
in each Investor Group shall make available to the Administrative Agent the amount of the Advances in such Borrowing that are to be made by such Investor Group by wire transfer in U.S. Dollars of such amount in same day funds no later than 12:00
p.m. (New York City time) (or such later time as the Administrative Agent may agree to in its sole discretion on the date of any Borrowing) on the date of such Borrowing, and upon receipt thereof the Administrative Agent shall make such proceeds
available by 3:00 p.m. (New York City time), first, if applicable, and at the election of the Co-Issuers, to the Swingline Lender and the L/C Provider for application to repayment of the amount of
outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, ratably in proportion to such respective amounts, and/or, second, to the Co-Issuers, as
instructed in the applicable Advance Request. 
 (b)    (i) The failure of any
Committed Note Purchaser to make the Advance to be made by it as part of any Borrowing shall not relieve any other Committed Note Purchaser (whether or not in the same Investor Group) of its obligation, if any, hereunder to make its Advance on the
date of such Borrowing, but no Committed Note Purchaser shall be responsible for the failure of any other Committed Note Purchaser to make the Advance to be made by such other Committed Note Purchaser on the date of any Borrowing and (ii) in
the event that one or more Committed Note Purchasers fails to make its Advance by 12:00 p.m. (New York City time) (or such later time as the Administrative Agent may agree to in its sole discretion on the date of any Borrowing) on the date of such
Borrowing, the Administrative Agent shall notify each of the other Committed Note Purchasers not later than 1:00 p.m. (New York City time) on such date, and each of the other Committed Note Purchasers shall make available to the Administrative Agent
a supplemental Advance in a principal amount (such amount, the “reference amount”) equal to the lesser of (a) the aggregate principal Advance that was unfunded multiplied by a fraction, the numerator of which is the Commitment
Amount of such Committed Note Purchaser and the denominator of which is the aggregate Commitment Amounts of all Committed Note Purchasers (less the aggregate Commitment Amount of the Committed Note Purchasers failing to make Advances on such date)
and (b) the excess of (i) such Committed Note Purchaser’s Commitment Amount over (ii) the product of such Committed Note Purchaser’s related Investor Group Principal Amount multiplied by such Committed Note Purchaser’s
Committed Note Purchaser Percentage (after giving effect to all prior Advances on such date of Borrowing) (provided that a Committed Note Purchaser may (but shall not be obligated to), on terms and conditions to be agreed upon by such
Committed Note Purchaser and the Co-Issuers, make available to the Administrative Agent a supplemental Advance in a principal amount in excess of the reference amount; provided, however, that no
such supplemental Advance shall be permitted to be made to the extent that, after giving effect to such Advance, the Series 2019-1 Class A-1 Outstanding Principal
Amount would exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount). Such supplemental Advances shall be made by wire transfer in U.S. Dollars in same
day funds no later than 3:00 p.m. (New York City time) one (1) Business Day following the date of such Borrowing, and upon receipt thereof the Administrative Agent shall immediately make such proceeds available, first, if applicable and
at the election of the Co-Issuers, to the Swingline Lender and/or the L/C Provider for application to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the
applicable Advance Request, ratably in proportion to such respective amounts, and, second, to the Co-Issuers, as instructed in the applicable Advance Request. If any Committed Note Purchaser which shall
have so failed to fund its Advance shall subsequently pay such amount, the Administrative Agent shall apply such amount pro rata to repay any supplemental Advances made by the other Committed Note Purchasers pursuant to this
Section 2.03(b). 

  
 5 

 (c)    Unless the Administrative Agent
shall have received notice from a Funding Agent prior to the date of any Borrowing that an applicable Investor in the related Investor Group will not make available to the Administrative Agent such Investor’s share of the Advances to be made by
such Investor Group as part of such Borrowing, the Administrative Agent may (but shall not be obligated to) assume that such Investor has made such share available to the Administrative Agent on the date of such Borrowing in accordance with
Section 2.02(a) and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Swingline Lender, the L/C Provider and/or the
Co-Issuers, as applicable, on such date a corresponding amount, and shall, if such corresponding amount has not been made available by the Administrative Agent, make available to the Swingline Lender, the L/C
Provider and/or the Co-Issuers, as applicable, on such date a corresponding amount once such Investor has made such portion available to the Administrative Agent. If and to the extent that any Investor shall
not have so made such amount available to the Administrative Agent, such Investor and the Co-Issuers jointly and severally agree to repay (without duplication) to the Administrative Agent on the next Weekly
Allocation Date such corresponding amount (in the case of the Co-Issuers, in accordance with the Priority of Payments), together with interest thereon, for each day from the date such amount is made available
to the Co-Issuers until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Co-Issuers, the interest rate applicable at the time
to the Advances comprising such Borrowing and (ii) in the case of such Investor, the Federal Funds Rate and without deduction by such Investor for any withholding taxes. If such Investor shall repay to the Administrative Agent such
corresponding amount, such amount so repaid shall constitute such Investor’s Advance as part of such Borrowing for purposes of this Agreement. 

SECTION 2.04    The Series 2019-1
Class A-1 Notes. On each date an Advance or Swingline Loan is made or a Letter of Credit is issued hereunder, and on each date the outstanding amount thereof is reduced, a duly
authorized officer, employee or agent of the related Series 2019-1 Class A-1 Noteholder shall make appropriate notations in its books and records of the amount,
evidenced by the related Series 2019-1 Class A-1 Advance Note, Series 2019-1
Class A-1 Swingline Note or Series 2019-1 Class A-1 L/C Note, of such Advance, Swingline Loan or Letter of Credit, as
applicable, and the amount of such reduction, as applicable. The Co-Issuers hereby authorize each duly authorized officer, employee and agent of such Series 2019-1 Class A-1 Noteholder to make such notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be prima facie evidence of the accuracy of the
information so recorded; provided, however, that in the event of a discrepancy between the books and records of such Series 2019-1 Class A-1
Noteholder and the records maintained by the Trustee pursuant to the Indenture, such discrepancy shall be resolved by such Series 2019-1 Class A-1 Noteholder, the
Control Party and the Trustee, in consultation with the Co-Issuers (provided that such consultation with the Co-Issuers will not in any way limit or delay such
Series 2019-1 Class A-1 Noteholder’s, the Control Party’s and the Trustee’s ability to resolve such discrepancy), and such resolution shall control
in the absence of manifest error; provided further that the failure of any such notation to be made, or any finding that a notation is incorrect, in any such records shall not limit or otherwise affect the obligations of the Co-Issuers under this Agreement or the Indenture. 
 SECTION
2.05     Reduction in Commitments. 
 (a)    The Co-Issuers may, upon at least three (3) Business Days’ notice to the Administrative Agent (who shall promptly notify the Trustee, the Control Party, each Funding Agent and each Investor), effect a
permanent reduction in the Series 2019-1 Class A-1 Notes Maximum Principal Amount and a corresponding reduction in each Commitment Amount and Maximum Investor Group
Principal Amount on a pro rata basis; provided that (i) any such reduction will be limited to the undrawn portion of the Commitments, although any such reduction may be combined with a Voluntary Decrease effected pursuant to and
in accordance with Section 2.2(b) of the Series 2019-1 Supplement, (ii) any such reduction must be in a minimum amount of $10,000,000, (iii) after giving effect to such

  
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reduction, the Series 2019-1 Class A-1 Notes Maximum Principal Amount equals or exceeds $50,000,000, unless
reduced to zero, and (iv) no such reduction shall be permitted if, after giving effect thereto, (x) the aggregate Commitment Amounts would be less than the Series 2019-1 Class A-1 Outstanding Principal Amount (excluding any Undrawn L/C Face Amounts with respect to which cash collateral is held by the L/C Provider pursuant to Section 4.03(b)) or
(y) the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment. Any reduction made pursuant to this Section 2.05(a) shall be made ratably among the Investor Groups on
the basis of their respective Maximum Investor Group Principal Amounts. 
 (b)    If
any of the following events shall occur, then the Commitment Amounts shall be automatically and permanently reduced on the dates and in the amounts set forth below with respect to the applicable event and the other consequences set forth below with
respect to the applicable event shall ensue (and the Co-Issuers shall give the Trustee, the Control Party, each Funding Agent and the Administrative Agent prompt written notice thereof): 

(i)    if the Outstanding Principal Amount of the Series
2019-1 Class A-1 Notes has not been paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof) by the Business Day
immediately preceding the Class A-1 Notes Renewal Date, (A) on such Business Day, (x) the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid
in full with proceeds of Advances made on such date (and the Co-Issuers shall be deemed to have delivered such Advance Requests under Section 2.03 as may be necessary to cause such
Advances to be made), and (y) the Swingline Commitment and the L/C Commitment shall both be automatically and permanently reduced to zero and (B) (x) all undrawn portions of the Commitments shall automatically and permanently terminate and
the corresponding portions of the Series 2019-1 Class A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically and
permanently reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis) and (y) each payment of principal on the Series 2019-1 Class A-1 Outstanding Principal Amount occurring on or following such Business Day shall result automatically and permanently in a
dollar-for-dollar reduction of the Series 2019-1 Class A-1 Notes Maximum Principal
Amount and a corresponding reduction in each Maximum Investor Group Principal Amount on a pro rata basis; 

(ii)    if a Rapid Amortization Event (other than a Rapid Amortization Event triggered by
an Event of Default) occurs and is continuing (and shall not have been waived as provided in the Base Indenture) prior to the Class A-1 Notes Renewal Date, then (A) on the date such Rapid
Amortization Event occurs, (x) all undrawn portions of the Commitments shall automatically and permanently terminate, which termination shall be deemed to have occurred immediately following the making of Advances pursuant to clause
(B) below, and the corresponding portions of the Series 2019-1 Class A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall
be automatically and permanently reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis), (B) no later than the second Business Day after the occurrence of such Rapid Amortization
Event, the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds of Advances (and the Co-Issuers shall be deemed to have delivered such
Advance Requests under Section 2.03 as may be necessary to cause such Advances to be made) and the Swingline Commitment shall be automatically reduced to zero and the L/C Commitment shall be automatically reduced by the
unused portion thereof and such amount of Unreimbursed L/C Drawings repaid by such Advances; and (C) each payment of principal (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face Amounts pursuant to
Sections 4.02, 4.03(a), 4.03(b) and 9.18(c)(ii)) on the Series 2019-1 Class A-1 Outstanding Principal Amount occurring on or after the
date of such Rapid Amortization Event (excluding the repayment of any outstanding Swingline Loans and Unreimbursed L/C Drawings with proceeds of Advances pursuant to clause (B) above) shall result automatically and

  
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permanently in a dollar-for-dollar reduction of the Series 2019-1 Class A-1 Notes Maximum Principal Amount and a corresponding reduction in each Maximum Investor Group Principal Amount on a pro rata basis; provided that, in each case, if any Rapid Amortization
Event occurring (1) solely under clause (a) of the definition thereof shall cease to be in effect as a result of being waived in accordance with the Base Indenture or (2) clause (d) of the definition thereof shall cease to be in
effect as a result of being cured in accordance with the terms of such clause (d) set forth in the Base Indenture, then the Commitments, Swingline Commitment, L/C Commitment, Series 2019-1 Class A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be restored to the amounts in effect immediately prior to the occurrence of such Rapid Amortization Event. 

(iii)    [Intentionally omitted]; 

(iv)    if payments in connection with Indemnification Amounts, Insurance/Condemnation
Proceeds or Asset Disposition Proceeds are allocated to and deposited in the Series 2019-1 Class A-1 Distribution Account in accordance with
Section 5.10(i) of the Base Indenture and Section 3.6(j) of the Series 2019-1 Supplement at a time when either (i) no Senior Notes other than Series 2019-1 Class A-1 Notes are Outstanding or (ii) if a Series 2019-1 Class A-1
Notes Amortization Period is continuing or if a Rapid Amortization Event has occurred and is continuing, then (x) the aggregate Commitment Amount shall be automatically and permanently reduced on the date of such deposit by an amount (the
“Series 2019-1 Class A-1 Allocated Payment Reduction Amount”) equal to the amount of such deposit, and each Committed Note
Purchaser’s Commitment Amount shall be reduced on a pro rata basis of such Series 2019-1 Class A-1 Allocated Payment Reduction Amount based on each
Committed Note Purchaser’s Commitment Amount, (y) the corresponding portions of the Series 2019-1 Class A-1 Notes Maximum Principal Amount and the Maximum
Investor Group Principal Amounts shall be automatically and permanently reduced on a pro rata basis based on each Investor Group’s Maximum Investor Group Principal Amount by a corresponding amount on such date (and, if after giving
effect to such reduction the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment, then the aggregate amount of the Swingline Commitment and the L/C Commitment shall be reduced by the amount of
such difference, with such reduction to be allocated between them in accordance with the written instructions of the Co-Issuers delivered prior to such date; provided that after giving effect thereto
the aggregate amount of the Swingline Loans and the L/C Obligations do not exceed the Swingline Commitment and the L/C Commitment, respectively, as so reduced; provided further that in the absence of such instructions, such reduction
shall be allocated first to the Swingline Commitment and then to the L/C Commitment) and (z) the Series 2019-1 Class A-1 Outstanding Principal Amount shall be
repaid or prepaid (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face Amounts pursuant to Sections 4.02, 4.03(a), 4.03(b) and 9.18(c)(ii)) in an aggregate amount equal to such
Series 2019-1 Class A-1 Allocated Payment Reduction Amount on the date and in the order required by Section 3.6(j) of the Series 2019-1 Supplement; and 
 (v)    if any Event of
Default shall occur and be continuing (and shall not have been waived in accordance with the Base Indenture) and as a result the payment of the Series 2019-1
Class A-1 Notes is accelerated pursuant to the terms of the Base Indenture (and such acceleration shall not have been rescinded in accordance with the Base Indenture), the Series 2019-1 Class A-1 Notes Maximum Principal Amount, the Commitment Amounts, the Swingline Commitment, the L/C Commitment and the Maximum Investor Group Principal Amounts
shall all be automatically and permanently reduced to zero upon such acceleration and the Co-Issuers shall (in accordance with the Series 2019-1 Supplement) cause the
Series 2019-1 Class A-1 Outstanding Principal Amount to be paid in full (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face
Amounts pursuant to Sections 4.02, 4.03(a), 4.03(b) and 9.18(c)(ii)) together with accrued interest, Series 2019-1 Class A-1 Notes
Quarterly Commitment Fees Amounts payable pursuant to the Series 2019-1 Supplement, Series 2019-1 Class A-1 Notes

  
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Other Amounts and all other amounts then due and payable to the Lender Parties, the Administrative Agent and the Funding Agents under this Agreement and the other Transaction Documents and any
unreimbursed Debt Service Advance, Collateral Protection Advance and Manager Advance (in each case, with interest thereon at the Advance Interest Rate), in each case subject to and in accordance with the provisions of the Base Indenture, including
the Priority of Payments. 
 SECTION 2.06    Swingline Commitment. 

(a)    On the terms and conditions set forth in the Indenture and this Agreement, and in
reliance on the covenants, representations and agreements set forth herein and therein, the Co-Issuers shall issue and shall cause the Trustee to authenticate the Series
2019-1 Class A-1 Swingline Note, which the Co-Issuers shall deliver to the Swingline Lender on the Series 2019-1 Closing Date. Such Series 2019-1 Class A-1 Swingline Note shall be dated the Series
2019-1 Closing Date, shall be registered in the name of the Swingline Lender or its nominee, or in such other name as the Swingline Lender may request, shall have a maximum principal amount equal to the
Swingline Commitment, shall have an initial outstanding principal amount equal to the Series 2019-1 Class A-1 Initial Swingline Principal Amount, and shall be duly
authenticated in accordance with the provisions of the Indenture. Subject to the terms and conditions hereof, the Swingline Lender, in reliance on the agreements of the Committed Note Purchasers set forth in this
Section 2.06, agrees to make swingline loans (each, a “Swingline Loan” and, collectively, the “Swingline Loans”) to the Co-Issuers from time to time
during the period commencing on the Series 2019-1 Closing Date and ending on the date that is two (2) Business Days prior to the Commitment Termination Date; provided that the Swingline Lender
shall have no obligation or right to make any Swingline Loan if, after giving effect thereto, (i) the aggregate principal amount of Swingline Loans outstanding would exceed the Swingline Commitment then in effect (notwithstanding that the
Swingline Loans outstanding at any time, when aggregated with the Swingline Lender’s other outstanding Advances hereunder, may exceed the Swingline Commitment then in effect) or (ii) the Series
2019-1 Class A-1 Outstanding Principal Amount would exceed the Series 2019-1
Class A-1 Notes Maximum Principal Amount. Each such borrowing of a Swingline Loan will constitute a Subfacility Increase in the outstanding principal amount evidenced by the Series 2019-1 Class A-1 Swingline Note in an amount corresponding to such borrowing. Subject to the terms of this Agreement and the Series
2019-1 Supplement, the outstanding principal amount evidenced by the Series 2019-1 Class A-1 Swingline Note may be increased
by borrowings of Swingline Loans or decreased by payments of principal thereon from time to time. 

(b)    Whenever the Co-Issuers desire that the
Swingline Lender make Swingline Loans, the Co-Issuers shall (or shall cause the Manager on their behalf to) give the Swingline Lender and the Administrative Agent irrevocable notice in writing not later than
11:00 a.m. (New York City time) on the proposed borrowing date, specifying (i) the amount to be borrowed, (ii) the requested borrowing date (which shall be a Business Day during the Commitment Term not later than the date that is two
(2) Business Days prior to the Commitment Termination Date) and (iii) the payment instructions for the proceeds of such borrowing (which shall be consistent with the terms and provisions of this Agreement and the Indenture and which
proceeds shall be made available to the Co-Issuers). Such notice shall be in the form attached hereto as Exhibit A-2 hereto (a “Swingline Loan
Request”). Promptly upon receipt of any Swingline Loan Request (but in no event later than 2:00 p.m. (New York City time) on the date of such receipt), the Swingline Lender shall promptly notify the Control Party and the Trustee thereof in
writing. Each borrowing under the Swingline Commitment shall be in a minimum amount equal to $100,000. Promptly upon receipt of any Swingline Loan Request (but in no event later than 2:00 p.m. (New York City time) on the date of such receipt), the
Administrative Agent (based, with respect to any portion of the Series 2019-1 Class A-1 Outstanding Subfacility Amount held by any Person other than the
Administrative Agent, solely on written notices received by the Administrative Agent under this Agreement) will inform the Swingline Lender whether or not, after giving effect to the requested Swingline Loan, the Series 2019-1 Class A-1 Outstanding Principal Amount would exceed the Series 2019-1
Class A-1 Notes Maximum Principal Amount. If the Administrative Agent confirms 

  
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that the Series 2019-1 Class A-1 Outstanding Principal Amount would not exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount after giving effect to the requested Swingline Loan, then not later than 3:00 p.m. (New York City time) on the borrowing
date specified in the Swingline Loan Request, subject to the other conditions set forth herein and in the Series 2019-1 Supplement, the Swingline Lender shall make available to the Co-Issuers in accordance with the payment instructions set forth in such notice an amount in immediately available funds equal to the amount of the requested Swingline Loan. 

(c)    The Co-Issuers hereby agree that each
Swingline Loan made by the Swingline Lender to the Co-Issuers pursuant to Section 2.06(a) shall constitute the promise and obligation of the
Co-Issuers to pay to the Swingline Lender the aggregate unpaid principal amount of all Swingline Loans made by such Swingline Lender pursuant to Section 2.06(a), which amounts shall
be due and payable (whether at maturity or by acceleration) as set forth in this Agreement and in the Indenture for the Series 2019-1 Class A-1 Outstanding
Principal Amount. 
 (d)    In accordance with
Section 2.03(a), the Co-Issuers agree to cause requests for Borrowings to be made at least one time per month, for each month any Swingline Loans are outstanding for at least ten
(10) Business Days during such month, if any Swingline Loans are outstanding, in amounts at least sufficient to repay in full all Swingline Loans outstanding on the date of the applicable request. In accordance with
Section 3.01(c), outstanding Swingline Loans shall bear interest at the Base Rate. 

(e)    If prior to the time Advances would have otherwise been made pursuant to
Section 2.06(d), an Event of Bankruptcy shall have occurred and be continuing with respect to any Co-Issuer or any Guarantor or if for any other reason, as determined by the Swingline
Lender in its sole and absolute discretion, Advances will not be made as contemplated by Section 2.06(d), and each Committed Note Purchaser shall, on the date such Advances were to have been made pursuant to the notice
referred to in Section 2.06(d), purchase for cash an undivided participating interest in the then-outstanding Swingline Loans by paying to the Swingline Lender an amount (the “Swingline Participation
Amount”) equal to (i) its Committed Note Purchaser Percentage multiplied by (ii) the related Investor Group’s Commitment Percentage multiplied by (iii) the aggregate principal amount of Swingline Loans then
outstanding that was to have been repaid with such Advances. 
 (f)    Whenever, at any
time after the Swingline Lender has received from any Investor such Investor’s Swingline Participation Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Investor
its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Investor’s participating interest was outstanding and funded and, in the case of principal and
interest payments, to reflect such Investor’s pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline Loans then due); provided, however, that in the event
that such payment received by the Swingline Lender is required to be returned, such Investor will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender. 

(g)    Each applicable Investor’s obligation to make the Advances referred to in
Section 2.06(d) and each Committed Note Purchaser’s obligation to purchase participating interests pursuant to Section 2.06(e) shall be absolute and unconditional and shall not be affected by
any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Investor, Committed Note Purchaser or any Co-Issuer may have against the Swingline Lender, any Co-Issuer or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article
VII other than at the time the related Swingline Loan was made; (iii) any adverse change in the condition (financial or otherwise) of any Co-Issuer; (iv) any breach of this Agreement or any other
Indenture Document by any 

  
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Co-Issuer or any other Person; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

(h)    The Co-Issuers may, upon at least three
(3) Business Days’ notice to the Administrative Agent and the Swingline Lender, effect a permanent reduction in the Swingline Commitment; provided that any such reduction will be limited to the undrawn portion of the Swingline
Commitment. If requested by the Co-Issuers in writing and with the prior written consent of the Swingline Lender and the Administrative Agent, the Swingline Lender may (but shall not be obligated to) increase
the amount of the Swingline Commitment; provided that, after giving effect thereto, the aggregate amount of each of the Outstanding Series 2019-1 Class A-1
Note Advances, the Swingline Commitment and the L/C Commitment does not exceed the aggregate amount of the Commitments. 

(i)    The Co-Issuers may, upon notice to the
Swingline Lender (who shall promptly notify the Administrative Agent and the Trustee thereof in writing), at any time and from time to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; provided that
(x) such notice must be received by the Swingline Lender not later than 1:00 p.m. (New York City time) on the date of the prepayment, (y) any such prepayment shall be in a minimum principal amount of $500,000 or a whole multiple of
$100,000 in excess thereof (or in each case such other amount as agreed to by the Administrative Agent) or, if less, the entire principal amount thereof then outstanding and (z) if the source of funds for such prepayment is not a Borrowing,
there shall be no unreimbursed Debt Service Advance, Collateral Protection Advance or Manager Advance (or interest thereon) at such time. Each such notice shall specify the date and amount of such prepayment. If such notice is given, the Co-Issuers shall make such prepayment directly to the Swingline Lender and the payment amount specified in such notice shall be due and payable on the date specified therein. 

SECTION 2.07    L/C Commitment. 

(a)    Subject to the terms and conditions hereof, the L/C Provider (or its permitted
assigns pursuant to Section 9.17), in reliance on the agreements of the Committed Note Purchasers set forth in Sections 2.08 and 2.09, agrees to provide standby letters of credit, including Interest Reserve Letters of Credit (each, a
“Letter of Credit” and, collectively, the “Letters of Credit”) for the account of any Co-Issuer or its designee on any Business Day during the period commencing on the Series 2019-1 Closing Date and ending on the date that is ten (10) Business Days prior to the Commitment Termination Date to be issued in accordance with Section 2.07(h) in such form as may
be approved from time to time by the L/C Provider; provided that the L/C Provider shall have no obligation or right to provide any Letter of Credit on a requested issuance date if, after giving effect to such issuance, (i) the L/C
Obligations would exceed the L/C Commitment, or (ii) the Series 2019-1 Class A-1 Outstanding Principal Amount would exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount. 

Each Letter of Credit shall (x) be denominated in Dollars, (y) have a face amount of at least $25,000 or, if less
than $25,000, shall bear a reasonable administrative fee to be agreed upon by the Co-Issuers and the L/C Provider and (z) expire no later than the earlier of (A) the first anniversary of its date of
issuance and (B) the date that is ten (10) Business Days prior to the Commitment Termination Date (the “Required Expiration Date”); provided that any Letter of Credit may provide for the automatic renewal thereof
for additional periods, each individually not to exceed one year (which shall in no event extend beyond the Required Expiration Date) unless the L/C Provider notifies each beneficiary of such Letter of Credit at least thirty (30) calendar days
prior to the then-applicable expiration date (or no later than the applicable notice date, if earlier, as specified in such Letter of Credit) that such Letter of Credit shall not be renewed; provided further that any Letter of Credit
may have an expiration date that is later than the Required Expiration Date so long as either (x) the Undrawn L/C Face Amount with respect to such Letter of Credit has been fully cash collateralized by the
Co-Issuers in accordance with Section 4.02 or 4.03 as of the Required Expiration Date and there are no other outstanding L/C Obligations with respect to such Letter of Credit
as of the Required Expiration Date or (y) other than with respect to Interest Reserve Letters of Credit, arrangements 

  
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satisfactory to the L/C Provider in its sole and absolute discretion have been made with the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with respect to such Letter of
Credit, the L/C Issuing Bank) pursuant to Section 4.04 such that such Letter of Credit shall cease to be deemed outstanding or to be deemed a “Letter of Credit” for purposes of this Agreement as of the
Commitment Termination Date. 
 The L/C Provider shall not at any time be obligated to (I) provide any Letter of Credit
hereunder if such issuance would violate, or cause any L/C Issuing Bank to exceed any limits imposed by, any applicable Requirement of Law or (II) amend any Letter of Credit hereunder if (1) the L/C Provider would have no obligation at
such time to issue such Letter of Credit in its amended form under the terms hereof or (2) each beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

(b)    On the terms and conditions set forth in the Indenture and this Agreement, and in
reliance on the covenants, representations and agreements set forth herein and therein, the Co-Issuers shall issue and shall cause the Trustee to authenticate the Series
2019-1 Class A-1 L/C Note, which the Co-Issuers shall deliver to the L/C Provider on the Series 2019-1 Closing Date. Such Series 2019-1 Class A-1 L/C Note shall be dated the Series
2019-1 Closing Date, shall be registered in the name of the L/C Provider or in such other name or nominee as the L/C Provider may request, shall have a maximum principal amount equal to the L/C Commitment,
shall have an initial outstanding principal amount equal to the Series 2019-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount, and shall be duly authenticated
in accordance with the provisions of the Indenture. Each issuance of a Letter of Credit after the Series 2019-1 Closing Date will constitute an Increase in the outstanding principal amount evidenced by the
Series 2019-1 Class A-1 L/C Note in an amount corresponding to the Undrawn L/C Face Amount of such Letter of Credit. All L/C Obligations (whether in respect of
Undrawn L/C Face Amounts or Unreimbursed L/C Drawings) shall be deemed to be principal outstanding under the Series 2019-1 Class A-1 L/C Note and shall be deemed to
be Series 2019-1 Class A-1 Outstanding Principal Amounts for all purposes of this Agreement, the Indenture and the other Transaction Documents other than, in the
case of Undrawn L/C Face Amounts, for purposes of accrual of interest. Subject to the terms of this Agreement and the Series 2019-1 Supplement, each issuance of a Letter of Credit will constitute a Subfacility
Increase in the outstanding principal amount evidenced by the Series 2019-1 Class A-1 L/C Note and the expiration of any Letter of Credit or reimbursements of any
Unreimbursed L/C Drawings thereunder or other circumstances resulting in the permanent reduction in any Undrawn L/C Face Amounts from time to time will constitute a Subfacility Decrease in the outstanding principal amount evidenced by the Series 2019-1 Class A-1 L/C Note. The L/C Provider and the Co-Issuers agree to promptly notify the Administrative Agent and the Trustee
of any such decreases for which notice to the Administrative Agent is not otherwise provided hereunder. 

(c)    The Co-Issuers may (or shall cause the
Manager on its behalf to) from time to time request that the L/C Provider provide a new Letter of Credit by delivering to the L/C Provider at its address for notices specified herein an application therefor (in the form required by the applicable
L/C Issuing Bank as notified to the Co-Issuers by the L/C Provider) (an “Application”), completed to the satisfaction of the L/C Provider, and such other certificates, documents and other
papers and information as the L/C Provider may reasonably request on behalf of the L/C Issuing Bank. In addition, the letters of credit set forth in Schedule IV attached hereto shall be deemed to be Letters of Credit provided and issued by
the L/C Provider indicated therein on the Series 2019-1 Closing Date (so long as such letter of credit would have been permitted to have been issued hereunder but for the date of its issuance). Upon receipt of
any completed Application, the L/C Provider will notify the Administrative Agent and the Trustee in writing of the amount, the beneficiary or beneficiaries and the requested expiration of the requested Letter of Credit (which shall comply with
Section 2.07(a) and (i)) and, subject to the other conditions set forth herein and in the Series 2019-1 Supplement and upon receipt of written confirmation from the Administrative
Agent (based, with respect to any portion of the Series 2019-1 Class A-1 Outstanding Subfacility Amount held by any Person other than the Administrative Agent,
solely on written notices received by the Administrative Agent under this Agreement) that after giving effect to the requested issuance, the Series 2019-1 Class A-1
Outstanding Principal Amount would not exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount (provided that the L/C Provider

  
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shall be entitled to rely upon any written statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons of the
Administrative Agent for purposes of determining whether the L/C Provider received such prior written confirmation from the Administrative Agent with respect to any Letter of Credit), the L/C Provider will cause such Application and the
certificates, documents and other papers and information delivered in connection therewith to be processed in accordance with the L/C Issuing Bank’s customary procedures and shall promptly provide the Letter of Credit requested thereby (but in
no event shall the L/C Provider be required to provide any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto,
as provided in Section 2.07(a)) by issuing the original of such Letter of Credit to the beneficiary or beneficiaries thereof or as otherwise may be agreed to by the L/C Provider and the
Co-Issuers. The L/C Provider shall furnish a copy of such Letter of Credit to the Manager (with a copy to the Administrative Agent) promptly following the issuance thereof. The L/C Provider shall promptly
furnish to the Administrative Agent, which shall in turn promptly furnish to the Funding Agents, the Investors, the Control Party and the Trustee, written notice of the issuance of each Letter of Credit (including the amount thereof). 

(d)    The Co-Issuers shall pay to the L/C
Provider the L/C Quarterly Fees (as defined in the Series 2019-1 Class A-1 VFN Fee Letter, the “L/C Quarterly Fees”) in accordance with the terms
of the Series 2019-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments. 

(e)    [Reserved]. 

(f)    To the extent that any provision of any Application related to any Letter of
Credit is inconsistent with the provisions of this Article II, the provisions of this Article II shall apply. 

(g)    The Co-Issuers may, upon at least three
(3) Business Days’ notice to the Administrative Agent and the L/C Provider, effect a permanent reduction in the L/C Commitment; provided that any such reduction will be limited to the undrawn portion of the L/C Commitment. If
requested by the Co-Issuers in writing and with the prior written consent of the L/C Provider and the Administrative Agent, the L/C Provider may (but shall not be obligated to) increase the amount of the L/C
Commitment; provided that, after giving effect thereto, the aggregate amount of each of the Outstanding Series 2019-1 Class A-1 Note Advances, the Swingline
Commitment and the L/C Commitment does not exceed the aggregate amount of the Commitments. 

(h)    The L/C Provider shall satisfy its obligations under this
Section 2.07 with respect to providing any Letter of Credit hereunder by issuing such Letter of Credit itself or through an Affiliate if the L/C Issuing Bank Rating Test is satisfied with respect to such Affiliate, and the
issuance of such Letter of Credit. If the L/C Issuing Bank Rating Test is not satisfied with respect to such Affiliate, and the issuance of such Letter of Credit, a Person selected by the Co-Issuers (at the
expense of the Co-Issuers) shall issue such Letter of Credit; provided that such Person and issuance of such Letter of Credit satisfies the L/C Issuing Bank Rating Test (the L/C Provider (or such
Affiliate of the L/C Provider) or such other Person selected by the Co-Issuers (at the expense of the Co-Issuers), in each case in its capacity as the issuer of such
Letter of Credit being referred to as the “L/C Issuing Bank” with respect to such Letter of Credit). The “L/C Issuing Bank Rating Test” is a test that is satisfied with respect to a Person issuing a Letter of Credit
if the Person is a U.S. commercial bank that has, at the time of the issuance of such Letter of Credit, (i) a short-term certificate of deposit rating of not less than “A-2” (or then equivalent
grade) from S&P and (ii) a long-term unsecured debt rating of not less than “BBB” (or then equivalent grade) from S&P or such other minimum long-term unsecured debt rating as may be reasonably required by the beneficiary or
beneficiaries of such proposed Letter of Credit. 
 Each of the parties hereto shall execute any amendments to this
Agreement reasonably requested by the Co-Issuers in order to have any letter of credit issued by a Person selected by the Co-Issuers pursuant to this
Section 2.07(h) or Section 5.17 of the Base Indenture be a “Letter of Credit” that has been issued hereunder and such Person selected by the
Co-Issuers be an “L/C Issuing Bank”. 

  
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 (i)    The L/C Provider and, if the L/C
Provider is not the L/C Issuing Bank for any Letter of Credit, the L/C Issuing Bank shall be under no obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms
purport to enjoin or restrain the L/C Provider or the L/C Issuing Bank, as applicable, from issuing the Letter of Credit, or (ii) any law applicable to the L/C Provider or the L/C Issuing Bank, as applicable, or any request or directive (which
request or directive, in the reasonable judgment of the L/C Provider or the L/C Issuing Bank, as applicable, has the force of law) from any Governmental Authority with jurisdiction over the L/C Provider or the L/C Issuing Bank, as applicable, shall
prohibit the L/C Provider or the L/C Issuing Bank, as applicable, from issuing of letters of credit generally or the Letter of Credit in particular. 

(j)    Unless otherwise expressly agreed by the L/C Provider or the L/C Issuing Bank, as
applicable, and the Co-Issuers when a Letter of Credit is issued, the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice
(or such later version thereof as may be in effect at the time of issuance) shall apply to each standby Letter of Credit issued hereunder. 

(k)    For the avoidance of doubt, the L/C Commitment shall be a sub-facility limit of the Commitment Amounts and aggregate outstanding L/C Obligations as of any date of determination shall be a component of the Series 2019-1 Class A-1 Outstanding Principal Amount on such date of determination, pursuant to the definition thereof. 

(l)    The Interest Reserve Letter of Credit (including all drawings thereunder) shall be
subject to Section 5.17 of the Base Indenture in all respects. 
 SECTION
2.08    L/C Reimbursement Obligations. 
 (a)    For the
purpose of reimbursing the payment of any draft presented under any Letter of Credit, the Co-Issuers agree to pay the L/C Provider, for its own account or for the account of the L/C Issuing Bank, as
applicable, not later than five (5) Business Days after the day (subject to and in accordance with the Priority of Payments) on which the L/C Provider notifies the Co-Issuers and the Administrative Agent
(and in each case the Administrative Agent shall promptly, and in any event by 4:00 p.m. (New York City time) on the same Business Day as its receipt of the same, notify the Funding Agents) of the date and the amount of such draft, an amount in
Dollars equal to (A) the sum of (i) the amount of such draft so paid (the “L/C Reimbursement Amount”) and (ii) any taxes, fees, charges or other costs or expenses (including amounts payable pursuant to
Section 3.02(c), and collectively, the “L/C Other Reimbursement Costs”) incurred by the L/C Issuing Bank in connection with such payment, minus (B) any such amounts repaid pursuant to
Section 4.03(b). Unless the L/C Reimbursement Amount with respect thereto minus any such amounts repaid pursuant to Section 4.03(b) is repaid as set forth in the preceding sentence, each drawing
under any Letter of Credit shall (unless an Event of Bankruptcy shall have occurred and be continuing with respect to any Co-Issuer or any Guarantor, in which cases the procedures specified in
Section 2.09 for funding by Committed Note Purchasers shall apply) constitute a request by the Co-Issuers to the Administrative Agent and each Funding Agent for a Base Rate Borrowing
pursuant to Section 2.03 in the amount of the L/C Reimbursement Amount minus any such amounts repaid pursuant to Section 4.03(b), and the Co-Issuers shall be
deemed to have made such request pursuant to the procedures set forth in Section 2.03. The applicable L/C Other Reimbursement Amounts minus, without duplication, any such amounts repaid pursuant to
Section 4.03(b), shall be paid as Class A-1 Notes Other Amounts subject to and in accordance with the Priority of Payments. In the event such request for a Base Rate Borrowing is
deemed to have been given, the applicable Investors in each Investor Group hereby agree to make Advances in an aggregate amount for each Investor Group equal to such Investor Group’s Commitment Percentage of the L/C Reimbursement Amount and L/C
Other Reimbursement Costs to pay the L/C Provider. The Borrowing date with respect to such Borrowing shall be the first date on which a Base Rate Borrowing could be made pursuant to Section 2.03 if the Administrative Agent
had received a notice of such Borrowing at the time the Administrative 

  
 14 

 
Agent receives notice from the L/C Provider of such drawing under such Letter of Credit. Such Investors shall make the amount of such Advances available to the Administrative Agent in immediately
available funds not later than 3:00 p.m. (New York City time) on such Borrowing date and the proceeds of such Advances shall be immediately made available by the Administrative Agent to the L/C Provider for application to the reimbursement of such
drawing. 
 (b)    The Co-Issuers’
obligations under Section 2.08(a) shall be absolute and unconditional, and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances and irrespective of (i) any setoff,
counterclaim or defense to payment that any Co-Issuer may have or has had against the L/C Provider, the L/C Issuing Bank, any beneficiary of a Letter of Credit or any other Person, (ii) any lack of
validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (iii) payment by the L/C Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with
the terms of such Letter of Credit, (iv) payment by the L/C Issuing Bank under a Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such
Letter of Credit, including any arising in connection with any proceeding under the Bankruptcy Code or any other liquidation, conservatorship, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization or similar debtor relief laws of any jurisdictions or (v) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this
Section 2.08(b), constitute a legal or equitable discharge of, or provide a right of setoff against, any Co-Issuer’s obligations hereunder. The
Co-Issuers also agree that the L/C Provider and the L/C Issuing Bank shall not be responsible for, and the Co-Issuers’ Reimbursement Obligations under
Section 2.08(a) shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or
any dispute between or among any Co-Issuer and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of any Co-Issuer against any beneficiary of such Letter of Credit or any such transferee. Neither the L/C Provider nor the L/C Issuing Bank shall be liable for any error, omission, interruption, loss or delay in
transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Co-Issuers to the extent permitted by applicable law) caused by errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or
willful misconduct of the L/C Provider or the L/C Issuing Bank, as the case may be. The Co-Issuers agree that any action taken or omitted by the L/C Provider or the L/C Issuing Bank, as the case may be, under
or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or willful misconduct and in accordance with the standards of care specified in the UCC of the State of New York, shall be
binding on the Co-Issuers and shall not result in any liability of the L/C Provider or the L/C Issuing Bank to any Co-Issuer. As between the Co-Issuers and the L/C Issuing Bank, the Co-Issuers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to such beneficiary’s
or transferee’s use of any Letter of Credit. In furtherance of the foregoing and without limiting the generality thereof, the Co-Issuers agree with the L/C Issuing Bank that, with respect to documents
presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the L/C Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. In connection with each Interest
Reserve Letter of Credit, the Trustee as beneficiary shall be entitled to the benefit of every provision of the Base Indenture limiting the liability of or affording rights, benefits, protections, immunities or indemnities to the Trustee as if they
were expressly set forth herein mutatis mutandis. 
 (c)    If any draft shall
be presented for payment under any Letter of Credit for which the L/C Provider has Actual Knowledge, the L/C Provider shall promptly notify the Manager, the 

  
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Control Party, the Co-Issuers and the Administrative Agent of the date and amount thereof. The responsibility of the applicable L/C Issuing Bank to the Co-Issuers in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that
the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit and, in paying such draft, such L/C Issuing Bank shall not have any
responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of any
Person(s) executing or delivering any such document. 
 SECTION 2.09    L/C
Participations. 
 (a)    The L/C Provider irrevocably agrees to grant and hereby
grants to each Committed Note Purchaser, and, to induce the L/C Provider to provide Letters of Credit hereunder (and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit, to induce the L/C Provider to agree to reimburse such L/C
Issuing Bank for any payment of any drafts presented thereunder), each Committed Note Purchaser irrevocably and unconditionally agrees to accept and purchase and hereby accepts and purchases from the L/C Provider, on the terms and conditions set
forth below, for such Committed Note Purchaser’s own account and risk an undivided interest equal to its Committed Note Purchaser Percentage of the related Investor Group’s Commitment Percentage of the L/C Provider’s obligations and
rights under and in respect of each Letter of Credit provided hereunder and the L/C Reimbursement Amount with respect to each draft paid or reimbursed by the L/C Provider in connection therewith. Subject to Section 2.07(c),
each Committed Note Purchaser unconditionally and irrevocably agrees with the L/C Provider that, if a draft is paid under any Letter of Credit for which the L/C Provider is not paid in full by the Co-Issuers
in accordance with the terms of this Agreement, such Committed Note Purchaser shall pay to the Administrative Agent upon demand of the L/C Provider an amount equal to its Committed Note Purchaser Percentage of the related Investor Group’s
Commitment Percentage of the L/C Reimbursement Amount with respect to such draft, or any part thereof, that is not so paid. 

(b)    If any amount required to be paid by any Committed Note Purchaser to the
Administrative Agent for forwarding to the L/C Provider pursuant to Section 2.09(a) in respect of any unreimbursed portion of any payment made or reimbursed by the L/C Provider under any Letter of Credit is paid to the
Administrative Agent for forwarding to the L/C Provider within three (3) Business Days after the date such payment is due, such Committed Note Purchaser shall pay to the Administrative Agent for forwarding to the L/C Provider on demand an
amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Rate during the period from and including the date such payment is required to the date on which such payment is immediately available
to the L/C Provider, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any Committed Note Purchaser pursuant
to Section 2.09(a) is not made available to the Administrative Agent for forwarding to the L/C Provider by such Committed Note Purchaser within three Business Days after the date such payment is due, the L/C Provider shall
be entitled to recover from such Committed Note Purchaser, on demand, such amount with interest thereon calculated from such due date at the Base Rate. A certificate of the L/C Provider submitted to any Committed Note Purchaser with respect to any
amounts owing under this Section 2.09(b), in the absence of manifest error, shall be conclusive and binding on such Committed Note Purchaser. Such amounts payable under this Section 2.09(b) shall
be paid without any deduction for any withholding taxes. 
 (c)    Whenever, at any
time after payment has been made under any Letter of Credit and the L/C Provider has received from any Committed Note Purchaser its pro rata share of such payment in accordance with Section 2.09(a), the Administrative Agent
or the L/C Provider receives any payment related to such Letter of Credit (whether directly from any Co-Issuer or otherwise, including proceeds of collateral applied thereto), or any payment of interest on
account thereof, the Administrative Agent or the L/C Provider, as the case may be, will distribute to such Committed Note Purchaser its pro 

  
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rata share thereof; provided, however, that in the event that any such payment received by the Administrative Agent or the L/C Provider, as the case may be, shall be required
to be returned by the Administrative Agent or the L/C Provider such Committed Note Purchaser shall return to the Administrative Agent for the account of the L/C Provider the portion thereof previously distributed by the Administrative Agent or the
L/C Provider, as the case may be, to it. 
 (d)    Each Committed Note Purchaser’s
obligation to make the Advances referred to in Section 2.08(a) and to pay its pro rata share of any unreimbursed draft pursuant to Section 2.09(a) shall be absolute and unconditional and shall not
be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Committed Note Purchaser or any Co-Issuer may have against the L/C Provider, any L/C
Issuing Bank, any Co-Issuer or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions
specified in Article VII other than at the time the related Letter of Credit was issued; (iii) an adverse change in the condition (financial or otherwise) of any Co-Issuer; (iv) any breach of
this Agreement or any other Indenture Document by any Co-Issuer or any other Person; (v) any amendment, renewal or extension of any Letter of Credit in compliance with this Agreement or with the terms of
such Letter of Credit, as applicable; or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

ARTICLE III 
 INTEREST AND FEES

 SECTION 3.01    Interest. 

(a)    To the extent that an Advance is funded or maintained by a Conduit Investor
through the issuance of Commercial Paper, such Advance shall bear interest at the CP Rate applicable to such Conduit Investor. To the extent that, and only for so long as, an Advance is funded or maintained by a Conduit Investor through means other
than the issuance of Commercial Paper (based on its determination in good faith that it is unable to raise or is precluded or prohibited from raising, or that it is not advisable to raise, funds through the issuance of Commercial Paper in the
commercial paper market of the United States to finance its purchase or maintenance of such Advance or any portion thereof (which determination may be based on any allocation method employed in good faith by such Conduit Investor), including by
reason of market conditions or by reason of insufficient availability under any of its Program Support Agreement or the downgrading of any of its Program Support Providers), such Advance shall bear interest at (i) the Base Rate or (ii) if
the required notice has been given pursuant to Section 3.01(b) with respect to such Advance, for any Eurodollar Interest Accrual Period, the Eurodollar Rate applicable to such Eurodollar Interest Accrual Period for such
Advance, in each case except as otherwise provided in the definition of Eurodollar Interest Accrual Period or in Section 3.03 or 3.04. Each Advance funded or maintained by a Committed Note Purchaser or a Program
Support Provider shall bear interest at (i) the Base Rate or (ii) if the required notice has been given pursuant to Section 3.01(b) with respect to such Advance, for any Eurodollar Interest Accrual Period, the
Eurodollar Rate applicable to such Eurodollar Interest Accrual Period for such Advance, in each case except as otherwise provided in the definition of Eurodollar Interest Accrual Period or in Section 3.03 or 3.04. By
(x) 11:00 a.m. (New York City time) on the second Business Day preceding each Quarterly Calculation Date, each Funding Agent shall notify the Administrative Agent of the applicable CP Rate for each Advance made by its Investor Group that was funded
or maintained through the issuance of Commercial Paper and was outstanding during all or any portion of the Interest Accrual Period ending immediately prior to such Quarterly Calculation Date and (y) 3:00 p.m. (New York City time) on the second
Business Day preceding each Quarterly Calculation Date, the Administrative Agent shall notify the Co-Issuers, the Manager, the Trustee, the Servicer and the Funding Agents of such applicable CP Rate and of the
applicable interest rate for each other Advance for such Interest Accrual Period and of the amount of interest accrued on Advances during such Interest Accrual Period. 

  
 17 

 (b)    With respect to any Advance
(other than one funded or maintained by a Conduit Investor through the issuance of Commercial Paper), so long as no Potential Rapid Amortization Event, Rapid Amortization Period or Event of Default has commenced and is continuing, the Co-Issuers may elect that such Advance bear interest at the Eurodollar Rate for any Eurodollar Interest Accrual Period (which shall be a period with a term of, at the election of the
Co-Issuers subject to the proviso in the definition of Eurodollar Interest Accrual Period, one month, two months, three months or six months (or, at the discretion of the Holders of the Class A-1 Notes, twelve months)) while such Advance is outstanding to the extent provided in Section 3.01(a) by giving notice thereof (including notice of the Co-Issuers’ election of the term for the applicable Eurodollar Interest Accrual Period) to the Funding Agents prior to 12:00 p.m. (New York City time) on the date which is two (2) Eurodollar Business Days
prior to the commencement of such Eurodollar Interest Accrual Period. If such notice is not given in a timely manner, such Advance shall bear interest at the Base Rate. Each such conversion to or continuation of Eurodollar Advances for a new
Eurodollar Interest Accrual Period in accordance with this Section 3.01(b) shall be in an aggregate principal amount of $500,000 or an integral multiple of $100,000 in excess thereof. 

(c)    Any outstanding Swingline Loans and Unreimbursed L/C Drawings shall bear interest
at the Base Rate. By (x) 11:00 a.m. (New York City time) on the second Business Day preceding each Quarterly Calculation Date, the Swingline Lender shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any
Swingline Loans during the Interest Accrual Period ending on such date and the L/C Provider shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Unreimbursed L/C Drawings during such Interest Accrual
Period and the amount of fees accrued on any Undrawn L/C Face Amounts during such Interest Accrual Period and (y) 3:00 p.m. on such date, the Administrative Agent shall notify the Servicer, the Trustee, the
Co-Issuers and the Manager of the amount of such accrued interest and fees as set forth in such notices. 

(d)    All accrued interest pursuant to Section 3.01(a) or
(c) shall be due and payable in arrears on each Quarterly Payment Date in accordance with the applicable provisions of the Indenture. 

(e)    In addition, under the circumstances set forth in
Section 3.4 of the Series 2019-1 Supplement, the Co-Issuers shall pay quarterly interest in respect of the Series 2019-1 Class A-1 Outstanding Principal Amount in an amount equal to the Series 2019-1
Class A-1 Post-Renewal Date Additional Interest payable pursuant to such Section 3.4 subject to and in accordance with the Priority of Payments. 

(f)    All computations of interest at the CP Rate and the Eurodollar Rate, all
computations of Series 2019-1 Class A-1 Post-Renewal Date Additional Interest (other than any accruing on any Base Rate Advances) and all computations of fees shall
be made on the basis of a year of 360 days and the actual number of days elapsed. All computations of interest at the Base Rate and all computations of Series 2019-1
Class A-1 Post-Renewal Date Additional Interest accruing on any Base Rate Advances shall be made on the basis of a 365 (or 366, as applicable) day year and actual number of days elapsed. Whenever any
payment of interest, principal or fees hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day unless specified otherwise in the Indenture and such extension of time shall be included
in the computation of the amount of interest owed. Interest shall accrue on each Advance, Swingline Loan and Unreimbursed L/C Drawing from and including the day on which it is made to but excluding the date of repayment thereof. 

(g)    For purposes of the Series 2019-1 Class A-1 Notes, “Interest Accrual Period” means a period commencing on and including the day that is two (2) Business Days prior to a Quarterly Calculation Date and ending on but
excluding the day that is two (2) Business Days prior to the next succeeding Quarterly Calculation Date. 

  
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 SECTION 3.02    Fees. 

(a)    The Co-Issuers shall pay to the
Administrative Agent for its own account the Administrative Agent Fees (as defined in the Series 2019-1 Class A-1 VFN Fee Letter, collectively, the
“Administrative Agent Fees”) in accordance with the terms of the Series 2019-1 Class A-1 VFN Fee Letter and subject to and in accordance with the
Priority of Payments. 
 (b)    On each Quarterly Payment Date on or prior to the
Commitment Termination Date, the Co-Issuers shall, in accordance with Section 4.01, pay to each Funding Agent, for the account of the related Committed Note Purchaser(s), the Undrawn
Commitment Fees (as defined in the Series 2019-1 Class A-1 VFN Fee Letter, the “Undrawn Commitment Fees”) in accordance with the terms of the
Series 2019-1 Class A-1 VFN Fee Letter and subject to and in accordance with the Priority of Payments. 

(c)    The Co-Issuers shall pay (i) the fees
required pursuant to Section 2.07 in respect of Letters of Credit and (ii) any other fees set forth in the Series 2019-1 Class A-1
VFN Fee Letter (including, without limitation, the Class A-1 Notes Upfront Fee and any Extension Fees (in each case as defined in the Series 2019-1 Class A-1 VFN Fee Letter)) subject to and in accordance with the Priority of Payments. 

(d)    All fees payable pursuant to this Section 3.02 shall be
calculated in accordance with Section 3.01(f) and paid on the date due in accordance with the applicable provisions of the Indenture. Once paid, all fees shall be nonrefundable under all circumstances other than manifest
error. 
 SECTION 3.03    Eurodollar Lending Unlawful. If any Investor or
Program Support Provider shall determine that any Change in Law makes it unlawful, or any Official Body asserts that it is unlawful, for any such Person to fund or maintain any Advance as a Eurodollar Advance, the obligation of such Person to fund
or maintain any such Advance as a Eurodollar Advance shall, upon such determination, forthwith be suspended until such Person shall notify the Administrative Agent, the related Funding Agent, the Manager and the
Co-Issuers that the circumstances causing such suspension no longer exist, and all then-outstanding Eurodollar Advances of such Person shall be automatically converted into Base Rate Advances at the end of the
then-current Eurodollar Interest Accrual Period with respect thereto or sooner, if required by such law or assertion. 

SECTION 3.04    Deposits Unavailable. If the Administrative Agent shall have
determined that: 
 (a)    by reason of circumstances affecting the relevant market,
adequate and reasonable means do not exist for ascertaining the interest rate applicable hereunder to the Eurodollar Advances; or 

(b)    with respect to any interest rate otherwise applicable hereunder to any Eurodollar
Advances the Eurodollar Interest Accrual Period for which has not then commenced, Investor Groups holding in the aggregate more than 50% of the Eurodollar Advances have determined that such interest rate will not adequately reflect the cost to them
of funding, agreeing to fund or maintaining such Eurodollar Advances for such Eurodollar Interest Accrual Period, 
 then,
upon notice from the Administrative Agent (which, in the case of clause (b) above, the Administrative Agent shall give upon obtaining actual knowledge that such percentage of the Investor Groups have so determined) to the Funding
Agents, the Manager and the Co-Issuers, the obligations of the Investors to fund or maintain any Advance as a Eurodollar Advance after the end of the then-current Eurodollar Interest Accrual Period, if any,
with respect thereto shall forthwith be suspended and on the date 

  
 19 

 
such notice is given such Advances will convert to Base Rate Advances until the Administrative Agent has notified the Funding Agents, the Manager and the
Co-Issuers that the circumstances causing such suspension no longer exist. 
 If at any time the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 3.04 (a) or (b) have arisen and such circumstances are
unlikely to be temporary or (ii) the circumstances set forth in Section 3.04 (a) or (b) have not arisen but the supervisor for the administrator referred to in the definition of “Eurodollar
Funding Rate” or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the Eurodollar Funding Rate shall no longer be used for determining interest rates
for loans, then the Administrative Agent and the Co-Issuers shall endeavor to establish an alternate rate of interest to the Eurodollar Funding Rate (any such proposed rate, a “Eurodollar Successor
Rate”) that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such
alternate rate of interest and such other related changes to this Agreement as may be applicable, including Eurodollar Successor Rate Conforming Changes (as defined below); provided, that if such alternate rate of interest shall be less than zero,
such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 9.01, such amendment shall become effective without any further action or consent of any other
party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to Investor Groups, written notice from the Required Investor
Groups (or, in the event there are only two Investor Groups, any one of such Investor Groups) stating that such Required Investor Groups reasonably object to such amendment. 

“Eurodollar Successor Rate Conforming Changes” means, with respect to any proposed Eurodollar Successor Rate,
any conforming changes to the definitions (and components thereof) and provisions relating to interest herein and in the Series 2019-1 Supplement, including, the definition of “Base Rate”, “CP
Funding Rate”, “Eurodollar Rate”, “Eurodollar Advance”, “Eurodollar Business Day”, “Eurodollar Funding Rate”, “Eurodollar Funding Rate (Reserve Adjusted)”, “Eurodollar Reserve
Percentage”, “Eurodollar Tranche”, “Series 2019-1 Class A-1 Note Rate”, “Eurodollar Interest Accrual Period”, timing and
frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of such Eurodollar Successor Rate and to permit the
administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no
market practice for the administration of such Eurodollar Successor Rate exists, in such other manner of administration as the Administrative Agent determines in consultation with the Co-Issuers). 

SECTION 3.05    Increased Costs, etc. The
Co-Issuers agree to reimburse each Investor and any Program Support Provider (each, an “Affected Person”, which term, for purposes of Sections 3.07 and 3.08, shall also include
the Swingline Lender and the L/C Issuing Bank) for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Affected Person, including reductions in the rate of return on such Affected Person’s capital, in
respect of funding or maintaining (or of its obligation to fund or maintain) any Advances that arise in connection with any Change in Law 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 (except any such reserve requirement reflected in the Eurodollar Rate); or 

(ii)    impose on any Affected Person or the London interbank market any other condition
affecting this Agreement or Eurodollar Advances made by such Affected Person or any Letter of Credit or participation therein; 

  
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except for such Changes in Law with respect to increased capital costs and Class A-1 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 related Funding Agent and the Co-Issuers in writing and shall state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Affected Person for such increased cost or reduced amount of return. Such
additional amounts (“Increased Costs”) shall be deposited into the Collection Account by the Co-Issuers within ten (10) Business Days of receipt of such notice to be payable as Series 2019-1 Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such
Funding Agent and by such Funding Agent directly to such Affected Person, and such notice shall, in the absence of manifest error, be conclusive and binding on the Co-Issuers; provided that with respect
to any notice given to the Co-Issuers under this Section 3.05 the Co-Issuers 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    Funding Losses. In the event any Affected Person shall incur any loss or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such
Affected Person to fund or maintain any portion of the principal amount of any Advance as a Eurodollar Advance) as a result of: 

(a)    any conversion, repayment, prepayment or redemption (for any reason, including,
without limitation, as a result of any Decrease or the acceleration of the maturity of such Eurodollar Advance) of the principal amount of any Eurodollar Advance on a date other than the scheduled last day of the Eurodollar Interest Accrual Period
applicable thereto; 
 (b)    any Advance not being funded or maintained as a
Eurodollar Advance after a request therefor has been made in accordance with the terms contained herein (for a reason other than the failure of such Affected Person to make an Advance after all conditions thereto have been met); or 

(c)    any failure of the Co-Issuers to make a
Decrease, prepayment or redemption with respect to any Eurodollar Advance after giving notice thereof pursuant to the applicable provisions of the Series 2019-1 Supplement; 

then, upon the written notice of any Affected Person to the related Funding Agent and the Co-Issuers,
the Co-Issuers shall pay, within seven (7) Business Days of receipt of such notice, in the form of Series 2019-1
Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and such Funding Agent shall
pay directly to such Affected Person such amount (“Breakage Amount”) as will (in the reasonable determination of such Affected Person) reimburse such Affected Person for such loss or expense. With respect to any notice given to the Co-Issuers under this Section 3.06 the Co-Issuers 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. Such written notice (which shall include calculations in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on the
Co-Issuers. 
 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 

  
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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 under a Program Support Agreement or the Advances, Swingline Loans or Letters of Credit made or issued by such Affected Person is reduced to a level below that
which such Affected Person or such controlling Person would have achieved but for the occurrence of any such circumstance, then, in any such case after notice from time to time by such Affected Person (or in the case of an L/C Issuing Bank, by the
L/C Provider) to the related Funding Agent and the Co-Issuers (or, in the case of the Swingline Lender or the L/C Provider, to the Co-Issuers), the Co-Issuers shall deposit into the Collection Account within seven (7) Business Days of the Co-Issuers’ receipt of such notice, to be payable as Series 2019-1 Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such
Funding Agent (or, in the case of the Swingline Lender or the L/C Provider, directly to such Person) and such Funding Agent shall pay to such Affected Person, such amounts (“Increased Capital Costs”) as will be sufficient to
compensate such Affected Person or such controlling Person for such reduction in rate of return; provided that with respect to any notice given to the Co-Issuers under this
Section 3.07 the Co-Issuers 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 (including calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on the Co-Issuers. 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 Co-Issuers of principal of, and interest on, the Advances, the Swingline Loans and the L/C Obligations and all other amounts payable hereunder (including fees) shall be made free and
clear of and without deduction or withholding for or on account of any present or future income, excise, documentary, property, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges in the nature of a tax imposed by
any taxing authority including all interest, penalties or additions to tax and other liabilities with respect thereto (all such taxes, fees, duties, withholdings and other charges, and including all interest, penalties or additions to tax and other
liabilities with respect thereto, being called “Class A-1 Taxes”), but excluding in the case of any Affected Person (i) net income, franchise (imposed in lieu of net
income) or similar Class A-1 Taxes (and including branch profits or alternative minimum Class A-1 Taxes) and any other
Class A-1 Taxes imposed or levied on the Affected Person as a result of a present or former connection between the Affected Person and the jurisdiction of the governmental authority imposing such Class A-1 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 Transaction 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 

  
 22 

 
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 Co-Issuers
with respect to withholding tax, (iii) any taxes imposed under FATCA, (iv) any backup withholding tax and (v) any Class A-1 Taxes imposed as a result of such Affected Person’s failure
to comply with Section 3.08(d) (such Class A-1 Taxes not excluded by (i), (ii), (iii) and (iv) above being called
“Non-Excluded Taxes”). If any Class A-1 Taxes are imposed and required by law to be withheld or deducted from any amount payable by the Co-Issuers hereunder to an Affected Person, then, (x) the Co-Issuers shall withhold the amount of such Class A-1 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
Class A-1 Taxes in accordance with applicable law and (y) if such Class A-1 Taxes are Non-Excluded Taxes, the
amount of the payment shall be increased so that such payment is made, after withholding or deduction for or on account of such Non-Excluded Taxes, in an amount that is not less than the amount equal to the
sum that would have been received by the Affected Person had no such deduction or withholding been required. 

(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 Co-Issuers or otherwise in respect of any Transaction Document or
the transactions contemplated therein, such Affected Person or its agent may pay such Non-Excluded Taxes and the Co-Issuers will, within five (5) Business Days of
the related Funding Agent’s and Co-Issuers’ receipt of written notice stating the amount of such Non-Excluded Taxes (including the calculation thereof in
reasonable detail), deposit into the Collection Account, to be distributed as Series 2019-1 Class A-1 Notes Other Amounts, subject to and in accordance with the
Priority of Payments, such additional amounts (collectively, “Increased Tax Costs,” which term shall include all amounts payable by or on behalf of any Co-Issuer 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 Class A-1 Taxes) due or
payable by any Co-Issuer as a direct result of such Affected Person’s failure to demand from the Co-Issuers 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
Class A-1 Taxes, and in any event within thirty (30) days of any such payment being due, the Co-Issuers shall furnish to each applicable Affected Person or its
agents a certified copy of an official receipt (or other documentary evidence satisfactory to such Affected Person and agents) evidencing the payment of such Class A-1 Taxes. If the Co-Issuers fail to pay any Class A-1 Taxes when due to the appropriate taxing authority or fail to remit to the Affected Persons or their agents the required receipts (or
such other documentary evidence), the Co-Issuers shall indemnify (by depositing such amounts into the Collection Account, to be distributed subject to and in accordance with the Priority of Payments) each
Affected Person and its agents for any Non-Excluded Taxes that may become payable by any such Affected Person or its agents as a result of any such failure. 

(d)     Each Affected Person 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 Co-Issuers, shall deliver to the Co-Issuers 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 Co-Issuers or the Administrative Agent, in their reasonable 

  
 23 

 
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 Co-Issuers or the
Administrative Agent, each Affected Person shall deliver to the Co-Issuers 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 Co-Issuers 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
Co-Issuers 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 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 Co-Issuers and the Administrative Agent at the time or times prescribed by law and at such time or times
reasonably requested by the Co-Issuers 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 Co-Issuers or the Administrative Agent as may be necessary for the Co-Issuers 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 Closing Date, the Administrative Agent will provide the Co-Issuers with a properly executed and completed U.S. Internal Revenue Service Form W-8IMY or W-9, as appropriate. 

(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 Co-Issuers and the Manager in writing of such refund and shall, within thirty (30) days after receipt of a written request from the Co-Issuers, pay over such refund to the Co-Issuers (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 Class A-1 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 Co-Issuers, 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 

  
 24 

 
be construed to require the Affected Person to make available its tax returns (or any other information relating to its Class A-1 Taxes that it deems
confidential) to the Co-Issuers or any other Person. 

(h)    If any Governmental Authority asserts that the
Co-Issuers or the Administrative Agent or other withholding agent did not properly withhold or backup withhold, as the case may be, any Class A-1 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 Co-Issuers, Trustee and the Administrative Agent for any Class A-1 Taxes imposed by any jurisdiction on the amounts payable to the
Co-Issuers and the Administrative Agent under this Section 3.08, and costs and expenses (including attorney costs) of the Co-Issuers, 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, Trustee or any other withholding agent may deduct and
withhold any Class A-1 Taxes required by any laws to be deducted and withheld from any payments. 

SECTION 3.09    Change of Lending Office. Each Committed Note Purchaser agrees
that, upon the occurrence of any event giving rise to the operation of Section 3.05 or 3.07 or the payment of additional amounts to it under Section 3.08(a) or (b), in each case with respect
to an Affected Person in such Committed Note Purchaser’s Investor Group, it will, if requested by the Co-Issuers, use reasonable efforts (subject to overall policy considerations of such Committed Note
Purchaser) 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 Committed Note Purchaser, cause such Committed Note Purchaser 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 Co-Issuers or the rights of any Committed Note Purchaser pursuant to Section 3.05,
3.07 and 3.08. If a Committed Note Purchaser notifies the Co-Issuers in writing that such Committed Note Purchaser will be unable to designate, or cause the designation of, another lending
office, the Co-Issuers may replace every member (but not any subset thereof) of such Committed Note Purchaser’s entire Investor Group by giving written notice to each member of such Investor Group and the
Administrative Agent designating one or more Persons that are willing and able to purchase each member of such Investor Group’s rights and obligations under this Agreement for a purchase price that with respect to each such member of such
Investor Group will equal the amount owed to each such member of such Investor Group with respect to the Series 2019-1 Class A-1 Advance Notes (whether arising
under the Indenture, this Agreement, the Series 2019-1 Class A-1 Advance Notes or otherwise). Upon receipt of such written notice, each member of such Investor
Group shall assign its rights and obligations under this Agreement pursuant to and in accordance with Sections 9.17(a), (b) and (c), as applicable, in consideration for such purchase price and at the reasonable expense of the Co-Issuers (including, without limitation, the reasonable documented fees and out-of-pocket expenses of counsel to each such member);
provided, however, that no member of such Investor Group shall be obligated to assign any of its rights and obligations under this Agreement if the purchase price to be paid to such member is not at least equal to the amount owed to
such member with respect to the Series 2019-1 Class A-1 Advance Notes (whether arising under the Indenture, this Agreement, the Series 2019-1 Class A-1 Advance Notes or otherwise). 
 ARTICLE IV

 OTHER PAYMENT TERMS 

  
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 SECTION 4.01    Time and Method of
Payment. Except as otherwise provided in Section 4.02, all amounts payable to any Funding Agent or Investor hereunder or with respect to the Series 2019-1 Class A-1 Advance Notes shall be made to the Administrative Agent for the benefit of the applicable Person, by wire transfer of immediately available funds in Dollars not later than 3:00 p.m. (New York City
time) on the date due. The Administrative Agent will promptly, and in any event by 5:00 p.m. (New York City time) on the same Business Day as its receipt or deemed receipt of the same, distribute to the applicable Funding Agent for the benefit of
the applicable Person, or upon the order of the applicable Funding Agent for the benefit of the applicable Person, its pro rata share (or other applicable share as provided herein) of such payment by wire transfer in like funds as received.
Except as otherwise provided in Section 2.07 and Section 4.02, all amounts payable to the Swingline Lender or the L/C Provider hereunder or with respect to the Swingline Loans and L/C Obligations
shall be made to or upon the order of the Swingline Lender or the L/C Provider, respectively, by wire transfer of immediately available funds in Dollars not later than 3:00 p.m. (New York City time) on the date due. Any funds received after that
time will be deemed to have been received on the next Business Day. The Co-Issuers’ obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are
disbursed by any Co-Issuer to the Administrative Agent as provided herein or by the Trustee or Paying Agent in accordance with Section 4.02 whether or not such funds are properly
applied by the Administrative Agent or by the Trustee or Paying Agent. The Administrative Agent’s obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are disbursed by the
Administrative Agent to the applicable Funding Agent as provided herein whether or not such funds are properly applied by such Funding Agent. 

SECTION 4.02    Order of Distributions. Subject to
Section 9.18(c)(ii), any amounts deposited into the Series 2019-1 Class A-1 Distribution Account in respect of accrued interest, letter of
credit fees or undrawn commitment fees, but excluding amounts allocated for the purpose of reducing the Series 2019-1 Class A-1 Outstanding Principal Amount, shall
be distributed by the Trustee or the Paying Agent, as applicable, on the date due and payable under the Indenture and in the manner provided therein, to the Series 2019-1
Class A-1 Noteholders of record on the applicable Record Date, ratably in proportion to the respective amounts due to such payees at each applicable level of the Priority of Payments in accordance with
the applicable Quarterly Noteholders’ Report or Weekly Manager’s Certificate, as applicable. 
 Subject to
Section 9.18(c)(ii), any amounts deposited into the Series 2019-1 Class A-1 Distribution Account for the purpose of reducing the Series 2019-1 Class A-1 Outstanding Principal Amount shall be distributed by the Trustee or the Paying Agent, as applicable, on the date due and payable under the Indenture and
in the manner provided therein, to the Series 2019-1 Class A-1 Noteholders of record on the applicable Record Date, in the following order of priority (which the Co-Issuers shall cause to be set forth in the applicable Quarterly Noteholders’ Report or Weekly Manager’s Certificate, as applicable): first, to the Swingline Lender and the L/C Provider in respect
of outstanding Swingline Loans and Unreimbursed L/C Drawings, to the extent Unreimbursed L/C Drawings cannot be reimbursed pursuant to Section 2.08, ratably in proportion to the respective amounts due to such payees;
second, to the other Series 2019-1 Class A-1 Noteholders in respect of their outstanding Advances, ratably in proportion thereto; and, third, any
balance remaining of such amounts (up to an aggregate amount not to exceed the amount of Undrawn L/C Face Amounts at such time) shall be paid to the L/C Provider, to be deposited by the L/C Provider into a cash collateral account in the name of the
L/C Provider in accordance with Section 4.03(b). 
 Any amounts distributed to the Administrative
Agent pursuant to the Priority of Payments in respect of any other amounts related to the Class A-1 Notes shall be distributed by the Administrative Agent in accordance with
Section 4.01 on the date such amounts are due and payable hereunder to the 

  
 26 

 
applicable Series 2019-1 Class A-1 Noteholders and/or the Administrative Agent for its own account, as
applicable, ratably in proportion to the respective aggregate of such amounts due to such payees. 

SECTION 4.03    L/C Cash Collateral. (a) If as of five (5) Business
Days prior to the Commitment Termination Date, any Undrawn L/C Face Amounts remain in effect, the Co-Issuers shall either (i) provide cash collateral (in an aggregate amount equal to the amount of Undrawn
L/C Face Amounts at such time, to the extent that such amount of cash collateral has not been provided pursuant to Section 4.02 or 9.18(c)(ii)) to the L/C Provider, to be deposited by the L/C Provider into a cash
collateral account in the name of the L/C Provider in accordance with Section 4.03(b) or (ii) other than with respect to Interest Reserve Letters of Credit, make arrangements satisfactory to the L/C Provider in its
sole and absolute discretion with the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with respect to such Letter of Credit, the L/C Issuing Bank) pursuant to Section 4.04 such that any Letters of Credit
that remain outstanding as of the date that is ten (10) Business Days prior to the Commitment Termination Date shall cease to be deemed outstanding or to be deemed “Letters of Credit” for purposes of this Agreement as of the
Commitment Termination Date. 
 (b) All amounts to be deposited in a cash collateral account pursuant to
Section 4.02, Section 4.03(a) or Section 9.18(c)(ii) shall be held by the L/C Provider as collateral to secure the Co-Issuers’
Reimbursement Obligations with respect to any outstanding Letters of Credit. The L/C Provider shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment
of such deposit in Eligible Investments, which investments shall be made at the written direction, and at the risk and expense, of the Co-Issuers (provided that if an Event of Default has occurred and
is continuing, such investments shall be made solely at the option and sole discretion of the L/C Provider), such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account and all Class A-1 Taxes on such amounts shall be payable by the Co-Issuers. Moneys in such account shall automatically be applied by such L/C Provider to reimburse it for any
Unreimbursed L/C Drawings. Upon expiration of all then-outstanding Letters of Credit and payment in full of all Unreimbursed L/C Drawings, any balance remaining in such account shall promptly be paid over (i) if the Base Indenture and any
Series Supplement remain in effect, to the Trustee to be deposited into the Collection Account and distributed in accordance with the terms of the Base Indenture and (ii) otherwise to the Co-Issuers;
provided that, upon an Investor ceasing to be a Defaulting Investor in accordance with Section 9.18(d), any amounts of cash collateral provided pursuant to Section 9.18(c)(ii) upon such
Investor becoming a Defaulting Investor shall be released and applied as such amounts would have been applied had such Investor not become a Defaulting Investor. 

SECTION 4.04    Alternative Arrangements with Respect to Letters of Credit.
Notwithstanding any other provision of this Agreement or any Transaction Document, a Letter of Credit (other than an Interest Reserve Letter of Credit) shall cease to be deemed outstanding for all purposes of this Agreement and each other
Transaction Document if and to the extent that provisions, in form and substance satisfactory to the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with respect to such Letter of Credit, the L/C Issuing Bank) in its sole and
absolute discretion, have been made with respect to such Letter of Credit such that the L/C Provider (and, if applicable, the L/C Issuing Bank) has agreed in writing, with a copy of such agreement delivered to the Administrative Agent, the Control
Party, the Trustee and the Co-Issuers, that such Letter of Credit shall be deemed to be no longer outstanding hereunder, in which event such Letter of Credit shall cease to be a “Letter of Credit” as
such term is used herein and in the Transaction Documents. 
 ARTICLE V 

THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS 

  
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 SECTION 5.01    Authorization and
Action of the Administrative Agent. Each of the Lender Parties and the Funding Agents hereby designates and appoints Barclays Bank PLC 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 Lender Party or any Funding Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the
Administrative Agent shall be read into this Agreement or otherwise exist for the Administrative Agent. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Lender Parties and the Funding
Agents and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or agency with or for any Co-Issuer or any of its successors or assigns. The provisions of this Article
(other than the rights of the Co-Issuers set forth in Section 5.07) are solely for the benefit of the Administrative Agent, the Lender Parties and the Funding Agents, and no Co-Issuer shall have any rights as a third party beneficiary of any such provisions. The Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, exposes the
Administrative Agent to personal liability or that is contrary to this Agreement or any Requirement of Law. The appointment and authority of the Administrative Agent hereunder shall terminate upon the indefeasible payment in full of the Series 2019-1 Class A-1 Notes and all other amounts owed by the Co-Issuers hereunder to the Administrative Agent, all members of the
Investor Groups, the Swingline Lender and the L/C Provider (the “Aggregate Unpaids”) and termination in full of all Commitments and the Swingline Commitment and the L/C Commitment. 

SECTION 5.02    Delegation of Duties. The Administrative Agent may execute any of
its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The exculpatory provisions of this Article shall apply to any such agents or
attorneys-in-fact and shall apply to 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
or willful misconduct as determined by a court of competent jurisdiction by a final and nonappealable judgment), or (b) responsible in any manner to any Lender Party or any Funding Agent for any recitals, statements, representations or warranties
made by any Co-Issuer or 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 any Co-Issuer or 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 Investor or any Funding Agent to ascertain or to inquire as to the observance or performance of any of the agreements or
covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of any Co-Issuer. The Administrative Agent shall not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization
Event, Default or Event of Default unless the Administrative Agent has received notice in writing of such event from a Co-Issuer, any Lender Party or any Funding Agent. 

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

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

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

SECTION 5.07    Successor Administrative Agent; Defaulting Administrative
Agent. 
 (a)    The Administrative Agent may, upon thirty (30) days’
notice to the Co-Issuers and each of the Lender Parties and the Funding Agents, and the Administrative Agent will, upon the direction of Investor Groups holding 100% of the Commitments (excluding any
Commitments held by Defaulting Investors), resign as Administrative Agent. If the Administrative Agent shall resign, then the Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the
Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two thirds of the Commitments (excluding any Commitments held by the resigning Administrative Agent or its Affiliates, and if all Commitments are held by the
resigning Administrative Agent or its Affiliates, then the Co-Issuers), during such 30-day period, shall appoint an Affiliate of a member of the Investor Groups as a
successor administrative agent, subject to the consent of (i) the Co-Issuers at all times other than while an Event of Default has occurred and is continuing (which consent of the Co-Issuers shall not be unreasonably withheld or delayed) and (ii) the Control Party (which consent of the Control Party shall not be unreasonably withheld or delayed); provided that the Commitment of
any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this Section 5.07(a). If for any reason no successor Administrative Agent is appointed
by the Investor Groups during such 30-day period, then 

  
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effective upon the expiration of such 30-day period, the Co-Issuers 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 Series 2019-1 Class A-1 VFN Fee
Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Co-Issuers for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the
L/C Provider, as applicable, until such time, if any, as a successor administrative agent is appointed as provided above, and the Co-Issuers shall instruct the Trustee in writing accordingly. After any
retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of Section 9.05 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was the Administrative Agent under this Agreement. 
 (b)    The Co-Issuers may, upon the occurrence of any of the following events (any such event, a “Defaulting Administrative Agent Event”) and with the consent of Investor Groups holding more than (i) if
no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two thirds of the Commitments, remove the Administrative Agent and, upon such
removal, the Investor Groups holding more than 50% of the Commitments in the case of clause (i) above or two thirds of the Commitments in the case of clause (ii) above (provided that the Commitment of any Defaulting Investor shall
be disregarded in the determination of whether any threshold percentage of Commitments has been met under this Section 5.07(b)) shall appoint an Affiliate of a member of the Investor Groups as a successor administrative
agent, subject to the consent of (x) the Co-Issuers at all times other than while an Event of Default has occurred and is continuing (which consent of the
Co-Issuers shall not be unreasonably withheld or delayed) and (y) the Control Party (which consent of the Control Party shall not be unreasonably withheld or delayed): (i) an Event of Bankruptcy with
respect to the Administrative Agent; (ii) if the Person acting as Administrative Agent or an Affiliate thereof is also an Investor, any other event pursuant to which such Person becomes a Defaulting Investor; (iii) the failure by the
Administrative Agent to pay or remit any funds required to be remitted when due (in each case, if amounts are available for payment or remittance in accordance with the terms of this Agreement for application to the payment or remittance thereof)
which continues for two (2) Business Days after such funds were required to be paid or remitted; (iv) any representation, warranty, certification or statement made by the Administrative Agent under this Agreement or in any agreement,
certificate, report or other document furnished by the Administrative Agent proves to have been false or misleading in any material respect as of the time made or deemed made, and if such representation, warranty, certification or statement is
susceptible of remedy in all material respects, is not remedied within thirty (30) calendar days after knowledge thereof or notice by the Co-Issuers to the Administrative Agent, and if not susceptible of
remedy in all material respects, upon notice by the Co-Issuers to the Administrative Agent or (v) any act constituting the gross negligence or willful misconduct of the Administrative Agent. If for any
reason no successor Administrative Agent is appointed by the Investor Groups within 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 Co-Issuers shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without
limitation, the Series 2019-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Co-Issuers for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a successor administrative agent is appointed as
provided above, and the Co-Issuers 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 Co-Issuers 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 Series 2019-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the 

  
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L/C Provider, as applicable, and the Co-Issuers for all purposes may deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as
applicable. 
 SECTION 5.08    Authorization and Action of Funding Agents. Each
Investor is hereby deemed to have designated and appointed its related Funding Agent set forth next to such Investor’s name on Schedule I (or identified as such Investor’s Funding Agent pursuant to any applicable Assignment and
Assumption Agreement or Investor Group Supplement) as the agent of such Person hereunder, and hereby authorizes such Funding Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to such Funding Agent by the
terms of this Agreement together with such powers as are reasonably incidental thereto. Each Funding Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with the related
Investor Group, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Funding Agent shall be read into this Agreement or otherwise exist for such Funding Agent. In performing its functions and
duties hereunder, each Funding Agent shall act solely as agent for the related Investor Group and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or agency with or for any
Co-Issuer, any of its successors or assigns or any other Person. Each Funding Agent shall not be required to take any action that exposes such Funding Agent to personal liability or that is contrary to this
Agreement or any Requirement of Law. The appointment and authority of the Funding Agents hereunder shall terminate upon the indefeasible payment in full of the Aggregate Unpaids of the Investor Groups and the termination in full of all the
Commitments. 
 SECTION 5.09    Delegation of Duties. Each Funding Agent may
execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to
such duties. Each Funding Agent shall not be responsible for the actions or any gross negligence or willful misconduct of any agents or attorneys-in-fact selected by it
in good faith. 
 SECTION 5.10    Exculpatory Provisions. Each Funding Agent
and its Affiliates, and each of their directors, officers, agents or employees shall not be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such
Person’s own gross negligence or willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or warranties made by any Co-Issuer
contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of any Co-Issuer to perform its obligations hereunder, or for the satisfaction of any condition
specified in Article VII. Each Funding Agent shall not be under any obligation to the related Investor Group to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of,
this Agreement, or to inspect the properties, books or records of any Co-Issuer. Each Funding Agent shall not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event,
Default or Event of Default unless such Funding Agent has received notice of such event from the Co-Issuers or any member of the related Investor Group. 

SECTION 5.11    Reliance. Each Funding Agent shall in all cases be entitled to
rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of the Administrative
Agent and legal counsel (including, without limitation, counsel to the Co-Issuers), independent accountants 

  
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and other experts selected by such Funding Agent. Each Funding Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document
furnished in connection herewith unless it shall first receive such advice or concurrence of the related Investor Group as it deems appropriate or it shall first be indemnified to its satisfaction by the related Investor Group; provided that
unless and until such Funding Agent shall have received such advice, such Funding Agent may take or refrain from taking any action, as such Funding Agent shall deem advisable and in the best interests of the related Investor Group. Each Funding
Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the related Investor Group and such request and any action taken or failure to act pursuant thereto shall be binding upon the
related Investor Group. 
 SECTION
5.12    Non-Reliance on the Funding Agent and Other Purchasers. The related Investor Group expressly acknowledges that its Funding Agent and any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates has not made any representations or warranties to it and that no act by such Funding Agent hereafter taken, including,
without limitation, any review of the affairs of the Co-Issuers, shall be deemed to constitute any representation or warranty by such Funding Agent. The related Investor Group represents and warrants to such
Funding Agent that it has and will, independently and without reliance upon such Funding Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations,
property, prospects, financial and other conditions and creditworthiness of the Co-Issuers and made its own decision to enter into this Agreement. 

SECTION 5.13 The Funding Agent in its Individual Capacity. Each Funding Agent and any of its
Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with any Co-Issuer or any Affiliate of a Co-Issuer as though such
Funding Agent were not a Funding Agent hereunder. 
 SECTION 5.14    Successor
Funding Agent. Each Funding Agent will, upon the direction of the related Investor Group, resign as such Funding Agent. If such Funding Agent shall resign, then the related Investor Group shall appoint an Affiliate of a member of the related
Investor Group as a successor funding agent (it being understood that such resignation shall not be effective until such successor is appointed). After any retiring Funding Agent’s resignation hereunder as Funding Agent, subject to the
limitations set forth herein, the provisions of Section 9.05 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Funding Agent under this Agreement.

 ARTICLE VI 
 REPRESENTATIONS
AND WARRANTIES 
 SECTION 6.01    The
Co-Issuers and Guarantors. The Co-Issuers and the Guarantors jointly and severally represent and warrant to the Administrative Agent and each Lender Party, as
of the date of this Agreement and as of the date of each Advance made hereunder, that: 

(a)    each of their representations and warranties made in favor of the Trustee or the
Noteholders in the Indenture and the other Transaction Documents (other than a Transaction Document relating solely to a Series of Notes other than the Series 2019-1 Notes) is true and correct (a) if not
qualified as to materiality or Material Adverse Effect, in all material respects and (b) if qualified as to materiality or Material Adverse Effect, in all respects, as of the date originally made, as of the date hereof and as of the Series 2019-1 Closing Date (unless stated to relate solely to an earlier date, in which 

  
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case such representations and warranties shall be true and correct in all material respects as of such earlier date); 

(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)    assuming the representations and warranties of each Lender Party set forth in
Section 6.03 of this Agreement are true and correct, neither they nor or any of their Affiliates, have, directly or through an agent, engaged in any form of general solicitation or general advertising in connection with the
offering of the Series 2019-1 Class A-1 Notes under the 1933 Act or in any manner involving a public offering within the meaning of Section 4(a)(2) of the 1933
Act including, but not limited to, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or radio or any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising; provided that no representation or warranty is made with respect to the Lender Parties and their Affiliates; and no Co-Issuer nor any of its Affiliates has entered
into any contractual arrangement with respect to the distribution of the Series 2019-1 Class A-1 Notes, except for this Agreement and the other Transaction
Documents, and the Co-Issuers will not enter into any such arrangement; 

(d)    neither they nor any of their Affiliates have, directly or through any agent,
sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the 1933 Act) that is or will be integrated with the sale of the Series 2019-1 Class A-1 Notes in a manner that would require the registration of the Series 2019-1 Class A-1 Notes under the 1933 Act; 

(e)    assuming the representations and warranties of each Lender Party set forth in
Section 6.03 of this Agreement are true and correct, the offer and sale of the Series 2019-1 Class A-1 Notes in the manner contemplated by
this Agreement is a transaction exempt from the registration requirements of the 1933 Act, and the Base Indenture is not required to be qualified under the United States Trust Indenture Act of 1939, as amended; 

(f)    no Securitization Entity is required, or will be required as a result of the
making of Advances and Swingline Loans and the issuance of Letters of Credit hereunder and the use of proceeds therefrom, to register as an “investment company” under the 1940 Act; in connection with the foregoing, the Co-Issuers are relying on an exclusion from the definition of “investment company” under Section 3(a)(1) of the Investment Company Act, although additional exemptions or exclusions may be available to
the Co-Issuers; the Co-Issuers do 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.” 
 (g)    the Co-Issuers have furnished to the Administrative Agent and each Funding Agent true, accurate and complete copies of all other Transaction Documents (excluding Series Supplements and other Transaction Documents
relating solely to a Series of Notes other than the Series 2019-1 Class A-1 Notes) to which they are a party as of the Series
2019-1 Closing Date, all of which Transaction Documents are in full force and effect as of the Series 2019-1 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 a Co-Issuer has informed each Funding Agent, the Swingline Lender and
the L/C Provider; 
 (h)    none of the
Co-Issuers or the Guarantors or any of their respective subsidiaries nor, to the knowledge of any of the Co-Issuers or the Guarantors, any Affiliate, director, officer,
manager, member, agent, employee or other person acting on behalf of any of the Co-Issuers, 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 

  
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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”)); (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 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
Co-Issuers 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; 

(i)    to the knowledge of the Co-Issuers and the
Guarantors, the operations of the Co-Issuers and the Guarantors and their respective subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all 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 Co-Issuers, the Guarantors or their respective subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Co-Issuers or the
Guarantors, threatened; 
 (j)    none of the
Co-Issuers or the Guarantors or any of their respective subsidiaries nor, to the knowledge of any of the Co-Issuers or the Guarantors, any director, manager, member,
officer, employee, agent or Affiliate of any of the Co-Issuers 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 Co-Issuers 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 Co-Issuers 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; 

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

(l)    the Series 2019-1 Class A-1 Advance Notes and each Advance hereunder is an “eligible asset” as defined in Rule 3a-7 under the Investment Company Act. 

SECTION 6.02    The Manager. The Manager represents and warrants to the
Administrative Agent and each Lender Party that no Manager Termination Event has occurred and is continuing as a result of any representation and warranty made by it in any Transaction Document (other than a Transaction Document relating solely to a
Series of Notes other than the Series 2019-1 Notes) to which it is a party (including any representations and warranties made by it as Manager) being inaccurate. 

SECTION 6.03    Lender Parties. Each of the Lender Parties represents and
warrants to the Co-Issuers and the Manager as of the date hereof (or, in the case of a successor or assign of an Investor, as of the subsequent date on which such successor or assign shall become or be deemed
to become a party hereto) that: 

  
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 (a)    it has had an opportunity to
discuss the Co-Issuers’ and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase of the Series
2019-1 Class A-1 Notes, with the Co-Issuers and the Manager and their respective representatives; 

(b)    it is an “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) of Regulation D under the 1933 Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic
risk of investing in, the Series 2019-1 Class A-1 Notes; 

(c)    it is purchasing the Series 2019-1 Class A-1 Notes for its own account, or for the account of one or more “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the 1933 Act that meet
the criteria described in clause (b) above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to a distribution in violation of the 1933 Act, subject, nevertheless, to
the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the 1933 Act, or the
rules and regulations promulgated thereunder, with respect to the Series 2019-1 Class A-1 Notes; 

(d)    it understands that (i) the Series
2019-1 Class A-1 Notes have not been and will not be registered or qualified under the 1933 Act or any applicable state securities laws or the securities laws of
any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from
registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Co-Issuers, (ii) the Co-Issuers are not required to
register the Series 2019-1 Class A-1 Notes under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction,
(iii) any permitted transferee hereunder must meet the criteria in clause (b) above and (iv) any transfer must comply with the provisions of Section 2.8 of the Base Indenture,
Section 4.3 of the Series 2019-1 Supplement and Section 9.03 or 9.17, as applicable, of this Agreement; 

(e)    it will comply with the requirements of Section 6.03(d),
above, in connection with any transfer by it of the Series 2019-1 Class A-1 Notes; 

(f)    it understands that the Series 2019-1 Class A-1 Notes will bear the legend set out in the form of Series 2019-1 Class A-1 Notes attached to the Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend; 

(g)    it will obtain for the benefit of the
Co-Issuers from any purchaser of the Series 2019-1 Class A-1 Notes substantially the same representations and warranties
contained in the foregoing paragraphs; and 
 (h)    it has executed a Purchaser’s
Letter substantially in the form of Exhibit D hereto. 
 ARTICLE VII 

CONDITIONS 

SECTION 7.01    Conditions to Issuance and Effectiveness. Each Lender Party will
have no obligation to purchase the Series 2019-1 Class A-1 Notes hereunder on the Series 2019-1 Closing Date, and the
Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless: 

  
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 (a)    the Base Indenture, the Series 2019-1 Supplement, the Guarantee and Collateral Agreement and the other Transaction Documents shall be in full force and effect; 

(b)    on the Series 2019-1 Closing Date, the
Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that the Series 2019-1 Class A-1 Notes
have received a rating of not less than BBB; 
 (c)    at the time of such issuance,
the additional conditions set forth in Schedule III and all other conditions to the issuance of the Series 2019-1 Class A-1 Notes under the Indenture shall
have been satisfied or waived; and 
 (d)    the certain risk retention letter
agreement from the Manager, dated as of the Series 2019-1 Closing Date with respect to the risk retention rules shall have been duly executed and delivered by the parties thereto in form and substance
satisfactory to the Series 2019-1 Class A-1 Administrative Agent. 

SECTION 7.02    Conditions to Initial Extensions of Credit. The election of each
Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, the initial Borrowing hereunder, and the obligations of the Swingline Lender and the L/C Provider to fund the initial Swingline Loan or provide the initial Letter
of Credit hereunder, respectively, shall be subject to the satisfaction of the conditions precedent that (a) each Funding Agent shall have received a duly executed and authenticated Series 2019-1 Class A-1 Advance Note registered in its name or in such other name as shall have been directed by such Funding Agent and stating that the principal amount thereof shall not exceed the Maximum Investor Group
Principal Amount of the related Investor Group, (b) each of the Swingline Lender and the L/C Provider shall have received a duly executed and authenticated Series 2019-1
Class A-1 Swingline Note or Series 2019-1 Class A-1 L/C Note, as applicable, registered in its name or in such other
name as shall have been directed by it and stating that the principal amount thereof shall not exceed the Swingline Commitment or L/C Commitment, respectively, and (c) the Co-Issuers shall have paid all
fees required to be paid by it under the Transaction Documents on the Series 2019-1 Closing Date, including all fees required hereunder. 

SECTION 7.03 Conditions to Each Extension of Credit. The election of each Conduit Investor to fund,
and the obligation of each Committed Note Purchaser to fund, any Borrowing on any day (including the initial Borrowing but excluding any Borrowings to repay Swingline Loans or L/C Obligations pursuant to Section 2.05,
2.06 or 2.08, as applicable), and the obligations of the Swingline Lender to fund any Swingline Loan (including the initial one) and of the L/C Provider to provide any Letter of Credit (including the initial one), respectively, shall
be subject to the conditions precedent that on the date of such funding or provision, before and after giving effect thereto and to the application of any proceeds therefrom, the following statements shall be true (without regard to any waiver,
amendment or other modification of this Section 7.03 or any definitions used herein consented to by the Control Party unless Investors holding more than (i) if no single Investor Group holds more than 50% of the
Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two thirds of the Commitments (provided that the Commitment of any Defaulting Investor shall be disregarded in the
determination of whether any threshold percentage of Commitments has been met under this Section 7.03) have consented to such waiver, amendment or other modification for purposes of this
Section 7.03; provided, however, that if a Rapid Amortization Event has occurred and been declared by the Control Party pursuant to Section 9.1(a), (b), (c) or
(d) of the Base Indenture, or has occurred pursuant to Section 9.1(e) of the Base Indenture consent to such waiver, amendment or other modification from all Investors (provided that it shall not be the
obligation of the Control Party to obtain such consent from the Investors) as well as the 

  
 36 

 
Control Party is required for purposes of this Section 7.03; and provided further that if the second proviso to Section 9.01 is
applicable to such waiver, amendment or other modification, then consent to such waiver, amendment or other modification from the Persons required by such proviso shall also be required for purposes of this Section 7.03):

 (a)    (i) the representations and warranties of the
Co-Issuers set out in this Agreement and (ii) the representations and warranties of the Manager set out in this Agreement, in each such case, shall be true and correct (A) if qualified as to
materiality or Material Adverse Effect, in all respects and (B) if not qualified as to materiality or Material Adverse Effect, in all material respects, as of the date of such funding or issuance, with the same effect as though made on that
date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall have been true and correct as of such earlier date); 

(b)    no Default, Event of Default, Potential Rapid Amortization Event, Cash Trapping
Period or Rapid Amortization Event will be in existence at the time of, or after giving effect to, such funding or issuance; 

(c)    the DSCR as calculated as of the immediately preceding Quarterly Calculation Date
shall not be less than 1.50x; 
 (d)    in the case of any Borrowing, except to the
extent an advance request is expressly deemed to have been delivered hereunder, the Co-Issuers shall have delivered or have been deemed to have delivered to the Administrative Agent an executed advance request
in the form of Exhibit A-1 hereto with respect to such Borrowing (each such request, an “Advance Request” or a “Series 2019-1
Class A-1 Advance Request”); 

(e)    the Co-Issuers have furnished to the
Administrative Agents true, accurate and complete copies of all other Transaction Documents (excluding any Series Supplements and other Transaction Documents relating solely to a Series of Notes other than the Series
2019-1 Class A-1 Notes) to which any Co-Issuer, the Manager or any Guarantor is a party as of the Closing Date, all of which
Transaction Documents are in full force and effect as of the Closing Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such date; 

(f)    no Manager Termination Event has occurred and is continuing and each
representation and warranty made by the Manager in any Transaction Document (other than a Transaction Document relating solely to a Series of Notes other than the Series 2019-1
Class A-1 Notes) to which the Manager is a party (including any representations and warranties made by it in its capacity as Manager) is true and correct (a) if not qualified as to materiality or
Material Adverse Effect, in all material respects and (b) if qualified as to materiality or Material Adverse Effect, in all respects as of the date originally made, as of the date hereof and as of the Closing Date (unless stated to related
solely to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date); 

(g)    the Senior Notes Interest Reserve Amount (including any Senior Notes Interest
Reserve Account Deficit Amount) will be funded and/or an Interest Reserve Letter of Credit will be maintained for such amount as of the date of such draw in the amounts required pursuant to the Indenture after giving effect to such draw;
provided that a portion of the proceeds of such draw may be used to fund and/or maintain such Senior Notes Interest Reserve Amount; 

(h)    all Undrawn Commitment Fees, Administrative Agent Fees and L/C Quarterly Fees due
and payable on or prior to the date of such funding or issuance shall have been paid in full; and 

  
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 (i)    all conditions to such extension
of credit or provision specified in Section 2.02, 2.03, 2.06 or 2.07 of this Agreement, as applicable, shall have been satisfied. 

The giving of any notice pursuant to Section 2.03, 2.06 or 2.07, as applicable, shall
constitute a representation and warranty by the Co-Issuers and the Manager that all conditions precedent to such funding or provision have been satisfied or will be satisfied concurrently therewith. 

ARTICLE VIII 
 COVENANTS 

SECTION 8.01    Covenants. Each of the
Co-Issuers and the Manager, severally, covenants and agrees that, until all Aggregate Unpaids have been paid in full and all Commitments, the Swingline Commitment and the L/C Commitment have been terminated,
it will: 
 (a)    unless waived in writing by the Control Party in accordance with
Section 9.7 of the Base Indenture, duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Transaction Document to which it is a party; 

(b)    not amend, modify, waive or give any approval, consent or permission under any
provision of the Base Indenture or any other Transaction Document to which it is a party unless any such amendment, modification, waiver or other action is in writing and made in accordance with the terms of the Base Indenture or such other
Transaction Document, as applicable; 
 (c)    reasonably concurrently with the time
any report, notice or other document is provided to the Rating Agencies and/or the Trustee, or caused to be provided, by any Co-Issuer or the Manager under the Base Indenture (including, without limitation,
under Sections 8.8, 8.9 and/or 8.11 thereof) or under the Series 2019-1 Supplement, provide the Administrative Agent (and the Administrative Agent shall promptly provide a copy thereof to
the Lender Parties) with a copy of such report, notice or other document; provided, however, that neither the Manager nor the Co-Issuers shall have any obligation under this
Section 8.01(c) to deliver to the Administrative Agent copies of any Quarterly Noteholders’ Reports that relate solely to a Series of Notes other than the Series 2019-1 Class A-1 Notes; 
 (d)    once per calendar
year, following reasonable prior notice from the Administrative Agent (the “Annual Inspection Notice”), and during regular business hours, permit any one or more of the Administrative Agent, any Funding Agent, the Swingline Lender
or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at the Co-Issuers’ expense, access (as a group, and not individually unless only one such Person desires such
access) to the offices of the Manager, the Co-Issuers and the Guarantors, (i) to examine and make copies of and abstracts from all documentation relating to the Collateral on the same terms as are
provided to the Trustee under Section 8.6 of the Base Indenture, and (ii) to visit the offices and properties of the Manager, the Co-Issuers and the Guarantors for the purpose of
examining such materials described in clause (i) above, and to discuss matters relating to the Collateral, or the administration and performance of the Base Indenture, the Series 2019-1
Supplement and the other Transaction Documents with one or more officers or employees of the Manager, the Co-Issuers and/or the Guarantors, as applicable, having knowledge of such matters; provided,
however, that upon the occurrence and continuation of a Potential Rapid Amortization Event, Rapid Amortization Event, Cash Trapping Period, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the
L/C Provider, or any of their respective agents, representatives or permitted assigns, at the Co-Issuers’ expense may do any of the foregoing at any time during normal business hours and without advance
notice; provided, further, that, in addition to any visits made pursuant to provision of an Annual Inspection Notice or during the continuation of a Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of
Default, the Administrative Agent, any Funding Agent, the Swingline Lender and the L/C Provider, or any of their 

  
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respective agents, representatives or permitted assigns, at their own expense, may do any of the foregoing at any time during normal business hours following reasonable prior notice with respect
to the business of the Co-Issuers and/or the Guarantors; and provided, further, that the Funding Agents, the Swingline Lender and the L/C Provider will be permitted to provide input to the
Administrative Agent with respect to the timing of delivery, and content, of the Annual Inspection Notice; 

(e)     not take, or cause to be taken, any action, including, without limitation,
acquiring any margin stock (as such term is defined under the regulations of the Board of Governors of the Federal Reserve System, “Margin Stock”), that could cause the transactions contemplated by the Transaction Documents to fail
to comply with the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof; 

(f)     not permit any amounts owed with respect to the Series 2019-1 Class A-1 Notes to be secured, directly or indirectly, by any Margin Stock in a manner that would violate the regulations of the Board of Governors of the Federal
Reserve System, including Regulations T, U and X thereof; 
 (g)    promptly provide
such additional financial and other information with respect to the Transaction Documents (other than Series Supplements and Transaction Documents relating solely to a Series of Notes other than the Series
2019-1 Class A-1 Notes), the Co-Issuers, the Manager or the Guarantors as the Administrative Agent may from time to time
reasonably request; 
 (h)    deliver to the Administrative Agent (and the
Administrative Agent shall promptly provide a copy thereof to the Lender Parties), the financial statements prepared pursuant to Section 4.1 of the Base Indenture reasonably contemporaneously with the delivery of such
statements under the Base Indenture; 
 (i)    not (i) permit any Co-Issuer to use the proceeds of any Borrowing under the Series 2019-1 Class A-1 Notes to pay any distribution on its limited
liability company interests to the IHOP SPV Guarantor or the Applebee’s SPV Guarantor, as applicable, if such distribution will be used, directly or indirectly, to pay amounts to or repurchase the equity interest of, Dine Brands Global, Inc. or
any other direct or indirect parent or shareholder of the IHOP SPV Guarantor or the Applebee’s SPV Guarantor, or (ii) designate equity contributions as Retained Collections Contributions to the extent such equity contributions were funded
with the proceeds of a Borrowing under the Series 2019-1 Class A-1 Notes; and 

(j)    use of the proceeds of the Series 2019-1 Class A-1 Notes (including Letters of Credit) for general corporate purposes of the Securitization Entities and the Non-Securitization Entities, including the making of
distributions to the Non-Securitization Entities and the funding of acquisitions by any Securitization Entities or Non-Securitization Entity, in each case, to the extent
permitted under, and in accordance with the terms of, the Base Indenture and the other Transaction Documents, including Sections 5.16 and 8.18 and of the Base Indenture. 

In addition to the conditions set forth in Section 2.2(b) of the Base Indenture, for so long as the
Series 2019-1 Class A-1 Notes are Outstanding, obtain the consent of the Administrative Agent to the issuance of any additional Series of Class A-1 Notes (which consent shall be deemed to have been given unless an objection is delivered to the Co-Issuers within ten (10) Business Days after written
notice of such proposed issuance is delivered to the Administrative Agent. 
 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 

  
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the Manager or any Co-Issuer, shall in any event be effective unless the same shall be in writing and signed by the
Co-Issuers with the written consent of (A) the Administrative Agent and (B) other than in respect of amendments pursuant to Section 3.04, Investor Groups holding more than
(i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two thirds of the Commitments (“Required Investor
Groups”); provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether such threshold percentage of Commitments has been met; provided, however, that, in addition, (i) the
prior written consent of each affected Investor shall be required in connection with any amendment, modification or waiver that (x) increases the amount of the Commitment of such Investor, extends the Commitment Termination Date or the Class A-1 Notes Renewal Date for such Investor, modifies the conditions to funding the Commitment or otherwise subjects such Investor 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 or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the
Commitments of any Lender Party), (y) reduces the amount or delays the timing of payment of any principal, interest, fees or other amounts payable to such Investor hereunder or (z) would have an effect comparable to any of those set forth in
Section 13.2(a) of the Base Indenture that require the consent of each Noteholder or each affected Noteholder; (ii) any amendment, modification or waiver that affects the rights or duties of any of the Swingline
Lender, the L/C Provider, the Administrative Agent or the Funding Agents shall require the prior written consent of such affected Person; and (iii) the prior written consent of each Investor, the Swingline Lender, the L/C Provider, the
Administrative Agent and each Funding Agent shall be required in connection with any amendment, modification or waiver of this Section 9.01. For purposes of any provision of any other Indenture Document relating to any
vote, consent, direction or the like to be given by the Series 2019-1 Class A-1 Noteholders, such vote, consent, direction or the like shall be given by the Holders
of the Series 2019-1 Class A-1 Advance Notes only and not by the Holders of any Series 2019-1
Class A-1 Swingline Notes or Series 2019-1 Class A-1 L/C Notes except to the extent that such vote, consent, direction
or the like is to be given by each affected Noteholder and the Holders of any Series 2019-1 Class A-1 Swingline Notes or Series
2019-1 Class A-1 L/C Notes would be affected thereby. In addition, the provisions of Section 6.01(k) may not be amended or waived without
confirmation from each Conduit Investor that the rating of the commercial paper notes of such Conduit Investor then rated by Standard & Poor’s will not be reduced or withdrawn as a result thereof. Each Series 2019-1 Class A-1 Noteholder hereby authorizes the Administrative Agent to consent to any amendment pursuant Section 3.04 or pursuant to the last paragraph of
Section 13.1(a) of the Base Indenture. 
 Each Committed Note Purchaser will notify the
Co-Issuers in writing whether or not it will consent to a proposed amendment, waiver or other modification of this Agreement and, if applicable, any condition to such consent, waiver or other modification. If
a Committed Note Purchaser notifies the Co-Issuers in writing that such Committed Note Purchaser either (I) will not consent to an amendment to or waiver or other modification of any provision of this
Agreement or (II) conditions its consent to such an amendment, waiver or other modification of any provision of this Agreement upon the payment of an amendment fee, the Co-Issuers may replace every member
(but not any subset thereof) of such Committed Note Purchaser’s entire Investor Group by giving written notice to each member of such Investor Group and the Administrative Agent designating one or more Persons that are willing and able to
purchase each member of such Investor Group’s rights and obligations under this Agreement for a purchase price that with respect to each such member of such Investor Group will equal the amount owed to each such member of such Investor Group
with respect to the Series 2019-1 Class A-1 Advance Notes (whether arising under the Indenture, this Agreement, the Series
2019-1 Class A-1 Advance Notes or otherwise). Upon receipt of such written notice, each member of such Investor Group shall assign its rights and obligations under
this Agreement pursuant to and in accordance with Sections 9.17(a), (b) and (c), as applicable, in consideration 

  
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for such purchase price and at the reasonable expense of the Co-Issuers (including, without limitation, the reasonable documented fees and out-of-pocket expenses of counsel to each such member); provided, however, that no member of such Investor Group shall be obligated to assign any of its rights
and obligations under this Agreement if the purchase price to be paid to such member is not at least equal to the amount owed to such member with respect to the Series 2019-1
Class A-1 Advance Notes (whether arising under the Indenture, this Agreement, the Series 2019-1 Class A-1 Advance Notes
or otherwise). In addition, notwithstanding the terms of Section 2.05, the Co-Issuers may also effect a permanent reduction in the Series
2019-1 Class A-1 Notes Maximum Principal Amount and a corresponding reduction in the Commitment Amount solely of such Committed Note Purchaser and Maximum Investor
Group Principal Amount solely of such Investor Group on a non-ratable basis; provided that (i) any such reduction will be limited to the undrawn portion of such Commitments, although any such
reduction may be combined with a Voluntary Decrease effected pursuant to and in accordance with Section 2.2(b) of the Series 2019-1 Supplement, applied solely with respect to such
Committed Note Purchaser and such Investor Group. 
 The Co-Issuers and the Lender Parties shall
negotiate any amendments, waivers, consents, supplements or other modifications to this Agreement or the other Transaction Documents that require the consent of the Lender Parties in good faith. Pursuant to Section 9.05(a),
the Lender Parties shall be entitled to reimbursement by the Co-Issuers for the reasonable expenses incurred by the Lender Parties in reviewing and approving any such amendment, waiver, consent, supplement or
other modification to this Agreement or any Transaction Document. The Administrative Agent agrees to provide notice to each Investor Group of any amendment to this Agreement, regardless of whether the consent of such Investor 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 Co-Issuers, the Manager, the Lender Parties, the Funding Agents, the Administrative Agent and their respective successors and assigns; provided, however, that none of the
Co-Issuers nor the Manager may assign its rights or obligations hereunder or in connection herewith or any interest herein (voluntarily, by operation of law or otherwise) without the prior written consent of
each Lender Party (other than any Defaulting Investor); provided further that nothing herein shall prevent the Co-Issuers from assigning its rights (but none of its duties or liabilities) to the
Trustee under the Base Indenture and the Series 2019-1 Supplement; and provided, further that none of the Lender Parties may transfer, pledge, assign, sell participations in or otherwise encumber
its rights or obligations hereunder or in connection herewith or any interest herein except as permitted under Section 6.03, Section 9.17 and this Section 9.03. Nothing
expressed herein is intended or shall be construed to give any Person other than the Persons referred to in the preceding sentence any legal or equitable right, remedy or claim under or in respect of this Agreement except as provided in
Section 9.16. 
 (b)    Notwithstanding any other provision
set forth in this Agreement, each Investor may at any time grant to one or more Program Support Providers a participating interest in or lien on such Investor’s interests in the Advances made hereunder and such Program Support Provider,

  
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with respect to its participating interest, shall be entitled to the benefits granted to such Investor under this Agreement. In addition, any Investor may at any time sell participations to any
Person in all or a portion of such Investor’s rights and/or obligations under this Agreement, the Series 2019-1 Class A-1 Advance Notes and the Advances made
thereunder and, in connection therewith, any other Transaction Documents to which it is a party, and such participant, with respect to its participating interest, shall be entitled to the benefits granted to such Investor under this Agreement;
provided that (i) such Investor’s obligations under this Agreement shall remain unchanged, (ii) such Investor shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Co-Issuers, the Administrative Agent, the Swingline Lender, the L/C Provider and each other Investor shall continue to deal solely and directly with such Investor in connection with such Investor’s rights and
obligations under this Agreement. 
 (c)    In addition to its rights under
Section 9.17, each Conduit Investor may at any time assign its rights in the Series 2019-1 Class A-1 Advance Notes (and its rights
hereunder and under the Transaction Documents) to its related Committed Note Purchaser or, subject to Section 6.03 and Section 9.17(f), its related Program Support Provider or any Affiliate of any
of the foregoing, in each case in accordance with the applicable provisions of the Indenture. Furthermore, each Conduit Investor may at any time grant a security interest in and lien on, all or any portion of its interests under this Agreement, its
Series 2019-1 Class A-1 Advance Note and all Transaction Documents to (i) its related Committed Note Purchaser, (ii) its Funding Agent, (iii) any
Program Support Provider who, at any time now or in the future, provides program liquidity or credit enhancement, including, without limitation, an insurance policy for such Conduit Investor relating to the Commercial Paper or the Series 2019-1 Class A-1 Advance Notes, (iv) any other Person who, at any time now or in the future, provides liquidity or credit enhancement for the Conduit Investors,
including, without limitation, an insurance policy relating to the Commercial Paper or the Series 2019-1 Class A-1 Advance Notes, (v) any collateral trustee or
collateral agent for any of the foregoing or (vi) a trustee or collateral agent for the benefit of the holders of the commercial paper notes or other senior indebtedness of such Conduit Investor appointed pursuant to such Conduit
Investor’s program documents; provided, however, that any such security interest or lien shall be released upon assignment of its Series 2019-1
Class A-1 Advance Note to its related Committed Note Purchaser. Each Committed Note Purchaser may assign its Commitment, or all or any portion of its interest under its Series 2019-1 Class A-1 Advance Note, this Agreement and the Transaction Documents to any Person to the extent permitted by Section 9.17.
Notwithstanding any other provisions set forth in this Agreement, each Committed Note Purchaser may at any time create a security interest in all or any portion of its rights under this Agreement, its Series
2019-1 Class A-1 Advance Note and the Transaction Documents in favor of any Federal Reserve Bank in accordance with Regulation A of the F.R.S. Board or any similar
foreign entity. 
 SECTION 9.04    Termination; Survival of Agreement. All
covenants, agreements, representations and warranties made herein and in the Series 2019-1 Class A-1 Notes delivered pursuant hereto shall survive the making and the repayment of the Advances, the Swingline Loans and the Letters of Credit and the
execution and delivery of this Agreement and the Series 2019-1 Class A-1 Notes and shall continue in full force and effect until all interest on and principal of the Series 2019-1 Class A-1 Notes, and all other amounts owed to the Lender Parties,
the Funding Agents and the Administrative Agent hereunder and under the Series 2019-1 Supplement have been paid in full, all Letters of Credit have expired or been fully cash collateralized in accordance with the terms of this Agreement and the
Commitments, the Swingline Commitment and the L/C Commitment have been terminated, at which point this Agreement shall terminate. In addition, the obligations of the Co-Issuers and the Lender Parties under Sections 3.05, 3.06,
3.07, 3.08, 9.05, 9.10 and 9.11 shall survive the termination of this Agreement. The Administrative Agent, on the reasonable request of the Co-Issuers, shall execute proper instruments acknowledging confirmation of
and termination of this Agreement in form and substance reasonably satisfactory to the Administrative Agent. 

  
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 SECTION 9.05    Payment of Costs
and Expenses; Indemnification. 
 (a)    Payment of Costs and
Expenses. The Co-Issuers 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 2019-1 Closing Date (if invoiced at least one (1) Business Day prior to such date) and (B) on or before five (5) Business Days after written demand (in all other
cases), all reasonable documented out-of-pocket expenses of the Administrative Agent, each initial Funding Agent and each initial Lender Party (including the reasonable
fees and out-of-pocket expenses of one external counsel to each of the foregoing, if any (but excluding, for the 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 Transaction 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 Committed Note Purchasers’ due diligence investigation, consultants’ fees and travel expenses and such fees incurred on or before the Series 2019-1 Closing Date to the extent invoiced at least one (1) Business Day prior to such date), the administration and syndication of this Agreement and of each other Transaction Document and the taking of any
other action (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding (including, without limitation, preparation for and/or response to any subpoena or
request for document production relating thereto) or otherwise) in respect of, or legal advice with respect to its rights or responsibilities under, this Agreement and of each other Transaction Document; and (ii) any amendments, waivers,
consents, supplements or other modifications to this Agreement or any other Transaction Document as may from time to time hereafter be proposed by the Manager or the Securitization Entities. The Co-Issuers 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, each Funding Agent and each Lender Party harmless from all liability for (x) any breach
by any Co-Issuer of its obligations under this Agreement, (y) all reasonable documented out-of-pocket costs incurred by the
Administrative Agent, such Funding Agent or such Lender Party including the reasonable and documented fees and out-of-pocket expenses of counsel to each of the
foregoing, including, for the avoidance of doubt, 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 Transaction Documents and (z) any Non-Excluded Taxes that may be payable in connection with (1) the
execution or delivery of this Agreement, (2) any Borrowing or Swingline Loan hereunder, (3) the issuance of the Series 2019-1 Class A-1 Notes,
(4) any Letter of Credit hereunder or (5) any other Transaction Documents. The Co-Issuers and the Guarantors also jointly and severally agree to reimburse, subject to and in accordance with the
Priority of Payments, the Administrative Agent, such Funding Agent and Lender Party upon demand for all reasonable out-of-pocket expenses incurred by the Administrative
Agent, such Funding Agent and such Lender Party in connection with the enforcement of this Agreement or any other Transaction Documents. Notwithstanding the foregoing, other than in connection with a sale or assignment pursuant to
Section 9.18(a), the Co-Issuers and/or the Guarantors shall have no obligation to reimburse any Lender Party for any of the fees and/or expenses incurred by such Lender Party with
respect to its sale or assignment of all or any part of its respective rights and obligations under this Agreement and the Series 2019-1 Class A-1 Notes pursuant to
Section 9.03 or Section 9.17. 

(b)    Indemnification of the Lender Parties. In consideration of the execution
and delivery of this Agreement by the Lender Parties, the Securitization Entities hereby agree to jointly and severally indemnify and hold each Lender Party, each Funding Agent 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, 

  
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without limitation, any liability in connection with the offering and sale of the Series 2019-1 Class A-1
Notes), 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, Swingline Loan or Letter of Credit; or 

(ii)    the entering into and performance of this Agreement and any other Transaction
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 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 Class A-1 Taxes which shall be covered by (or expressly excluded from) the indemnification provided in Section 3.08 or
for any transfer Class A-1 Taxes with respect to its sale or assignment of all or any part of its respective rights and obligations under this Agreement and the Series
2019-1 Class A-1 Notes pursuant to Section 9.17. The Co-Issuers shall give notice to the Rating
Agencies of any claim for Indemnified Liabilities made under this Section 9.05(b). 

(c)    Indemnification of the Administrative Agent and each Funding Agent. In
consideration of the execution and delivery of this Agreement by the Administrative Agent and the related Funding Agent, each Committed Note Purchaser, ratably according to its respective Commitment, hereby agrees to indemnify and hold the
Administrative Agent and each of its officers, directors, employees, affiliates and agents (collectively, the “Administrative Agent Indemnified Parties”) and such Funding Agent and each of its officers, directors, employees and
agents (collectively, the “Funding Agent Indemnified Parties,” and together with the Administrative Agent Indemnified Parties, the “Applicable Agent Indemnified Parties”) harmless from and against any and all
actions, causes of action, suits, losses, liabilities and damages, and reasonable costs and expenses incurred in connection therewith (solely to the extent not reimbursed by or on behalf of the Co-Issuers or
the Guarantors) (irrespective of whether any such Applicable Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of
the Series 2019-1 Class A-1 Notes), including reasonable attorneys’ fees and disbursements (collectively, the “Applicable Agent Indemnified
Liabilities”), incurred by the Applicable Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into
and performance of this Agreement and any other Transaction Document by any of the Applicable Agent Indemnified Parties, except for any such Applicable Agent Indemnified Liabilities arising for the account of a particular Applicable Agent
Indemnified Party by reason of the relevant Applicable Agent Indemnified Party’s gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, each Committed Note Purchaser,
ratably according to its respective Commitment, hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Applicable Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth
in this Section 9.05(c) shall in no event include indemnification for consequential or indirect damages of any kind or for any Class A-1 Taxes which shall be covered by (or
expressly excluded from) the indemnification provided in Section 3.08. 

  
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 SECTION 9.06    Characterization as
Transaction Document; Entire Agreement. This Agreement shall be deemed to be a Transaction Document for all purposes of the Base Indenture and the other Transaction Documents. This Agreement, together with the Base Indenture, the Series 2019-1 Supplement, the documents delivered pursuant to Article VII and the other Transaction 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 Co-Issuers or the Manager, or on Schedule II, in the case of the Lender Parties, the Administrative Agent and the Funding Agents, 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 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 Series 2019-1 Class A-1 Notes will be treated as evidence of indebtedness, (ii) agrees to treat the Series 2019-1 Class A-1 Notes for
all such purposes as indebtedness and (iii) agrees that the provisions of the Transaction Documents shall be construed to further these intentions. 

(b)    Each Series 2019-1 Class A-1 Noteholder shall, acting solely for this purpose as an agent of the Co-Issuers, maintain a register on which it enters the name and address of each related
Lender Party (and, if applicable, Program Support Provider) and the applicable portions of the Series 2019-1 Class A-1 Outstanding Principal Amount (and stated
interest) with respect to such Series 2019-1 Class A-1 Noteholder of each Lender Party (and, if applicable, Program Support Provider) that has an interest in such
Series 2019-1 Class A-1 Noteholder’s Series 2019-1 Class A-1 Notes (the
“Series 2019-1 Class A-1 Notes Register”), provided that no Series 2019-1
Class A-1 Noteholder shall have any obligation to disclose all or any portion of the Series 2019-1 Class A-1 Notes
Register to any Person except to the extent that such disclosure is necessary to establish that such Series 2019-1 Class A-1 Notes 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 Co-Issuers) 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 any Co-Issuer pursuant to the Base Indenture, it will not institute against, or join with any other Person in instituting against, any Securitization Entity, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law, all as more particularly set forth in Section 14.13 of the Base Indenture and
subject to any retained rights set forth therein; provided, however, that nothing in this Section 9.10(a) shall constitute a waiver of any right to indemnification, reimbursement or other

  
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payment from the Securitization Entities pursuant to this Agreement, the Series 2019-1 Supplement, the Base Indenture or any other Transaction Document. In
the event that a Lender Party (solely in its capacity as such) takes action in violation of this Section 9.10(a), each affected Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or
otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Securitization Entity or the commencement of such action and raise or cause to be raised the defense that such Person has agreed in
writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. Nothing contained herein shall preclude participation by a Lender Party in the assertion or
defense of its claims in any such proceeding involving any Securitization Entity. The obligations of each Co-Issuer under this Agreement are solely the limited liability company or corporate, as the case may
be, obligations of such Co-Issuer. 

(b)    The Conduit Investors. Each of the parties hereto hereby covenants and
agrees that it will not, prior to the date that is one year and one day after the payment in full of all Commercial Paper or other debt securities or instruments issued by a Conduit Investor, institute against, or join with any other Person in
instituting against, such Conduit Investor, any bankruptcy, reorganization, arrangement, insolvency, examination or liquidation proceedings, or other proceedings under any federal or state (or any other jurisdiction with authority over such Conduit
Investor) bankruptcy or similar law. In the event that any such party takes action in violation of this Section 9.10(b), such related Conduit Investor may file an answer with the bankruptcy court or otherwise properly
contest or cause to be contested the filing of such a petition by any such party against such Conduit Investor or the commencement of such action and raise or cause to be raised the defense that such party 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 any of the Securitization Entities, the Manager or a Lender
Party in assertion or defense of its claims in any such proceeding involving a Conduit Investor. The obligations of the Conduit Investors under this Agreement are solely the corporate obligations of the Conduit Investors. No recourse shall be had
for the payment of any amount owing in respect of this Agreement, including any obligation or claim arising out of or based upon this Agreement, against any stockholder, employee, officer, agent, director, member, affiliate or incorporator (or
Person similar to an incorporator under state business organization laws) of any Conduit Investor; provided, however, nothing in this Section 9.10(b) shall relieve any of the foregoing Persons from any liability that
any such Person may otherwise have for its gross negligence or willful misconduct. 

(c)    [Reserved]. 

(d)    Notwithstanding any provisions contained in this Agreement to the contrary, no
Conduit Investor shall be obligated to pay any fees, costs, indemnified amounts or expenses due pursuant to this Agreement (“Conduit Investor Amounts”) other than in accordance with the order of priorities set out in such Conduit
Investor’s commercial paper program documents and all payment obligations of each Conduit Investor hereunder are contingent on the availability of funds received pursuant to this Agreement or the Notes and in excess of the amounts necessary to
pay its commercial paper notes; provided, however, that each Committed Note Purchaser shall pay any Conduit Investor Amounts, on behalf of any Conduit Investor in such Committed Note Purchaser’s Investment Group, as and when due
hereunder, to the extent that such Conduit Investor is precluded by its commercial paper program documents from paying such Conduit Investor Amounts in accordance with this Agreement. Any such amount which any Conduit Investor does not pay pursuant
to the operation of the preceding sentence shall not constitute a claim against or corporate obligation of such Conduit Investor for any such insufficiency unless and until funds received pursuant to this Agreement or the Notes and are available for
the payment of such amounts as aforesaid. 
 (e)    The provisions of this
Section 9.10 shall survive the termination of this Agreement. 

  
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 SECTION
9.11    Confidentiality. Each Lender Party, Funding Agent 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 Co-Issuers, 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 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 Co-Issuers
or the Manager, as the case may be, has knowledge; provided that each Lender Party, Funding Agent and the 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 Co-Issuers or the Manager, as the case may be, does not have knowledge if such Lender Party, Funding Agent or Administrative Agent is
prohibited by law, rule or regulation from disclosing such requirement to the Co-Issuers or the Manager, as the case may be, (d) to (x) Program Support Providers and (y) any trustee or collateral
agent for the benefit of the holders of the commercial paper notes or other senior indebtedness of a Conduit Investor appointed pursuant to such Conduit Investor’s program documents (after obtaining such Person’s agreement to keep such
Confidential Information confidential in a manner substantially similar to this Section 9.11), (e) to any rating agency providing a rating for any Series or Class of Notes or any Conduit Investor’s debt,
(f) to any Person acting as a placement agent, dealer or investor with respect to any Conduit Investor’s commercial paper (provided that any Confidential Information provided to any such placement agent, dealer or investor does not reveal
the identity of the Co-Issuers or any of their Affiliates and is confined to information of the type that is typically provided to such entities by asset-backed commercial paper conduits), or (g) in the
course of litigation with any Co-Issuer 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 Co-Issuer 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 any Co-Issuer, any
Guarantor or the Manager furnishes to a Lender Party, but does not include (i) any such information that is or becomes generally available to the public other than as a result of a disclosure in violation of this
Section 9.11 or a disclosure by a Person to which a Lender Party, a Funding Agent or the Administrative Agent delivered such information, (ii) any such information that was in the possession of a Lender Party prior to
its being furnished to such Lender Party by a Co-Issuer or the Manager, or (iii) any such information that is or becomes available to a Lender Party from a source other than a Co-Issuer or the Manager; provided that with respect to clauses (ii) and (iii) herein, such source is not (x) known to a Lender Party to be bound by a confidentiality agreement
with a Co-Issuer or the Manager, as the case may be, with respect to the information or (y) known to a Lender Party to be otherwise prohibited from transmitting the information by a contractual, legal or
fiduciary obligation. 
 SECTION 9.12    GOVERNING LAW; CONFLICTS WITH
INDENTURE. THIS AGREEMENT AND ALL MATTERS ARISING UNDER OR IN ANY MANNER RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, 

  
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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. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY OF THE PARTIES HEREUNDER WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR (TO THE EXTENT PERMITTED BY LAW) FEDERAL COURT OF COMPETENT
JURISDICTION SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREUNDER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. 

SECTION 9.14    WAIVER OF JURY TRIAL. ALL PARTIES HEREUNDER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT
FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT. 
 SECTION
9.15    Counterparts. 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. 

SECTION 9.16    Third Party Beneficiary. The Trustee, on behalf of the Secured
Parties, and the Control Party are express third party beneficiaries of this Agreement. 
 SECTION
9.17    Assignment. 
 (a)    Subject to Sections
6.03 and 9.17(f), any Committed Note Purchaser may at any time sell or assign all or any part of its rights and obligations under this Agreement, the Series 2019-1
Class A-1 Advance Notes and, in connection therewith, any other Transaction Documents to which it is a party, with the prior written consent (not to be unreasonably withheld or delayed) of the Co-Issuers, the Swingline Lender and the L/C Provider, to one or more financial institutions (an “Acquiring Committed Note Purchaser”) pursuant to an assignment and assumption agreement,
substantially in the form of Exhibit B (the “Assignment and Assumption Agreement”), executed by such Acquiring Committed Note Purchaser, such assigning Committed Note Purchaser, the Funding Agent with respect to such
Committed Note Purchaser, the Co-Issuers, the Swingline Lender and the L/C 

  
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Provider and delivered to the Administrative Agent; provided that no consent of the Co-Issuers shall be required for an assignment to another
Committed Note Purchaser or any Affiliate of a Committed Note Purchaser or if a Rapid Amortization Event or an Event of Default has occurred and is continuing; provided, further, that no assignment pursuant to this
Section 9.17 shall be made to a Competitor. 
 (b)    Without
limiting the foregoing, subject to Sections 6.03 and 9.17(f), each Conduit Investor may assign all or a portion of the Investor Group Principal Amount with respect to such Conduit Investor and its rights and obligations under this
Agreement, the Series 2019-1 Class A-1 Advance Notes and, in connection therewith, any other Transaction Documents to which it is a party to a Conduit Assignee with
respect to such Conduit Investor, without the prior written consent of the Co-Issuers. Upon such assignment by a Conduit Investor to a Conduit Assignee, (i) such Conduit Assignee shall be the owner of the
Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor, (ii) the related administrative or managing agent for such Conduit Assignee will act as the Funding Agent for such Conduit Assignee hereunder, with
all corresponding rights and powers, express or implied, granted to the Funding Agent hereunder or under the other Transaction Documents, (iii) such Conduit Assignee and its liquidity support provider(s) and credit support provider(s) and other
related parties, in each case relating to the Commercial Paper and/or the Series 2019-1 Class A-1 Advance Notes, shall have the benefit of all the rights and
protections provided to such Conduit Investor herein and in the other Transaction Documents (including, without limitation, any limitation on recourse against such Conduit Assignee as provided in this paragraph), (iv) such Conduit Assignee shall
assume all of such Conduit Investor’s obligations, if any, hereunder or under the Base Indenture or under any other Transaction Document with respect to such portion of the Investor Group Principal Amount and such Conduit Investor shall be
released from such obligations, (v) all distributions in respect of the Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor shall be made to the applicable Funding Agent on behalf of such Conduit
Assignee, (vi) the definition of the term “CP Funding Rate” with respect to the portion of the Investor Group Principal Amount with respect to such Conduit Investor, as applicable, funded or maintained with commercial paper issued by
such Conduit Assignee from time to time shall be determined in the manner set forth in the definition of “CP Funding Rate” applicable to such Conduit Assignee on the basis of the interest rate or discount applicable to Commercial Paper
issued by or for the benefit of such Conduit Assignee (rather than any other Conduit Investor), (vii) the defined terms and other terms and provisions of this Agreement and the other Transaction Documents shall be interpreted in accordance with the
foregoing, and (viii) if requested by the Funding Agent with respect to such Conduit Assignee, the parties will execute and deliver such further agreements and documents and take such other actions as the Funding Agent may reasonably request to
evidence and give effect to the foregoing. No assignment by any Conduit Investor to a Conduit Assignee of all or any portion of the Investor Group Principal Amount with respect to such Conduit Investor shall in any way diminish the obligation of the
Committed Note Purchasers in the same Investor Group as such Conduit Investor under Section 2.03 to fund any Increase not funded by such Conduit Investor or such Conduit Assignee. 

(c)    Subject to Sections 6.03 and 9.17(f), any Conduit Investor and the
related Committed Note Purchaser(s) may at any time sell all or any part of their respective rights and obligations under this Agreement, the Series 2019-1
Class A-1 Advance Notes and, in connection therewith, any other Transaction Documents to which it is a party, with the prior written consent (not to be unreasonably withheld or delayed) of the Co-Issuers, the Swingline Lender and the L/C Provider, to a multi-seller commercial paper conduit, whose commercial paper is rated at least “A-1” (or then equivalent
grade) from S&P, and one or more financial institutions providing support to such multi-seller commercial paper conduit (an “Acquiring Investor Group”) pursuant to a transfer supplement, substantially in the form of Exhibit
C (the “Investor Group Supplement”), executed by such Acquiring Investor Group, the Funding Agent with respect to such Acquiring Investor Group (including the Conduit Investor and the Committed Note Purchasers with respect to
such Investor Group), such assigning Conduit Investor and the Committed Note Purchasers with respect to such Conduit Investor, the Funding Agent with respect to such assigning Conduit Investor and Committed Note Purchasers, the Co-Issuers, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; 

  
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provided that no consent of the Co-Issuers shall be required for an assignment to another Committed Note Purchaser or any Affiliate of a Committed
Note Purchaser and its related Conduit Investor or if a Rapid Amortization Event or an Event of Default has occurred and is continuing. For the avoidance of doubt, this Section 9.17(c) is intended to permit and provide for
(i) assignments from a Committed Note Purchaser to a Conduit Investor in a different Investor Group and (ii) assignments from a Conduit Investor to a Committed Note Purchaser in a different Investor group, and, in each of (i) and
(ii), Exhibit C shall be revised to reflect such assignments. 
 (d)    Subject
to Sections 6.03 and 9.17(f), the Swingline Lender may at any time assign all its rights and obligations hereunder and under the Series 2019-1
Class A-1 Swingline Note, in whole but not in part, with the prior written consent of the Co-Issuers and the Administrative Agent, which consent shall not be
unreasonably withheld or delayed, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Co-Issuers, whereupon the
assignor shall be released from its obligations hereunder; provided that no consent of the Co-Issuers shall be required if a Rapid Amortization Event or an Event of Default has occurred and is
continuing; provided, further, that the prior written consent of each Funding Agent (other than any Funding Agent with respect to which all of the Committed Note Purchasers in such Funding Agent’s Investor Group are Defaulting
Investors), which consent shall not be unreasonably withheld or delayed, shall be required if such financial institution is not a Committed Note Purchaser. 

(e)    Subject to Sections 6.03 and 9.17(f), the L/C Provider may at any
time assign all or any portion of its rights and obligations hereunder and under the Series 2019-1 Class A-1 L/C Note with the prior written consent of the Co-Issuers and the Administrative Agent, which consent shall not be unreasonably withheld or delayed, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to,
the Administrative Agent and the Co-Issuers, whereupon the assignor shall be released from its obligations hereunder to the extent so assigned; provided that no consent of the Co-Issuers shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing. 

(f)    Any assignment of the Series 2019-1 Class A-1 Notes shall be made in accordance with the applicable provisions of the Indenture. 

SECTION 9.18    Defaulting Investors. 

(a)    The Co-Issuers may, at their sole expense
and effort, upon notice to such Defaulting Investor and the Administrative Agent, (i) require any Defaulting Investor to sell all of its rights, obligations and commitments under this Agreement, the Series
2019-1 Class A-1 Notes and, in connection therewith, any other Transaction Documents to which it is a party, to an assignee; provided that (x) such assignment
is made in compliance with Section 9.17 and (y) such Defaulting Investor shall have received from such assignee an amount equal to such Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal
Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder or (ii) remove any Defaulting Investor as an Investor by paying to such Defaulting Investor an
amount equal to such Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such
Defaulting Investor hereunder. 
 (b)    In the event that a Defaulting Investor
desires to sell all or any portion of it rights, obligations and commitments under this Agreement, the Series 2019-1 Class A-1 Notes and, in connection therewith,
any other Transaction Documents to which it is a party, to an unaffiliated third party assignee for an amount less than 100% (or, if only a portion of such rights, obligations and commitments are proposed to be sold, such portion) of such Defaulting
Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor

  
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hereunder, such Defaulting Investor shall promptly notify the Co-Issuers of the proposed sale (the “Sale Notice”). Each Sale Notice shall
certify that such Defaulting Investor has received a firm offer from the prospective unaffiliated third party and shall contain the material terms of the proposed sale, including, without limitation, the purchase price of the proposed sale and the
portion of such Defaulting Investor’s rights, obligations and commitments proposed to be sold. The Co-Issuers and any of their respective Affiliates shall have an option for a period of three
(3) Business Days from the date the Sale Notice is given to elect to purchase such rights, obligations and commitments at the same price and subject to the same material terms as described in the Sale Notice. The
Co-Issuers or any of their respective Affiliates may exercise such purchase option by notifying such Defaulting Investor before expiration of such three (3) Business Days period that it wishes to purchase
all (but not a portion) of the rights, obligations and commitments of such Defaulting Investor proposed to be sold to such unaffiliated third party. If the Co-Issuers or any of their respective Affiliates
gives notice to such Defaulting Investor that it desires to purchase such, rights, obligations and commitments, the Co-Issuers or such Affiliate shall promptly pay the purchase price to such Defaulting
Investor. If the Co-Issuers or any of their respective Affiliates does not respond to any Sale Notice within such three (3) Business Days period, the Co-Issuers and
their respective Affiliates shall be deemed not to have exercised such purchase option. 

(c)    Notwithstanding anything to the contrary contained in this Agreement, if any
Investor becomes a Defaulting Investor, then, until such time as such Investor is no longer a Defaulting Investor, to the extent permitted by applicable law: 

(i)    Such Defaulting Investor’s right to approve or disapprove any amendment,
waiver or consent with respect to this Agreement shall be restricted as set forth in Section 9.01. 

(ii)    Any payment of principal, interest, fees or other amounts payable to the account
of such Defaulting Investor (whether voluntary or mandatory, at maturity or otherwise) shall be applied (and the Co-Issuers shall instruct the Trustee to apply such amounts) as follows: first, to the
payment on a pro rata basis of any amounts owing by such Defaulting Investor to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Investor to the
L/C Provider or the Swingline Lender hereunder; third, to provide cash collateral to the L/C Provider in accordance with Section 4.03(b) in an amount equal to the amount of Undrawn L/C Face Amounts at such time
multiplied by the Commitment Percentage of such Defaulting Investor’s Investor Group multiplied by the Committed Note Purchaser Percentage of such Defaulting Investor; fourth, as the Co-Issuers may
request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Investor has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent;
fifth, if so determined by the Administrative Agent and the Co-Issuers, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Investor’s
potential future funding obligations with respect to Advances under this Agreement and (y) to provide cash collateral to the L/C Provider in accordance with Section 4.03(b) in an amount equal to the amount of any
future Undrawn L/C Face Amounts multiplied by the Commitment Percentage of such Defaulting Investor’s Investor Group multiplied by the Committed Note Purchaser Percentage of such Defaulting Investor; sixth, to the payment of any amounts
owing to the Investors, the L/C Provider or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Investor, the L/C Provider or the Swingline Lender against such Defaulting Investor as a result of such
Defaulting Investor’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Co-Issuers as a result of
any judgment of a court of competent jurisdiction obtained by the Co-Issuers against such Defaulting Investor as a result of such Defaulting Investor’s breach of its obligations under this Agreement; and
eighth, to such Defaulting Investor or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances or any extensions of credit resulting from a
drawing under any Letter of Credit that has not been reimbursed as an Advance 

  
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pursuant to Section 2.08(a) in respect of which such Defaulting Investor has not fully funded its appropriate share, and (y) such Advances were made or the related Letters of Credit were
issued at a time when the conditions set forth in Section 7.03 were satisfied or waived, such payment shall be applied solely to pay the Advances of, and extensions of credit resulting from a drawing under any Letter of Credit that has not
been reimbursed as an Advance pursuant to Section 2.08(a) owed to, all non-Defaulting Investors on a pro rata basis prior to being applied to the payment of any Advances of,
participations required to be purchased pursuant to Section 2.09(a) owed to, such Defaulting Investor until such time as all Advances and funded and unfunded participations in L/C Obligations and Swingline Loans are held by
the Investors pro rata in accordance with the Commitments without giving effect to Section 9.18(c)(iii). Any payments, prepayments or other amounts paid or payable to a Defaulting Investor that are applied (or held) to pay
amounts owed by a Defaulting Investor or to post cash collateral pursuant to this Section 9.18(c)(ii) shall be deemed paid to and redirected by such Defaulting Investor, and each Investor irrevocably consents hereto. 

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

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

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 Lender Parties 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 

  
 52 

 
made by the Lender Parties: (a) no fiduciary or agency relationship between any of the Manager, the Securitization Entities and any other person, on the one hand, and the Lender Parties, on
the other, exists; (b) the Lender Parties 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
Lender Parties, on the other, is entirely and solely commercial, based on arms-length negotiations; (c) any duties and obligations that the Lender Parties may have to the Manager and any of the Securitization Entities shall be limited to those
duties and obligations specifically stated herein; (d) the Lender Parties 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 Lender Parties with respect to any breach of fiduciary duty in connection with the Series 2019-1 Class A-1 Notes. 

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    Term; Termination of Agreement. This Agreement shall terminate
upon the earlier to occur of (x) the permanent reduction of the Series 2019-1 Class A-1 Notes Maximum Principal Amount to zero in accordance with
Section 2.05(a) and payment in full of all monetary Obligations in respect of the Series 2019-1 Class A-1 Notes, (y) the payment in
full of all monetary Obligations in respect of the Series 2019-1 Class A-1 Notes on or after the Class A-1 Notes
Renewal Date (as may be extended from time to time) and (z) the satisfaction and discharge of the Indenture pursuant to Article Twelve of the Base Indenture. 

SECTION 9.22    Acknowledgement and Consent to Bail-In of EEA
Financial Institutions. Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial
Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA 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 an EEA Resolution Authority to
any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)    the effects of any Bail-In Action of 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 EEA 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 any other Transaction Document; or 

  
 53 

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

For purposes of this Section 9.22: 

“Bail-In Legislation” means in relation to an EEA
Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or
regulation as described in the EU Bail-In Legislation Schedule from time to time. 

“EEA Member Country” means any member state of the European Union, Iceland, Liechtenstein and
Norway. 
 “EU Bail-In Legislation Schedule” means
the document described as such and published by the Loan Market Association (or any successor person) from time to time. 

“Resolution Authority” means any body which has authority to exercise any Write-down and
Conversion Powers. 
 “Write-down and Conversion Powers” means in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that
Bail-In Legislation in the EU Bail-In Legislation Schedule. 

SECTION 9.23    Joint and Several Obligations of
Co-Issuers. Each Co-Issuer agrees that it is jointly and severally liable for, and absolutely and unconditionally guarantees to each Lender Party, each Funding Agent
and the Administrative Agent the prompt payment of all obligations under the Series 2019-1 Class A-1 Notes and all other amounts owed by any Co-Issuer hereunder to each Lender Party, each Funding Agent and the Administrative Agent, and the prompt performance of all agreements under the Indenture Documents. 

SECTION 9.24    Patriot Act. In accordance with the USA PATRIOT Act, to help
fight the funding of terrorism and money laundering activities, any Lender Party may obtain, verify and record information that identifies individuals or entities that establish a relationship with such Lender Party. Such Lender Party 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 Lender Party may also ask for formation documents such as
articles of incorporation, an offering memorandum, or other identifying documents to be provided. 
 [REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK] 

  
 54 

 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. 
  

			
	 APPLEBEE’S FUNDING LLC,
 as a Co-Issuer

		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer
	
	Address:
	 Applebee’s Funding LLC
 c/o
Dine Brands Global, Inc.
 450 North Brand Blvd., 7th Floor

	Glendale, CA 91203-2306
	Attention: General Counsel
	Facsimile: 818-637-5362
	
	 IHOP FUNDING LLC,
 as a Co-Issuer

		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer
	
	Address:
	 IHOP Funding LLC
 c/o Dine Brands
Global, Inc.
 450 North Brand Blvd., 7th Floor

	Glendale, CA 91203-2306
	Attention: General Counsel
	Facsimile: 818-637-5362

  
 Signature Page to Class
A-1 Note Purchase Agreement (Series 2019-1 Class A-1) 

 
			
	 DINE BRANDS GLOBAL, INC.,

as Manager

		
	 By:
	 	 /s/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

	
	 Address:

	 Dine Brands Global, Inc.

450 North Brand Blvd., 7th Floor

	 Glendale, CA 91203-2306

	 Attention: General Counsel

	 Facsimile:
818-637-5362

  
 Signature Page to Class
A-1 Note Purchase Agreement (Series 2019-1 Class A-1) 

 
			
	 APPLEBEE’S RESTAURANTS LLC,
 as
a Guarantor

		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer
	
	 IHOP RESTAURANTS LLC,
 as a
Guarantor

		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer
	
	 IHOP PROPERTY LLC,
 as a
Guarantor

		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer
	
	 IHOP LEASING LLC,
 as a
Guarantor

		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer
	
	 APPLEBEE’S FRANCHISOR LLC,
 as
a Guarantor

		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer
	
	 IHOP FRANCHISOR LLC,
 as a
Guarantor

		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer

  
 Signature Page to Class
A-1 Note Purchase Agreement (Series 2019-1 Class A-1) 

 
			
	APPLEBEE’S SPV GUARANTOR LLC,
	as a Guarantor
		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer
	
	IHOP SPV GUARANTOR LLC,
	as a Guarantor
		
	By:	 	 /s/ Thomas H. Song

		 	Name: Thomas H. Song
		 	Title: Chief Financial Officer
	
	Each Guarantor at the following address:
	
	c/o Dine Brands Global, Inc.
	450 North Brand Blvd., 7th Floor
	Glendale, CA 91203-2306
	Attention: General Counsel
	Facsimile: 818-637-5362

  
 Signature Page to Class
A-1 Note Purchase Agreement (Series 2019-1 Class A-1) 

 
			
	 BARCLAYS BANK PLC,

as Administrative Agent

		
	 By:
	 	 /s/ Peter Walgren

		 	 Name: Peter Walgren

		 	 Title: Director

  
 Signature Page to Class
A-1 Note Purchase Agreement (Series 2019-1 Class A-1) 

 
			
	BARCLAYS BANK PLC, as L/C Provider
		
	By:	 	 /s/ Peter Walgren

		 	Name: Peter Walgren
		 	Title: Director
	
	BARCLAYS BANK PLC, as Swingline Lender
		
	By:	 	 /s/ Peter Walgren

		 	Name: Peter Walgren
		 	Title: Director

  
 Signature Page to Class
A-1 Note Purchase Agreement (Series 2019-1 Class A-1) 

 
			
	 BARCLAYS BANK PLC,
 as Committed
Note Purchaser

		
	By:	 	 /s/ Peter Walgren

		 	Name: Peter Walgren
		 	Title: Director
	
	 BARCLAYS BANK PLC,
 as related
Funding Agent

		
	By:	 	 /s/ Peter Walgren

		 	Name: Peter Walgren
		 	Title: Director

  
 Signature Page to Class
A-1 Note Purchase Agreement (Series 2019-1 Class A-1) 

 
			
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as Committed Note Purchaser

		
	By:	 	 /s/ Jeffrey Traola

		 	Name: Jeffrey Traola
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Patrick J. Hart

		 	Name: Patrick J. Hart
		 	Title: Authorized Signatory
	
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as related Funding Agent

		
	By:	 	 /s/ Jeffrey Traola

		 	Name: Jeffrey Traola
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Patrick J. Hart

		 	Name: Patrick J. Hart
		 	Title: Authorized Signatory

  
 Signature Page to Class
A-1 Note Purchase Agreement (Series 2019-1 Class A-1) 

 
			
	 GIFS CAPITAL COMPANY, LLC,
 as
Conduit Investor

		
	By:	 	 /s/ Carey D. Fear

		 	Name: Carey D. Fear
		 	Title: Manager

  
 Signature Page to Class
A-1 Note Purchase Agreement (Series 2019-1 Class A-1) 

 SCHEDULE I TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

INVESTOR GROUPS AND COMMITMENTS 
  

									
					
	 Investor

Group/Funding

Agent
	  	Maximum Investor
Group Principal
Amount	  	 Conduit Lender

(if any)
	  	Committed Note
Purchaser(s)	  	Commitment
Amount
					
	Barclays Bank PLC	  	$135,000,000	  	N/A	  	Barclays Bank PLC	  	$135,000,000
					
	Credit Suisse AG, Cayman Islands Branch	  	$90,000,000	  	 GIFS Capital
 Company, LLC
	  	Credit Suisse AG, Cayman Islands Branch	  	$90,000,000

  
 Schedule I 

 SCHEDULE II TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

NOTICE ADDRESSES FOR LENDER PARTIES AND AGENTS 

Conduit Investors 
 GIFS Capital
Company, LLC 
 GIFS Capital Company, LLC 
 Suite 4900 

227 West Monroe St. 
 Chicago, IL 60606 

Attn:    Operations 
 Telephone: 312-827-0100 
 Email: chioperations@guggenheimpartners.com 

Committed Note Purchasers 

Barclays Bank PLC 
 Barclays Bank PLC 

1301 Sixth Avenue 
 New York, New York 10019 

Attention: Roger Billotto 
 Telephone: 201-499-8482 
 Email: BarcapConduitOps@Barclays.com and
ASGReports@barclays.com 
 and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New York 10019 

Attention: David Hufnagel 
 Telephone: 212-528-7475 
 Email: david.hufnagel@barclays.com 

Credit Suisse AG, Cayman Islands Branch 
 Credit Suisse
AG, Cayman Islands Branch 
 Eleven Madison Avenue, 4th Floor 

New York, New York 10010 
 Attention: Securitized Products Finance

 Telephone: 212-538-2007 

Email 
 abcp.monitoring@credit-suisse.com 

list.afconduitreports@credit-suisse.com 

patrick.hart@credit-suisse.com 

  
 Schedule II-1 

 jeffrey.traola@credit-suisse.com 

kenneth.aiani@credit-suisse.com 

  
 Schedule II-2 

 Funding Agents 

Barclays Bank PLC 
 Barclays Bank PLC 

1301 Sixth Avenue 
 New York, New York 10019 

Attention: Roger Billotto 
 Telephone: 201-499-8482 
 Email: BarcapConduitOps@Barclays.com and
ASGReports@barclays.com 
 and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New York 10019 

Attention: David Hufnagel 
 Telephone: 212-528-7475 
 Email: david.hufnagel@barclays.com 

Credit Suisse AG, Cayman Islands Branch 
 Credit Suisse
AG, Cayman Islands Branch 
 Eleven Madison Avenue, 4th Floor 

New York, New York 10010 
 Attention: Securitized Products Finance

 Telephone: 212-538-2007 

Email 
 abcp.monitoring@credit-suisse.com 

list.afconduitreports@credit-suisse.com 

patrick.hart@credit-suisse.com 
 jeffrey.traola@credit-suisse.com

 kenneth.aiani@credit-suisse.com 

  
 Schedule II-3 

 Administrative Agent 

Barclays Bank PLC 
 Barclays Bank PLC

 1301 Sixth Avenue 
 New York, New York 10019 

Attention: Roger Billotto 
 Telephone: 201-499-8482 
 Email: BarcapConduitOps@Barclays.com and
ASGReports@barclays.com 
 and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New York 10019 

Attention: David Hufnagel 
 Telephone: 212-528-7475 
 Email: david.hufnagel@barclays.com 

  
 Schedule II-4 

 Swingline Lender 

Barclays Bank PLC 
 1301 Sixth Avenue 

New York, New York 10019 
 Attention: Roger Billotto 

Telephone: 201-499-8482 

Email: BarcapConduitOps@Barclays.com and ASGReports@barclays.com 

and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New York 10019 

Attention: David Hufnagel 
 Telephone: 212-528-7475 
 Email: david.hufnagel@barclays.com 

L/C Provider 
 Barclays Bank PLC

 1301 Sixth Avenue 
 New York, New York 10019 

Attention: Roger Billotto 
 Telephone: 201-499-8482 
 Email: BarcapConduitOps@Barclays.com and
ASGReports@barclays.com 
 and 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New York 10019 

Attention: David Hufnagel 
 Telephone: 212-528-7475 
 Email: david.hufnagel@barclays.com 

  
 Schedule II-5 

 SCHEDULE III TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

ADDITIONAL CLOSING CONDITIONS 

The following are the additional conditions to initial issuance and effectiveness referred to in Section 7.01(c):

 (a)    All corporate proceedings and other legal matters incident to the authorization, form and
validity of each of the Transaction Documents being delivered on the Series 2019-1 Closing Date, and all other legal matters relating to the Transaction Documents and the transactions contemplated thereby,
shall be reasonably satisfactory in all material respects to the Administrative Agent, and the Co-Issuers, 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)    Morris, Nichols, Arsht & Tunnell LLP, as Delaware counsel to the Manager, the Co-Issuers and the Guarantors, shall have furnished to the Administrative Agent and the Lender Parties written opinions that are customary for transactions of this type, including in respect of corporate and limited
liability company matters, in each case reasonably satisfactory in form and substance to counsel to the Administrative Agent, addressed to the Administrative Agent and Lender Parties and dated the Series
2019-1 Closing Date. 
 (c)    Sidley Austin LLP, as counsel to
the Co-Issuers, the Manager and the Guarantors, shall have furnished to the Administrative Agent and the Lender Parties 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 Lender Parties and dated the Series 2019-1 Closing Date. 

(d)    Shook, Hardy & Bacon, L.L.P., as Kansas counsel to the Manager, the Co-Issuers and the Guarantors, shall have furnished to the Administrative Agent and the Lender Parties 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 Lender Parties and dated the Series 2019-1 Closing Date. 

(e)    Dentons US LLP, as counsel to the Trustee, shall have furnished to the Administrative Agent and
the Lender Parties 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 Lender Parties and
dated the Series 2019-1 Closing Date. 

(f)    Andrascik & Tita LLC, as counsel to the Servicer, shall have furnished to the
Administrative Agent and the Lender Parties 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 Lender
Parties and dated the Series 2019-1 Closing Date. 

(g)    Each of the Co-Issuers, 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 Co-Issuers, the Manager and the Guarantors,
as applicable, or other officers reasonably satisfactory to the Administrative Agent, dated as of the Series 2019-1 Closing Date, as to such matters as the Administrative Agent may reasonably request,
including, without limitation, a statement that: 

  
 Schedule III-1 

	 	(i)	 the representations, warranties and agreements of the Co-Issuers,
the Manager and the Guarantors, as applicable, in any other Transaction Document to which any of the Co-Issuers, the Manager and the Guarantors, as applicable, is a party are true and correct (A) if
qualified as to materiality, in all respects, and (B) if not so qualified, in all material respects, on and as of the Series 2019-1 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, in all respects, and (y) if not so qualified, in all material respects, as of such earlier date), and the Co-Issuers, the Manager, and each Guarantor, as applicable, has complied in all material respects with all its agreements contained herein and in any other Transaction 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 2019-1 Closing Date; and 

 

	 	(ii)	 there shall exist at and as of the Series 2019-1 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 Transaction Documents as in effect at the Series 2019-1 Closing Date (or an event that with notice or lapse of time, or both, would constitute such a material breach). 

(h)    The Manager, the Co-Issuers and the Trustee shall have
executed and delivered the Management Agreement, as amended and restated on the Series 2019-1 Closing Date, and the Administrative Agent shall have received a duly executed copy thereof. 

(i)    The Co-Issuers, the
2019-1 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 2019-1 Supplement shall have been duly executed
and delivered by the Co-Issuers, the 2019-1 Securities Intermediary and the Trustee, the Notes shall have been duly executed and delivered by the Co-Issuers and duly authenticated by the Trustee, and the Administrative Agent shall have received duly executed copies thereof. 

(k)    The Guarantee and Collateral Agreement, as amended and restated as of the Series 2019-1 Closing Date, 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 Transaction Document (excluding any Series Supplements and other Transaction Documents
relating solely to a Series of Notes other than the Series 2019-1 Class A-1 Notes) shall have been duly executed and delivered by the respective parties thereto,
and the Administrative Agent shall have received a duly executed copy thereof on or before the Series 2019-1 Closing Date. 

(m)    On the Series 2019-1 Closing Date, each of the Transaction
Documents shall be in full force and effect. 
 (n)    The Manager, each Guarantor and the Co-Issuers shall have furnished to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent and dated as of the Series
2019-1 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 2019-1 Class A-2 Note Purchase Agreement) immediately after the consummation of the transactions contemplated by this Agreement;
provided that in the case of each Securitization Entity, the liabilities of the other Securitization Entities with respect to debts, liabilities and obligations for which such Securitization Entity is jointly and severally liable shall be
taken into account. 

  
 Schedule III-2 

 (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 any Co-Issuer or the Manager) overtly threatened against any Co-Issuer, the Manager, any Guarantor, any Lender Party or the
Administrative Agent that would reasonably be expected to adversely impact the issuance of the Series 2019-1 Class A-1 Notes and the Guarantee or any Lender
Party’s or the Administrative Agent’s activities in connection therewith or any other transactions contemplated by the Transaction Documents. 

(p)    The representations and warranties of each of the
Co-Issuers, the Manager and the Guarantors (to the extent a party thereto) contained in the Transaction Documents to which any of the Co-Issuers, the Manager and the
Guarantors is a party will be true and correct (i) if qualified as to materiality, in all respects, and (ii) if not so qualified, in all material respects, as of the Series 2019-1 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, in all respects, and (y) if not so qualified, in all material respects, as
of such earlier date). 
 (q)    The Co-Issuers shall have delivered
$1,300,000,000 of the Series Class A-2 Notes issued on the Series 2019-1 Closing Date. 

(r)    The Class A-1 Notes issued on the Series 2018-1 Closing Date shall be defeased and paid off in full. 

(s)    On or prior to the Series 2019-1 Closing Date, the
Manager, the Guarantors and the Co-Issuers shall have furnished to the Administrative Agent and the Lender Parties such further certificates and documents as the Administrative Agent or any Lender Party 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 III-3 

 SCHEDULE IV TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

Letters of Credit 
  

									
	
Letter of
 Credit
Number
	  	Type	  	Face Amount	  	Expiration Date	  	L/C Provider
	
SB-03472
	  	Standby	  	$127,300.80	  	September 6, 2019	  	Barclays Bank PLC
	
SB-03473
	  	Standby	  	$440,000.00	  	September 6, 2019	  	Barclays Bank PLC
	
SB-03474
	  	Standby	  	$57,000.00	  	September 11, 2019	  	Barclays Bank PLC
	
SB-03537
	  	Standby	  	$1,546,635.00	  	December 6, 2019	  	Barclays Bank PLC

  
 Schedule IV-1 

 EXHIBIT A-1 TO CLASS A-1 
 NOTE PURCHASE AGREEMENT 

ADVANCE REQUEST 

APPLEBEE’S FUNDING LLC 

IHOP FUNDING LLC  

SERIES 2019-1 SENIOR NOTES, CLASS A-1 

TO: 
 Barclays Bank PLC

 745 Seventh Avenue, 5th Floor 
 New York, New York 10019 

Attention: 
 Telephone: 

Email: BarcapConduitOps@Barclays.com and
ASGReports@barclays.com 

Ladies and Gentlemen: 

This Advance Request is delivered to you pursuant to Section 2.03 of that certain Series 2019-1 Class A-1 Note Purchase Agreement, dated as of June 5, 2019 (as amended, supplemented, amended and restated or otherwise modified from time to time, the
“Series 2019-1 Class A-1 Note Purchase Agreement”; terms defined therein being used herein as therein defined) among Applebee’s
Funding LLC and IHOP Funding LLC, as Co-Issuers, the Guarantors party thereto Dine Brands Global, Inc., as the Manager, the Conduit Investors, the Committed Note Purchasers for each Investor Group, the Funding
Agents and Barclays Bank PLC, as L/C Provider, Swingline Lender and Administrative Agent. 
 Unless otherwise defined
herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the Recitals and Section 1.01 of the Series 2019-1 Class A-1 Note Purchase Agreement. 
 The undersigned hereby requests that Advances
be made in the aggregate principal amount of $    on , 20    . 
 [IF CO-ISSUER IS ELECTING EURODOLLAR RATE FOR THESE ADVANCES ON THE DATE MADE IN ACCORDANCE WITH SECTION 3.01(b) OF THE CLASS A-1 NOTE PURCHASE AGREEMENT, ADD THE FOLLOWING
SENTENCE: The undersigned hereby elects that the Advances that are not funded at the CP Rate by an Eligible Conduit Investor shall be Eurodollar Advances and the related Eurodollar Interest Accrual Period shall commence on the date of such
Eurodollar Advances and end on but excluding the date [one month subsequent to such date] [two months subsequent to such date] [three months subsequent to such date] [six months subsequent to such date] [twelve months subsequent to such date].]

 The undersigned hereby acknowledges that the delivery of this Advance Request and the acceptance by the undersigned
of the proceeds of the Advances requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application of the proceeds therefrom, all
conditions set forth in Section 7.03 of the Series 2019-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set
forth in Section 6.01 of the Series 2019-1 Class A-1 Note Purchase Agreement are true and correct. 

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 Investor. Except to the extent, if any, that prior to the time of the Advances 

  
 A-1-1 

 
requested hereby you and each Investor 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, [first,
$[        ] to the Swingline Lender and $[     ] to the L/C Provider for application to repayment of outstanding Swingline Loans and Unreimbursed
L/C Drawings, as applicable, and, second], to the Co-Issuers pursuant to the following instructions: 

[insert payment instruction for payment to Co-Issuers] 

  
 A-1-2 

 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    . 
  

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

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-1-3 

 EXHIBIT A-2 TO CLASS
A-1 
 NOTE PURCHASE AGREEMENT 

SWINGLINE LOAN REQUEST 

APPLEBEE’S FUNDING LLC 

IHOP FUNDING LLC  

SERIES 2019-1 SENIOR NOTES, CLASS A-1 

TO: 
 Barclays Bank PLC 

745 Seventh Avenue, 5th Floor 
 New York, New York 10019 

Attention: 
 Telephone: 

Email: BarcapConduitOps@Barclays.com and
ASGReports@barclays.com 

Ladies and Gentlemen: 

This Swingline Loan Request is delivered to you pursuant to Section 2.06 of that certain Series 2019-1 Class A-1 Note Purchase Agreement, dated as of June 5, 2019 (as amended, supplemented, amended and restated or otherwise modified from time to time, the
“Series 2019-1 Class A-1 Note Purchase Agreement”; terms defined therein being used herein as therein defined) among Applebee’s
Funding LLC and IHOP Funding LLC, as Co-Issuers, the Guarantors party thereto Dine Brands Global, Inc., as the Manager, the Conduit Investors, the Committed Note Purchasers for each Investor Group, the Funding
Agents and Barclays Bank PLC, as L/C Provider, Swingline Lender and Administrative Agent.. 
 Unless otherwise defined
herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the Recitals and Section 1.01 of the Series 2019-1 Class A-1 Note Purchase Agreement. 
 The undersigned hereby requests that Swingline
Loans be made in the aggregate principal amount of $     on         , 20    . 

The undersigned hereby acknowledges that the delivery of this Swingline Loan Request and the acceptance by the undersigned of
the proceeds of the Swingline Loans requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application of the proceeds therefrom, all
conditions set forth in Section 7.03 of the Series 2019-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set
forth in Section 6.01 of the Series 2019-1 Class A-1 Note Purchase Agreement are true and correct. 

The undersigned agrees that if prior to the time of the Swingline Loans 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 you. Except to the extent, if any, that prior to the time of the Swingline Loans requested hereby you 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 Swingline Loans as if then made. 

Please wire transfer the proceeds of the Swingline Loans to the applicable Co-Issuer
pursuant to the following instructions: 

  
 A-2-1 

 [insert payment instructions for payment to the applicable Co-Issuer] 

  
 A-2-2 

 The undersigned has caused this Swingline Loan 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    .

  

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

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-2-3 

 EXHIBIT B TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of [    ], among
[        ] (the “Transferor”), each purchaser listed as an Acquiring Committed Note Purchaser on the signature pages hereof (each, an “Acquiring Committed Note
Purchaser”), the Funding Agent with respect to such Acquiring Committed Note Purchaser listed on the signature pages hereof (each, a “Funding Agent”), and the Co-Issuers, Swingline
Lender and L/C Provider listed on the signature pages hereof. 
 W I T N E S S E
T H: 
 WHEREAS, this Assignment and Assumption Agreement is being executed and delivered in accordance with
Section 9.17(a) of that certain Series 2019-1 Class A-1 Note Purchase Agreement, dated as of June 5, 2019 (as amended, supplemented,
amended and restated or otherwise modified from time to time, the “Series 2019-1 Class A-1 Note Purchase Agreement”; terms defined
therein being used herein as therein defined) among Applebee’s Funding LLC and IHOP Funding LLC, as Co-Issuers, the Guarantors party thereto Dine Brands Global, Inc., as the Manager, the Conduit
Investors, the Committed Note Purchasers for each Investor Group, the Funding Agents and Barclays Bank PLC, as L/C Provider, Swingline Lender and Administrative Agent; 

WHEREAS, each Acquiring Committed Note Purchaser (if it is not already an existing Committed Note Purchaser) wishes to become
a Committed Note Purchaser party to the Series 2019-1 Class A-1 Note Purchase Agreement; and 

WHEREAS, the Transferor is selling and assigning to each Acquiring Committed Note Purchaser, [all] [a
portion of] its rights, obligations and commitments under the Series 2019-1 Class A-1 Note Purchase Agreement, the Series
2019-1 Class A-1 Advance Notes and each other Transaction Document to which it is a party with respect to the percentage of its Commitment Amount specified on
Schedule I attached hereto; 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 

Upon the execution and delivery of this Assignment and Assumption Agreement by each Acquiring Committed Note Purchaser, each
related Funding Agent, the Transferor, the Swingline Lender, the L/C Provider and, to the extent required by Section 9.17(a) of the Series 2019-1
Class A-1 Note Purchase Agreement, the Co-Issuers (the date of such execution and delivery, the “Transfer Issuance Date”), each Acquiring Committed
Note Purchaser shall be a Committed Note Purchaser party to the Series 2019-1 Class A-1 Note Purchase Agreement for all purposes thereof. 

The Transferor acknowledges receipt from each Acquiring Committed Note Purchaser of an amount equal to the purchase price, as
agreed between the Transferor and such Acquiring Committed Note Purchaser (the “Purchase Price”), of the portion being purchased by such Acquiring Committed Note Purchaser (such Acquiring Committed Note Purchaser’s
“Purchased Percentage”) of (i) the Transferor’s Commitment under the Series 2019-1 Class A-1 Note Purchase Agreement and (ii) the
Transferor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount. The Transferor hereby irrevocably sells, assigns and transfers to each Acquiring Committed Note Purchaser, without recourse, representation or
warranty, and each Acquiring Committed Note Purchaser hereby irrevocably purchases, takes and assumes from the Transferor, such Acquiring Committed Note Purchaser’s Purchased Percentage of (x) the Transferor’s Commitment under the
Series 2019-1 Class A-1 Note Purchase Agreement and (y) the Transferor’s Committed Note Purchaser Percentage of the related Investor Group Principal
Amount. 
 The Transferor has made arrangements with each Acquiring Committed Note Purchaser with respect to
[(i)] the portion, if any, to be paid, and the date or dates for payment, by the Transferor to 

  
 B-1 

 
such Acquiring Committed Note Purchaser of any program fees, undrawn facility fee, structuring and commitment fees or other fees (collectively, the “Fees”) [heretofore
received] by the Transferor pursuant to Section 3.02 of the Series 2019-1 Class A-1 Note Purchase Agreement prior to the Transfer
Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring Committed Note Purchaser to the Transferor of Fees or
[                ] received by such Acquiring Committed Note Purchaser pursuant to the Series 2019-1 Supplement
from and after the Transfer Issuance Date]. 
 From and after the Transfer Issuance Date, amounts that would
otherwise be payable to or for the account of the Transferor pursuant to the Series 2019-1 Supplement or the Series 2019-1
Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor and the Acquiring Committed Note Purchasers, as the case may be, in accordance with their respective
interests as reflected in this Assignment and Assumption Agreement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer Issuance Date. 

Each of the parties to this Assignment and Assumption Agreement agrees that at any time and from time to time upon the
written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Assignment and Assumption Agreement. 

By executing and delivering this Assignment and Assumption Agreement, the Transferor and each Acquiring Committed Note
Purchaser confirm to and agree with each other and the other parties to the Series 2019-1 Class A-1 Note Purchase Agreement as follows: (i) other than the
representation and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse claim, the Transferor makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with the Series 2019-1 Supplement, the Series 2019-1
Class A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2019-1 Class A-1 Notes, the Transaction Documents or any instrument or document furnished pursuant thereto; (ii) the Transferor makes no representation or warranty and assumes no responsibility with respect to
the financial condition of the Co-Issuers or the performance or observance by the Co-Issuers of any of the Co-Issuers’
obligations under the Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement, the Transaction Documents or any other instrument or document furnished
pursuant hereto; (iii) each Acquiring Committed Note Purchaser confirms that it has received a copy of the Indenture, the Series 2019-1 Class A-1 Note Purchase
Agreement and such other Transaction Documents and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption Agreement; (iv) each Acquiring Committed
Note Purchaser will, independently and without reliance upon the Administrative Agent, the Transferor, the Funding Agent or any other Investor Group and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Series 2019-1 Class A-1 Note Purchase Agreement; (v) each Acquiring Committed Note
Purchaser appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1
Note Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Article V of the Series
2019-1 Class A-1 Note Purchase Agreement; (vi) each Acquiring Committed Note Purchaser appoints and authorizes its related Funding Agent to take such action as
agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by the terms
thereof, together with such powers as are reasonably incidental thereto, all in accordance with Article V of the Series 2019-1 Class A-1 Note Purchase
Agreement; (vii) each Acquiring Committed Note Purchaser agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Series 2019-1 Class A-1 Note Purchase Agreement are required to be performed by it as an Acquiring Committed Note Purchaser; and (viii) each Acquiring Committed Note Purchaser hereby represents and warrants to the Co-Issuers and the Manager that: (A) it has had an opportunity to discuss the Co-Issuers’ and the Manager’s business, management and financial affairs, and the
terms and conditions of the proposed purchase, with the Co-Issuers, and the Manager and their respective representatives; (B) it is an “accredited investor” within the

  
 B-2 

 
meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the 1933 Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the
merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2019-1 Class A-1 Notes; (C) it is purchasing
the Series 2019-1 Class A-1 Notes for its own account, or for the account of one or more “accredited investors” within the meaning of Rule 501(a)(1), (2),
(3) or (7) of Regulation D under the 1933 Act that meet the criteria described in clause (viii)(B) above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution,
subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning
of the 1933 Act with respect to the Series 2019-1 Class A-1 Notes; (D) it understands that (I) the Series 2019-1 Class A-1 Notes have not been and will not be registered or qualified under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a
transaction not involving any public offering within the meaning of the 1933 Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion
of counsel shall have been delivered in advance to the Co-Issuers, (II) the Co-Issuers are not required to register the Series
2019-1 Class A-1 Notes, (III) any permitted transferee hereunder must meet the criteria described under clause (viii)(B) above and (IV) any transfer must
comply with the provisions of Section 2.8 of the Base Indenture, Section 4.3 of the Series 2019-1 Supplement and Section 9.03 or
9.17, as applicable, of the Series 2019-1 Class A-1 Note Purchase Agreement; (E) it will comply with the requirements of clause (viii)(D) above
in connection with any transfer by it of the Series 2019-1 Class A-1 Notes; (F) it understands that the Series 2019-1 Class A-1 Notes will bear the legend set out in the form of Series 2019-1 Class A-1 Notes attached to the Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Co-Issuers from any purchaser of the
Series 2019-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and (H) it has executed a
Purchaser’s Letter substantially in the form of Exhibit D to the Series 2019-1 Class A-1 Note Purchase Agreement. 

Schedule I hereto sets forth (i) the Purchased Percentage for each Acquiring Committed Note Purchaser,
(ii) the revised Commitment Amounts of the Transferor and each Acquiring Committed Note Purchaser, and (iii) the revised Maximum Investor Group Principal Amounts for the Investor Groups of the Transferor and each Acquiring Committed Note
Purchaser (it being understood that if the Transferor was part of a Conduit Investor’s Investor Group and the Acquiring Committed Note Purchaser is intended to be part of the same Investor Group, there will not be any change to the Maximum
Investor Group Principal Amount for that Investor Group) and (iv) administrative information with respect to each Acquiring Committed Note Purchaser and its related Funding Agent. 

This Assignment and Assumption Agreement and all matters arising under or in any manner relating to this Assignment and
Assumption 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 that the State of New York, and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law. 

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 ON THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ASSIGNMENT AND
ASSUMPTION AGREEMENT OR THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE 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
ASSIGNMENT AND ASSUMPTION AGREEMENT. 

  
 B-3 

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

			
	
[                       
                          ], as Transferor

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 
			
	
	
[                       
                          ], as Acquiring

Committed Note Purchaser

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 
			
	
	
[                       
  ], as Funding Agent

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 B-5 

 
			
	CONSENTED AND ACKNOWLEDGED BY THE CO-ISSUERS:
	
	 APPLEBEE’S FUNDING LLC,

as a Co-Issuer

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 IHOP FUNDING LLC,

as a Co-Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 B-6 

 
			
	 CONSENTED BY:

	
	 BARCLAYS BANK PLC, as Swingline Lender

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 BARCLAYS BANK PLC, as L/C Provider

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 B-7 

 SCHEDULE I TO 

ASSIGNMENT AND ASSUMPTION AGREEMENT 

LIST OF ADDRESSES FOR NOTICES 

AND OF COMMITMENT AMOUNTS 

[                      
              ],             as 

Transferor 
 Prior
Commitment Amount: $[             ] 
 Revised Commitment Amount:
            $[            ] 

Prior Maximum Investor Group 

Principal
Amount:            $[                 ] 

Revised Maximum Investor 
 Group
Principal Amount:            $[         ] 

Related Conduit Investor 
 (if
applicable)    [ 

                        
                                         
] 
  
  [
                                         
                   ], as         

Acquiring Committed Note Purchaser Address: 

Attention: 
 Telephone: 

Email: 
 Purchased Percentage of
Transferor’s Commitment: [        ]% 
 Prior Commitment Amount:
$[    ] 
 Revised Commitment Amount:  
$[        ] 
 Prior Maximum Investor Group 

Principal Amount:         $[        ] 

  
 B-8 

 Revised Maximum Investor Group Principal
Amount:    $[        ] 
 Related Conduit Investor (if
applicable)    [         ] 

[                      
              ], as related Funding Agent 
 Address: 

Attention: 
 Telephone: 

Email: 

  
 B-9 

 EXHIBIT C TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

INVESTOR GROUP SUPPLEMENT, dated as of [        ], among
(i) [        ]                 (the “Transferor Investor Group”), (ii)
[        ] (the “Acquiring Investor Group”), (iii) the Funding Agent with respect to the Acquiring Investor Group listed on the signature pages hereof (each, a
“Funding Agent”), and (iv) the Co-Issuers, the Swingline Lender and the L/C Provider listed on the signature pages hereof. 

W I T N E S S E T H: 

WHEREAS, this Investor Group Supplement is being executed and delivered in accordance with
Section 9.17(c) of that certain Series 2019-1 Class A-1 Note Purchase Agreement, dated as of June 5, 2019 (as amended, supplemented,
amended and restated or otherwise modified from time to time, the “Series 2019-1 Class A-1 Note Purchase Agreement”; terms defined
therein being used herein as therein defined) among Applebee’s Funding LLC and IHOP Funding LLC, as Co-Issuers, the Guarantors party thereto Dine Brands Global, Inc., as the Manager, the Conduit
Investors, the Committed Note Purchasers for each Investor Group, the Funding Agents and Barclays Bank PLC, as L/C Provider, Swingline Lender and Administrative Agent.; 

WHEREAS, the Acquiring Investor Group wishes to become a Conduit Investor and [a] Committed Note
Purchaser[s] with respect to such Conduit Investor under the Series 2019-1 Class A-1 Note Purchase Agreement; and 

WHEREAS, the Transferor Investor Group is selling and assigning to the Acquiring Investor Group [all] [a
portion of] its respective rights, obligations and commitments under the Series 2019-1 Class A-1 Note Purchase Agreement, the Series 2019-1 Class A-1 Advance Notes and each other Transaction Document to which it is a party with respect to the percentage of its Commitment Amount specified on Schedule
I attached hereto; 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 

Upon the execution and delivery of this Investor Group Supplement by the Acquiring Investor Group, each related Funding Agent
with respect thereto, the Transferor Investor Group, the Swingline Lender, the L/C Provider and, to the extent required by Section 9.17(c) of the Series 2019-1 Class A-1 Note Purchase Agreement (the date of such execution and delivery, the “Transfer Issuance Date”) the Co-Issuers, the Conduit Investor and the
Committed Note Purchaser[s] with respect to the Acquiring Investor Group shall be parties to the Series 2019-1 Class A-1 Note Purchase Agreement for
all purposes thereof. 
 The Transferor Investor Group acknowledges receipt from the Acquiring Investor Group of an amount
equal to the purchase price, as agreed between the Transferor Investor Group and the Acquiring Investor Group (the “Purchase Price”), of the portion being purchased by the Acquiring Investor Group (the Acquiring Investor
Group’s “Purchased Percentage”) of (i) the aggregate Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group under the Series
2019-1 Class A-1 Note Purchase Agreement and (ii) the aggregate related Committed Note Purchaser Percentage[s] of the related Investor Group
Principal Amount. The Transferor Investor Group hereby irrevocably sells, assigns and transfers to the Acquiring Investor Group, without recourse, representation or warranty, and the Acquiring Investor Group hereby irrevocably purchases, takes and
assumes from the Transferor Investor Group, such Acquiring Investor Group’s Purchased Percentage of (x) the aggregate Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group
under the Series 2019-1 Class A-1 Note Purchase Agreement and (y) the aggregate related Committed Note Purchaser Percentage[s] of the related
Investor Group Principal Amount. 

  
 C-1 

 The Transferor Investor Group has made arrangements with the Acquiring
Investor Group with respect to (i) the portion, if any, to be paid, and the date or dates for payment, by the Transferor Investor Group to such Acquiring Investor Group of any program fees, undrawn facility fee, structuring and commitment fees
or other fees (collectively, the “Fees”) [heretofore received] by the Transferor Investor Group pursuant to Section 3.02 of the Series 2019-1 Class A-1 Note Purchase Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring Investor Group to the Transferor
Investor Group of Fees or [    ] received by such Acquiring Investor Group pursuant to the Series 2019-1 Supplement from and after the Transfer Issuance Date]. 

From and after the Transfer Issuance Date, amounts that would otherwise be payable to or for the account of the Transferor
Investor Group pursuant to the Series 2019-1 Supplement or the Series 2019-1 Class A-1 Note Purchase Agreement shall,
instead, be payable to or for the account of the Transferor Investor Group and the Acquiring Investor Group, as the case may be, in accordance with their respective interests as reflected in this Investor Group Supplement, whether such amounts have
accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer Issuance Date. 
 Each of the parties to
this Investor Group Supplement agrees that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably
request in order to effect the purposes of this Investor Group Supplement. 
 The Acquiring Investor Group has executed and
delivered to the Administrative Agent a Purchaser’s Letter substantially in the form of Exhibit D to the Series 2019-1 Class A-1 Note Purchase Agreement. 

By executing and delivering this Investor Group Supplement, the Transferor Investor Group and the Acquiring Investor Group
confirm to and agree with each other and the other parties to the Series 2019-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation
and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse claim, the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with the Series 2019-1 Supplement, the Series 2019-1
Class A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2019-1 Class A-1 Notes, the Transaction Documents or any instrument or document furnished pursuant thereto; (ii) the Transferor Investor Group makes no representation or warranty and assumes no responsibility
with respect to the financial condition of the Co-Issuers or the performance or observance by the Co-Issuers of any of the
Co-Issuers’ obligations under the Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement, the Transaction
Documents or any other instrument or document furnished pursuant hereto; (iii) the Acquiring Investor Group confirms that it has received a copy of the Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement and such other Transaction Documents and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Investor
Group Supplement; (iv) the Acquiring Investor Group will, independently and without reliance upon the Administrative Agent, the Transferor Investor Group, the Funding Agents or any other Person and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series 2019-1 Class A-1 Note Purchase
Agreement; (v) the Acquiring Investor Group appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Article V of
the Series 2019-1 Class A-1 Note Purchase Agreement; (vi) each member of the Acquiring Investor Group appoints and authorizes its related Funding Agent, listed
on Schedule I hereto, to take such action as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are
delegated to such Funding Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Article V of the Series 2019-1
Class A-1 Note Purchase Agreement; (vii) each member of the Acquiring 

  
 C-2 

 
Investor Group agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Series 2019-1 Class A-1 Note Purchase Agreement are required to be performed by it as a member of the Acquiring Investor Group; and (viii) each member of the Acquiring Investor Group hereby represents and warrants to
the Co-Issuers and the Manager that: (A) it has had an opportunity to discuss the Co-Issuers’ and the Manager’s business, management and financial
affairs, and the terms and conditions of the proposed purchase, with the Co-Issuers and the Manager and their respective representatives; (B) it is an “accredited investor” within the meaning of
Rule 501(a)(1), (2), (3) or (7) of Regulation D under the 1933 Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear
the economic risk of investing in, the Series 2019-1 Class A-1 Notes; (C) it is purchasing the Series 2019-1 Class A-1 Notes for its own account, or for the account of one or more “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the 1933 Act that meet
the criteria described in clause (viii)(B) above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the
disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the 1933 Act with respect to the Series 2019-1 Class A-1 Notes; (D) it understands that (I) the Series 2019-1
Class A-1 Notes have not been and will not be registered or qualified under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only
in a transaction not involving any public offering within the meaning of the 1933 Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an
opinion of counsel shall have been delivered in advance to the Co-Issuers, (II) the Co-Issuers are not required to register the Series 2019-1 Class A-1 Notes, (III) any permitted transferee hereunder must meet the criteria described under clause (viii)(B) above and (IV) any transfer must comply
with the provisions of Section 2.8 of the Base Indenture, Section 4.3 of the Series 2019-1 Supplement and Section 9.03 or
9.17, as applicable, of the Series 2019-1 Class A-1 Note Purchase Agreement; (E) it will comply with the requirements of clause (viii)(D) above
in connection with any transfer by it of the Series 2019-1 Class A-1 Notes; (F) it understands that the Series 2019-1 Class A-1 Notes will bear the legend set out in the form of Series 2019-1 Class A-1 Notes attached to the Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Co-Issuers from any purchaser of the
Series 2019-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and (H) it has executed a
Purchaser’s Letter substantially in the form of Exhibit D to the Series 2019-1 Class A-1 Note Purchase Agreement. 

Schedule I hereto sets forth (i) the Purchased Percentage for the Acquiring Investor Group, (ii) the revised
Commitment Amounts of the Transferor Investor Group and the Acquiring Investor Group, and (iii) the revised Maximum Investor Group Principal Amounts for the Transferor Investor Group and the Acquiring Investor Group and (iv) administrative
information with respect to the Acquiring Investor Group and its related Funding Agent. 
 This Investor Group Supplement
and all matters arising under or in any manner relating to this Investor Group Supplement 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 that the State of New York, and the obligations, rights and remedies of the parties hereto shall be determined
in accordance with such law. 
 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 ON THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN
CONNECTION WITH, THIS INVESTOR GROUP SUPPLEMENT OR THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE 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 

  
 C-3 

 
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
INVESTOR GROUP SUPPLEMENT. 
 IN WITNESS WHEREOF, the parties hereto have caused this Investor Group Supplement to be
executed by their respective duly authorized officers as of the date first set forth above. 
  

			
	 [                 ], as
Transferor Investor Group

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title

 
			
	
	 [
                    ], as Acquiring Investor Group

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 
			
	
	 [
                            ], as Funding
Agent

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title

  
 C-4 

 
			
	 CONSENTED AND ACKNOWLEDGED
 BY THE CO-ISSUERS:

	
	 APPLEBEE’S FUNDING LLC,
 as a Co-Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 IHOP FUNDING LLC,

as a Co-Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 C-5 

 
			
	 CONSENTED BY:

	
	 BARCLAYS BANK PLC, as Swingline Lender

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 
			
	
	 BARCLAYS BANK PLC, as L/C Provider

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 C-6 

 SCHEDULE I TO 

INVESTOR GROUP SUPPLEMENT 

LIST OF ADDRESSES FOR NOTICES 

AND OF COMMITMENT AMOUNTS 

[                      
                  ], as Transferor Investor Group 

Prior Commitment Amount: $[    ] 

Revised Commitment Amount: $[        ] 

Prior Maximum Investor Group 

Principal Amount:        $[         ] 

Revised Maximum Investor 
 Group
Principal Amount:        $[         ] 

[                      
                  ], as Acquiring Investor Group 

Address: 
 Attention: 

Telephone: 
 Email: 

Purchased Percentage of 
 Transferor Investor
Group’s Commitment: [            ]% 
 Prior
Commitment Amount: $[            ] 
 Revised Commitment
Amount:   $[            ] 
 Prior Maximum
Investor Group 
 Principal
Amount:        $[                ] 

Revised Maximum Investor 
 Group
Principal Amount:        $[            ] 

[                      
                                      ], as related
Funding Agent 
 Address: 

Attention: 
 Telephone: 

Email: 

  
 C-7 

 EXHIBIT D TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

[FORM OF PURCHASER’S LETTER] 

[PURCHASER] 

[PURCHASER ADDRESS] 

Attention: [PURCHASER
CONTACT]                         [Date] 

Ladies and Gentlemen: 

Reference is hereby made to the Class A-1 Note Purchase Agreement dated as of
June 5, 2019 (the “NPA”) relating to the purchase and sale (the “Transaction”) of up to $225,000,000 of Series 2019-1 Variable Funding Senior Notes, Class A-1 (the “VFN Notes”) of Applebee’s Funding LLC and IHOP Funding LLC (collectively, the “Co-Issuers”). The Transaction will
not be required to be registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “1933 Act”). Barclays Bank PLC is acting as administrative agent (the “Administrative
Agent”) in connection with the Transaction. Unless otherwise defined herein, capitalized terms have the definitions ascribed to them in the NPA. Please confirm with us your acknowledgement and agreement with the following: 

 

	 	(a)	 You are an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the 1933 Act (an “Accredited Investor”) and have sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of purchasing, and are able and prepared to
bear the economic risk of purchasing, the VFN Notes. 

  

	 	(b)	 Neither the Administrative Agent nor its Affiliates (i) has provided you with any information with
respect to the Co-Issuers, the VFN Notes or the Transaction other than the information contained in the NPA, which was prepared by the Co-Issuers, or (ii) makes any
representation as to the credit quality of the Co-Issuers or the merits of a purchase of the VFN Notes. The Administrative Agent has not provided you with any legal, business, tax or other advice in connection
with the Transaction or your possible purchase of the VFN Notes. 

  

	 	(c)	 You acknowledge that you have completed your own diligence investigation of the Co-Issuers and the VFN Notes and have had sufficient access to the agreements, documents, records, officers and directors of the Co-Issuers to make your investment decision
related to the VFN Notes. You further acknowledge that you have had an opportunity to discuss the Co-Issuers’ and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Co-Issuers and the Manager and their respective representatives. 

  

	 	(d)	 The Administrative Agent may currently or in the future own securities issued by, or have business
relationships (including, among others, lending, depository, risk management, advisory and banking relationships) with, any Co-Issuer and its affiliates, and the Administrative Agent will manage such security
positions and business relationships as it determines to be in its best interests, without regard to the interests of the holders of the VFN Notes. 

  

	 	(e)	 You are purchasing the VFN Notes for your own account, or for the account of one or more Persons who are
Accredited Investors and who meet the criteria described in paragraph (a) above and for whom you are acting with complete investment discretion, 

  
 D-1 

	 	 
for investment purposes only and not with a view to a distribution (but without prejudice to our right at all times to sell or otherwise dispose of the VFN Notes in accordance with clause
(f) below), subject, nevertheless, to the understanding that the disposition of your property shall at all times be and remain within your control, and neither you nor your Affiliates has engaged in any general solicitation or general
advertising within the meaning of the 1933 Act, or the rules and regulations promulgated thereunder with respect to the VFN Notes. You confirm that, to the extent you are purchasing the VFN Notes for the account of one or more other Persons,
(i) you have been duly authorized to make the representations, warranties, acknowledgements and agreements set forth herein on their behalf and (ii) the provisions of this letter constitute legal, valid and binding obligations of you and
any other Person for whose account you are acting; 

  

	 	(f)	 You understand that (i) the VFN Notes have not been and will not be registered or qualified under the
1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and may not be resold or otherwise
transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Co-Issuers,
(ii) the Co-Issuers are not required to register the VFN Notes, (iii) any permitted transferee under the NPA must be an Accredited Investor and (iv) any transfer must comply with the provisions
of Section 2.8 of the Base Indenture, Section 4.3 of the Series 2019-1 Supplement and Section 9.03 or 9.17 of the NPA, as applicable; 

 

	 	(g)	 You will comply with the requirements of paragraph (f) above in connection with any transfer by you of
the VFN Notes; 

  

	 	(h)	 You understand that the VFN Notes will bear the legend set out in the form of VFN Notes attached to the
Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend; 

  

	 	(i)	 Either (i) you are not acquiring or holding the VFN Notes for or on behalf of, or with the assets of,
any plan, account or other arrangement that is subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Section 4975 of the Internal Revenue Code of 1986, as amended (the
“Code”), or provisions under any Similar Law (as defined in the Series 2019-1 Supplemental Definitions List attached to the Series 2019-1 Supplement as Annex
A) or (ii) your purchase and holding of the VFN Notes will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation
of any applicable Similar Law; and 

  

	 	(j)	 You will obtain for the benefit of the Co-Issuers from any purchaser
of the VFN Notes substantially the same representations and warranties contained in the foregoing paragraphs. 

 This
letter agreement will 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 that the State of New York. 

  
 D-2 

 You understand that the Administrative Agent will rely upon this letter
agreement in acting as an Administrative Agent in connection with the Transaction. You agree to notify the Administrative Agent promptly in writing if any of your representations, acknowledgements or agreements herein cease to be accurate and
complete. You irrevocably authorize the Administrative Agent to produce this letter to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters set forth herein. 

 

			
	 BARCLAYS BANK PLC, as Administrative
Agent

 
			
		
	 By:
	 	
                       
             

		 	 Name:

		 	 Title:

	
	 Agreed and Acknowledged:

	
	 [PURCHASER]

		
	 By:
	 	
                       
             

		 	 Name:

		 	 Title:

  
 D-3EX-10.2

 Exhibit 10.2 

Execution Version 
  

 
  

GUARANTEE AND COLLATERAL AGREEMENT 

made by 
 IHOP SPV GUARANTOR LLC,

 APPLEBEE’S SPV GUARANTOR LLC, 

IHOP RESTAURANTS LLC, 

APPLEBEE’S RESTAURANTS LLC, 

APPLEBEE’S FRANCHISOR LLC 

IHOP FRANCHISOR LLC, 
 IHOP PROPERTY
LLC and 
 IHOP LEASING LLC, 

each as a Guarantor 
 in favor of

 CITIBANK, N.A., 
 as Trustee

 Dated as of September 30, 2014 

and amended and restated as of June 5, 2019 
  

 
  

 TABLE OF CONTENTS 
  

							
		  		  	 	Page	 
		
	SECTION 1 DEFINED TERMS; Rules of Construction	  	 	2	 
	 1.1
	  	 Definitions
	  	 	2	 
	SECTION 2 GUARANTEE	  	 	2	 
	 2.1
	  	 Guarantee
	  	 	2	 
	 2.2
	  	 No Subrogation
	  	 	3	 
	 2.3
	  	 Amendments, etc. with respect to the Co-Issuer Obligations
	  	 	4	 
	 2.4
	  	 Guarantee Absolute and Unconditional
	  	 	4	 
	 2.5
	  	 Reinstatement
	  	 	5	 
	 2.6
	  	 Payments
	  	 	5	 
	 2.7
	  	 Information
	  	 	5	 
	SECTION 3 SECURITY	  	 	5	 
	 3.1
	  	 Grant of Security Interest
	  	 	5	 
	 3.2
	  	 Certain Rights and Obligations of the Guarantors Unaffected
	  	 	8	 
	 3.3
	  	 Performance of Collateral Documents
	  	 	9	 
	 3.4
	  	 Stamp, Other Similar Taxes and Filing Fees
	  	 	9	 
	 3.5
	  	 Authorization to File Financing Statements; Other Filing and Recording Documents
	  	 	10	 
	SECTION 4 REPRESENTATIONS AND WARRANTIES	  	 	10	 
	 4.1
	  	 Existence and Power
	  	 	10	 
	 4.2
	  	 Company and Governmental Authorization
	  	 	11	 
	 4.3
	  	 No Consent
	  	 	11	 
	 4.4
	  	 Binding Effect
	  	 	11	 
	 4.5
	  	 Ownership of Equity Interests; Subsidiaries
	  	 	11	 
	 4.6
	  	 Security Interests
	  	 	12	 
	 4.7
	  	 Other Representations
	  	 	13	 
	SECTION 5 COVENANTS	  	 	13	 
	 5.1
	  	 [Reserved]
	  	 	13	 
	 5.2
	  	 Defaults or Events of Default; Covenants in Base Indenture and Other Transaction Documents
	  	 	13	 
	 5.3
	  	 Further Assurances
	  	 	13	 
	 5.4
	  	 Legal Name, Location Under Section 9-301 or 9-307
	  	 	14	 
	 5.5
	  	 Equity Interests
	  	 	15	 
	 5.6
	  	 Management Accounts
	  	 	15	 
	SECTION 6 REMEDIAL PROVISIONS	  	 	15	 
	 6.1
	  	 Rights of the Control Party and Trustee upon Event of Default
	  	 	15	 
	 6.2
	  	 Waiver of Appraisal, Valuation, Stay and Right to Marshaling
	  	 	17	 
	 6.3
	  	 Limited Recourse
	  	 	18	 
	 6.4
	  	 Optional Preservation of the Collateral
	  	 	18	 
	 6.5
	  	 Control by the Control Party
	  	 	18	 
	 6.6
	  	 The Trustee May File Proofs of Claim
	  	 	19	 
	 6.7
	  	 Undertaking for Costs
	  	 	19	 
	 6.8
	  	 Restoration of Rights and Remedies
	  	 	19	 

  
 i 

							
	 6.9
	  	 Rights and Remedies Cumulative
	  	 	20	 
	 6.10
	  	 Delay or Omission Not Waiver
	  	 	20	 
	 6.11
	  	 Waiver of Stay or Extension Laws
	  	 	20	 
	 SECTION 7 THE TRUSTEE’S AUTHORITY
	  	 	20	 
	 SECTION 8 MISCELLANEOUS
	  	 	21	 
	 8.1
	  	 Amendments
	  	 	21	 
	 8.2
	  	 Notices
	  	 	21	 
	 8.3
	  	 Governing Law
	  	 	22	 
	 8.4
	  	 Successors
	  	 	22	 
	 8.5
	  	 Severability
	  	 	23	 
	 8.6
	  	 Counterpart Originals
	  	 	23	 
	 8.7
	  	 Table of Contents, Headings, etc.
	  	 	23	 
	 8.8
	  	 Recording of Agreement
	  	 	23	 
	 8.9
	  	 Waiver of Jury Trial
	  	 	23	 
	 8.10
	  	 Submission to Jurisdiction; Waivers
	  	 	23	 
	 8.11
	  	 Additional Guarantors
	  	 	24	 
	 8.12
	  	 Currency Indemnity
	  	 	24	 
	 8.13
	  	 Acknowledgment of Receipt; Waiver
	  	 	24	 
	 8.14
	  	 Termination; Partial Release
	  	 	24	 
	 8.15
	  	 Third Party Beneficiary
	  	 	25	 
	 8.16
	  	 Entire Agreement
	  	 	25	 
	 8.17
	  	 Amendment and Restatement
	  	 	25	 

  

					
	 SCHEDULES
	 		    	
	 Schedule 4.5
	 	 —
	    	 Guarantor Ownership Relationships

			
	 EXHIBITS
	 		    	
	 Exhibit A
	 	 —
	    	 Form of Assumption Agreement

  
 ii 

 GUARANTEE AND COLLATERAL AGREEMENT 

GUARANTEE AND COLLATERAL AGREEMENT (as the same may be further amended, amended and restated, supplemented or otherwise
modified from time to time, this “Agreement”), dated as of June 5, 2019, is made by APPLEBEE’S SPV GUARANTOR LLC, a Delaware limited liability company (the “Applebee’s Holding Company Guarantor”),
IHOP SPV GUARANTOR LLC, a Delaware limited liability company (the “IHOP Holding Company Guarantor” and, together with the Applebee’s Holding Company Guarantor, the “Holding Company Guarantors” and each, a
“Holding Company Guarantor”), APPLEBEE’S RESTAURANTS LLC, a Delaware limited liability company (the “Applebee’s Franchise Holder”), IHOP RESTAURANTS LLC, a Delaware limited liability company (the
“IHOP Franchise Holder” and, together with the Applebee’s Franchise Holder, the “Franchise Holders”), APPLEBEE’S FRANCHISOR LLC, a Delaware limited liability company (the “Applebee’s
Franchisor”), IHOP FRANCHISOR LLC, a Delaware limited liability company (the “IHOP Franchisor”), IHOP PROPERTY LLC, a Delaware limited liability company (“IHOP Property”), IHOP LEASING LLC, a Delaware
limited liability company (“IHOP Leasing”, and together with the Franchise Holders, the Applebee’s Franchisor, the IHOP Franchisor, IHOP Property and any Additional Franchise Entity that becomes a party hereto, collectively,
the “Franchise Entities”, and together with the Holding Company Guarantors, collectively, the “Guarantors”) in favor of CITIBANK, N.A., a national banking association, as trustee under the Indenture referred to
below (in such capacity, together with its successors, the “Trustee”) for the benefit of the Secured Parties. 
 W
I T N E S S E T H: 
 WHEREAS, Applebee’s Funding LLC,
a Delaware limited liability company (“Applebee’s Issuer”), IHOP Funding LLC, a Delaware limited liability company, (“IHOP Issuer” and collectively with the Applebee’s Issuer, the “Co-Issuers” and each, a “Co-Issuer”) and the Trustee have entered into that certain Base Indenture dated as of September 30, 2014 (the
“Original Base Indenture”); 
 WHEREAS, the Co-Issuers and the
Trustee have entered into an amendment and restatement of the Original Base Indenture, dated as of the date hereof (as amended on and prior to the date hereof and as restated as of the date hereof, and the same may be further amended, 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, the Guarantors and the Trustee previously entered
into that certain Guarantee and Collateral Agreement, dated as of September 30, 2014 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Original Agreement”); and 

WHEREAS, in connection with the amendment and restatement of the Original Base Indenture, the parties hereto have agreed to
amend and restate the Original Agreement in the manner set forth in 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; RULES OF CONSTRUCTION 
 1.1    Definitions; Rules of Construction. 

(a)    Unless otherwise defined herein, terms defined in the Base Indenture Definitions List attached to
the Base Indenture as Annex A thereto and used herein shall have the meanings given to them in such Base Indenture Definitions List. 

(b)    Any terms used in this Agreement (including, without limitation, for purposes of Section 3)
that are defined in the UCC and pertain to Collateral shall be construed and defined as set forth in the UCC, unless otherwise defined herein. 

(c)    The following terms shall have the following meanings for purposes of this Agreement: 

“Co-Issuer Obligations” means all Obligations owed by the Co-Issuers to the Secured Parties under the Indenture and the other Transaction Documents. 

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

“Other Currency” has the meaning assigned to such term in Section 8.12. 

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

(d)    The rules of construction set forth in Section 1.4 of the Base Indenture
shall apply for all purposes under this Agreement. 
 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 Co-Issuers when due (whether at the stated maturity, by acceleration or otherwise, but after
giving effect to all applicable grace or cure periods) of the Co-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 any Co-Issuer to pay any Co-Issuer Obligation when and as the same shall become due, but
after giving effect to all applicable grace or cure periods, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby jointly 

  
 2 

 
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 Co-Issuer Obligations. This is a guarantee of payment and not merely of collection. 

(b)    Anything herein or in any other Transaction Document to the contrary notwithstanding, the maximum
liability of each Guarantor hereunder and under the other Transaction 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 Co-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 Co-Issuers may be free from any Co-Issuer Obligations. 

(e)    No payment made by any of the Co-Issuers, any of the
Guarantors, any other guarantor or any other Person or received or collected by the Trustee or any other Secured Party from any of the Co-Issuers, 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 Co-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
Co-Issuer Obligations or any payment received or collected from such Guarantor in respect of the Co-Issuer Obligations), remain liable hereunder for the Co-Issuer Obligations up to the maximum liability of such Guarantor hereunder until the Termination Date. 

2.2    No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off
or application of funds of any Guarantor by the Trustee or any other Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any other Secured Party against the Co-Issuers 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 Co-Issuer Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the
Co-Issuers 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 Co-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 Co-Issuer Obligations, whether matured or unmatured, in such order
as the Trustee may determine in accordance with the Indenture. 

  
 3 

 2.3    Amendments, etc. with respect to the Co-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 Co-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
Co-Issuer Obligations continued, and the Co-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 Co-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 Transaction Document). 

2.4    Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the
creation, renewal, extension or accrual of any of the Co-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; the Co-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 Co-Issuers 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 any of the Co-Issuers or any of the Guarantors with respect to the Co-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 Transaction Document, any of the Co-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 any Co-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 Co-Issuers or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Co-Issuers for the Co-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 any Co-Issuer, any other Guarantor or any other Person or against any
collateral security or guarantee for the Co-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 

  
 4 

 
to collect any payments from any Co-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 any Co-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. Neither the Trustee nor any other
Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Co-Issuer Obligations or for the guarantee contained in this
Section 2 or any property subject thereto. 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 Co-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 any of the Co-Issuers 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, any of the Co-Issuers or any Guarantor or any substantial part of their respective 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 Dollars at the office of the Trustee. 

2.7    Information. Each Guarantor assumes all responsibility for being and keeping itself
informed of the Co-Issuers’ and each other Guarantor’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the
Co-Issuer Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither the Trustee nor any other Secured Party shall have any duty to
advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 
 SECTION 3 

SECURITY 

3.1    Grant of Security Interest. 

(a)    To secure the Obligations, each Guarantor hereby pledges, assigns, conveys, delivers, transfers
and sets over to the Trustee, for the benefit of the Secured Parties, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in such Guarantor’s right, title and interest in, to and under all of the
following property to the extent now owned or at any time hereafter acquired by such Guarantor (collectively, the “Collateral”): 

(i)    with respect to each Co-Issuer, the
limited liability company membership interests and stock owned by such Co-Issuer that represent the 100% ownership interest in the Franchise Entities owned by such
Co-Issuer; 

  
 5 

 (ii)    with respect to each Franchise
Holder and Additional IP Holder, 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
each Franchise Entity, (A) the Franchisee Notes and the Equipment Leases; and (B)(i) the Contributed Franchise Agreements and all Franchisee Payments thereon; (ii) the Contributed Development Agreements and all Franchisee Payments
thereon; (iii) the New Franchise Agreements and all Franchisee Payments thereon; (iv) the New Development Agreements and all Franchisee Payments thereon; (v) all rights to enter into New Franchise Agreements and New Development
Agreements; (vi) any and all other property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned as security for payment or performance of any obligation of the Franchisees or other Persons, as applicable, to such
Franchise Entity under the Franchise Agreements or the Development Agreements and all guarantees of such obligations and the rights evidenced by or reflected in the Franchise Agreements or the Development Agreements; 

(iv)    with respect to each Franchise Holder, (i) the Contributed Product Sourcing
Agreements and all Product Sourcing Payments thereon; (ii) the New Product Sourcing Agreements and all Product Sourcing Payments thereon; (iii) all rights to enter into New Product Sourcing Agreements; and (iv) any and all other
property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned as security for payment or performance of any obligation of any Person to such Franchise Holder under the Product Sourcing Agreements and all guarantees of such
obligations and the rights evidenced by or reflected in the Product Sourcing Agreements; 

(v)    with respect to the Applebee’s Franchise Holder, (i) the Contributed
Owned Real Property and New Owned Real Property owned by the Applebee’s Franchise Holder and (ii) the Franchisee Lease Payments received by the Applebee’s Franchise Holder under the Franchised Restaurant Leases to which the
Applebee’s Franchise Holder is a party; 
 (vi)    with respect to IHOP Property,
(i) the Contributed Owned Real Property and New Owned Real Property owned by IHOP Property and (ii) the Franchisee Lease Payments received by IHOP Property under the Franchised Restaurant Leases to which IHOP Property is a party; 

(vii)    with respect to IHOP Leasing, the Franchisee Lease Payments received by IHOP
Leasing under the Franchised Restaurant Leases to which IHOP Leasing is a party; 

(viii)    with respect to Applebee’s Franchise Holder and IHOP Franchise Holder, the
IP License Agreements, all related payments thereon and all rights thereunder; 

  
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 (ix)    each Account and all amounts or
other property on deposit in or otherwise credited to such Accounts; 
 (x)    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 Franchise Entities relating to the Franchise Assets, the Product
Sourcing Assets and the Securitization IP; 
 (xi)    the rights, powers, remedies and
authorities of the Securitization Entities under (i) each of the Transaction Documents (other than the Indenture and the Notes) to which they are a party and (ii) with respect to each Franchise Entity, each of the documents relating to the
Franchise Assets and Product Sourcing Assets to which it is a party; 
 (xii)    any
Interest Reserve Letter of Credit; 
 (xiii)    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, 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 

(xiv)    all payments, proceeds, supporting obligations and accrued and future rights to
payment with respect to the foregoing 
 provided, that the Collateral shall exclude the Collateral Exclusions. The Trustee, on
behalf of the Secured Parties, acknowledges that it shall have no security interest in any Collateral Exclusions. 

(b)    The foregoing grant is made in trust to secure the Obligations and to secure compliance with the
provisions of this Agreement, all as provided in this Agreement. The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Agreement in accordance with the provisions of this Agreement and agrees to
perform its duties required in this Agreement. The Collateral shall secure the Obligations equally and ratably without prejudice, priority or distinction (except, with respect to any Series of Notes, as otherwise stated in the applicable Series
Supplement or in the applicable provisions of the Base Indenture). 
 (c)    In addition, pursuant to
and within the time periods specified in Section 8.37 of the Base Indenture, each applicable Franchise Entity shall execute and deliver to the Trustee, for the benefit of the Secured Parties, a Mortgage with respect to each
New Owned Real Property acquired by such Franchise Entity (and to the extent necessary, any Contributed Owned Real Property), which shall be delivered to the Trustee or its agent to be held in escrow; provided that upon the occurrence of a Mortgage
Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class Representative), the Trustee or its agent, at the direction of the Control Party, will deliver the Mortgages
within five (5) Business Days to the applicable recording office for recordation in accordance with Section 8.37 of the Base Indenture. Notwithstanding the foregoing, no Lien will be granted to the Trustee for the
benefit of the Secured Parties on the Contributed Owned Real 

  
 7 

 
Property or any New Owned Real Property until such time as the Mortgages are required to be delivered in accordance with the Indenture. 

(d)    The parties hereto agree and acknowledge that each certificated Equity Interest and each Mortgage
constituting Collateral may be held by a custodian on behalf of the Trustee. 
 3.2    Certain
Rights and Obligations of the Guarantors Unaffected. 
 (a)    Notwithstanding the grant of the
security interest in the Collateral hereunder to the Trustee, on behalf of the Secured Parties, the Guarantors acknowledge that the Manager, on behalf of the Securitization Entities, including, without limitation, any Guarantors that are Franchise
Entities, shall, subject to the terms and conditions of the Management Agreement, nevertheless have the right, subject to the Trustee’s right to revoke such right, in whole or in part, in the event of the occurrence of an Event of Default,
(i) to give, in accordance with the Managing Standard, all consents, requests, notices, directions, approvals, extensions or waivers, if any, which are required or permitted to be given by any Guarantor under the Collateral Documents to which
it is a party, and to enforce all rights, remedies, powers, privileges and claims of each Guarantor under the Collateral Documents to which it is a party, (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 it is a party and to enforce all rights, remedies, powers, privileges and claims of such Guarantor thereunder and
(iii) to take any other actions required or permitted under the terms of the Management Agreement. 

(b)    The grant of the security interest by the Guarantors in the Collateral to the Trustee on behalf 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
Documents to which it is a party 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 any Guarantor’s part to be so performed or observed or
impose any liability on the Trustee or any of the other 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 respective 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 and documented out-of-pocket costs, expenses and disbursements (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Secured Party in enforcing this Agreement or any other Transaction Document or preserving any of its rights to, or realizing upon, any of the Collateral; provided,
however, that the foregoing indemnification shall not extend to any action by the Trustee or any other Secured Party which constitutes gross negligence, bad faith or willful misconduct by the Trustee or any Secured Party

  
 8 

 
or any other indemnified person hereunder. The indemnification provided for in this Section 3.2 shall survive the removal of, or a resignation by, such Person as Trustee
as well as the termination of this Agreement. No amounts shall be required to be paid under this Section 3.2(c) in duplication of amounts paid under Section 3.2(c) of the Base Indenture. 

3.3    Performance of Collateral Documents. Upon the occurrence of a default or breach (after
giving effect to any applicable grace or cure periods) by any Person party to (a) a Collateral Transaction Document to which a Guarantor is a party or (b) a Collateral Franchise Document to which a Guarantor is a party (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 such Guarantors’ expense, each such Guarantor shall take all such lawful action as permitted under this
Agreement as the Trustee (acting at the direction of the Control Party (at the direction of the Controlling Class Representative)) may reasonably request to compel or secure the performance and observance by such Person of its obligations to
such Guarantor, and to exercise any and all rights, remedies, powers and privileges lawfully available to such Guarantor to the extent and in the manner directed by the Trustee (acting at the direction of the Control Party (at the direction of the
Controlling Class Representative)), including, without limitation, the transmission of notices of default and the institution of legal or administrative actions or proceedings to compel or secure performance by such Person of its obligations
thereunder. If (i) a Guarantor shall have failed, within fifteen (15) Business Days of receiving the direction of the Trustee, to take commercially reasonable action to accomplish such directions of the Trustee, (ii) a Guarantor
refuses to take any such action, as reasonably determined by the Trustee in good faith, or (iii) the Control Party (at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately,
in any such case the Control Party (at the direction of the Controlling Class Representative) may, but shall not be obligated to, take, and the Trustee shall take (if so directed by the Control Party (at the direction of the Controlling
Class Representative)), at the expense of the Guarantors, such previously directed action and any related action permitted under this Agreement which the Control Party (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 such Guarantor to take such action), on behalf of such Guarantor and the Secured Parties. No amounts shall be required to be paid
under this Section 3.3 in duplication of amounts paid under Section 3.3 of the Base Indenture. 

3.4    Stamp, Other Similar Taxes and Filing Fees. The Guarantors shall jointly and severally
indemnify and hold harmless the Trustee and each other 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 Transaction Document or any Collateral. The Guarantors shall pay, and jointly and severally indemnify and hold harmless each Secured Party against, any
and all amounts in respect of all search, filing, recording and registration fees, taxes, excise taxes and other similar imposts that may be payable or determined to be payable in respect of the execution, delivery, performance and/or enforcement of
this Agreement or any other Transaction Document. No amounts shall be required to be paid under this Section 3.4 in duplication of amounts paid under Section 3.4 of the Base Indenture. 

  
 9 

 3.5    Authorization to File Financing Statements;
Other Filing and Recording Documents. 
 (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 (or, with respect to
the Mortgages, upon the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class Representative)) with respect to the Collateral, including,
without limitation, any and all Securitization IP (to the extent set forth in Sections 8.25(c) and 8.25(e) of the Base Indenture), to perfect 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 naming the Trustee as secured party and indicating that the Collateral includes (a) “all assets” or words of similar effect or import regardless of whether any
particular assets comprised in the Collateral fall within the scope of Article 9 of the UCC, including, without limitation, any and all Securitization IP or (b) as being of an equal or lesser scope or with greater detail. Each Guarantor
agrees to furnish any information necessary to accomplish the foregoing promptly upon the Control Party’s request. Each Guarantor also hereby ratifies and authorizes the filing by or on behalf of the Trustee, for the benefit of the Secured
Parties, of any financing statement with respect to the Collateral made prior to the date hereof. 

(b)    Each Guarantor acknowledges that the Collateral may include certain rights of such Guarantor as a
secured party under the Transaction Documents. To the extent a Guarantor is a secured party under the Transaction Documents, such 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 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 other Secured Parties, as follows as of
the Closing Date and as of each Series Closing Date thereafter: 
 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 Transaction Documents make such qualification necessary, except to the extent that the failure to so qualify would not reasonably be likely to
result in a Material Adverse Effect, and (c) has all limited liability company, corporate or other powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted and for purposes of
the transactions contemplated by this Agreement and the other 

  
 10 

 
Transaction Documents, except to the extent the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

4.2    Company and Governmental Authorization. The execution, delivery and performance by each
Guarantor of this Agreement and the other Transaction 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 Transaction Document, including actions or filings with respect to any Mortgages) and (c) does not contravene, or constitute a default under, any Requirements of Law with respect to such Guarantor or
any Contractual Obligation with respect to such Guarantor or result in the creation or imposition of any Lien on any property of any Guarantor, except for Liens created by this Agreement or the other Transaction Documents, except in the case of
clauses (b) and (c) above, solely with respect to the Contribution Agreements, the violation of which could not reasonably be expected to have a Material Adverse Effect. This Agreement and each of the other Transaction Documents to which each
Guarantor is a party has been executed and delivered by a duly Authorized Officer of such Guarantor. 

4.3    No Consent. Except as set forth on Schedule 7.3 to the Base Indenture, no consent,
action by or in respect of, approval or other authorization of, or registration, declaration or filing with, any Governmental Authority or other Person is required for the valid execution and delivery by each Guarantor of this Agreement or any
Transaction 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, 8.25, or 8.37
of the Base Indenture or (b) relating to the performance of any Collateral Franchise Document the failure of which to obtain is not reasonably likely to have a Material Adverse Effect. 

4.4    Binding Effect. This Agreement, and each other Transaction 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, or by an implied covenant of good faith and fair dealing). 

4.5    Ownership of Equity Interests; Subsidiaries. 

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

  
 11 

 
authorized and validly issued, are fully paid and non-assessable and are owned of record by the IHOP Holding Company Guarantor free and clear of all Liens
other than Permitted Liens. 
 (c)    The Applebee’s Holding Company Guarantor has no subsidiaries
and owns no Equity Interests in any other Person, other than Applebee’s Issuer and any Additional Franchise Entity. The IHOP Holding Company Guarantor has no subsidiaries and owns no Equity Interests in any other Person, other than IHOP Issuer
and any Additional Franchise Entity. The Applebee’s Franchise Holder and the IHOP Franchise Holder have no subsidiaries and own no Equity Interests in any other Person other than any Additional Franchise Entity. 

4.6    Security Interests. 

(a)    Each Guarantor owns and has good title to its Collateral, free and clear of all Liens other than
Permitted Liens. Except in the case of the Real Estate Assets included in the Collateral, 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 and is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from each Guarantor in accordance with its terms (except, in each case, as
described on Schedule 7.13(a) of the Base Indenture and subject to Sections 8.25(c), 8.25(e), and 8.37 of the Base Indenture, or as is permitted under this Section 4.6(a)), except as such
enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at
law or in equity and by an implied covenant of good faith and fair dealing. Except as set forth on Schedule 7.13 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 and the Guarantors have filed, or shall have caused, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the first-priority security interest (subject to Permitted Liens) in the Collateral (other than the Contributed Owned Real Property and the New Owned Real Property) granted to the Trustee hereunder no later than ten (10) days after the
Closing Date or such Series Closing Date; provided, that with respect to Intellectual Property or Real Estate Assets included in the Collateral the Guarantors shall only take such action necessary to perfect such first-priority security
interest consistent with and subject to the obligations and time periods set forth in Sections 8.25(c), 8.25(e), or 8.37 of the Base Indenture, as applicable. 

(b)    Other than the security interest granted to the Trustee hereunder, pursuant to the other
Transaction Documents or any other Permitted Lien, none of the Guarantors has pledged, assigned, sold or granted a security interest in the Collateral. All action necessary (including the filing of UCC-1
financing statements and filings with the PTO and the United States Copyright Office) to protect and evidence the Trustee’s security interest in the Collateral in the United States has been, or shall be, duly and effectively taken consistent
with and subject to the obligations set forth in Section 4.6(a) above and Sections 8.25(c), 8.25(e) or 8.37 of the Base Indenture, except as described on Schedule 7.13(a) to the Base Indenture.
No security agreement, financing statement, equivalent security or lien instrument or continuation statement authorized by any Guarantor and listing such Guarantor as debtor covering all or any part of the Collateral is on file or of record in any
jurisdiction, except in respect of Permitted Liens or such as may have been 

  
 12 

 
filed, recorded or made by such Guarantor in connection with a Contribution Agreement or in favor of the Trustee on behalf of the Secured Parties in connection with this Agreement, and no
Guarantor has authorized any such filing. 
 (c)    All authorizations in this Agreement for the
Trustee to endorse checks, instruments and securities and to execute financing statements, continuation statements, security agreements and other instruments with respect to the Collateral and to take such other actions with respect to the
Collateral authorized by this Agreement are powers coupled with an interest and are irrevocable. 

(d)    Notwithstanding anything to the contrary herein, the Guarantors make no representation as to the
validity, effectiveness, priority or enforceability of any grant of security interest in any real property assets under Section 3, including, in each case, the Real Estate Assets, or the perfection thereof, which in each
case shall be governed by the Mortgages, if applicable. 
 4.7    Other Representations. All
representations and warranties of or about each Guarantor (if made by the Co-Issuers) made in the Base Indenture and in each other Transaction Document to which the
Co-Issuers or such Guarantor is a party are true and correct (i) if qualified as to materiality, in all respects, and (ii) if not qualified as to materiality, in all material respects (unless stated
to relate solely to an earlier date, in which case such representations and warranties were true and correct in all respects or in all material respects, as applicable, as of such earlier date) and are repeated herein as though fully set forth
herein. 
 SECTION 5 

COVENANTS 

5.1    [Reserved]. 

5.2    Defaults or Events of Default; Covenants in Base Indenture and Other Transaction 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, 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 such 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 Transaction Document are repeated herein as though fully set forth herein. 

5.3    Further Assurances. 

(a)    Each Guarantor shall do such further acts and things, and execute and deliver to the Trustee and
the Control Party such additional assignments, agreements, powers and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral on behalf of the Secured Parties as a perfected security
interest subject to no prior Liens (other than Permitted Liens), to carry into effect the purposes of this Agreement or the other Transaction Documents or to better assure and confirm unto the Trustee, the Control Party the

  
 13 

 
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, except as set forth on Schedule 8.11 to the Base Indenture, and in each case subject to Sections 8.25(c),
8.25(e), or 8.37 of the Base Indenture. The Guarantors intend the security interests granted pursuant to this Agreement in favor of the Secured Parties to be prior to all other Liens (other than Permitted Liens) in respect of the
Collateral, and each Guarantor shall take all actions necessary to obtain and maintain, in favor of the Trustee for the benefit of the Secured Parties, a first lien on and a first priority, perfected security interest in the Collateral (except with
respect to Permitted Liens and except as set forth on Schedule 8.11 of the Base Indenture or in Sections 8.25 or 8.37 of the Base Indenture). If any Guarantor fails to perform any of its agreements or obligations under this
Section 5.3(a), then the Control Party may perform such agreement or obligation, and the expenses of the Control Party incurred in connection therewith shall be payable by the Guarantors (without duplication amounts paid
under Section 8.11 of the Base Indenture) 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. 

(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; provided, that no Guarantor shall be required
to deliver any Franchisee Note or Equipment Lease. 
 (c)    Notwithstanding the provisions set forth
in clauses (a) and (b) above, the Guarantors shall not be required to perfect any security interest in any fixtures (other than through a central filing of a UCC financing statement), any Franchisee promissory notes or, except as
provided in Section 8.37 to the Base Indenture, any Real Estate Assets. 

(d)    The Guarantors, upon obtaining an interest in any commercial tort claim or claims (as such term is
defined in the New York UCC), shall comply with Section 8.11(d) of the Base Indenture. 

(e)    Each Guarantor shall warrant and defend the Trustee’s right, title and interest in and to the
Collateral and the income, distributions and Proceeds thereof, for the benefit of the Trustee on behalf of the Secured Parties, against the claims and demands of all Persons whomsoever. 

5.4    Legal Name, Location Under Section 9-301 or 9-307. Each Guarantor shall comply with the
terms of Section 8.19 of the Base Indenture if it changes its location (within the meaning of Section 9-301 or 9-307 of the applicable UCC) or its legal name. 

  
 14 

 5.5    Equity Interests. No Guarantor shall
sell, transfer, assign, pledge, hypothecate or otherwise dispose, in whole or in part, of any Equity Interest of the Co-Issuers or, except as provided in the Transaction Documents, any Securitization Entity.

 5.6    Management Accounts. To the extent that it owns any Management Account (including any lock-box related thereto), each Guarantor shall comply with Section 5.1 of the Base Indenture with respect to each such Management Account (including any
lock-box related thereto). 
 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 Guarantee 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 whenever an Event of Default shall have occurred and be
continuing, the Trustee, at the direction of the Control Party (subject to Section 11.4(e) 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
Noteholders and 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 Transaction Document or in aid of the exercise of any power granted therein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by
this Agreement or any other Transaction Document or by law, including any remedies of a secured party under Requirements of Law; 

(ii)    (A) direct the Guarantors to exercise (and each Guarantor agrees to exercise) all
rights, remedies, powers, privileges and claims of any Guarantor against any party to any Collateral Document to which such Guarantor is a party 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) the
Guarantors shall have failed, within ten (10) Business Days of receiving the direction of the Trustee (given at the 

  
 15 

 
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); 
 (iii)    institute
Proceedings from time to time for the complete or partial foreclosure of this Agreement or, to the extent applicable, any other Transaction Document, with respect to the Collateral; provided that the Trustee shall not be required to take
title to any real property in connection with any foreclosure or other exercise of remedies hereunder or under such Transaction 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; and/or 
 (iv)    sell all or a portion of the
Collateral at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Trustee shall not proceed with any such sale without the prior written consent of the Control Party (at
the direction of the Controlling Class Representative) and the Trustee shall provide notice to the Guarantors and each Holder of Senior Subordinated Notes and Subordinated Notes of a proposed sale of Collateral. 

(c)    Sale of Collateral. In connection with any sale of the Collateral hereunder (which may
proceed separately and independently from the exercise of remedies under the Indenture), under any Mortgage or under any judgment, order or decree in any judicial proceeding for the foreclosure or involving the enforcement of this Agreement or any
other Transaction Document: 
 (i)    any of the Trustee, any Noteholder, any
Enhancement Provider, any Hedge Counterparty and/or any other Secured Party may bid for and purchase the property being sold, and upon compliance with the terms of the sale may hold, retain, possess and dispose of such property in its own absolute
right without further accountability; 
 (ii)    the Trustee (at the direction of the
Control Party (at the direction of the Controlling Class Representative)) may make and deliver to the purchaser or purchasers a good and sufficient deed, bill of sale and instrument of assignment and transfer of the property sold; 

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

  
 16 

 
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 the Trustee or of such officer thereof, be obliged to see to the application of such purchase money or be in any way answerable for any loss, misapplication or non-application thereof. 

(d)    Application of Proceeds. Any amounts obtained by the Trustee or the Control Party on
account of or as a result of the exercise by the Trustee or the Control Party of any right hereunder shall be held by the Trustee as additional collateral for the repayment of the Obligations, shall be deposited into the Collection Account and shall
be applied as provided in the priority set forth in the Priority of Payments; provided that unless otherwise provided in this Section 6 or Article IX of the Base Indenture, with respect to any distribution to
any Class of Notes, notwithstanding the provisions of Article V of the Base Indenture, such amounts shall be distributed sequentially in order of alphabetical (as opposed to alphanumerical) designation and pro rata among each
Class of Notes of the same alphabetical designation based upon the Outstanding Principal Amount of the Notes of each such Class. 

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

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

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

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 

  
 17 

 
otherwise hinder (i) the performance, enforcement or foreclosure of this Agreement, (ii) the sale of any of the Collateral or (iii) the putting of the purchaser or purchasers
thereof into possession of such property immediately after the sale thereof; 
 (b)    waives all
benefit or advantage of any such laws; 
 (c)    waives and releases all rights to have the Collateral
marshaled upon any foreclosure, sale or other enforcement of this Agreement; and 
 (d)    consents and
agrees that, subject to and in accordance with the terms of the Base Indenture and this Agreement, all the Collateral may at any such sale be sold by the Trustee as an entirety or in such portions as the Trustee may (upon direction by the Control
Party (acting at the direction of the Controlling Class Representative)) determine. 

6.3    Limited Recourse. Notwithstanding any other provision of this Agreement or any other
Transaction Document or otherwise, the liability of the Guarantors to the Noteholders and any other Secured Parties under or in relation to this Agreement or any other Transaction Document or otherwise, is limited in recourse to the Collateral. The
proceeds of the Collateral having been applied in accordance with the terms hereof, none of the Noteholders or any other Secured Parties shall be entitled to take any further steps against any Guarantor to recover any sums due but still unpaid
hereunder, under the Notes or under any of the other agreements or documents described in this Section 6.3, all claims in respect of which shall be extinguished. 

6.4    Optional Preservation of the Collateral. If the maturity of the Outstanding Notes of each
Series has been accelerated pursuant to Section 9.2 of the Base Indenture following an Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Trustee, at the direction of the
Control Party (acting at the direction of the Controlling Class Representative), shall elect to maintain possession of such portion, if any, of the Collateral as the Control Party (acting at the direction of the Controlling
Class Representative) shall in its discretion determine. 
 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) may cause the institution of and
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercise any trust or power conferred on the Trustee; provided that: 

(a)    such direction of time, method and place shall not be in conflict with any rule of law, the
Servicing Standard, the Indenture or this Agreement; 
 (b)    the Control Party (at the direction of
the Controlling Class Representative) may take any other action deemed proper by the Control Party (at the direction of the Controlling Class Representative) that is not inconsistent with such direction (as the same may be modified by the
Control Party (at the direction of the Controlling Class Representative)); and 
 (c)    such
direction shall be in writing; 

  
 18 

 provided, further, that, subject to Section 10.1 of
the Base Indenture, the Trustee need not take any action that it determines might involve it in liability unless it has received an indemnity for such liability as provided in the Base Indenture. The Trustee shall take no action referred to in this
Section 6.5 unless instructed to do so by the Control Party (at the direction of the Controlling Class Representative). 

6.6    The Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel), the
Noteholders and any other Secured Party (as applicable) allowed in any judicial proceedings relative to any Guarantor (or any other obligor upon the Notes), its creditors or its property, and shall be entitled and empowered to collect, receive and
distribute any money or other property payable or deliverable on any such claim and any custodian in any such judicial proceeding is hereby authorized by each Noteholder and each other Secured Party to make such payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to the Noteholders or any other Secured Party, to pay the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 10.5 of the Base Indenture. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 10.5 of the Base Indenture out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on,
and shall be paid out of, any and all distributions, dividends, money and other properties which any of the Noteholders or any other Secured Party may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Noteholder or any other Secured Party any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Noteholder or any other Secured Party, or to authorize the Trustee to vote in respect of the claim of any Noteholder or any other Secured Party in any such
proceeding. 
 6.7    Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Agreement or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of any undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.7 does not apply to a suit by the Trustee, a suit by 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, any Noteholder or any other Secured Party has instituted any Proceeding to enforce any right or remedy under this Agreement or any other Transaction Document and such Proceeding has been discontinued or abandoned for any reason or has been
determined adversely to the Trustee or to such Noteholder or other Secured Party, then and in every such case the Trustee and the Noteholders shall, subject to any determination in such proceeding, be restored severally and respectively to their
former 

  
 19 

 
positions hereunder, and thereafter all rights and remedies of the Trustee, the Noteholders and the other Secured Parties shall continue as though no such Proceeding had been instituted. 

6.9    Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the
Trustee or to the Holders of Notes or any other Secured Party is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given under this Agreement or any other Transaction Document or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Agreement or any other Transaction 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, any Holder of any Note or any other Secured Party to exercise any right or remedy accruing upon any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default shall impair any
such right or remedy or constitute a waiver of any such Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default or an acquiescence therein. Every right and remedy given by this Section 6 or
by law to the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes or any other Secured Party may be exercised from time to time to the extent not inconsistent with the Indenture or this Agreement, and as often
as may be deemed expedient, by the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes or any other Secured Party, as the case may be. 

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 Transaction 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, 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 

  
 20 

 
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, provided, that the execution and delivery of any Assumption Agreement in accordance with Section 8.11 of this Agreement shall
be deemed not to constitute an amendment. 
 8.2    Notices. 

(a)    Any notice or communication by any Guarantor or the Trustee to any other party hereto shall be in
writing and delivered in person, delivered by e-mail (provided that any e-mail notice to the Trustee shall be in the form of an attachment of a .pdf or similar file),
posted on a password protected internet website for which the recipient has granted access or mailed by first-class mail (registered or certified, return receipt requested), facsimile or overnight air courier guaranteeing next day delivery, to such
other party’s address: 
 If to the Applebee’s Holding Company Guarantor: 

Applebee’s SPV Guarantor LLC 

450 North Brand Blvd., 7th Floor 

Glendale, CA 91203.4415 

Attention: General Counsel 

Facsimile: 818-637-5362 

If to the IHOP Holding Company Guarantor: 

IHOP SPV Guarantor LLC 
 450
North Brand Blvd., 7th Floor 
 Glendale, CA 91203.4415 

Attention: General Counsel 

Facsimile: 818-637-5362 

If to an Applebee’s Franchise Entity: 

[INSERT NAME OF APPLEBEE’S FRANCHISE ENTITY] 

450 North Brand Blvd., 7th Floor 

Glendale, CA 91203.4415 

Attention: General Counsel 

Facsimile: 818-637-5362 

  
 21 

 If to an IHOP Franchise Entity: 

[INSERT NAME OF IHOP FRANCHISE ENTITY] 

450 North Brand Blvd., 7th Floor 

Glendale, CA 91203.4415 

Attention: General Counsel 

Facsimile: 818-637-5362 

If to the Trustee: 

Citibank, N.A. 
 388 Greenwich
Street 
 New York, NY 10013 

Attention: Agency & Trust-Applebee’s Funding LLC & IHOP Funding LLC 

Email: Please call 888-855-9695 to obtain the Citibank, N.A.
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 Transaction 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 WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF
THE STATE OF NEW YORK). 
 8.4    Successors. All agreements of each of the Guarantors in
this Agreement and each other Transaction 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 Transaction
Document, except with the written consent of the Control Party. All agreements of the Trustee in the Indenture and in this Agreement shall bind its successors as permitted by the Transaction Documents. 

  
 22 

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

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

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

8.8    Recording of Agreement. If this Agreement is subject to recording in any appropriate public
recording offices, such recording is to be effected by the Guarantors and at their expense accompanied by an Opinion of Counsel (which may be counsel to the Guarantors, the Trustee or any other counsel reasonably acceptable to the Control Party (at
the direction of the Controlling Class Representative) and the Trustee) to the effect that such recording is necessary either for the protection of the Secured Parties or for the enforcement of any right or remedy granted to the Trustee under
this Agreement. 
 8.9    Waiver of Jury Trial. EACH OF THE GUARANTORS AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY
AND THEREBY. 
 8.10    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 Transaction Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive
general jurisdiction of the courts of the State of New York sitting in New York County, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; 

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

(c)    agrees that service of process in any such action or proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the 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; 

  
 23 

 (d)    agrees that nothing herein shall affect the
right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e)    waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in
any legal action or proceeding referred to in this Section 8.10 any special, exemplary, punitive or consequential damages. 

8.11    Additional Guarantors. Each Additional Franchise Entity that is designated to be an
Additional Guarantor pursuant to Section 8.34 of the Base Indenture shall become a Guarantor for all purposes of this Agreement upon execution and delivery by such Additional Franchise Entity of an Assumption Agreement in
substantially the form of Exhibit A hereto. Upon the execution and delivery by any Additional Franchise 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. 

8.12    Currency Indemnity. Each Guarantor shall make all payments of amounts owing by it
hereunder in Dollars. If a Guarantor makes any such payment to the Trustee or any other Secured Party in a currency (the “Other Currency”) other than 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 Dollars which the Trustee or such Secured Party is able to
purchase, with the amount it receives on the date of receipt. If the amount of Dollars which the Trustee or such Secured Party is able to purchase is less than the amount of such currency originally so due in respect of such amount, such Guarantor
shall indemnify and save the Trustee or such Secured Party, as applicable, harmless from and against any loss or damage arising as a result of such deficiency. This indemnity shall constitute an obligation separate and independent from the other
obligations contained in this Agreement, shall give rise to a separate and independent cause of action, shall survive termination hereof, shall apply irrespective of any indulgence granted by the Trustee or such Secured Party and shall continue in
full force and effect notwithstanding any judgment or order in respect of any amount due hereunder or under any judgment or order. 

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

8.14    Termination; Partial Release. 

(a)    On the Termination Date, the Collateral shall be automatically released from the Liens created
hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Trustee and each Guarantor shall automatically terminate, all without delivery of any instrument or performance of any act by any
party, and all rights to the Collateral shall revert to the Guarantors. At the request and sole expense of any 

  
 24 

 
Guarantor following any such termination, the Trustee shall deliver to such Guarantor any Collateral held by the Trustee hereunder, and execute and deliver to such Guarantor such documents as
such Guarantor shall reasonably request to evidence such termination. 
 (b)    Any partial release of
Collateral hereunder requested by the Co-Issuers in connection with any Permitted Asset Disposition shall be governed by Section 14.17 of the Base Indenture. 

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

This Agreement, together with the schedule hereto, the Indenture and the other Transaction 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. 
 8.17    Amendment and Restatement. 

The execution and delivery of this Agreement shall constitute an amendment and restatement, but not a novation, of the
Original Agreement and the obligations and liabilities of the Guarantors under the Original Agreement and the pledge of the Collateral made by the Guarantors thereunder to the Trustee. All Liens, deeds of trust, mortgages, assignments and security
interests securing the Original Agreement and the obligations and liabilities of the Guarantors relating thereto are hereby ratified, confirmed, renewed, extended, brought forward and rearranged as security for the
Co-Issuer Obligations, shall continue without any diminution thereof and shall remain in full force and effect on and after the Closing Date. The Guarantors hereby reaffirm all UCC financing statements and
continuation statements and amendments thereof filed and all other filings and recordations made in respect of the Collateral and the Liens and security interests granted under the Original Agreement and this Agreement and acknowledge that all such
filings and recordations were and remain authorized and effective on and after the date hereof. 
 [Signature pages 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. 
  

			
	 APPLEBEE’S SPV GUARANTOR LLC

		
	 By:
	 	 /s/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

	
	 IHOP SPV GUARANTOR LLC

		
	 By:
	 	 /s/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

	
	 APPLEBEE’S RESTAURANTS LLC

		
	 By:
	 	 /s/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

	
	 IHOP RESTAURANTS LLC

		
	 By:
	 	 /s/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

	
	 APPLEBEE’S FRANCHISOR LLC

		
	 By:
	 	 /s/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

  
 Signature Page to
Guarantee and Collateral Agreement 

			
	 IHOP FRANCHISOR LLC

		
	 By:
	 	 /s/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

	
	 IHOP PROPERTY LLC

		
	 By:
	 	 /s/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

	
	 IHOP LEASING LLC

		
	 By:
	 	 /s/ Thomas H. Song

		 	 Name: Thomas H. Song

		 	 Title: Chief Financial Officer

  
 Signature Page to
Guarantee and Collateral Agreement 

 AGREED AND ACCEPTED 

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

			
	 By:
	 	 /s/ Jacqueline Suarez

		 	 Name: Jacqueline Suarez

		 	 Title: Senior Trust Officer

  
 Signature Page to
Guarantee and Collateral Agreement 

 CONSENT OF CONTROL PARTY AND SERVICER: 

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

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

			
	 By:
	 	 /s/ David A. Eckels

		 	 Name: David A. Eckels

		 	 Title: Senior Vice President

  
 Signature Page to
Guarantee and Collateral Agreement 

 Schedule 4.5 

GUARANTOR OWNERSHIP RELATIONSHIPS 
  

					
	 PLEDGED
ENTITY
	  	OWNED BY	  	
PERCENTAGE

OWNERSHIP
  

	
Applebee’s Funding LLC
	  	Applebee’s SPV Guarantor LLC	  	100%
	 IHOP Funding LLC
	  	IHOP SPV Guarantor LLC	  	100%
	
Applebee’s Restaurants LLC
	  	Applebee’s Funding LLC	  	100%
	 Applebee’s Franchisor LLC
	  	Applebee’s Funding LLC	  	100%
	 IHOP
Restaurants LLC
	  	IHOP Funding LLC	  	100%
	 IHOP Franchisor LLC

 
	  	 IHOP Funding LLC

 
	  	 100%

 

	 IHOP
Property LLC
  
	  	 IHOP Funding LLC
  
	  	 100%

 

	 IHOP Leasing LLC
	  	IHOP Funding LLC	  	100%

 Exhibit A to 

Amended and Restated 

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, Applebee’s Funding LLC, a Delaware limited
liability company (“Applebee’s Issuer”), IHOP Funding LLC, a Delaware limited liability company, (“IHOP Issuer” and collectively with the Applebee’s Issuer, the
“Co-Issuers” and each, a “Co-Issuer”) and the Trustee have entered into that certain Base Indenture dated as of September 30, 2014
(the “Original Base Indenture”); 
 WHEREAS, the Co-Issuers and
the Trustee have entered into an amendment and restatement of the Original Base Indenture, dated as of June 5, 2019 (as so amended and restated, and the same may be further amended, 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 previously entered
into the Guarantee and Collateral Agreement, dated as of September 30, 2014, as amended and restated by that certain Guarantee and Collateral Agreement, dated as of June 5, 2019 (as so amended and restated, and the same may be further
amended, 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 8.11 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 

  
 A-1 

 
liabilities of a Guarantor thereunder. In furtherance of the foregoing, the Additional Guarantor, as security for the payment and performance in full of the
Co-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 guarantee the prompt and complete payment and performance by the Co-Issuers when due (whether at the stated maturity, by acceleration or otherwise, but after giving effect to all applicable
grace periods) of the Co-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 applicable bankruptcy, 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 .pdf file in an email shall be effective as delivery of a manually executed counterpart of this Assumption Agreement. 

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

  
 A-2 

 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 (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

  
 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:

		 	 Email:

  

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

			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-4 

 Annex 1-A 

GUARANTOR OWNERSHIP RELATIONSHIPS 
  

					
	
ENTITY

 
	  	 OWNED
BY
  
	  	
SUBSIDIARIES
  

	
    

 
	  	     

 
	  	
    
  

  
 A-5

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